LONDON-Vodafone AirTouch plc and British Telecom are in a race to take control of Spain’s wireless operator, Airtel. Banco Santander Central Hispano is looking to sell its 30.45-percent stake in Spain’s No. 2 cell phone group.
British Telecom has offered more for Airtel than Vodafone AirTouch, but Vodafone AirTouch is named as the front-runner in international press reports. Both bids involve all-share transactions and would give financial services group BSCH about 5 percent of either company. BSCH has agreements with four regional savings banks that own an additional 13.13 percent of Airtel.
BSCH is evaluating both bids and plans to make a decision in the near future.
Analysts said Vodafone AirTouch would hold a strong grip on the European wireless industry if it succeeds in its hostile takeover bid for Germany’s Mannesmann AG, along with the Airtel bid.
Vodafone AirTouch has a 21.- percent stake in Airtel, and BT holds 17.8 percent of the carrier. The two carriers are part of an alliance that includes three Spanish companies, and together hold 56 percent of Airtel. The alliance also includes Acciona, a construction group; Alba, a holding company; and Torreal, which is owned by Juan Abello, Airtel’s chairman.
