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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.

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Article Index



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.