Hoettges said the group's market capitalisation had grown to 72 billion euros (65 billion pounds) on his seven-year-old watch, outgrowing European peers Vodafone, Telefonica and Orange.

"We have created a currency (in the form of our shares) that protects us against possible takeovers, and a currency that we can also put to work," added Hoettges.

(Reporting by Douglas Busvine; Editing by Michelle Martin)