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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

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Capital News


HOCHTIEF Pension Trust e.V. has informed the HOCHTIEF board that it intends to sell up to 2,100,950 HOCHTIEF shares on the exchange. The figure corresponds to around 3% of all HOCHTIEF shares, stated the MDAX group on 22 February. If they are all sold, the HOCHTIEF Pension Trust will no longer hold any HOCHTIEF shares. The board has decided to agree to the sale. It could up the Freefloat and the MDAX rating.

On 4 February Pfleiderer placed a total of 5,332,600 new shares from its capital increase by €13,651,456.00 to €150,166,272.00 at a price of €6.50 per share, in an accelerated book-building procedure. Gross proceeds from the issue were €34.7 million. The economically struggling wood-products firm hopes to improve its financial position by this small capital increase. The issue was ex rights. Placement was only with qualified institutional investors at home and abroad. Major shareholder One Equity Partners did not, however, join in, and at 23.3% no longer has a blocking minority. The Pfleiderer family’s share has fallen to 10%. Media manager Hubertus Hoffmann now also holds less than 3%.

Roth & Rau is taking over the solar subsidiary of the Dutch OTB group. The solar plant maker further stated the purchase price was €35.5 million plus the taking on of €25 million in financial commitments, €30 million covered by the issue of 1,379,999 new Roth & Rau shares as a capital increase against cash contributions. A little earlier, the Saxon firm had explicitly stated the purchase price was to be understood as including the financial commitments. OTB will in future hold a bare 10% in the company from Hohenstein-Ernstthal near Chemnitz. The remaining €5.5 million were paid in cash.

SAP announced in early February that in connection with the software group’s share option plan, participants exercising rights had on 1 February taken a total of up to 6.6 million shares in the Walldorf DAX company, which should be sold directly on the market as long as the SAP share price was at or above the option price of €33.66. SAP will in the main service its employees’ option rights out of its own shares. A share buyback would fill up its own shareholding to 38.5 million units again.