Word: preussag
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...went belly up. Many of Europe's former communist bloc governments determinedly sold off their dilapidated, money-losing steel mills. Workers around the globe were bounced out of the devilishly cyclical industry in droves. Even bosses were shying away: in 1998, Michael Frenzel, then chairman of German industrial concern Preussag, became so fed up with the smokestack rollercoaster that he embarked on a program to transform Preussag - now TUI - into a travel firm, selling off the company's steel mills...
...days is a $2.5 billion government stake in companies that account for 40% of West Germany's iron ore production, 70% of aluminum, 60% of electricity and 80% of soft coal. In 1959 the government finally sold off to 216,000 German buyers an 84% interest in Preussag, a huge mining and oil company. In 1961 another 1,500,000 Germans bought shares representing 60% of Volkswagen. Though it prefers this spreading of share ownership, known as Volksaktien or "peoples' shares," the government has also sold several dozen small companies to private firms...
Died. Hermann Lindrath, 63, West Germany's Minister for Federal Assets (since 1957), who handled the selling of government-owned industries to the nation's small shareholders (the $25 million Preussag Co. last year went to 215,000 investors); of a lung congestion; in Bonn...
...swift spread of stock ownership is even more striking on the Continent. In West Germany, the Adenauer government is plowing ahead with its plan to "reprivatize" a $1 billion industrial empire inherited from the Nazis. Last spring the government sold the giant Preussag mining combine to 216,000 new German stockholders limited to annual incomes of $3,800 or less. In one sweep of a pen, the total number of German stockholders was increased by a third, to around 800,000. Determined to have a competitive private-enterprise economy, the government is now planning to sell off the great Volkswagen...
...Stock ownership is being systematically spread. Recently, nearly 1,000,000 individual Germans earning under $3,800 a year signed up for shares in a public sale of the state-owned Preussag mining and oil company. The government expects to sell more "People's Shares'" in a half dozen other major firms it owns, including Volkswagen. In private industry, more than 30% of the employees of the big DEMAG engineering firm own stock in their company...