The failure, caused by political hostility and weak nerves, has been a big blow to the cause of industrial restructuring in Germany, and to the idea that shareholders, rather than politicians, trade unionists and managers, should have the final say in a company's future.

ECONOMIST: Auf Wiedersehen, shareholders | The

Moreover, these foreigners can now do a bit to cushion the blow for Americans: already global demand, coupled with a weak dollar, is boosting American exports.

ECONOMIST: The world economy