Gent's coup unravels rather alarmingly

Chris Gent must wonder how the deal that was supposed to make his name has turned on him. Without doubt, his takeover of Mannesmann was a landmark deal.

It was a first on the German corporate scene and created a mobile phone giant with a reach across Europe and beyond.

Then came the 3G fiasco, with Vodafone now being blamed in some quarters for pushing the price of licences so high that companies are struggling to meet their debt commitments, never mind invest in rolling out the service. The subsequent assault on share prices in the telecoms sector has hit Vodafone, which now owns Eircell.

Sir Christopher, as he now is, also found himself unpopular with shareholders over a bonus for his efforts in securing the Mannesmann deal. Now, the actions of Vodafone during the takeover - specifically payments to senior Mannesmann executives - have come under investigation by German prosecutors

With conflicting interpretations, it will be some time before the truth of the latest revelations emerges but the Vodafone chief must wonder how a deal that seemed such a welcome coup at the time can be unravelling in such an alarming way.