Phone boss hits the jackpot
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.
- 1 Edward Heath 'raped 12 year-old boy at Mayfair flat'
- 2 London is the most googled city in the world
- 3 Porn block in India: hundreds of sexual websites banned, internet outraged
- 4 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
- 5 Richard Dawkins ridicules Sabrina Corgatelli for claiming her giraffe kill was 'ethical'
Edward Heath 'raped 12 year-old boy at Mayfair flat'
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Gwen Stefani and Gavin Rossdale divorce: One of music industry’s most enduring couples announce split after 12 years of marriage
Dutch King Willem-Alexander declares the end of the welfare state
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...