-Caveat Lector-
I love it. An all shark feeding frenzy.
It seems to be ok for German corporations to
buy out anyone they wish.
When the sharks run out of small fry, they
will begin consuming each other.
Corporatismo uber alles!
I love it.
Joshua2
=========
NOV 20 1999
The Economic Times Online
Schroeder warns against hostile bids in Germany
Paris
19 November
GERMAN chancellor Ger-hard Schroeder warned foreign companies in an
interview published on Friday to be careful when attempting hostile bids on
German firms because this could ruin their corporate culture.
Schroeder told the French daily Le Monde that he was not opposed to foreign
takeovers of German companies but preferred French-German mergers because
they were amicable.
The chancellor was answering a question about the world's largest hostile
bid, a 124bn euro ($128bn) offer by British mobile phone giant Vodafone
Airtouch plc for its German partner Mannesmann AG, but did not mention
either company by name.
"Hostile takeovers destroy a company's culture,” he said. "They harm the
target but also the predator itself in the medium term,” the German
chancellor added. "Those who launch these operations in Germany
underestimate the virtues of co-determination,” he said, referring to the
German system that requires employee representatives on supervisory boards.
"For these two reasons, I would advise considerable prudence to those who
want to launch into such adventures,” he said. "I much prefer French-German
co-operation because it is amicable,” he added. "Don't get me wrong, I am
not opposed to foreigners taking stakes in German companies, but I am
opposed to certain methods that are used.”
Co-determination, which is enshrined in German law, is a piX-Mozilla-Status:
0009 culture that dominates the country's business and politics and
frowns on hostile open clashes, he said. Vodafone, leader in the fast
deregulating and booming European mobile phone market, boosted its offer on
Friday to after the German telecoms and engineering group brushed off its
initial approaches.
Mannesmann's supervisory board was meeting at the group's Duesseldorf
headquarters on Friday to discuss the bid. A spokesman declined to say when
the group would give its reaction to the new offer. —Reuters
For reprint rights: Times Syndication Service
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