Interhandel
Encyclopedia
Interhandel was a Swiss conglomerate, known for its long-running disputes with the U.S. government over German ownership during World War II
. Interhandel, which had both financial as well as industrial holdings was the corporate successor of I.G. Chemie, which the U.S. government had claimed was a front for Germany's I.G. Farben during World War II.
The company was acquired by the Union Bank of Switzerland
in 1967.
, based in Basel, Switzerland to hold the company's foreign investments. The company owned a group of financial and industrial businesses in Europe and the U.S.
By 1940, I.G. Chemie had severed its direct ownership from its parent company I.G. Farben in order to avoid the seizure of its U.S. assets. Shortly after the start of the U.S. involvement in the War, on April 24, 1942, the U.S. government seized General Aniline & Film
(later GAF Materials Corporation
), an Interhandel subsidiary, and it was not until 1963 that the long-running dispute between Interhandel and the U.S. government was resolved. The shares in GAF Corporation were sold in a highly competitive auction in 1965 and the proceeds were split between Interhandel and the U.S. government. As a result of the sale of GAF, at the time of its merger with UBS, Interhandel held substantial amounts of cash.
The addition of the Interhandel's capital resources, which propelled UBS into the top spot among Swiss banks in 1968, also made UBS one of the strongest banks in Europe and helped fuel the bank’s further expansion in the late 1960s and 1970s.
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. Interhandel, which had both financial as well as industrial holdings was the corporate successor of I.G. Chemie, which the U.S. government had claimed was a front for Germany's I.G. Farben during World War II.
The company was acquired by the Union Bank of Switzerland
Union Bank of Switzerland
Union Bank of Switzerland was a large integrated financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second...
in 1967.
History
Interhandel's predecessor, I.G. Chemie, was established in 1928 by the German company I.G. Farben as a Swiss holding companyHolding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, based in Basel, Switzerland to hold the company's foreign investments. The company owned a group of financial and industrial businesses in Europe and the U.S.
By 1940, I.G. Chemie had severed its direct ownership from its parent company I.G. Farben in order to avoid the seizure of its U.S. assets. Shortly after the start of the U.S. involvement in the War, on April 24, 1942, the U.S. government seized General Aniline & Film
American IG
American IG is the name of a company, and it owes its genesis to a German business conglomerate, namely, Interessens-Gemeinschaft Farbenindustrie AG, or IG Farben for short...
(later GAF Materials Corporation
GAF Materials Corporation
GAF Materials Corporation is a company based in Wayne, New Jersey, that has roots dating back to the late 19th century. The GAF acronym stands for General Aniline & Film. The company has historically been primarily focused on manufacturing of roofing materials for residential and commercial...
), an Interhandel subsidiary, and it was not until 1963 that the long-running dispute between Interhandel and the U.S. government was resolved. The shares in GAF Corporation were sold in a highly competitive auction in 1965 and the proceeds were split between Interhandel and the U.S. government. As a result of the sale of GAF, at the time of its merger with UBS, Interhandel held substantial amounts of cash.
The addition of the Interhandel's capital resources, which propelled UBS into the top spot among Swiss banks in 1968, also made UBS one of the strongest banks in Europe and helped fuel the bank’s further expansion in the late 1960s and 1970s.