to stop US bid
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CRANE Fruehauf's fight to stay independent is likely to resume after a Monopolies Commission report on the Fruehauf Corporation of America's bid for the company. The report concluded that it would not be against the public interest for the company to be taken over by its American shareholder.
And this week, Crane Frue-; hauf said it was disappointed at the decision — but is "delighted" at the news that CF was though capable of surviving if Fruehauf's link with the company was severed.
At the moment, Fruehauf has a one-third shareholding in Norfolk-based trailer manufacturer and it originally. offered to buy out the other two-thirds of the company, The 120-page report of the commission is published with a minority report from Profes sor T. Barna and Miss Rita Stephen who maintain that, if it went through, the bid would prevent the two companies from competing in world markets.
But the commission is unanimous that a merger between the two companies would not make the future bleak for the English comany.
Crane emerges from the investigation as "a well-man aged company with the technical, managerial and financial resources to maintain and develop its business."
The Monopolies Commission is not impressed by the CF export forecast or the statements made by the company that it does not need any support from America.
When the bid was made, CF said it was some time since it had received any help from its American shareholders.
Crane now says that the next move is up to Fruehauf, but the CF share prices has more than doubled the level of the pre-offer dealings giving Crane a market price of around £8.5 million.