Acquisition By Vodafone
Mannesmann was acquired by Vodafone Group Plc. in 2000 in a tax-free stock exchange of 53.7 Vodafone shares for each share of Mannesmann. This was a controversial takeover as never before in Germany had a large company been acquired by a foreign owner. This was a hostile takeover but the merger was backed in a private deal between Mannesmann management and Vodafone. The acquisition was led by Vodafone's Chief Executive, Chris Gent, and Goldman Sachs' Scott Mead, who was then the chief advisor on the deal.
Under the terms of the deal, Mannesmann sought assurances from Vodafone that the Mannesmann brand and name would be kept under the new owners. This was agreed and the deal was announced. However, not long after this, Vodafone reneged on the deal and rebranded.
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