Phone boss hits the jackpot

VODAFONE AirTouch has given one of its directors an ex gratia award of shares worth pounds 9.26m. The hand-out, which goes to Arun Sarin, the head of the US and Asia operations, is detailed in the offer document for the mobile phone group's pounds 84bn hostile bid for German rival Mannesmann.

Mr Sarin, who joined the group when Vodafone bought AirTouch earlier this year, will receive 3.04 million shares in the group, currently worth pounds 9.26m, as part of a restricted share scheme granted to him alone last July.

There are no conditions on the award, a matter which will raise the hackles of Vodafone investors. It is the policy of leading fund managers, such as Standard Life and Legal & General, to oppose bonus packages that do not have performance criteria attached.

Mr Sarin has received 1.04 million of the shares. He will pick up another 666,000 next July and 1.33 million in July 2001. He already owns options over 5 million shares in the company, awarded to him by AirTouch before it was taken over by Vodafone. These are currently worth pounds 10m. Sam Ginn, the chairman of Vodafone AirTouch, also has share options from his time at AirTouch and they are currently worth around pounds 52m. Mr Ginn also has phantom share options, the value of which has not been disclosed.

Vodafone defended Mr Sarin's award, saying it paid the going rate for each market and that the US market for mobile phone executives was particularly competitive.

The group finally launched its hostile bid for Mannesmann on Thursday, so ending a phoney war that has been going on for nearly two months since Vodafone said it would launch an offer.

The all-share bid would give Mannesmann investors 47.2 per cent of the combined group and is not conditional on European Commission approval.

Mannesmann seized on this issue, saying Vodafone could end up in a situation where it controls Mannesmann but cannot secure the 75 per cent majority needed to force through the sale of Orange, the UK mobile phone firm recently bought by the German group. Without the sale of Orange, Vodafone/Mannesmann would have an overwhelming monopoly in the UK.

Vodafone has also received another setback to its international expansion plans with news that BT is planning a pounds 4.5bn bid for Airtel, the Spanish mobile phone group. Vodafone has secured a deal to buy a 30.5 per cent stake in Airtel, but has now been outbid by BT which already owns 17.8 per cent of Airtel's shares.

Alan Bennett has criticised the “repellent” reality shows which dominate our screens
tvBut he does like Stewart Lee
Life and Style
The Google Doodle celebrating the start of the first day of autumn, 2014.
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
David Moyes and Louis van Gaal
Life and Style
Vote with your wallet: the app can help shoppers feel more informed about items on sale
lifeNew app reveals political leanings of food companies
Former Governor of Alaska Sarah Palin, left, with her daughter, Bristol
newsShe's 'proud' of eldest daughter, who 'punched host in the face'
New Zealand fly-half Aaron Cruden pictured in The Zookeeper's Son on a late-night drinking session
Arts and Entertainment
Salmond told a Scottish television chat show in 2001that he would also sit in front of a mirror and say things like,
tvCelebrity Trekkies from Alex Salmond to Barack Obama
Life and Style
Carol O'Brien, whose son Rob suffered many years of depression
healthOne mother's story of how London charity Maytree helped her son with his depression
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
The cover of Dark Side of the Moon
musicCan 'The Endless River' carry on the tradition? See for yourself
Life and Style
food + drink
Rob Merrick's Lobby Journalists were playing Ed Balls' Labour Party MPs. The match is an annual event which takes place ahead of the opening of the party conference
newsRob Merrick insistes 'Ed will be hurting much more than me'
A cabin crew member photographed the devastation after one flight
A new app has been launched that enables people to have a cuddle from a stranger
voicesMaybe the new app will make it more normal to reach out to strangers
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee / Experienced Recruitment Consultants

£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Quantitative Risk Manager

Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments