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News Summary: Vodafone bids for Kabel Deutschland

The Associated Press

THE DEAL: Britain's Vodafone PLC has launched a takeover bid for Kabel Deutschland, valuing Germany's biggest cable operator at about $10.2 billion.

EXPANSION: Vodafone, a cellphone company with international interests, wants to dominate media services in its biggest market by tapping growing German demand for fast broadband and data services.

APPROVED: Kabel Deutschland Holding AG, which has more than 8 million customers, said that its management and supervisory boards welcome the deal.