Word: mannesmann
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...CHARGED. JOSEF ACKERMANN, 54, chief executive of Deutsche Bank; with breach of trust after sanctioning more than $100 million in payments to departing executives of Mannesmann, including chief executive Klaus Esser, in the final days of its 2000 takeover by Vodafone Group; in D?sseldorf. According to Ackermann, the payments were awarded as part of severance pay. If found guilty, Ackermann could face up to 10 years in prison...
...Last year he succeeded in his $190 billion hostile bid for Germany's Mannesmann, a hat trick that netted him better global reach and, after the related sale of the mobile phone company Orange, a clean balance sheet. Earlier this month Gent gained control of Japan Telecom, that country's No. 3 provider. The deal also increased Vodafone's stake in mobile unit J-Phone and gives the company a major foothold in one of the world's fastest-growing and most profitable mobile markets...
...trend toward corporate restructuring and by further deregulation of a true single market where prices are increasingly denominated in euros rather than in marks, francs or pesetas. Hardly a week goes by without the announcement of a major consolidation--the $198 billion proposed takeover of German mobile-phone provider Mannesmann by British giant Vodafone AirTouch will surpass the AOL-Time Warner/deal as the largest merger ever. The most auspicious development of the past year, given Europe's historic fragmentation along national lines, is the cross-border merger. Aventis is the new, conspicuously neutral name for what used to be Germany...
...technology is surely cool, but last week's deal was also very much about money. The final price for the deal was nearly double what Vodafone had initially offered--a number big enough to seduce even the most recalcitrant Mannesmann shareholders. That, combined with a recent Internet deal between Vodafone and Vivendi, a French conglomerate, made Vodafone into a pan-European power that Mannesmann just couldn't resist...
...addition to rewriting Europe's business rules, the Mannesmann deal marked a political watershed. When Vodafone's proposal was first announced, German Chancellor Gerhard Schroder issued a thinly veiled warning about outsiders interfering with Germany's corporate system. But in the intervening months, although labor unions expressed concern about the deal, the government never again raised the issue in a substantive...