- Metallgesellschaft
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Metallgesellschaft AG was formerly one of Germany's largest industrial conglomerates based in Frankfurt. It had over 20,000 employees and revenues in excess of 10 billion US dollars. It had over 250 subsidiaries specializing in mining, specialty chemicals (Chemetall), commodity trading, financial services, and engineering (Lurgi).
In 1993, the company lost 1.3 billion dollars[1] after speculating increase in oil price in oil futures market. A subsequent drop in oil price left the company buying the oil at a higher price than the market price. It also became involved in a key European Court of Justice case based on the tax treatment of dividends that was heard at the same time as Hoechst.
The company is now part of GEA Group Aktiengesellschaft.
References
Corporate scandals South Sea Company (1720) · Panic of 1890 (1890) · Salad oil (1963) · Carrian Group (1983) · Polly Peck (1990) · Bank of Credit and Commerce International (BCCI) (1990) · Metallgesellschaft (1993) · Barings Bank (1995) · Long-Term Capital Management (2000) · One.Tel (2001) · Enron (2001) · Adelphia (2002) · WorldCom (2002) · Tyco (2004) · Bayou Hedge Fund Group (2005) · Société Générale (2008) · Bear Stearns (2008) · Anglo Irish Bank (2008 - ) · Satyam (2009) · Olympus (2011)
Categories:- Companies of Germany
- Companies based in Frankfurt
- Manufacturing company stubs
- German company stubs
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