Now CF shares dive
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kMERICA'S Fruehauf Corpo.ation intends to carry on with ts attempt to acquire the 3ritish Crane Fruehauf corn)any. It already owns a third A it.
Fruehauf chairman William 3race has written to shareiolders from America, telling .hem that, although the bid las been referred to the Monopolies Commission, "we intend to continue with our plans to acquire full control of Crane."
Frauds
Mr Grace denied claims by Crane that the bid had been made only because they had asked for the resignation of two American directors who have been convicted of tax frauds.
It had been made because Fruehauf were increasingly dissatisfied with the British company's performance.
While the takeover bid has continued, shares in the British company have fallen by 23 per cent.