Business: Deal Closed

Last week International Telephone & Telegraph Corp. acquired full title to 610,000 shares of L. M. Ericsson Telephone Co. of Sweden, giving it 20% voting power. Control of the company was held by Kreuger & Toll Co., and I. T. & T. had planned to buy a larger block until it was discovered that the Ericsson accounts were garbled. The shares received last week are in return for an $11,000,000 down payment made by I. T. & T. and end the relationship between I. T. & T. and Kreuger & Toll. It was I. T....

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!