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The chief executive of German telecommunications company Mannesmann yesterday used Malta to launch a fierce attack on Vodafone, one of the world's leading mobile company and the sole cellular phone operator in Malta.
Vodafone has for these last months been trying to buy out Mannesmann, but has yet failed to do so mainly because of resistance from Mannesmann's chief executive, Klaus Esser.
Mr Esser was reported as saying in yesterday's The Guardian that Vodafone has failed to control most major markets in the world, adding that Vodafone has preferred focusing on minor markets such as Malta rather than consolidating itself in markets which are profitable. He said Mannesmann would like to go into countries like Malta for a holiday, but would prefer making money in Europe.
"Fiji, Uganda and Malta (all Vodafone territories) are nice places for a holiday but they aren't where you earn money," he said.
"We (Mannesmann) agree that scale is important. But scale should not be judged by small stakes and the number of countries you are present in."
Mr Esser's opposition to Vodafone's acquisition of his company was evident also when he promised to give back half his pay if the German company remains independent, and not part of the Anglo-American company. He made this promise as he delivered a fierce attack on Vodafone's strategy in an attempt to dissuade shareholders from accepting the company's £85bn bid.
Mr Esser said that his company is worth 350 euros a share against the Vodafone offer, worth around 285 euros a share, launched at the end of last year. He argued that Mannesmann's growth will be 39 per cent, and if combined with Vodafone it would come down to 24 per cent.
In a separate statement, Vodafone dismissed Mr Esser's criticisms that the company lacked majority control. The company stated that it had 45 per cent of the American network.
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