Asymmetric hostility

24 Jan 2006 By Hugo Dixon

As BASF/Engelhard and Linde/BOC show, confident German executives are taking a muscular approach to building up foreign operations. Now they’re playing the AngloSaxon game, it will be harder for German companies to put up the barricades the next time a foreigner attacks.

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German industrial groups BASF, Linde and ThyssenKrupp have all been involved with attempted crossborder deals with AngloSaxon rivals this year.

On Tuesday, the UK's BOC said it had rebuffed an unsolicited approach by fellow gases group Linde. An offer would have valued BOC at £7.6bn (E11.1bn), according to Reuters.

The previous day, US chemicals group Engelhard rejected an unsolicited bid from rival BASF, worth $4.9bn (E4bn). BASF said it would review Engelhard's decision and respond as appropriate.

Steelmaker ThyssenKrupp said on Monday that it had decided not to increase its C$68 (E48) per share offer for Dofasco, in response to a C$71 per share offer from rival Arcelor.

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