MUNICH (02/04/2000) - Mannesmann AG's supervisory board has approved the merger agreement struck yesterday with Vodafone AirTouch PLC, Mannesmann said in a statement today.
The agreement calls for the two carriers to merge into a company in which Vodafone AirTouch will own 50.5 percent, and Mannesmann 49.5 percent.
Yesterday, Mannesmann chairman Klaus Esser agreed to the U.K. carrier's revised bid for the company of 58.96 Vodafone shares in exchange for one share of Mannesmann stock, which he said gives each Mannesmann share a value of 353 euros (US$349.7).
[See "Mannesmann Agrees to Friendly Vodafone Merger," Feb. 3.] Mannesmann shareholders have until Feb. 17 to exchange their shares, according to a Vodafone statement issued yesterday.
The deal is still subject to regulatory approvals.
Mannesmann, in Düsseldorf, can be reached at +49-211-8200 or on the World Wide Web at http://www.mannesmann.de. Vodafone AirTouch, in Newbury, U.K., is at http://www.vodafone-airtouch-plc.com/.