Americans ready to take over CF
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INCHCAPE has now dropped out of the bitter fight for control of the Crane Fruehauf company, leaving the field open for the Fruehauf Corporation of America to complete its takeover.
This week a Crane Fruehauf spokesman told CM: "We expect Fruehauf to achieve 50 per cent plus of the holding this week and that will give them control of the British company."
News of the withdrawal of the Inchcape group comes after MPs of both Parties tabled questions to be asked in the House of Commons calling for the company to be kept under British ownership.
Fruehauf's 100p a share bid for Crane valued the Crane Fruehauf company at £15.3 million as opposed to the original bid of £4.2 million made over 12 months ago — and the takeover has already been cleared by the Monopolies Commission.
But from the start of the takeover saga Fruehauf has described its bids as being over-generous even though it owned one-third of the company which it was trying to acquire.