Hostile bid leads Gent into uncharted waters

German takeover rules mean that Vodafone's battle with Mannesmann must be fought outside the usual conventions

If yesterday was Wednesday, then it must have been Düsseldorf. Chris Gent, the chief executive of Vodafone AirTouch, was in Mannesmann's home town last night on the third day of his charm offensive across Germany.

If yesterday was Wednesday, then it must have been Düsseldorf. Chris Gent, the chief executive of Vodafone AirTouch, was in Mannesmann's home town last night on the third day of his charm offensive across Germany.

Mr Gent may know which city his bruising schedule takes him to next as he seeks to persuade Germany's political and financial institutions of the merits of Vodafone's hostile £76bn bid for Mannesmann. But in many other respects, he is sailing in unchartered waters. Not only is this Europe's first real cross-border takeover battle, but it is being fought out under a set of rules - the German takeover code - which were palpably not designed for such a drama.

After meeting the mayor of Düsseldorf, Mr Gent held a news conference to update the media on the bid. During that briefing he made a series of assertions. Some may turn out to be correct. Others could certainly not have been made were this bid battle taking place in the UK. Here is a selection: