The auction of Germany's third-generation mobile telephone licences neared 80 billion deutschmarks (€41 billion) last night, as bids swept past the previous record of £22.5 billion sterling (€37.47 billion) raised by the auction of similar licences in Britain in April.
Analysts said yesterday's total could nevertheless be comfortably exceeded, as the six bidders left in the race appeared equally determined to secure one of the four to six licences on offer.