The conglomerate is almost extinct in many countries but in Germany it still thrives. Not only do widely diversified companies such as Siemens, Bayer and Henkel plod on, they also continue to fight off demands from investors for tighter business focus. ThyssenKrupp even plans to make itself yet more complex.
Why are the conglomerates so reluctant to simplify themselves? The conventional wisdom is that they are run by bone-headed empire builders and egoists. And some might well be.
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