Germany: Sharing the Empire

January 11, 1966 was rather a red-letter day in German industrial history. For the first time since the gigantic Krupp empire was founded a century and a half ago, Krupp shares were sold on the public market.

Not, to be sure, many shares: those listed for sale represented only $9,000,000 of the total $143 million equity of Fried. Krupp Hüttenwerke A.G., a recently organized coal-and-steel subsidiary that forms only a fraction of the Krupp holdings. Each of the preferred shares issued at a par value of 100 German marks ($25) carried a guaranteed annual dividend of at least 10% for...

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