Biggest merger creates fourth largest firm

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Friday, Feb. 4, 2000 | 10:35 a.m.

THE ASSOCIATED PRESS

FRANKFURT, Germany -- The supervisory board of Mannesmann AG cleared the road for history's largest corporate takeover today, recommending shareholders approve the $180 billion merger with Britain's Vodafone AirTouch PLC.

Mannesmann winds up with 49.5 percent control -- as opposed to an original offer of 47.2 percent -- of a company poised to be an overwhelming powerhouse in global telecommunications with 42 million customers.

With a market value of about $350 billion, it would be the world's fourth largest company, behind Microsoft, General Electric and Cisco.

It would be Europe's biggest company and control the No. 1 or No. 2 mobile phone market position in 11 European countries with a total 29 million customers on the continent.