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It was only when Whent went and Chris Gent took over as chief executive in 1997 that the mega-deals started to flow. The first was Vodafone’s takeover of Airtouch, a U.S. mobile group, for $66 billion in 1999. The TMT (telecoms, media and tech) bubble was then well inflated. As a result, except on a very long-term view, Vodafone overpaid. But its stock price was performing so well that it was able to pay with its own inflated shares. |
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