Mannesmann had complained that the bankers had access to confidential information about the group's financial state, having acted for the group in the past, and it should not be allowed to act for Vodafone. Goldman Sachs had advised Orange over its deal to merge with Mannesmann last month. Vodafone's first offer for the business, which valued Mannesmann at 65bn, was rejected by the German company on Sunday. Mannesmann's board said the offer did not contain a cash element and was unattractive to shareholders. The European telecoms market has seen a frenzy of speculative takeovers in the last few months.
American companies are also reportedly on the lookout for takeover targets.