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Mannesmann seeks One2One
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June 16, 1999: 7:51 a.m. ET
German telecom eyes U.K. cellular operator, outlines overall strategy
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LONDON (CNNfn) - Mannesmann confirmed Wednesday that it will bid for Britain's One2One cellular network operator as the German telecom company outlined plans for its new international strategy.
Mannesmann joins a short list of bidders expected to include Deutsche Telekom (FDTE), France Telecom (PFTE), Vivendi (PEX) and Telecom Italia in the battle for Britain's number-four mobile firm, which is valued at between 8 and 10 billion pounds ($16 billion).
Mannesmann chief executive Klaus Esser confirmed the interest in One2One, and said the company was considering a capital increase to fund acquisitions. He confirmed that the company would sell its 3 percent stake in Italy's Olivetti by the end of the year.
"Britain is an important market, and One2One is one of the opportunities there," said Esser, adding that the United Kingdom was a big hole in the group's market coverage.
Mannesmann sided with Olivetti, winner in the battle with Deutsche Telekom for control of Telecom Italia, and acquired Olivetti's existing telecom assets -- including stakes in cellular operator Omnitel and fixed-line provider Infostrada -- after its victory. Mannesmann said it would not seek separate stock market listings for the two companies.
Mannesmann (FMMW) shares were flat at 44 euros at midday while Cable & Wireless (CW.), which owns 50 percent of One2One, dipped 1.3 percent to 791 pence 
-- from staff and wire reports
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