Mannesmann chief launches Vodafone offensive

NEWS Mannesmann has started its defence against the £79bn hostile bid from Vodafone AirTouch with a staunch declaration of its potential as an independent telco. Klaus Esser told analysts that Vodafone's bid underestimated Mannesmann by "a wide margin", and that the company is better off on its own. Esser spoke in London as he started a two-week long transatlantic round of investors meetings to try to halt the hostile bid. He said Mannesmann would grow by 30 per cent year on year to 2003, and would benefit from its focus on a combination of fixed and mobile telephony, if left as an independent company. Esser's defence started the day after he received unanimous backing from the Mannesmann board for the rejection of Vodafone's bid. Chris Gent, Vodafone's chief executive, is reported to have today said he is still open to discussions with Mannesmann on the deal.