Austria is a very industrially developed country, however, they do not have their own industrial system.

It may seem contradictory, but it's not at all.

Because their industry was built with the help of Germany during World War II.

From the beginning of their development, their industry was not to build a complete industrial system, but to become a link in the industrial system.

To put it bluntly, they were vassals of Germany, and their industry was in the service of Germany.

Looking at Austrian industry, machining is their largest industry, accounting for 25% of industrial output.

The chemical industry, which ranks second, also accounts for 20 percent of the industrial output value.

The third-ranked auto parts industry accounts for more than 10% of the industrial output value.

These three major industries account for more than 50 percent of the entire industrial output value, and the employed population accounts for more than 30 percent of the total population.

Many of their companies have unique and even irreplaceable advantages in technology, but they don't have the foundation to bring the entire industry together.

This is not only determined by the management system of state-owned enterprises, but also by Austria's national geographical location and international environment.

Taking the auto parts industry as an example, Steyr is the largest company, but except for Steyr heavy trucks and MAN heavy trucks, they do not have their own car brands.

The country's largest automobile company can only produce cars for BMW and Mercedes-Benz in Germany.

Lister Internal Combustion Engine Company is one of the world's three authoritative internal combustion engine R&D companies, and one of the world's four largest internal combustion engine R&D institutions.

They are the world's largest state-owned holding companies engaged in the design and development of internal combustion engines, powertrain research and analysis, and the development and manufacturing of related test systems and equipment.

But they can only produce engines for BMW, Mercedes, Volkswagen.

In 1984, the total output value of the Austrian auto parts industry exceeded 6 billion US dollars, of which 90% was exported, and more than 60% was directly exported to Germany.

It's not that they don't have the ability to produce complete vehicles, but they definitely don't dare to develop complete vehicles on their own.

Another reason for this is the geographical location of their country, except for the Danube River in the northeast, they have no access to the sea, and the logistics cost of the whole vehicle is high.

The mountainous geography made it difficult for them to get around, and they had to be subject to the German economy and become German vassals.

Of course, it cannot be said that they are controlled, because they and Germany are originally the same nation, and if they had not lost World War II, they would have been a country.

When Jonas arrived in Graz, he took a comprehensive tour of the Steyr Automotive Plant, the MAN plant, Miba, Rosenbauer, Steyr Dynamics, and even the Liszt Combustion Engine Company in the north of Graz.

The more you know, the more you realize that they have world-class workers and skills, but the more you can see their dilemma of not being autonomous.

At the car factory in the south of Graz, where Mercedes-Benz big G and BMW 3 series are produced, the cars produced will be loaded and shipped around the world within 48 hours.

But all of these logistics companies are German.

This is partly due to the fact that these logistics companies are appointed by German companies, but more often because of the Austrian state ownership system.

These state-owned transport enterprises can still survive on institutional reasons at home, but they do not have the ability to enter international logistics.

How can a worker with a weekly salary of less than $100 dare to transfer tens of thousands, hundreds of thousands of dollars, to foreign customs?

The more you do, the more you make mistakes, and it's so much pay if you don't do it anyway.

In every company, you can see coordinators from German companies, who are good people in Austria, who are paid several times the salary, and do the easiest work.

Jonas wants to buy the Steyr factory, and it is these workers who are happiest.

The average annual salary of the Swiss in 84 was more than $10,000, but the average annual salary in Austria was only $3,000, and even for workers in the auto parts industry, the annual salary was only about $5,000.

The Austrians regard the Swiss as rich relatives, and emotionally, they do not exclude them.

In particular, there is no obstacle in terms of public opinion when Jonas promises that he will increase his salary appropriately in the future, never fire a worker without cause, and guarantee the welfare of every retiree.

However, the reality is also very serious and difficult. For example, if Jonas buys Steyr, and if the German company withdraws the authorization, at least within a few years, the Steyr factory will be left without work.

The acquisition of a factory with tens of thousands of workers is only a small problem, and there are many other aspects that need to be coordinated.

Local governments, the federal government, and international pressures are all issues that Hoffman needs to solve.

Late at night at the Palace Hill Hotel in Graz, Jonas and Ursula sat in the living room, with a large pile of various documents piled up in front of them.

There was a knock on the door, and Plov pushed it open and entered, saying, "Jonas, Mr. Wolf has arrived." ”

The energetic Wolf followed Plov into the living room, and said with a smile on his face: "Jonas, after more than a month of operation, most of the funds in Austria have all entered the German market and been exchanged for Mark assets. ”

"Thanks, have you had dinner?"

"I met Bennett in Vienna and had dinner with him. ”

Jonas looked at the time, it was past twelve o'clock in the evening. "Give us a few cups of coffee and a little snack," said Plov. ”

Ursula said, "I don't want coffee, just give me a glass of milk." Wolf, sit. Tell us why they had a conflict with Rogers. ”

Wolf is the head of Hoffman's investment banking asset management department, and Ursula is already the managing director of Hoffman Investment Bank Holdings, which is well known.

In the management structure that Hoffman Investment Bank is about to integrate, Ursula is a veritable second-in-command, even higher than Rogers, a co-partner of Hoffman Investment Bank.

Rogers is a co-partner at Hoffman's investment bank, nominally at the same level as Jonas, but he only manages his own business and has no authority to meddle in other matters.

In the core management of Hoffman Investment Bank, Jonas is at the top of the pyramid, and below is the investment management department of Ursula Holdings Ltd. and Professor Hugo.

Professor Hugo is not involved in day-to-day operations, but has the power to directly intervene in the investment bank's investments.

Below Professor Hugo is Bennett in the investment department and Wolf in the asset management department.

Wolf picked up a few documents on the couch, sat down on the couch and said: "Rogers believes that the future of the current Mark is uncertain, and insists on converting the withdrawn funds into Swiss francs, which is not in line with the strategy developed by Jonas and Professor Hugo.

Bennett is young and vigorous, and he disagrees with Rogers when it comes to investment, so he fights with him this time. ”

Jonas smiled, where there are people, there are rivers and lakes, Rogers, as an outsider, although he has a close relationship with Jonas, but he is not liked by Wolfe, Bennett, and Hugo.

However, Jonas is not worried, they are all quarrels over work, except for Hugo and Rogers, there are no personal grudges.

Hoffmann's investment bank invests in Austria, although it is calculated in US dollar assets, in fact, it has nothing to do with US dollars.

The assets of the Hoffmann investment bank are in Swiss francs, the loans from the two commercial banks are also in Swiss francs, the investment in Austria is a shilling, and the withdrawn capital is also a shilling, in marks, and in Swiss francs.

The Plaza Accord was about to kick off, and Jonas didn't have a dime in his hand right now.

All investments in Toei were converted into Japanese yen assets, and in Europe they were all converted into Swiss francs and mark assets.

The German stock market, which is now skyrocketing because of the six-nation agreement, is not a suitable investment opportunity.

Jonas converted most of the withdrawn funds into Mark assets and invested them in Mark in the foreign exchange market.

Now that the appreciation of the mark has also become clear, the profit in the foreign exchange market is pitiful, and there is no opportunity to buy with leverage.

However, in order to maintain export trade and expand its international influence, Germany will not refuse to buy the mark in cash.

After the Plaza Accord was signed, the currencies of most countries appreciated, with the exception of the US dollar.

The yen is not the currency that appreciates the most, the mark is.

The yen appreciated by 100 percent in two years, and the mark appreciated by more than 100 percent.

The reason why the German economy did not collapse, but the Dongying economy collapsed, has nothing to do with the economic policies implemented by the Dongying later, and has little to do with the appreciation of the yen.

The dollar depreciated, the currencies of Germany, the United Kingdom, France all appreciated, and even the Swiss franc appreciated, and every country had a soft landing, only the Dongying economy collapsed.

Jonas asked, "I'll talk about Rogers later, tell me in detail about the opinions of the big four German companies." ”

Wolf opened the briefcase in his hand, sighed and said: "It's hard to judge the attitude of their respective companies, Mercedes-Benz and BMW have also met their senior management, but Volkswagen and Opel, I have only seen a few middle managers."

We want to test them, and they are watching us. Personally, I think you should go to the Covant family first and open a gap. ”

"What does the OEM agreement between Mercedes-Benz and BMW say?"

Mercedes-Benz has made it clear that the Steyr plant will continue to produce the G series until the end of the contract period at the end of next year. Since the launch of the G series, it has been produced at the Steyr factory, and other factories have no production capacity at all.

However, BMW's attitude is very ambiguous, and they just emphasized one point to us, that is, we must not hit the idea of Liszt, otherwise we will focus on Hoffmann Investment Bank. ”

BMW is not as strong as the other three companies, and their engines are almost all supplied by Liszt, and if Jonas buys Liszt, they will definitely jump to the ground.

However, Jonas was aware of the sensitivity of Liszt's company and had no consideration for it at all. Only when he has gained a firm foothold can he attack the Liszt company in the future.

You must know that almost all the high-end diesel engines used in cars in later generations were produced by Liszt.

This company, but a barrel of explosives, is too sensitive!

(There is one more chapter in the early morning...... ）