Word: mannesmann
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...kind of deal that justifies a bucketful of business superlatives--massive, hard edged, record setting, lucrative. And all this from two companies that most Americans have never heard of--Mannesmann, a giant German telecommunications firm, and Vodafone, a British wireless provider. But the $190 billion merger of the two firms, which was inked last week after nearly five months of run-and-gun takeover negotiations, easily surpassed last month's AOL-Time Warner deal as the largest ever. And it was also proof, in some minds, that European business had finally arrived--albeit late--in the 20th century, complete with...
Which explains why the Mannesmann deal got so much attention. David Dorman, who heads the AT&T-BT joint venture, calls the merger with the German company "a jewel" for Vodafone. The sparkle comes from the fact that both firms have a special focus on wireless, mobile communications. Wireless is a key part of the new international telecoms order because wireless systems are far easier to build and maintain than in-the-ground copper or fiber-optic networks. And in an age of globalization, Vodafone--which also owns AirTouch--could offer to let its users roam freely from nation...
...business deals that have been partly completed but not paid for. Some of those losses will be covered by Hermes Kreditversicherung AG, the German state export-insurance program, but as much as $1.2 billion in trade with Iraq and Kuwait is not insured. Large diversified conglomerates like Daimler-Benz, Mannesmann and Ferrostaal can absorb such shortfalls, but smaller firms with proportionately larger exposure are talking about hardship and calling for a government bailout...
...alleviated West German resentment about President Reagan's ban on the sale of U.S.-licensed European-made equipment and technology to the Soviets for the 3,000-mile Siberia-Europe natural gas pipeline. Like Schmidt, Kohl has made it clear that West German companies, such as giant Mannesmann, which has $390 million in pipeline contracts with the Soviet Union, should honor their commitments. That resolve hardened when the Reagan Administration last month announced its decision to sell the Soviet Union 23 million tons of wheat, or 15 million more than last year's allotment. The Frankfurter Allgemeine Zeitung...
...Germans have delivered or contracted to deliver equipment for Russia's coal, chemical, natural gas, steel, truck, electronics and toolmaking industries. Since 1970. West German banks have provided about $800 million in credit so that the Soviet Union could barter natural gas from Siberia for steel pipes from Mannesmann and Thyssen. Brezhnev wants to make more such deals...