German steel bids to open

THE fate of the former East Germany's steel industry will be decided on Tuesday, when the Treuhand, the organisation responsible for privatising former state industries, opens bids for nine companies, including the largest in the country, Finow in north Berlin. But there will be no UK representation, writes Martin Wiegers.

The Treuhand introduced the tender system at the begining of the year after allegations that the organisation had sold companies at less than market value.

More than 1,000 companies have been disposed of through the system. Each has attracted an average of 2.5 bids.

So far, the Treuhand has disposed of 3,994 companies, and 4,181 part-companies, with another 4,000 to go.