Word: preussag
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Dates: during 1959-1959
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...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...
...belief that a free-enterprising government should not be in big business. On public sale fortnight ago went a sizable block of stock in one of the 300 nationalized companies inherited by the government after World War II: 300,000 shares of the big (1958 sales estimate: $178 million) Preussag mining combine, whose activities range from coal mining to oil refining. The government took the step with some misgivings: a 1958 poll seemed to indicate that 40% of all Germans had little knowledge of stock, and presumably little interest. The doubts were groundless. The shares were snapped up so fast...