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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.

VIPsight International

Article Index


Capital News


Capital Measures in Januay

Continental’s capital increase by 31 million shares has met with great interest from both institutional investors and shareholders in general. 99.4% of the 3.4 million new shares involved were taken up after the subscription time limit. In the capital increase the new shares were placed on an accelerated Bookbuilding basis up to 11 January. Alongside 24.55 million new shares at the fixed subscription price of €35 per share, the other 6.45 million of them were placed at a price of €40 per share. The result was gross proceeds from the issue of some 1.11 billion Euros. Major Conti shareholder Schaeffler waived their subscription right. The automotive supplier finally allocated the new shares on which the subscription right had not been exercised, already on 6 and 12 January placed with investors under a reservation as to allocation, on 28 January. This brought the direct Schaeffler holding down from 49.9% to 42.17%, and the “parking banks” Metzler and M. M. Warburg from 19.5% to 16.48%.

Deutsche EuroShop has decided to raise its registered capital by up to 6,302,082.00 1€ registered shares, corresponding to 16.7% of the present registered capital, against cash contributions. The Hamburg firm wants thus to secure fresh money to finance its purchase of the A10 shopping centre in Wildau (Brandenburg) near Berlin. The subscription price is €19.50. The real-estate investor, specialized in shopping centres, expects proceeds of €123 million from the issue. The total investment volume, including modernization and new construction, amounts to around €265 billion.

K+S wants to buy 200,000 of its own shares by 31 March this year. The repurchased shares will according to indications be offered for purchase to employees of the Kassel salt and fertilizer maker or associated companies.

Linde has stated that a Sponsored Level 1 American Depositary Receipt (ADR) Program has been set up in the US. As the Munich gas and plantconstruction group announced on 11 January, the ADRs will be traded in the US on the over-thecounter (OTC) market. Ten ADRs will correspond to one Linde share. Deutsche Bank was acting as deposit bank for this ADR program. ADRs are deposit certificates traded in the US as substitutes for the underlying shares.

Pfleiderer has decided to sell up to 2,643,458 of its own shares that it holds, i.e. up to 4.96% of the registered capital, on the stock exchange. The shares were worth 7 Euros each at their date of sale on the market. Pfleiderer is in the red with its lenders for a good 820 million Euros.

Sky Deutschland has carried out a €49,014,714 capital increase, by issuing the same number of new registered shares. The Munich pay-TV provider took in proceeds of €110, to be used on projects to promote sustainable subscriber growth. News Adelaide Holdings, a 100% indirect subsidiary of News Corporation, subscribed the shares and has since then held 45.42% of Sky. The new shares were included in trading on the Frankfurt stock exchange on 22 January. Their entry in the commercial register raises the total number of Sky Deutschland registered shares from 490,147,144 to 539,161,858. The capital increase is already the third in a short period. Only few months ago, Sky raised its capital, in two stages.

United Internet has withdrawn 11,625,656 shares, corresponding to 4.62% of the registered capital, from its own holdings, lowering its registered capital to 240 million shares. The reduction was done in order to optimize the budget and capital structure. After the capital reduction it still held 10,272,291 of its own shares, some 4.28% of the registered capital. The withdrawal and capital reduction came on 21 December 2009. On 14 January the board of the internet company decided to buy back up to 5 million shares, corresponding to some 2.08% of the registered capital, on the exchange.