on november 19 vodafone airtouch announced an amended offer at an exchange ratio of 53.7 vodafone airtouch shares for each mannesmann share. the 27.8 billion new vodafone airtouch shares to be issued would give 47.2% of the combined company to mannesmann shareholders and valued mannesmann at around $232 a share, a 20% premiumver prices that day. vodafone airtouch stated its intention of continuing with the proposed spin-off of the engineering and automotive assets of mannesmann and, in order to gain regulatory approval, further proposed to spin off orange to shareholders.