Later, talks began with Linde, Messer Griesheim's biggest German competitor, about merging the two companies.

ECONOMIST: Face value

In 1999, when Hoechst merged with Rhone-Poulenc to form Aventis, it decided to sell Messer Griesheim's welding business.

ECONOMIST: Face value

Messer Griesheim was run at arm's length.

ECONOMIST: Face value

Mr Messer, who was running the company's French subsidiary, knew a spin-off was only a matter of time and thought that the family stake would be diluted.

ECONOMIST: Face value