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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

Retail enthusiasm for equities took off in Germany with Deutsche Telekom's first flotation. And despite tech-share volatility, individuals are also latching onto the growth-stock Neuer Markt. Legal changes and plans for a merger with London and trading links with Nasdaq look set to add to market vibrancy. Charles Piggott reports

You only have to see Jeremy Isaacs's triangular-shaped office - which comfortably fits a boardroom-size conference table - at Lehman Brothers' Broadgate headquarters in London to realize that this is a man who's doing well. At 35, he's the youngest person to head an American investment bank in Europe.

E-commerce - Redefining exchanges

Bank capital - From a trickle to a flood

The rankings were compiled in conjunction with Fitch IBCA. All information was supplied by Fitch IBCA from commercial banks' annual reports and financial statements. Where possible, figures are presented in consolidated form and banks owned by other financial institutions are not listed separately.

Deals of the year - Top quality issuers succeed in demanding markets

Asia's best companies 1999

Asia 100 1999 - Cleaning the hives