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Take-over and merger: the jaws mentality

In: Raising the Corporate Umbrella

Author

Listed:
  • Richard J. Varey

Abstract

In November 1999 Vodafone AirTouch (the largest FTSE 100 corporation by market capitalization following a merger of Vodafone and Airtouch in January 1999, and a partnership agreement with Bell Atlantic in the U.S.) announced its intention to make a “friendly” $106 billion take-over bid for Mannesmann AG to make them “natural partners.” This was to be the largest unsolicited take-over offer made in the European Union to date. The corporations had already been in “synergy discussions” since Summer 1999.They had an agreement not to compete in Germany and a mobile phone partnership in Germany, France, and Italy. As Mannesmann had provocatively acquired Orange plc in October for $36 billion, the take-over was inevitable. When the Mannesmann executive managers refused to consider the bid, claiming that it was “extremely unattractive” to their shareholders because the price was too low and their respective strategic plans were incompatible,Vodafone directed its offer to Mannesmann shareholders.

Suggested Citation

  • Richard J. Varey, 2001. "Take-over and merger: the jaws mentality," Palgrave Macmillan Books, in: Raising the Corporate Umbrella, chapter 0, pages 244-274, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-55458-0_10
    DOI: 10.1057/9780230554580_10
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