VIPsight - June 2012

COMPANIES

Only 78 percent vote in favour of discharge to the Deutsche Bank Supervisory Board

At the Annual General Meeting of Deutsche Bank on 31 May 77.7 percent, less than three-quarters of the participants, agreed with discharge to the Supervisory Board. Several representatives of shareholder associations and major fund companies had sought to deny the Board discharge - among them, in addition to VIP Association of Institutional Shareholders, the California teachers’ pension fund CalSTRS, which was acting for the first time at a shareholders' meeting on European soil, and reportedly also voted for the counter-motion against discharge. The sharply, and multiply, criticized Supervisory Board chief Clemens Börsig was eliminated from the body; the new chairman is Paul Achleitner. What impact the vote will have on German Supervisory Board culture remains to be seen. Hans-Christoph Hirt sees the vote as having less of a legal relevance, but rather a signalling effect. As the Executive Director of Hermes noted in an interview with Börsenzeitung, the stock-market newspaper, the day after the AGM, boards of directors have already reacted when they were discharged with less than 99.9 percent. He demands that the control body should be checked by outside consultants, especially when many things were going wrong on the board.

BaFin busy with suspicions of insider trading

The takeover offer from Fresenius on 26 April may have been preceded by massive insider dealing in derivatives on equities of Rhön-Klinikum. Although no abnormal movements with the stock itself could be detected, the Federal Financial Supervisory Authority (BaFin) has, however, received a variety of external information, a spokeswoman for the authority said. Price movements for all financial instruments, in particular in the case of warrants, were routinely put under the microscope following the announcement of takeover bids. It is suspicious movements primarily in warrants and leverage certificates, both on-exchange and over the counter, that have been noted. And of course, the investigators will probably look particularly intensively at sales ten days before the announcement of the purchase offer to Rhön-Klinikum on 16 April, when according to the settlement figures the volume traded went up twenty times. Normally, the turnover of Rhön-Klinikum's shares is very low.

 

 

 

 

 

Buhlmann's Corner

A cautionary word to the Supervisory Board: ... and yet it moves

24.8% of the votes refuse discharge to the Deutsche Bank Supervisory Board, because it has not done its duty in recent years, and also to stop that happening in the future under new management. The unknown mass of (registered) shareholders moves after all, then, as in the times of Galileo Galilei (“Eppur si muove”). Just like back then – when Pope Urban VIII’s Inquisition denied the Copernican model – the bank’s leadership denied that 25% of shareholders could be brought together for the continuity of the bank.

Yet move they did: located between zero and 50%, the 22.3% Noes and 2.5% abstentions were the exactly right amount of “slap in the face” to get a board of respected personalities, albeit with difficulty, to discourage its chairman Clemens Börsig from worse. The Chairman was guilty, but the members maintain solidarity with the guilt through their successful action.

Of course it would have broken principles of corporate governance if Josef Ackermann – who couldn’t (or didn’t want to) find the 25% of shareholders – had moved from chief executive to chief supervisor. But continuity in the management of a global service provider is a value in itself, even more so than in industry. In addition, one need not be a “Baron” or be looking for a “bunch” of arguments to note that Josef Ackermann belongs to the Deutsche Bank just as Herrmann Josef Abs and Alfred Herrhausen did – Abs Herrhausen Ackermann: AHA!

Ackermann was clearly a communicative meltdown – but he has brought the bank back to greatness as an investment bank, stopped it becoming the German state bank and re-installed the retail sector. At market price, he has goofed – but now he has a second chance, namely by buying Deutsche Bank shares in his new role as Chairman of ZFS until the price gets back to €118. The Bank and its employees are worth it, and the new head has every chance.

A quarter of the shareholders refused discharge, and yet they were only 25% of those present, but a weak 9% of the issued shares. In Germany, Hermes and VIP were alone in their views: only IVOX followed the negative recommendation in the voting, while one shareholder association misinterpreted the counter-motion as a vote against the Board, and another – to the surprise of their own organization – recommended abstaining. Internationally, Glass Lewis (GL) and Institutional Shareholder Services (ISS) followed our argument, but while GL consistently put the vote on 2011 as No, the ISS found the spin that Yes (focus) was better because in the new year everything was going better (or would).

However difficult discharge and non-discharge are to understand and evaluate cross- culturally, VIP sincerely thanks the 90,409,200 votes that followed our motion and the HERMES one – those voices at the same time strengthen the new chairman Paul Michael Achleitner and wish him and us that shareholders never again have to hear their governing bodies say “we didn’t know.” The shareholders have given him and the double-headed board their confidence – now they may harmoniously sound the triangle. “All good things come in threes,” says the proverb.¹

The motion against the Deutsche Bank Supervisory Board was preceded by the following counter-motions:

Deutsche Lufthansa (2003, 61% non-discharge for the deputy chairman of the Supervisory Board due to personal conflict of interest)
Südzucker (2006, opt-out although in the MDAX)
ThyssenKrupp (2007, 24.9% against charter amendment)
IKB (2007, against the management, which ran manfully into bankruptcy)
Infineon (2010, 56 and 27%. But the Supervisory Board chairman changed in 2011 after all)
RWE (2011, 30% against disproportional election to the Supervisory Board)
Deutsche Bank (2012)

2013 is the season of the German Supervisory Board elections – let us hope that is not surprisingly discovered two weeks before them that nine months’ dispensation for good candidates and structures are needed – as with the construction of the main airport in Berlin....

¹ Etymological note: Thing, German Ding: Germanic folk and court meetings. The saying refers to the importance of the number three in the Germanic/medieval legal system. Three times a year, a court (Thing) was held. A defendant had to be convoked three times before he was then sentenced in absentia.

From http://de.wiktionary.org/wiki/Aller_guten_Dinge_sind_drei

 

 

 

 

 

ACTIONS CORNER

 

Commerzbank has to pay 104 former Dresdner Kleinwort investment bankers bonuses totalling €52 million. This was decided by a London court on 9 May after a months-long trial. The partially nationalized bank, which had taken over Dresdner Bank, including its investment banking, is the legal successor of the now liquidated division. In this context the institution had to take billions in government aid. The second-largest German bank was convinced it was right to reduce bonuses after the investment arm of Dresdner Bank had shown a loss of 6.5 billion euros in 2008, and reserves the right to appeal against the verdict.

The Deutsche Bank has settled a billion-dollar lawsuit with the U.S. government, by a payment of $202 million on 10 May. With the settlement, the case will now be shelved. Josef Ackermann had once in a restricted setting called the purchase of MortgageIT in 2007 for the equivalent of 340 million euros immediately before the outbreak of the financial crisis the “biggest mistake of my term.” The subsidiary is alleged to have mediated government default swaps for real-estate loans, without the mandatory full check on the debtors’ credit ratings.

After over ten years’ litigation in the mammoth case by retail investors against Deutsche Telekom, a judgment has come. Birgitta Schier-Ammann concluded that the approximately 17,000 small investors were not entitled to compensation, which they have sued for in the amount of around €80 million. The Frankfurt Higher Regional Court had recognized no serious error in the stock-exchange prospectus for the T-Share, the judge announced on 16 May, dismissing the action of the model-case plaintiffs under the Capital Markets Model Case Act (KapMuG). The investors had been too careless.

Evonik Degussa is suing Gigaset for a contractual penalty in the amount of twelve million euros. The dispute centres on breach of contract after the sale of the Arques company Oxxynova. In 2006 the company, then trading as Arques Industries, acquired the corporate group from the chemical group. The chemicals specialist had, however, in late 2007 under the leadership of the then directors Peter Löw and Martin Vorderwülbecke, breached its obligation to maintain the Lülsdorf location. Thus the phone manufacturer’s contractual obligations had not been complied with, it was stated on 4 May in support of the claims.

Against RWE and Jürgen Großmann, a damages claim of almost 675 million euros has been filed at the Essen District Court. The complaint from Rustenburg had already been received in winter; at the present the deadline for the energy giant to reply is running. RWE and its outgoing chief were made jointly and severally liable by the Sintez subsidiary, since both RWE, and Großmann in personal conversations, had broken preliminary agreements with Sintez main owner Leonid Lebedev. Sintez had already filed a multi-billion lawsuit against RWE with a court in London four years ago.

In the many years of litigation between the two largest producers of business software, Oracle has fixed its compensation claims against SAP for infringement of copyright at at least $777 million. In September 2011, the presiding judge Phyllis Hamilton had conceded a decision that would have the DAX Group pay billions in damages for breach of copyright to California’s Oracle. The archrival of the Walldorf firm said in an application of 26 April that the company had the right to demand damages based on a “fair market value of the violated rights”.

 

 

 

 

 

AGM Dates

 

 

 

 

Politics

 

 

 

 

 

 

People

After 46 years of service at the company, Manfred Schneider is leaving his top post on Bayer’s supervisory body to Werner Wenning in late September. The former CEO of the DAX firm is returning to his former stamping ground in early October after two years of absence. By law, a waiting period of two years is provided for a former CEO before he can join the Supervisory Board.

Ümit Subasi is leaving Beiersdorf “on the best of terms” at the end of July, “to take on new activities.” The area of emerging markets will in future be handled by Stefan De Loecker and Patrick Kaminski, who will split the regions and act as Corporate Senior Vice Presidents. The Board will have only four members after his departure.

Stephan Gemkow is leaving Deutsche Lufthansa on 30 June to become the new CEO of Haniel. The airline is now doing something for its women’s quota by placing finance in the hands of Simone Menne. The 51-year old was most recently Chief Financial Officer at BMI. Among other things, Jürgen Weber had spoken for her internally. She succeeds Gemkow on 1 July. In addition, the leading European airline has found a successor for Thomas Endres, who retired at the end of March: Christoph Kollatz has since early May been Chief Information and Process Officer and thus responsible for Group IT management. Previously, the 52-year-old was CEO of Siemens Business Services and CEO of Siemens division IT Solutions and Services (SIS).

Helmut Lerchner retired on age grounds from the Supervisory Board of ElringKlinger following the expiration of the shareholders’ meeting on 16 May. Professor Hans-Ulrich Sachs was elected to it as a new member. Walter Lechler was then elected Supervisory Board Chairman, stated the automotive supplier. He was Vice-chairman of the Supervisory Board in 2000-10.

Hartmut Schenk was elected as the new Chairman of the Supervisory Board of freenet at the inaugural meeting following its election. The decisive factor was the support of the workers' representatives. Drillisch managed to prevail in the crucial vote. As the majority shareholder, holding nearly 25 percent of freenet, announced, in addition to Hartmut Schenk the AGM newly elected Thorsten Kraemer, Helmut Thoma, Marc Tüngler and Robert Weidinger to the Supervisory Board for the shareholder side. Drillisch’s announcement of a year ago that with Kraemer and Thoma it wanted at least two seats on the supervisory board of the service provider has now been more than surpassed by the telecommunications provider. With Schenk, who was nine years on the supervisory body at Drillisch, and Weidinger, the company provides a third of the twelve shareholder representatives. In addition, there are the Chairman’s double voting rights. Maarten Henderson had proposed six candidates for the term commencing immediately after the general meeting. Besides himself, the former Board Chairman put forward current members Achim Weiss and Arnold Bahlmann, as well as Maximilian Ardelt, Boris Maurer and Axel Rückert. These six candidates have in common that they have no connections to the major shareholder Drillisch. In its counter-motion Drillisch had also also proposed Bernhard Jorek, who did not make it. To determine the six shareholder representatives, three rounds of voting were necessary, a first in German AGM history.

Peter Bauer has surprisingly announced his resignation for the end of September. The CEO of Infineon Technologies will leave the Board of the company for health reasons by the end of the current fiscal year, at his own request, the DAX Group stated. The 52-year-old has been suffering from osteoporosis for years. Reinhard Ploss becomes the semiconductor manufacturer‘s CEO from 1 October.

The Supervisory Board of K+S appointed Mark Roberts as a member of the Executive Board of the Kassel firm with effect from 1 October. The 48-year-old will then be responsible for the salt division, till now in the hands of Norbert Steiner, the DAX Group announced. Roberts is currently CEO of Morton Salt. He has 20 years’ experience in the group’s fertilizer and salt business.

KUKA has found a successor for Stephen Schulak, retiring at latest by the end of September. With effect from 1 August, Peter G. Mohnen will succeed him and take charge of Finance and Controlling on the board of the robotics group. The new CFO has gone through several management positions in Controlling and Accounting in the E.ON Group and is currently CFO of E.ON Hungaria.

At the beginning of 2013, Armin Papperger will succeed Klaus Eberhardt, Rheinmetall CEO for more than twelve years. The 64-year-old will then retire. Also leaving the Board of the arms company at his own request is Herbert Müller . The new CFO is Helmut P. Merch, responsible since 2001 for the finances of the munitions division.

Lutz Guderjahn is moving to the Board of Südzucker. The Supervisory Board appointed Guderjahn as a full member of the board from the end of the Annual General Meeting of CropEnergies on 17 July for a period of five years. He will succeed Professor Markwart Kunz, responsible for technology and research and development at the biofuel maker’s parent company since 2003,. In addition, Guderjahn is moving to the Supervisory Board of CropEnergies with no coolingoff period, at the request of major shareholder Südzucker, as is clear from the invitation to the AGM. Marten Keil will succeed Guderjahn, so that the CropEnergies board will again have the statutory two members.

Thomas Vollmoeller was appointed to the Executive Board of XING on 8 May with effect from 15 August and will take office as CEO no later than 15 January 2013. The current CEO of the Swiss company Valora Holding is to take over from Stefan Gross-Selbeck, who is leaving the business network for an unknown destination, in order to pursue new professional challenges.

 

 

 

 

 

Campus

 

Dividends from the reserves

The total dividend in the regulated market of the Frankfurt Stock Exchange - that is, the 569 companies listed in the CDAX (composite DAX) - is back at near the level before the crisis, thanks to increasing company profits of 34 billion euros. This emerges from a study that shareholder association Deutsche Schutzvereinigung für Wertpapierbesz (DSW) presented on 7 May in Frankfurt. According to Klaus Nieding, it is important for shareholders whether or not the dividend is paid from profits or from the substance of the respective company. For example, E.ON, Deutsche Lufthansa and ThyssenKrupp paid out money to investors although they had made ​​a loss. Also questionable were payments from Deutsche Telekom, MAN and Munich Re, who paid their dividends partly from reserves. Although the DSW Vice President critically questioned the dividends of six DAX companies not covered by profits at the general meetings, it voted for distribution at all of them.

At the Annual General Meeting of Deutsche Lufthansa on 8 May DSW “exceptionally” agreed to the proposed distribution of dividend of 0.25 euros per share, or 114 million euros, on the grounds that it considered this a positive sign for the future. Also, at the meeting of Deutsche Telekom on 24 May the association agreed with a payout of 0.70 euros per share, or 3.01 billion euros. Although these will be distributed from the substance of the company and not from operating activities, the distribution is consistent with Telekom’s dividend strategy expiring in 2012, which was endorsed by the DSW. This must however ​​mandatorily be put to the test next year.

At the MAN shareholders’ meeting on 20 April, the profit proposal of 2.30 euros per ordinary and preference share (a total of 388 million euros) was approved unconditionally. Munich Re also paid its dividend from reserves. 2011 was marked for the group by exceptional stresses, so that the proposed dividend (€6.25 per share, corresponding to €1.11 billion) was seen as a positive sign here too. Accordingly, it was also accepted by DSW, on 26 April. Again, at the E.ON AGM, on 3 May and thus only a few days before the publication of the study, the proposal was approved from the perspective of dividend continuity. At 1.91 billion euros, each share accounted for a dividend of 1.00 euros.

Already on 20 January at the ThyssenKrupp AGM, the DSW had likewise agreed to a distribution, although no operating profit was earned. The €232 million corresponded to €0.45 per share. According to DSW, here too dividend continuity had priority.

DAI rails against the Code

The German Share Institute (DAI) warns against over-regulation on the stock markets and in the corporate governance of companies. Thus, the DAI rejects capping salaries of German corporate executives in the millions. Specifically, this is about a new recommendation in the Corporate Governance Code, that Supervisory Board members should establish a relation between executive remuneration and the average income of workers. For salaries over five million euros, moreover, the general meeting should decide. At least that was called for by Klaus-Peter Müller, Chairman of the German Corporate Governance Commission and Supervisory Board chairman of Commerzbank, and ex Daimler CFO Manfred Gentz. Both had advocated limits on executive pay in an open letter to the 30 DAX Supervisory Board chairs in late March. Company acceptance for executive pay is necessary instead, however, says Karlheinz Hornung. The Commission’s tendency to paternalism was fuelled by political, legislative and self-proclaimed experts, thundered the head of the lobbying group. Politicians must resist the temptation to populism, the DAI President continued. Also, the Code was narrowing shareholders’ freedom of choice at Supervisory Board elections with respect to qualification, gender and nationality further and further. The number of independent supervisors envisaged by the Code also put major shareholders at a loss to explain why, thus implying a dependency. This weakened shareholder rights substantially, said Hornung. Also, the proposal of the European Commission on limits to auditors’ mandates had no convincing explanation.

A million should be enough for CEOs

The public has little sympathy for high executive salaries. Exactly 50 percent of Germans find that an annual salary of one million euros is sufficient for a manager of a large company. This pay is considered to be appropriate even then, however, only if the company can look back on a successful year. Thus the population sets the borderline significantly lower than is allotted to directors in the real world. This is the result of a survey published on 2 May by the Dr. Doeblin Economic Research Institute. 28 percent of respondents would at least concede managers an annual salary of up to five million euros. Another nine percent of the 1,000 respondents would even issue a paycheck of between five and ten million. A further three percent are for a maximum of €20 million annual salary; only two percent find over 20 million is appropriate. Mainly younger people are willing to allow successful CEOs higher pay.

For now, no cap on executive compensation

The Government Commission for the German Corporate Governance Code (DCGK) has not adopted any recommendation to limit executive remuneration at German companies. In the medium term, however, directors of listed companies have to expect that a cap on their compensation might also belong to good corporate governance. For some time the amount of some executive compensation has caused public discussion. The debate on the Code about remuneration was also fuelled once again by the record pay level of almost €18 million for VW CEO Martin Winterkorn. Although the Commission voted down a push by Dietmar Hexel, the topic should return to the Commission's agenda by at least 2013, the body decided at its annual plenary session. Hexel, who also belongs to the 14-member commission, had proposed to cap the amount of executive pay at a specific multiple of the average income of the workforce.

 

 

 

 

 

Capital News

Fresenius SE has completed its capital increase announced on 10 May. The 13.8 million new ordinary shares offered by Fresenius were placed at a price of €73.50 per share on 11 May in an accelerated procedure. The number of issued shares of the company thus rose to 177,166,002. The proceeds for the healthcare group are around 1.01 billion euros. This capital increase represents the first component in the financing of the planned acquisition of Rhön-Klinikum. Fresenius wants to offer €3.1 billion in cash. €2.1 billion are to be financed through a syndicated loan, a bond and equity instruments.

GSW Immobilien collected €202 million gross from its capital increase against cash contributions successfully completed on 3 May. 99.72 percent of the new shares offered were purchased at a subscription price of €21.30 by the original shareholders. In addition to acquisitions, the net proceeds of €190 million are to be used in order to optimize financial flexibility. The share capital increases by €9.5 million to €50.5 million. The new shares are entitled to dividends for 2011 already, so the capital increase actually brings in only 184 million euros.

QSC wants from 21 May to probably 31 December to buy back up to 13.7 million shares, and thus up to ten percent of the capital, on the stock exchange, the IT and telecoms service provider announced on 11 May. The Board is making use of the authorization granted at the Annual General Meeting on 20 May 2010. What exactly will happen to the shares has remained open so far. The repurchased shares may be be used for all purposes set forth in the authorization resolution of the shareholders' meeting, such as sale for cash, use as an acquisition currency, or the servicing of acquisition rights.

 

 

 

 

Director's Dealings

 

Company	Person	Function	Buy / Sell	Total value in Euro	Number of shares	Datum
adidas AG	Christian Tourres	SB	S	6.031.829	100.000	14.05.2012
AIXTRON SE	SBG Beteiligung GmbH		S	1.713.800	133.500	17.-21.05.2012
BASF SE	Robert Oswald	SB	B	9.399	150	31.05.2012
BASF SE	Eggert Voscherau	SB-Head	B	1.002.541	17.000	07.05.2012
BASF SE	Max Dietrich Kley	SB	B	6.944	62	30.04.2012
Beiersdorf AG	Cornelia Herz		S	67.750	1.280	04.05.2012
Carl Zeiss Meditec AG	Sylivia Kaschke		S	10.025	500	18.04.2012
Carl Zeiss Meditec AG	Dr. Michael Kaschke	SB-Head	S	10.030	500	18.04.2012
DEUTSCHE BANK AKTIENGESELLSCHAFT	Martina Klee	SB	B	1.458	50	18.05.2012
Deutsche EuroShop AG	Olaf Borkers	MB	S	28.850	1.000	21.05.2012
Deutsche EuroShop AG	Claus-Matthias Böge	MB	S	174.569	6.061	21.05.2012
Deutsche Lufthansa Aktiengesellschaft	Carsten Spohr		B	42.250	5.000	24.05.2012
Deutsche Telekom AG	Niek Jan van Damme	MB	B	176.027	22.265	30.05.2012
Deutsche Telekom AG	Hermann Josef Becker	SB	B	20.876	2.370	11.05.2012
Dialog Semiconductor Plc.	Aidan Hughes	SB	Exercising an Option	55.652	44.168	09.05.2012
Dialog Semiconductor Plc.	Aidan Hughes	SB	S	695.646	44.168	09.05.2012
Dialog Semiconductor Plc.	John McMonigall	SB	Transfer	0	24.000	09.05.2012
Dialog Semiconductor Plc.	John McMonigall	SB	S	134.663	8.550	09.05.2012
Dialog Semiconductor Plc.	John McMonigall	SB	Exercising an Option	10.517	8.550	09.05.2012
Dialog Semiconductor Plc.	Russel Shaw	SB	Exercising an Option	50.400	40.000	09.05.2012
Dialog Semiconductor Plc.	Russel Shaw	SB	S	630.000	40.000	09.05.2012
ElringKlinger AG	Dr. Stefan Wolf	MB-Head	B	19.750	1.000	10.-21.05.2012
Fraport AG	Peter Schmitz	MB	S	299.775	7.000	14.-16.05.2012
Fraport AG	Dr. Stefan Schulte	MB-Head	S	790.071	18.339	14.-16.05.2012
Fraport AG	Dr. Matthias Zieschang	MB	S	638.790	15.000	16.-25.05.2012
Fresenius Medical Care AG & Co. KGaA	Dr. Ben J. Lipps	MB-Head	Exercising an Option	5.248.223	99.600	17.05.2012
Fresenius Medical Care AG & Co. KGaA	Dr. Emanuele Gatti	MB	Exercising an Option	1.339.669	25.469	17.05.2012
GEA Group Aktiengesellschaft	Dr. Jürgen Heraeus	SB-Head	S	143.850	7.000	25.05.2012
GEA Group Aktiengesellschaft	2-gather GmbH		S	103.384	5.000	23.05.2012
GSW Immobilien AG	Jörg Schwagenscheidt	MB	S	229.161	17.194	27.04.- 03.05.2012
GSW Immobilien AG	Jörg Schwagenscheidt	MB	B	42.302	1.986	02.05.2012
GSW Immobilien AG	Andreas Segal	MB	S	174.268	13.266	27.04.- 03.05.2012
GSW Immobilien AG	Andreas Segal	MB	B	33.164	1.557	02.05.2012
GSW Immobilien AG	Thomas Zinnöcker	MB-Head	S	873.679	69.099	26.04.- 07.05.2012
GSW Immobilien AG	Thomas Zinnöcker	MB-Head	B	177.642	8.340	02.05.2012
HeidelbergCement AG	Dr. Bernd Scheifele	MB-Head	Allotment	929.400	30.000	04.05.2012
K+S Aktiengesellschaft	Dr. Eckart Sünner	SB	B	140.200	4.000	10.05.2012
K+S Aktiengesellschaft	Dr. Thomas Nöcker	MB	B	146.646	4.000	09.05.2012
Klöckner & Co SE	Gisbert Rühl	MB-Head	B	121.874	15.000	10.-17.05.2012
KRONES Aktiengesellschaft	Volker Kronseder	MB-Head	B	20.118	501	23.05.2012
KRONES Aktiengesellschaft	Thomas Ricker	MB	B	10.049	260	15.05.2012
KRONES Aktiengesellschaft	Schawei GmbH		B	587.100	15.000	09.05.2012
KUKA Aktiengesellschaft	Fritz Seifert	SB	S	16.155	900	26.04.- 03.05.2012
LEONI AG	Uwe H. Lamann	MB	B	117.414	3.578	21.-22.05.2012
LEONI AG	Klaus Probst	MB-Head	B	190.020	6.000	18.05.2012
LEONI AG	Dieter Bellé	MB	B	119.249	3.700	18.-22.05.2012
Linde Aktiengesellschaft	Josef Schregle	SB	S	101.299	827	23.05.2012
Linde Aktiengesellschaft	Georg Denoke	MB	S	1.850.295	15.000	10.05.2012
Linde Aktiengesellschaft	Prof.Dr. Wolfgang Reitzle	MB-Head	S	9.550.877	77.876	10.-14.05.2012
MERCK KG auf Aktien	Dr. Karl-Ludwig Kley	MB-Head	B	149.484	1.958	15.05.2012
METRO AG	Olaf Koch	MB-Head	B	368.250	15.000	03.05.2012
METRO AG	Peter Küpfer	SB	B	1.001.835	40.000	19.-25.04.2012
MTU Aero Engines Holding AG	Dr. Stefan Weingartner	MB	S	159.628	2.502	02.05.2012
PUMA SE	Klaus Bauer	MB	Exercising an Option	0	1.035	10.05.2012
PUMA SE	Klaus Bauer	MB	S	273.137	1.035	10.05.2012
PUMA SE	Reiner Seiz	MB	S	106.331	404	09.-10.05.2012
PUMA SE	Reiner Seiz	MB	Exercising an Option	0	304	10.05.2012
QIAGEN N.V.	Metin Colpan	SB	S	23.486 USD	1.440	26.04.2012
QIAGEN N.V.	Metin Colpan	SB	Cash-in	0	2.694	25.04.2012
QIAGEN N.V.	Erik Hornnaess	SB	Cash-in	0	2.694	25.04.2012
QIAGEN N.V.	Erik Hornnaess	SB	S	23.486 USD	1.440	26.04.2012
QIAGEN N.V.	Manfred Karobath	SB	S	23.486 USD	1.440	26.04.2012
QIAGEN N.V.	Manfred Karobath	SB	Cash-in	0	2.694	25.04.2012
QIAGEN N.V.	Riesner Verwaltungs GmbH		S	1.302.800	100.000	09.05.2012
QIAGEN N.V.	Detlev Riesner	SB-Head	S	23.486 USD	1.440	26.04.2012
QIAGEN N.V.	Detlev Riesner	SB-Head	Cash-in	0	2.694	25.04.2012
QSC AG	Dr. Bernd Schlobohm	MB-Head	Loan	186.017	100.000	18.05.2012
QSC AG	Gerd Eickers	SB	B	186.017	100.000	18.05.2012
QSC AG	Jürgen Hermann	MB	B	37.944	20.000	11.05.2012
RATIONAL Aktiengesellschaft	Peter Wiedemann	MB	B	12.117	70	24.05.2012
RHÖN-KLINIKUM AG	Dr. Rüdiger Merz	SB	S	355.911	16.820	09.05.2012
RHÖN-KLINIKUM AG	Dr. Brigitte Mohn	SB	S	212.100	10.000	02.05.2012
RWE Aktiengesellschaft	Roger Graef	SB	B	31.090	1.000	20.04.2012
SAP AG	Jim Hagemann Snabe	MB	B	200.343	4.290	24.05.2012
SAP AG	Werner Brandt	MB-Head	B	106.618	2.300	24.05.2012
SAP AG	Gerhard Oswald	MB	B	99.030	2.112	24.05.2012
SAP AG	Bill McDermott	MB	B	231.500 USD	4.000	23.-24.05.2012
SGL CARBON SE	Armin Horst Bruch	MB	S	320.157	10.000	25.05.2012
STADA Arzneimittel Aktiengesellschaft	Eckhard Brüggemann	SB	S	25.447	1.000	22.05.2012
STRATEC Biomedical AG	Marcus Wolfinger	MB-Head	S	134.945	4.500	24.05.2012
STRATEC Biomedical AG	Bernd M. Steidle	MB	S	134.945	4.500	24.05.2012
Süss MicroTec AG	Michael Knopp	MB	S	126.277	13.500	29.05.2012

 

 

 

 

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