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Economy
Hostile take-over!
The strong devour the weak, and not the other way round. But that can happen in the business world - the recently merged Krupp-Hoesch Group announces on 18 March 1997 its plans to continue expanding. 
Krupp wants to swallow up its competitor Thyssen!
Like in the Wild West, says Thyssen, the victim of a hostile take-over bid. The acquisition only makes economic sense if tens of thousands of jobs are shed.
By 1996 both companies had seen their profits from steel halved - Krupp down to 208 million marks, Thyssen to around 350 million. Thyssen is the stronger of the two, but Krupp is offering DM 435 per Thyssen share; that's 25% above the stock-market listing!
Krupp seeks to expand its market power in areas where both companies operate, especially flat steel and automobile parts. In other fields, Thyssen's operations cover a much broader range of products and services. Thyssen has a stronger market presence.
Although Krupp's bid runs into trouble at first, the hostile take-over does succeed in 1999. Krupp has got rid of a competitor in the hard-fought steel market.
Dirk Bitzer
