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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,
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VIPsight International

Article Index



M & A


Heidelberger Druck: new address, additional purchases

SDax-listed Heidelberger Druckmaschinen AG, seems to have regained good health; one of the initiatives planned for group restructuring is the take-over of the Swiss label printing specialist Gallus Holding AG, which has now been brought to conclusion. In the course of an increase in capital paid for by contribution in kind, the printing machine manufacturer had issued 23 million new shares for Ferd. Rüesch AG who now has a 9% anchor investor share in Heidelberger Druck. The issue price is 2.70 Euros per share and so well above the share quotation of approximately 2,38 Euros. Heidelberger Druck will make use of the purchase to broaden its base in the expanding business of digital printing for packaging.

The board of directors, however, is not only making takeovers in its pursuit of group renewal. After a five-year process that turned it round and out of the red, the company is moving to hone its competitiveness by axing some 650 jobs, above all at Heidelberg and Leipzig which should improve the year-end result by approximately 30 million Euros. Group net indebtedness was still 680 million Euros in 2008-9 bjut dropped to 240 million last financial year, with a net profit of some 4 million Euros.


Analytik Jena: trace analysis

Analytik Jena AG, the optoelectronics and metrology specialist has taken over all the inductively coupled plasma - mass spectrometry business of the US company Bruker Corporation. The transaction was finalised within an Asset Deal, the price of which is a closely guarded secret on both sides. This acquisition of economic assets as well as patents, licence rights and know-how in production and R & D enables Prime Standard listed Anaytik Jena to tackle a fast growing market. Bruker’s turnover for 2013 in ICP-MS products and services was approximately 12 million Euros. Jena management has announced that it can now offer all three analysis techniques for trace elements. Closing is expected in September.