Vodafone Set to Become Britain's Biggest Company after £79 Billion Takeover

Vodafone is on the cusp of becoming Britain's largest company after a prolonged battle over a massive takeover of Germany's Mannesmann, with a deal valued at £79 billion. The takeover, which could be finalized as early as this week, will see Vodafone, the largest mobile phone operator globally, surpass oil giant BP-Amoco as the number one listed company in Britain. The alliance is considered a personal triumph for Vodafone's CEO, Chris Gent, and will see Mannesmann's CEO, Klaus Esser, step down.

Key Takeaways:

• The takeover of Mannesmann by Vodafone is valued at £79 billion, making it the largest contested takeover in history.
• The alliance will make Vodafone the largest company in Britain, surpassing oil giant BP-Amoco.
• The deal is expected to result in savings of at least £500 million, with minimal impact on jobs.
• The European Commission will scrutinize the monopoly implications of the deal, given Mannesmann's ownership of Britain's Orange.
• Vodafone's CEO, Chris Gent, is regarded as one of the UK's outstanding entrepreneurs, having led the company to a global presence with 28 million customers in 19 countries.
• Mannesmann's CEO, Klaus Esser, is expected to step down following the takeover.
• The deal follows a three-month battle, including intervention by German Chancellor Gerhard Schroeder, who had called for new Euro laws to ban hostile takeover bids.

Statistics:

• The takeover of Mannesmann by Vodafone is valued at £79 billion.
• The deal is expected to result in savings of at least £500 million.
• Vodafone has 28 million customers in 19 countries.
• The company has a 49.5% stake in the combined operation.
• The deal will see Vodafone surpassing oil giant BP-Amoco as the number one listed company in Britain.
• The European Commission will scrutinize the monopoly implications of the deal.

Sources:

• The Guardian
• BBC News
• Bloomberg