Mannesmann to Speed Spinoff to Deter Bid
Mannesmann unveiled a plan Tuesday to accelerate the spinoff of most of its engineering and automotive operations by six months in an effort to deter Vodafone AirTouch’s $128-billion hostile takeover bid.
Mannesmann, owner of Germany’s biggest mobile phone business, is trying to fight the biggest takeover attempt in history by persuading shareholders that it has a better strategy than Britain’s Vodafone for profiting from Europe’s explosive growth in mobile phone and data transmission services.
Mannesmann got support Tuesday from its biggest shareholder, Hong Kong-based Hutchinson Whampoa Ltd., for its rejection of the unsolicited bid, and said separately that its own offer for the British mobile phone company Orange has been approved by 75% of Orange shareholders.
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