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The paper deals with fiancialisation in the German chemical and pharmaceutical industry, focussed on Hoechst, Bayer, and BASF. Important restructuring in each of these companies is justified by financial markets' requirements. However, that restructuring has not been enforced by institutional investors or financial markets, it was driven by dominant management coalitions referring to financial rationality. Therefore the outcome of financialisation of rather similar companies has been extremelydoi:10.32387/prokla.v42i169.290 fatcat:5c3qrmr4sfdgdduv7wm6hfnywu