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Hutchison supports the Mannesmann strategy

23 November 1999

 

Hutchison Whampoa Limited has announced that it supports Mannesmann in its rejection of Vodafone's hostile bid.

As a result of Mannesmann's combined cash and share offer for Orange, going unconditional today, Hutchison will become Mannesmann's largest single shareholder with 10.1%. Hutchison has agreed to hold its shareholding in Mannesmann for at least 18 months and has made clear that it considers its stake to be a long-term strategic investment.

Canning Fok, Group Managing Director of Hutchison, said:

"Our investment in Mannesmann is based on the outstanding value proposition offered by Dr Klaus Esser and his team. Jointly with Orange, Mannesmann will be an outstanding company and better positioned than Vodafone for the future opportunities in the telecom business. The combination of Orange and Mannesmann is in my opinion very powerful and offers the best opportunity for Hutchison's shareholders to participate in the rapid growth of the European telecommunications sector.

- Ends -

For further information, please contact:

Hutchison Whampoa Limited
Laura Cheung
Tel:  (852) 2128 1289