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Atecs auction nears end
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April 14, 2000: 10:43 a.m. ET
German rivals compete to acquire $8.7B Mannesmann unit
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LONDON (CNNfn) - Electronic components maker Atecs was the subject of frantic last-minute talks Friday afternoon as two German industrial giants battled for control of the firm.
A ThyssenKrupp (FTKA) spokesman said the company had laid a new offer before the board of Mannesmann, which owns Atecs, although rival bidder Siemens (FSIE) and its privately owned partner Robert Bosch were due to speak to Mannesmann later Friday. 
Thyssen refused to indicate how its new offer differed from the  8.8 billion ($8.7 billion) it originally bid on March 31. Siemens and Bosch offered 9.1 billion the following week. The process has been complicated by the issue of substantial pension payments and debts.
Atecs was slated for an initial public offering by Mannesmann, which is itself being acquired by U.K. mobile-phone market leader Vodafone AirTouch (VOD). However, Thyssen upset the apple cart by making a bid prior to the IPO, against the wishes of Mannesmann chief executive Klaus Esser. Vodafone had indicated its willingness to consider a trade sale of Atecs.
Mannesmann's board, including representatives of Vodafone, will meet Monday to discuss the situation.
Atecs generated revenue of 12.3 billion in 1999, accounting for some 60 percent of Mannesmann's total revenue. The company makes components used in industries from autos to engineering. 
-- from staff and wire reports
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