Sugaring the pill
An unexpected reprieve for Europe’s takeover directive
WHEN Vodafone, a British telecoms company, staged a successful euro195 billion ($190 billion) hostile takeover of Mannesmann, a German rival, last year, the deal was hailed as a watershed. “Anglo-Saxon capitalism” was to make inroads into the more consensual culture of continental Europe. Combined with the effect of the euro, a wave of mergers was expected, leading to the restructuring of European industry.
This article appeared in the Finance & economics section of the print edition under the headline “Sugaring the pill”
From the June 9th 2001 edition
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