Capital News
Deutsche Bank took in some €10.2 billion gross from its share issue, thus girding itself up for the takeover of Postbank and the new financial-market regulations. As the DAX group announced on 20 September, the reference price for the 308.6 million new shares was set at €33.00. According to the bank’s indications, after fees and dividend costs the banks should take in some €9.9 billion. Shareholders can still exercise option rights until 5 October. This was the biggest capital increase in the bank’s history. Postbank is to be consolidated in the current year. Currently, Deutsche Bank holds 29.95% of the Postbank shares.
Through its third high-interest bond within twelve weeks, Continental managed to secure a further €1.25 billion, on surprisingly favorable terms. The first tranche runs through 2016, with fixed interest of 6.5% per year, and 7.25% for the part due in 2018. For both periods, volumes of €625 million each were taken up. The proceeds – as with the two earlier bonds – are to be used to partly pay back the bank’s commitments. The 3 billion euros taken in from the three high-interest bonds in three months will be rectified and mature in staggered fashion between 2015 and 2018.
Heidelberger Druckmaschinen has completed its recently decided capital increase of some €420 million to fill out its balance sheet. The reference price for the 155,286,868 new shares was only €2.70. With the proceeds, the struggling printing-press maker, rescued last year with €850 million in State aid, will pay back some of the aid, thus lowering interest costs. The reference period ran from 14 September to 27 September. The capital increase is guaranteed by banks. First trading in the new shares is scheduled for 28 September 2011.
Q-Cells has stated it is issuing 58.765.955 new shares against cash contributions, and a convertible bond with an issue volume of probably 130-140 million euros. This will raise the registered capital to €176.3 million. The solar-cell maker will take a further €120 million or so from the capital increase if it is fully placed. The reference period for both measures started on 29 September. The funds raised are to be made available to the extent of €275 million to buy back an existing convertible loan of €492.5 million (period 2007/2012). What is to happen with the remaining €217.5 million in the convertible remains open.
In a capital increase Sky Deutschland has taken in much less, at €177.4 million, than it had planned, namely €282 million. The reference period ended on 28 September. Only 168,937,926 new shares out of 269,580,929 offered were issued. The pay-TV channel was thus left holding one in three shares. Murdoch’s share rose to 49.9%. The former Premiere will have to secure the missing funds either from a bigger volume on the convertible bond it has announced, or from a company loan from News Corp.