Americans win control of CF
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CRANE Fruehauf has finally lost its mammoth 14-month battle to stay'independent of the Fruehauf Corporation of America which has now managed to acquire the majority of the Crane shares.
And as the news was announced the City Takeover Panel delivered a sharp rebuke to Crane directors over the wording of a letter to shareholders posted when it was clear that the company was to be taken over.
• At time of going to press, it was understood that following the first board meeting of the new company, under the direction of the Fruehauf Corporation, the chairman, vice-chairman, managing director and production director of Crane Fruehauf were sacked. As a result of this action by the new American owners, a senior member of the American board is understood to have resigned.