Germany’s trade unions repurchased Neue Heimat.
West Germany’s trade unions agreed to pay $7 million for a housing concern that they sold a month ago for one German mark (49 U.S. cents), their federation leader, Ernst Breit, reported. Breit said the supervisory board of the union holding company BGAG agreed to pay the compensation to bakery tycoon Horst Schiesser, who bought the Neue Heimat housing concern as part of a plan to restructure it. The unions were forced to take it back when the creditor banks to whom Neue Heimat owes $8.55 billion said they had no confidence in Schiesser’s ability to make good the losses.
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