The Cost Of Change At Hoechst

The dizzying shift into a drug player leaves investors confused

Only last year, it seemed that Jurgen Dormann could do no wrong. The chief executive of German chemical and drug giant Hoechst saw his company's stock price soar 81% in 1996 as investors applauded his streamlining strategy. He was hailed as Mr. Shareholder Value--the man brave enough to lay off workers, exit weak businesses, and dump undervalued subsidiaries.

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