Word: ericssons
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This final Kreuger chapter started in June 1931, when he sold control of L. M. Ericsson Telephone Co. to I. T. & T. He was given a down payment of $11,000,000 and promised some I. T. & T. stock as soon as an audit was made. This audit was merely a routine matter so far as I. T. & T. was concerned...
...financial institutions throughout Europe, including commercial and mortgage banks. A typical deal was its purchase of Sweden's $29,000,000 share in the Young Plan Loan in 1930. It has real estate companies with properties throughout Europe, including 87 buildings in Stockholm. By selling control of L. M. Ericsson Telephone Co. (acquired in 1930) to International Telephone & Telegraph for 400,000 shares of I. T. & T. stock, Ivar Kreuger connected his empire with the worldwide communications skein of the Behn Brothers...
...King of Sweden. His directorates also include Chase National Bank, International Telephone & Telegraph, Nash Motors Co., Otis Elevator Co., Shell Union Oil Corp., Vanadium Corp. One result of the Lee, Higginson-Transamerica affiliation will probably be co-operation between Transamerica's General Telephone & Electric Corp. and the International-Ericsson group...
...Sosthenes (Greek for "life strength") Behn went to Spain where he saw an opportunity to make his International Telephone & Telegraph Corporation more international. In Madrid he encountered much excitement. Bidding against him for the Spanish telephone system were Ericsson Co. of Sweden and Siemens & Halske of Germany. Col. Behn cabled for a corps of U. S. engineers, accountants and typists, shut his troops in a hotel suite, sat up many a night writing newly modified contracts. After strenuous haggling that lasted nearly a year. Col. Behn obtained ex-King Alfonso's then valuable signature, and, consequently, a potent toehold...
Less dramatic but equally momentous was I. T. & T.'s acquisition last week of a "dominant interest" in L. M. Ericsson Telephone Co. The purchase was made from Kreuger & Toll, Swedish match monopolists, bankers, and industrialists who have been dominant in Ericsson for only nine months (TIME, Sept. 15). Although Swedes must regret what amounts to the loss of one of their nation's greatest enterprises, the deal opens new and larger spheres to Herr Kreuger. His company received large amounts of I. T. & T. stock in return for Ericsson and is now thought to be the largest...