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It's clear why Vodafone conquered Mannesmann. Vodafone won because it paid to win, using its powerful stock. Its shareholders supported its share price and thereby its bid because they believed its story: that big is best in the globalizing telecoms game. And they feared failure might burst the telecoms bubble. What's less understood is how Mannesmann lost. It gave away the early momentum through bungling, suffered splits in its defence advisory team, and came within an inch of winning the hand of a French rescuer, only to hesitate. Klaus Esser made Mannesmann a top company, but his risk-taking triggered this contest and shaped its outcome. We also reveal the battle that raged beneath the surface between Goldman Sachs and Morgan Stanley during the biggest hostile takeover of all time. Marcus Walker reports

Stockbroking is now concentrated in a very few hands. Fund managers are much more sophisticated, withdedicated dealing desks and in-house analysts. Andrew Capon looks at what's beengoing on behind the results of this year's ninth annualEuromoney/Global Investor European brokers poll

Banks face a series of considerable challenges when appointing their heads of e-commerce, the most obvious of which is the severe shortage of senior people who can combine any degree of internet-literacy with experience in securities markets and investment banking. Many banks have settled simply for appointing experienced and trusted managers who have proved their capability in leading traditional business divisions. Yet these may not be the ideal choices. The internet is a potentially revolutionary technology which challenges many of the business assumptions these bankers have grown up with. Antony Currie and Philip Eade talk to a sample of e-finance heads at leading American and European banks

In 1999, the European single currency brought with it a flourishing new market in corporate bonds for a range of different quality issuers. The dollar bond market also thrived on a diet of jumbo global offerings. Syndicated loans integrated ever more closely with the capital markets to deliver huge amounts to acquisitive companies. Equity markets saw the first ever pan-European retail deal and the US markets were innovative as ever. Brian Caplen, Antony Currie, Peter Lee, David Shirreff and Marcus Walker profile the deals of 1999.