The Management of Financial Risks at German Nonfinancial Firms: The Case of Metallgesellschaft
A-B Frankel and
Working Papers from American Institute for Contemporary German Studies-
In late 1993 and ealy 1994, the wholly-owned US subsidiary of a German conglomerate experienced substantial losses in connection with the implementation of a petroleum marketing strategy, triggering an emergency recapitalization of the German parent company. The rescue was overween by the firm's supervisory board, which was chaired by a member of the senior management of the largest German bank. This paper draws on a special auditor's report that examined the near-bankruptcy of the firm, as well as other sources.
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