ACTIONS CORNER

On February 20, after almost twelve years, Deutsche Bank finally brought the controversy between them and the late Leo Kirch and his heirs to an end. The compromise deal struck between the parties, published in the Bundanzeiger, Germany’s Official Gazette, states that the Kirch faction “will no longer subscribe to the view that Dr. Rolf – E. Breuer and Deutsche Bank were wilfully and maliciously in breach of the obligations they were under at that time to them and to others, nor was their conduct in any way contrary to canons of moral rectitude”. “Furthermore,” the article continues, “within five bank working days, the Kirch faction will sell ... its shares to Deutsche Bank”. The agreement also provides that the bank pays the sum of 775 million Euros plus interest and expenses incurred. The total amounts to some 925 million Euros.

The German monopolies commission is sending its collectors to knock at the door of Germany’s biggest three sugar producers on a matter of long-standing price fixing. The Bundeskartellamt in Bonn states that the three companies together with seven people bearing individual responsibility  were fined a total of 280 million Euros. The share of market leader Südzucker alone amounted to 195.5 million Euros.

On February 18, monopolies commission chairman Andreas Mundt accused the companies of having done deals on quotas and pricing for years at territorial level to the detriment of industry and consumers.