Vodafone breaks silence over bid intentions
Saturday 13 November 1999
Vodafone issued a statement saying no decisions had been taken about any specific options to participate in the consolidation of the global mobile phone industry.
"We continue to evaluation a broad range of opportunities including possible ways to develop Vodafone AirTouch's existing long-standing relationship with Mannesmann," the company said.
It is understood, however, that Vodafone is talking to Mannesmann shareholders and has made progress on a deal.
"It depends on what Mannesmann shareholders want to do. If we present them with a deal then they can say yes or no. Some must be unhappy about the price being paid for Orange was decided without asking them."
Vodafone's statement said its strategic priority was to develop D2, Omnitel Pronto Italia and SFR - the German, Italian and French mobile business in which it is in partnership with Mannesmann.
Mannesmann owns the German and Italian ventures and Vodafone has a minority stake. Both companies hold non-controlling stakes in SFR.
A spokeswoman for the company said the London Stock Exchange had not asked it to put out a statement to clarify its intentions. "It was just felt prudent to do so," she said.
Analysts said a tie-up now with Vodafone would insulate Mannesmann from a takeover later, after it breaks itself up into separate mobile phone and engineering units. US telecoms companies WorldCom and SBC Communications are considered strong candidates to bid for the company in 2000.
A deal would further enhance Vodafone's number one spot in a mobile market expected to be worth $102bn by 2003.
A bid for the group was unlikely to be made jointly with another company. "But we wouldn't rule out someone coming with us," said a source.
Vodafone is being advised by Goldman Sachs and SG Warburg.
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe the Stark may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 A pint of water every day is the key to losing weight, scientists say
- 5 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
If Surrey were Syria: Social experiment shows what it's like to live under siege
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...
£20000 - £25000 per annum + competitive + incentives + uncapped comms: SThree:...
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...