Word: metallgesellschaft
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...result, competition among suppliers is kicking into overdrive. In Europe, the myriad small companies that have traditionally fed the industry are clumping together in consortiums or getting bought by bigger companies. Dynamit Nobel is part of Germany's Metallgesellschaft. Budd Automotive, which introduced the all-steel body in 1914, is now part of Thyssen Budd Automotive, which will soon be folded into emerging industrial conglomerate Thyssen Krupp AG. Carmakers themselves are also creating new players. Both Ford and GM have turned their component divisions into distinct profit centers with fancy names like Visteon and Delphi, and Renault and Fiat recently...
...using derivatives to play the foreign-exchange market. In Chile a derivatives trader named Juan Pablo Davila lost $207 million of taxpayers' money last fall, instantly earning himself a place in Chilean infamy, by speculating in copper futures for the state-owned mining company. In Germany the giant conglomerate Metallgesellschaft dwarfed even those losses when it dropped $1.3 billion last year by betting the wrong way on oil-futures contracts. Only a last-minute bailout by the company's banks saved it from bankruptcy...
This happened to the German metals and mining concern Metallgesellschaft last year after it charged into the derivatives market. The company bought oil futures for a subsidiary -- just before oil prices collapsed -- leaving it < with $1.3 billion in losses and triggering a national scandal. Prosecutors have been investigating the role of fired CEO Heinz Schimmelbusch, who has denied doing anything wrong. Nonetheless, bank creditors demanded the layoff of 7,500 ofMetallgesellschaft's 46,000 employees and the sale of several divisions as the price for rescuing the company...
...visible in Europe. They own billions of dollars worth of British stocks, including 15% of the Royal Bank of Scotland and 5% of Trusthouse Forte, a leading hotel chain. On the Continent, Kuwait has invested more than $2 billion in Spanish companies. In West Germany, Kuwait owns 20% of Metallgesellschaft, a mining, metals and plastics company, and 14% of Daimler- Benz, the car manufacturer...
...Germany's lean years after World War II, ex-General Staff Major Egon Overbeclc, now 44, financed his studies at Frankfurt University by working for Metallgesellschaft, a widely diversified industrial combine. After earning a doctorate in business administration in 1952, Overbeck stayed on with the company, began to leapfrog up the executive ladder. His big break came in 1956 when he was named chief financial and administrative officer of one of Metallgesell-schaft's major subsidiaries. He was lured away from that post by rival Mannesmann, West Germany's second largest steelmaker (after Krupp), which was searching...