Word: controls
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Dates: during 1950-1959
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...world aluminum production, timid sales policies had cut its share to .9%. But it had a reputation for quality, plus substantial assets and a promising moneymaker in its new smelter at Baie Comeau, Canada. Last April, apparently afraid that Reynolds or some other aggressive U.S. concern would buy control, Aluminium's chairman, Viscount Portal of Hungerford. got stockholder approval to boost the firm's shares from 9,000,000 to 13,500,000, sell the extra shares for expansion capital. Portal decided that the U.S. company he wanted as a partner was Alcoa. Last October Alcoa offered...
...Portal lamely explained that he had ignored the much higher Tube-Reynolds offer because an Alcoa deal was in the "longterm interests of the company." But he conceded that his real fear was that the "Reynolds family," led by Reynolds President Richard Reynolds Jr., would get day-to-day control of British Aluminium...
...support from the 17,000 Aluminium shareholders. Portal promised a sizable dividend boost. In a final desperate gesture, Portal called in 14 leading old-line British banks, who claimed to control 2,000,000 of Aluminium's 9,000,000 shares, to help in buying more shares. The banks said they would pay $11.48 a share for one-half of each stockholder's holdings if he would keep the rest three months, i.e., until the fight was over. This only made stockholders madder, since it showed that the original price to Alcoa had been much...
...Eight. The trend toward reconcentration of West German industry affects more than Krupp. Eight big firms-Krupp (with Bochumer Verein), Dortmund-Horder Hlittenunion, Phoenix-Rheinrohr, Mannesmann, Hoesch Werke, Klockner-Werke, August Thyssen-Hütte, Hüttenwerk Oberhausen-control 75% of West Germany's steel production, almost 40% of German coal...
...them into the main firm. The trend to growth extends beyond iron and coal. Friedrich Flick, a prewar steel baron who was forced to sell off many of his holdings after he was sent to prison as a war criminal, has built a new empire in autos. He got control of Daimler-Benz, joined it with the big Auto Union manufacturer to form Germany's biggest auto moneymaker...