BIG STEEL MERGER

Press, Volume CII, Issue 30094, 30 March 1963, Page 11

BIG STEEL MERGER

W. German Firms (IV.Z Press Assn. —Copyngtit) LUXEMBOURG. March 29 Two West German steel i giants have been given basic approval to merge, British i United Press reported The : merged companies would form Europe’s biggest pri-vately-owned steel concern. The merger involves the August Thyssenhuette. GerI many’s largest producer of ; crude steel and the Phoen ix - Rheinrohr The European Coal and Steel Community’s high authority granted basic approval for the merger, during a three-day session in Strasbourg, a spokesman announced vesterday Members had no objection to the size of the new trust, he said But they would probably combine final approval with several protective clauses The two firms employ 173.000 workers and have an annual turnover of about £357.000.000

British Unitec Press said the merger would undo some of the work of the Allies who after 1945 broke up German trusts

Among the dismembered combines was the giant Vereinigte Stahlwerkt cartel, which was blamed for a major contribution to Germany’s world war effort The late Fritz Thyssen was ’he -artel's leading member His holdings from the break-up— Inov held by his wife and daughter—now form the August Thyssenhuette