VIPsight - June 2015
COMPANIES
MBB: small spawns success
Provisional numbers announced by Prime Standard-listed holding company MBB SE point to an increase in first quarter turnover of some 60 million Euros, more than 8 percent up on the same period of last year. EBITDA has increased by no less than 18 percent to 6.4 million Euros. At 3.4 million Euros, however, income is slightly down on last year, the reason being a higher first quarter tax bill. The quota of shareowners’ equity of this family-run business group stands at 40% which corresponded to almost 53 million Euros at the end of 2014. Turnover this year is forecast at between240 and 250 million Euros.
MBB purchases and makes long-term investments in SMEs, and the group comprises names such as plant construction company MBB Fertigungstechnik, supplier of wood-based technological products and Polish paper mill Hanke Tissue.
BMW under fire from the shareholders
In the open floor discussion of the Bayerische MotorenWerke (BMW) AGM on May 13, many shareholders expressed concern regarding the appointment of Norbert Reithofer to chair the Supervisory Board directly from the position of company CEO. The rules of good corporate governance state that the CEO ought to wait one or, better still, two years before taking on the leadership of the controlling body. The outgoing chair of the Supervisory Board, Joachim Milberg, justified the decision citing Reithofer’s “extensive” experience, a person who in turn highlighted the ease of the shift completed earlier than expected and without difficulty. BMW acts in accordance with the law on joint-stock companies which states that a majority shareholder possessing more than a quarter of voting rights is not obliged to respect the “cooling-off” period. The three major shareholders who, together, possess almost 47% of share capital with voting rights all belong to the Quandt family. Their standpoint is , is that Reithofer ought firstly to have moved to the chair of the Supervisory Board earlier than planned. This would have cleared the field for the younger executive Harald Krüger, up to then head of production, to take over the CEO slot. On December 9, in accordance with the appointing committee (composed of chair Milberg and members Karl-Ludwig Kley and Quandt siblings Stefan and Susanne Klatten), the Supervisory Board asked Reithofer to stand for election by the shareholders to the chair of the Supervisory Board at the meeting scheduled for May 13.
E.ON lifts the wraps for a first glimpse of the planned split
E.ON has made major progress in the spin-off process. The new company that will take over the less attractive sectors of the business will be called Uniper (“Unique Performance”). The headquarters of the new power company will be located at the Düsseldorf river port and Klaus Schäfer , up to now CEO of C.ON., was selected to lead it by the Supervisory Board at its meeting on April 27. Current CEO Johannes Teyssen will remain at the head of the old E.ON group, due to move to Essen where it will focus on renewable energy, power networks and client-oriented solutions. As early as January 2012 Energy commissioner Günther Oettinger suggested to E.ON and RWE, another Essen based company, to unite in order to better tackle the new challenges in power generating. In December 2014, the group announced a radical change. Johannes Teyssen maintains that it was right to take certain decisions in good time before the AGM. In any case, the decision to split the company into two business units will only reach the company agenda in time for the June 2016 AGM. The second half of 2015 will serve to prepare the company structure. Uniper will be the umbrella company for the traditional approach to electricity in sale, prospecting and production. Considering that the reserves set aside for reducing nuclear power stations will pass to the new company, criticism is being levelled at what looks like the creation of a “bad bank” for its nuclear power stations.
Joyou: Wrong numbers
Joyou, the Chinese bathroom fittings subsidiary of faucet manufacturer Grohe, has gone bankrupt. The cause of this state of affairs was an excessive indebtedness of 300 million Euros to cover balance sheet irregularities. News of this financial earthquake affecting the Prime Standard-listed company broke at the beginning of May, and now the auditors have revoked certification of the company report and the group’s accounts for 2014. The two executives involved, Jianshe Cai and Jilin Cai, were sacked on the spot by the Supervisory Board. Germany-based Grohe holds a 72 percent stake in Joyou and is now having to face a loss that a report in Finance Magazin estimates in the region 200 million Euros.
Sixt Leasing: off to a good start
Soon after getting a stock exchange listing, Sixt Leasing AG announced that it had doubled its group revenue for this year’s first quarter. First quarter EBT is up from last year’s 3.6 million to 7.3 million Euros this year. Prime Standard-listed Sixt Leasing’s turnover is also up 25% and now stands at 165 million Euros. The new kid on the block also saw a rise in its first quarter turnover in both leasing and fleet management. Sixt Leasing AG is an offshoot of Sixt SE car hire and was set up as a self-standing listed company at the beginning of May thanks to the revenue accrued by placing 112 million Euros worth of new shares. At the moment of listing, Sixt SE assigned a further 30 million Euros of equity capital to Sixt Leasing AG.
The German Mittelstand
SMEs powerless to protect patents
The 2014 annual report by the German patent and brand regulator (Deutsches Patent- und Markenamt – DPAM) points to patents being the key towards increasing innovation; indeed the number of patents deposited last year increased by 4.4 percent to 66,000. Often, though, assurances of patent security isn’t worth the paper it’s written on. In the real world, smaller SMEs feel far from reassured that their patents are safeguarded from infringement. In a recent award-winning documentary aired by Mitteldeutscher Rundfunk on legal proceedings on patent infringement between SMEs and major conglomerates, patent expert Peter Hess of Bardehle Pagenberg PartnerschaftmbH spells it out. “Patents are just paper tigers”
The only real redress for theft of an idea is to sue. Court cases, however, are costly and drawn out. In addition to the legal costs, the plaintiff often has to pay for research, expert advice and legal consultancy. If the defendant is a large company, the claim stands a poorer chance. Conglomerates and major companies are fond of trumping the plaintiff by moving that the patent be declared null.
Prof. Dr. Christoph Ann, chair of economic law and intellectual property at Munich’s Technische Universität is very familiar with the situation. Powerful adversaries drag the fight through the three phases of justice up to the Federal Court (Bundesgerichtshof – BGH), and in addition they sue for patent nullity before the BGH. All this adds up to a long, costly drawn-out harangue for the plaintiff independently of the merit of his claim. Factor in the uncertainty of the verdict and the upshot is severe limitations on the SME’s freedom of decision in day-to-day business.
One wonders whether certain patents were infringed deliberately. As things stand at present, SME patent proprietors are virtually powerless to defend their rights and often the “little guy” has no choice but to accept the lesser of two evils and give in to the “big guy”, selling his patent off to forestall endangering his company’s survival.
The German government must act quickly. If it really means to promote entrepreneurship, it must guarantee the legal framework within which small SMEs are able to protect their intellectual property. We must never forget that the innovative, creative ideas that contribute in no small measure to our economy are spawned by very small companies. It would indeed be a great pity if that ingenuity and creativity were the very reasons for their downfall.
Buhlmann's Corner
The German law on joint stock companies celebrates its fiftieth anniversary on September 6, 2015. Many of its provisions affected company legislation in other countries, at least up to the 1990s. The rules that became enshrined in law then are today a true reflection today of corporate governance best practice. The separation of company organs into management and supervision is the bedrock on which so-called paritätische Mitbestimmung [equality in co-determination] stands and hinges on the presence of representatives of the capital (namely the employers) and of the company (namely the employees) on the Supervisory Board. Outside Germany co-determination is not very popular.
Despite the many reforms, updates and amendments, in particular from the 1980s to the present day (in April 2015 alone there were two), the main guidelines for this law have remained intact, and flexible enough to turn the world upside down.
A former trade-union leader chairs the AGM of the (still) second largest car maker in the world, a German company listed on the DAX stock-mark index. Some years ago – I can’t remember whether it was under Toni Schmücker (the man who saved Audi) or his successor Carl H. Hahn (Jr) – a similar state of affairs was scuppered at the last minute. Not this time. At last month’s Volkswagen AGM, the capitalists’ cards were played by a former trade-union leader – incidentally the most expensive AGM chair of all 2015.
At that point, everyone and their uncle felt impelled to flood the media with their written and vocal comments. But nothing bad happened nor did the world come to an end. Berthold Huber (vice chair of the Volkswagen Supervisory Board) is a pragmatic and responsible man, a trade-union leader of the old school. I shudder to think what the like of Frank Bsirske would have got up to in similar circumstances.
Admittedly, the Federal Chancellor in office (at the time of writing Angela Merkel) retains the right to appoint representatives to the VW Supervisory Board. The very idea that the VW board of management is about to be reorganised by a former trade-unionist and, in the case in point, by the chair of an all-powerful works council is bizarre in the extreme unless, that is, under the table, the levers of power are instead very much in the firm grip of the chair of the board of management(who will soon be standing down).
The AGM went off without a hitch. It would appear that being handed a first assignment consisting of leading a global player by its AGM while it is beset by low earnings in its core business, and dogged by heated, uncertain debate is not such a big deal after all. Who knows why it should be so costly?
Commerzbank could learn something here. The AGM focused on management bonuses – just like the adolescent who asks her mother if she could stay out an extra hour at the disco, and if the answer was going to be “no”, was ready to announce “fine; from now on I’ll be staying out an extra hour all the time”.
ACTIONS CORNER
The OLG Tribunal in Munich, the court appointed to rule on the claim for damages between Deutsche Bank and Leo Kirch has heard Jürgen Fitchen steadfastly deny any intent to mislead. On the contrary, Fitchen claims that he has not “the faintest idea” what the plaintiff’s case is all about. From this stance, the bank’s former Co-CEO went on to refute the magistrates’ allegations that he had made inconclusive declarations in order for Kirch’s application to be rejected, but also to counter the accusation of having done nothing to prevent misleading testimony about the bank being given in the court. The proceedings that hinge on the motives that led former Deutsche Bank chief Rolf Breuer to cast doubt on the creditworthiness of his client Leo Kirch in a television interview in 2002 has been dragging on for over ten years.
Salzgitter is again in the spotlight of police investigation. Braunschweig magistrates have announced that former executives of Salzgitter subsidiary Mannesmann Großrohr, are being investigated for suspected corruption. In a note dated May 13, the magistrates stated that on March 10, police raided company premises in Lower Saxony, Switzerland and Austria. Allegations centre on illicit transfers of funds totalling several hundred thousand Euros. The full picture is still unclear but investigators are hoping to find the answers in the extensive paperwork and documentation seized during the raids.
The so-called “railtrack trust” legal proceedings being heard by the Bochum court have got off to a flying start with a series of significant confessions. All the accused had reached upper management echelons of Voestalpine and Thyssen Krupp. It seems that for over 10 years the 14 iron and steel executives stipulated price fixing agreements for rail track sales to Deutsche Bahn. Seven of the accused are being cooperative but the other seven are refusing to talk or are denying involvement. The system was apparently one of the upshots of the dominating position in the market that the Essen-based steel group occupied. The magistrates have estimated the extent of the claims in excess of 100 million Euros.
Politics
Victims of price fixing can now seek redress in the courts
Those who have suffered because of price fixing can now seek justice; guilty parties can be sentenced on the basis of a claim for damages. On May 21, the European Court handed down a ruling to the effect that anyone who has suffered damage because of an illegal cartel can lodge a claim for compensation with the court in any place where any one of the participants of the cartel has its headquarters. The relinquishment of the pursuit of a judicial ruling by any individual plaintiff against any individual defendant whose residence falls under the court’s jurisdiction shall have neither bearing nor prejudice on any claims for compensation lodged against other participants. In addition to being too burdensome, hearing the trials separately would have risked divergent rulings. Those who have been damaged by artificially high prices now have improved chances of redress. Furthermore, the European Court has ruled that the clauses on jurisdiction and arbitration in a contract will not be detrimental to the right of anyone who has suffered damages at European level to plead his case before a unified tribunal. The contract and its clauses remain valid solely when the damaged party was informed of the possibility of a controversy arising from the right to competition at the signature of the contract.
A call for greater safeguarding of investors rights at delisting
In the course of the session of May 6 the German parliamentary committee for safeguarding consumer rights heard expert evidence on the draft amendment to the joint-stock company law of 2014. The Christian Democrats are officially demanding more protection for shareholders when companies go through the phase of delisting. In the “Frosta” ruling at the end of 2013, the Federal Court declined to intervene, denying firstly any need for the company’s AGM to formalise a specific decision on its delisting and, secondly, denying any need for an obligatory offer to be addressed to the interests of the minority shareholders.
It is the legislator’s job to establish the appropriate protection. The law should also offer protection to the shareholders of foreign companies listed in a German bourse.
People
Beiersdorf has announced the election of Danish national Jasper Andersen to its executive board, effective May 18. He will take a few months to get a first hand view of how the company works until September when he will take up the tasks of head of financial affairs. Anderson, previously with Colgate-Palmolive which he joined in 1994, will take over from Ulrich Schmidt, a native of Bevensen, Lower Saxony. Schmidt who was born in 1953 is retiring from the cosmetics company on 31 March 2016 after thirty years of service.
Hans Peter Ring has been elected to the Supervisory Board of Bilfinger. Ring, whose previous positions include CFO of EADS, will replace Wolfgang Faden, himself elected on 14 November 2014 by the AGM as a replacement for Herbert Bodner. Bodner had been delegated by the Supervisory Board to its executive board on 9 September 2014, and then, on 13 November 2014, he resigned his chairmanship of the Supervisory Board, by then inactive.
Roger A. Crock has relinquished his mandate to the executive board of Deutsche Post, citing “personal reasons”. Deutsche Post seems to have no immediate successor in mind for Crook since his position will be covered in the interim by executive board chair Fran Appel until a new executive board member is appointed. In 2011 Crook himself took the place of Hermann Ude whose resignation had come unexpectedly.
Effective June 1, Michael Sen will take on the responsibilities of CFO in E.On. Former CFO Klaus Schäfer will become head of Uniper the new company that will emerge when the power company in two on 1 January 2016. Jorgen Kildahl is resigning on mutually agreed terms to take up new challenges outwith the group, and Mike Winkel is resigning on May 31 “for personal reasons”.
Effective early April the executive board of Fielmann has five members, the most recent arrival being Bastina Körbere in charge of sales. Current head of control and IT Stefan Thies will now head human resources which up to now have been managed by executive board chair, Günther Fielmann. In 2014, Fielman, whose contract was extended for a further three years until mid 2017 will continue as head of strategy, marketing and expansion.
On April 30, Gerhard Schulze tendered his resignation from Gerresheimer in accordance with the company age limit provisions. Schultze had been chair of the pharmaceutical packaging manufacturer’s Supervisory Board since 2008. His position as chair will be taken by Axel Herberg. The new member appointed to the Supervisory Board is former Siemens executive Andrea Abt. Ms Abt currently works as a consultant and is a professional member of Supervisory Boards.
After just two years into their mandate, Michael Frenzel and Jan Martin Wicke have resigned their mandate to the Supervisory Board of HOCHTIEF. The Board expressed their thanks to Frenzel, who for many years served as CEO of TUI, and to Wicke, member of the executive board of Talanz, for their dedication in skill and fortitude. Both men contributed much to the company in a time of change, in a constructive spirit of great commitment. The Essen-based building concern then applied to the courts to have Beate Bell and Patricia Geibel-Conrad appointed to its Supervisory Board. Bell is highly qualified in auditing, compliance and risk management while Geibel-Conrad’s can contribute great financial expertise to the Supervisory Board. In a note dated April 27 HOCHTIEF confirmed that three of the eight seats on the capital bench of its Supervisory Board are occupied by women. Cristine Wolff has been a court-appointed member since October 2014.
Andreas Renschler was elected to the Supervisory Board of Hannover-based MAN during the company’s AGM on May 6. The Board then elected him to the chair. Ferdinand Piech resigned all his Supervisory Board mandates in the Volkswagen group of companies, including the MAN subsidiary, after his defeat in the power struggle at Volkswagen at the end of April. Renschler’s chairmanship expires on 30 June 2016.
Together with the changes in the top echelons at Metro, the executive board will be extended to five members. The newcomer is Pieter Boone who has been appointed CEO – Metro C&C. from July 1. The other members are Olaf Koch (chair), Mark Frese (Finance), Pieter Haas (Media-Saturn) and Heiko Hutmacher (personnel).
Tina Müller was proposed for election to the Supervisory Board of Opel at the company’s AGM in Mannheim on June 18. Müller, who has been head of branding since August 2013, will take the place of Johannes Maret who is resigning for personal reasons.. She has been on the Supervisory Board of the MLP group subsidiary MLP Finanzdienstleistungen since June 2013.
On April 30, VOLKSWAGEN announced that two women, Louise Kiesling and Julia Kuhn-Piech, had joined the company’s 20-strong Supervisory Board. The automobile manufacturer’s Executive Board had applied to the Braunschweig court for a ruling to replace outgoing members Ferdinand Piech and his wife Ursula with two of Piech’s nieces. Although critical of the selection, pointing to the lack of experience of the two women in car manufacturing, the patriarch did not formally oppose the appointments albeit his stated preference being for Wolfgang Reitzle and Brigitte Ederer. Kuhn-Piech has been on the Supervisory Board of MAN since 2014. There is still uncertainty as to who will take over the chair of the Executive Board.
In the course of Airbus group’s AGM in Amsterdam on May 27 last, Maria Amparo Morale da Martinez was appointed to replace Josep Piqué i Camps as independent member of the executive board . The Madrid government had attempted to convince Piqué to serve out his full term of office so as to prevent Amparo Morale da Martinez getting elected. During the Q & A time in the lead up to the vote, VIP remarked “anyone who can survive for that number of years in the unforgiving management of IBERDROLA has got what it takes to deliver on any kind of mandate.
Just a few hours before the commencement of its AGM, Deutsche Bank sprang a surprise move at upper-echelon staff level. Co-CEO Anshu Jaim strategically extended his area of responsibility and so head of legal affairs Christian Sewing will now also be Head of Private and Business Clients. On May 20 last, the Supervisory Board agreed to 50-year-old Neske’s request to terminate his contract by June 20, a move seen by many to indicate an agreement on terms between Neske and the various levels of the company involved. With 3/5 of votes the AGM gave its approval to Co-CEO Jain’s management.. “Today we vote against the management, nevertheless it is the last chance for Mr. Jaim …. He has one year left”, commented Ingo Speicher, spokesperson for Union Investment, in an interview recorded by Bloomberg during the event.
Forklift truck manufacturer Jungheinrich is raising the number of its executive board to five. From July 1, Oliver Lücke will take over responsibility of the area of Engineering from Klaus-Dieter Rosenbach who, in turn, is now head of the new area of logistic systems. Up till now, Lücke has been director of the production facilities in Norderstedt and Lüneburg.
Hartmut Mehdorn, who boasts a 17-year-long membership of the Supervisory Bord of SAP has tendered his resignation for reasons of health, and is taking retirement. The decision has come as a surprise . On May 20, Mehdorn announced he was standing down from all his public offices. His replacement is expected to be Prof.ssa Gesche Joost, a design researcher who teaches at the Berlin Arts University.
Nordex: unexpected departure
Jürgen Weschky tendered his resignation as chair of the board of management of wind farm specialist Nordex SE at the end of May. Citing personal reasons, his resignation from the TecDax-listed company was effective immediately. Since taking over leadership in 2012, the company has enjoyed vigorous growth, turning itself round in 2013. Keschky’s legacy is now in the hands of Lars Bondo Krogrsgaar who, up to now has been the board of management member for distribution. CFP Bernard Schäferbarthold will also remain on the board of management. Nordex has announced that the board of management will be bolstered by a so-called Executive Committee of the heads of the company’s key areas who, under the leadership of CEO Krogsgaard, will plan company strategy and other upper-echelon management matters.
Schaltbau: musical chairs for the board of management
Sdax-listed Schaltbau Holding AG, supplier of components for transportation technology is also in the throes of change. Ralf Klädtke is expected to join the board of management next month in charge of the mobile transportation technology business unit. A graduate in aerospace engineering, Klädtke has occupied top management positions in MAN,EADS and Carl Zeiss Optronics. His latest position was managing director of Airbus DS Optronics GmbH owned by the Airbus group.
Inn the meantime, Dirk Löchner, member of the management board in charge of strategic development and managing director of the subsidiary company Gebr. Bode, has applied to bring his resignation from the Schaltbau top management team forward to May. According to a company communiqué, Löchner intends to turn his attention to other matters outwith the group. In the meantime, however he is being retained by the company and the group in a consultative capacity. Management board spokesperson , Jürgen Cammann and CFO Elisabeth Prigge will continue to serve on the board of management in their present capacities.
Stabilus: new controller
Andi Klein is no longer a member of the Stabilus S.A. Supervisory Board. Klein joined the consultative commission in 2010 as representative of majority shareholder Triton, later joining the Supervisory Board when the company obtained its SDax stock exchange listing. His appointed successor on the Supervisory Board is Joachim Rauhut who sits on the board of management of Wacker Chemie AG. Management engineer Rauhut has held upper-management posts in a number of companies such as Mannesmann and Krauss-Maffei before ushering Wacker to its 2006 stock-market listing. The other Supervisory Board members are UdoStark, his second-in-command Stephan Kessel and Nizar Ghoussaini.
Campus
One in ten companies feel OK about paying bribes
A survey carried out by Ernst & Young and published May 20 this year revealed that, 36% of German executives resort to accounting cosmetics to spruce up their accounts or to bribes and or corruption to secure orders, particularly when the occasion demands. The auditing and consultancy concern highlighted that a mere 23% of the 100 executives interviewed found the code of ethics followed by their company convincing. Indeed, it emerged that eight percent even admitted to a certain measure of “cost underreporting” last financial year. E&Y stressed that behind these illicit acts there is no coterie of delinquent managers. In the course of the presentation in Frankfurt, Ernst and Young stressed that today, two out of three companies have specific directives prohibiting corruption and the payment of bribes; a mere four years ago only half of the group had regulations of this kind. E & Y reads this trend as a step forward in Germany’s fight against corruption, Still, more than a quarter of the executives feel that corruption is still rife in Germany.
The German people’s bias and doubts about investing in stocks and shares
According to a recent survey carried out by Deutsche Aktieninstitut (DAI) and the Stuttgart bourse, presented in Frankfurt on 7 May, 55 percent of 2000 Germans interviewed, would not buy stocks and shares as a means of investment. Those interviewed feel that investing in stocks and shares is too complicated, something for people with plenty of money, that you need to know a lot about to do properly, and a risky business, an attitude reflected in the “negative idea that people have about capital markets”. Those who tend to find investing in shares particularly alienating are young investors according to a survey conducted by DAI. Indeed 31 percent of interviewees do not believe that investing in stocks and shares could be more profitable than with other forms of investment. Looking on the bright side, however, 45 percent were interested in stocks and shares as a long-term investment – a percentage much higher than that of those possessing bonds and shares in Germany, presently 13.1 percent.
The earnings of MDax CEOs are half of those of their DAX-listed peers
In 2014, the 50 MDax-listed companies posted an average rise in EBIT of 23 percent to 564 million Euros. This, notes Towers Watson, resulted in an average increase of 7 percent in the direct earnings of the CEOs involved, now 2.4 million Euros. The major differences among the earnings of MDax CEOs emerge in those pegged to profitability. This translates into a gap between the 0.8 million Euro pay-check of the CEO of LEG Immobilien and the 4.7 million each of Thomas Enders (Airbus) and Günther Fielmann. If the supplementary payments granted last year are also factored in, Thomas Ebeling (ProSiebenSat.1) comes out on top with earnings totalling 27.7 million Euros. At an average of 5.5 million Euros, the pay-check of MDax CEOs in 2014 was roughly half of that earned by their Dax-listed peers.
Capital News
In response to the increasingly strict demands of controllers and investors, Commerzbank closed off its increase in share capital on April 28 that it had sprung on the market the day before after accruing a gross revenue of 1.4 thousand million Euros. 113.850.693 new shares were placed at 12.10 Euros per share by means of a so-called accelerated bookbuilding process with institutional investors. Existing shareholders were left empty handed. This lowered German participation in the Soffin bank salvage fund from 187.3 to 15.6 percent. As placement proceeded, the bank’s quota of core capital rose from the 9.3 percent of the end of 2014 to a proforma 10.2 percent at the end of March, on the assumption, obviously, that the Basel III capital regulations are fully adhered to. At this juncture, and for the first time since 2008, the bank is genuionely preparing for a dividend payout.
Deutsche Wohnen’s decision to proceed with a massive increase in capital, and dig deep into its pocket to acquire a real estate portfolio was not particularly appreciated by its shareholders. The company is buying up some 6500 apartments, mostly in Berlin, and committing no less than 500 million Euros to pay for them. The transaction is expected to be financed by a capital measure. Deutsche Wohnen had already announced their target revenue of 907 million Euros gross against a cash contribution at 7:1 between old and new shares, generating up to 42.2 million new shares. Deutsche Wohnen is planning further purchases and aims at refinancing part of its indebtedness, a move that should reduce its level of indebtedness to less than 45% with an average interest rate of under 2%.
The acquisitions coffers of hi-tech machine tool manufacturer Manz have increased by approximately 41.9 million Euros. A share placement that was launched on April 28 and closed off the following day, April 29, involved 492,895 shares at a placement price of 85 Euros, 3.4% lower than the April 28 closing price. Investors are anything but happy with this turn of events. In the single move of placing 100,000 shares, principal shareholder and CEO Dieter Manz transformed his entire portfolio into liquidity. The shares of the former solar panel producer have a stock-market floor value of no less than 8.8 million Euros which he aims to use to fund growth. This current year, Manz’s target turnover is from 320 to 340 million Euros, and, it goes without saying, to make a profit.
Siltronic: ready, get set, go
Siltronic AG, part of Wacker Chemie AG, is preparing for stock exchange flotation envisaged before the 2015 summer break, aiming for Prime Standard listing on the Frankfurt Bourse. Consequently the manufacturer of pure silicon wafers for the semiconductor industry and the Wacker group are preparing to place new shares deriving from an increase in capital, and sell off stock from Wacker’s portfolio. Siltronic has pointed out that the offer is open to private and institutional investors in Germany and Luxembourg. On the international stage, the company intends placing the shares privately. The net revenue will be used to reduce indebtedness. No further details have been made public regarding the transaction. Siltronic is present on the international market with a staff of some 4000.
Windeln.de: the stock market is in the air
Windeln.de, online trader in products for new-borns and infants in German speaking markets, turned to the stock-market in May, and accrued a revenue of some 211 million Euros. Established five years ago, the start-up placed more than 11 million shares at the issue price of 18.50 Euros per share in the Prime Standard listings on the Frankfurt Stock Exchange. 5.4 million Euros worth of shares derive from an increase in capital, and 4.5 million Euros by participation on the part of shareholders willing to assign. Approximately 1.5 million shares were placed by an additional distribution. The revenue of 127 million Euros deriving from the issue will go directly into the company coffers and the remainder will go to the company founders and prior investors. According to the company, the principal shareholders have stood their ground.
The company was swift in making a name for itself on the international stage, indeed almost half of its turnover is generated in China. Windeln.de recently bought over its competitor in the Czech Republic Feedo giving momentum to its expansion in Eastern Europe. Stock market listing is intended to underpin company growth. Lately, company turnover was 101 million Euros and losses amounted to 9.8 million Euros, almost 2.5 million Euros less than 2013.
PNE Wind: fresh money for restructuring
Wind farm planner PNE Wind AG successfully launched a capital increase of 9.5 million Euros in mid May. The initiative was devised as a means of underpinning company resources with an eye to company restructuring. The Prime Standard listed company issued 4.6 million new shares at 2.07 Euros per share and were traded within a private placement. According to PNE, the revenue will be used to finance the broadening of a business model that concentrates projects into a subsidiary company. The quotas of this so-called yieldco are expected to be sold to investors, hopefully by the end of 2016 when the subsidiary company begins to generate a profit.
Organization at the speed of light
It’s been 7 years since Zalando’s brainchild of merchandising footwear on line became reality with the early sales of your basic flip-flops. Now, the day after the company’s first AGM after IPO, the company finds itself MDax-listed. There was a excitement in the air, fuelled also by the variety of those present, from dreadlocks to a former CEO of a DAX-listed iron and steel concern . The company’s success seems to stem from keeping new ideas funky.
Director's Dealings
| Company | Person | Function | Buy / Sell | Total value in Euro | Number of shares | Datum |
| Aurubis AG | Schwertz, Rolf | SB | S | 93.731 | 1.564 | 29.04.2015 |
| Axel Springer SE | Springer, Friede | SB | B | 1.480.338 | 29.804 | 05.05.2015 |
| Axel Springer SE | Springer, Friede | SB | B | 965.719 | 19.606 | 06.05.2015 |
| Axel Springer SE | Springer, Friede | SB | B | 499.800 | 10.200 | 07.05.2015 |
| BASF SE | Suckale, Margret | MB | B | 103.114 | 1.200 | 06.05.2015 |
| Bilfinger SE | Salzmann, Axel | MB | B | 120.655 | 2.950 | 26.05.2015 |
| Bilfinger SE | Keysberg, Dr. Jochen | MB | B | 242.048 | 6.200 | 12.05.2015 |
| Deutsche Börse Aktiengesellschaft | Roggemann, Gerhard | SB | B | 74.710 | 1.000 | 29.05.2015 |
| Deutsche EuroShop AG | AROSA Vermögensverwaltungsgesellschaft m.b.H. | B | 13.103.031 | 287.001 | 26.05.2015 | |
| Deutsche EuroShop AG | PANTA Dreiundsechzigste Grundstücksgesellschaft m.b.H. | B | 27.216.041 | 596.124 | 26.05.2015 | |
| Deutsche EuroShop AG | PANTA Einundneunzigste Grundstücksgesellschaft m.b.H. | S | 34.697.800 | 760.000 | 26.05.2015 | |
| Deutsche EuroShop AG | PANTA Stiftungsverwaltung G.m.b.H. | S | 5.621.272 | 123.125 | 26.05.2015 | |
| Deutsche Lufthansa Aktiengesellschaft | Kley, Dr. Karl-Ludwig | SB | B | 99.739 | 7.800 | 29.04.2015 |
| Dialog Semiconductor Plc. | Burke, Christopher | SB | Exercise an Option | 583 | 3.889 | 15.05.2015 |
| Dialog Semiconductor Plc. | Burke, Christopher | SB | S | 192.649 | 3.889 | 15.05.2015 |
| Dialog Semiconductor Plc. | Richard, Jean-Michel | MB | S | 180.186 | 3.456 | 28.05.2015 |
| Dialog Semiconductor Plc. | Richard, Jean-Michel | MB | S | 28.904 | 570 | 19.05.2015 |
| Dialog Semiconductor Plc. | Austin, Andrew | MB | S | 45.776 | 907 | 19.05.2015 |
| Dialog Semiconductor Plc. | Austin, Andrew | MB | Exercise an Option | 14.512 | 907 | 19.05.2015 |
| Dialog Semiconductor Plc. | Richard, Jean-Michel | MB | S | 435.614 | 8.786 | 15.05.2015 |
| Dialog Semiconductor Plc. | Richard, Jean-Michel | MB | Exercise an Option | 121.376 | 7.586 | 15.05.2015 |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Thönes, Christian | MB | Cash Compensation | 32.994 | 1.080 | 07.05.2015 |
| Fielmann Aktiengesellschaft | Frey, Hans-Georg | SB | B | 39.377 | 650 | 05.05.2015 |
| Fresenius Medical Care AG & Co. KGaA | Kuerbitz, Ronald | MB | Exercise an Option | 1.423.073 | 18.000 | 28.05.2015 |
| Fresenius Medical Care AG & Co. KGaA | Kuerbitz, Ronald | MB | Exercise an Option | 2.332.998 | 30.000 | 26.05.2015 |
| Fresenius Medical Care AG & Co. KGaA | Powell, Rice | MB-Head | Exercise an Option | 3.890.311 | 49.800 | 20.05.2015 |
| Fresenius Medical Care AG & Co. KGaA | Wehner, Dominik | MB | Exercise an Option | 3.890.311 | 49.800 | 20.05.2015 |
| Fresenius Medical Care AG & Co. KGaA | Wehner, Dominik | MB | Exercise an Option | 1.266.764 | 16.335 | 21.05.2015 |
| FUCHS PETROLUB SE | Hambrecht, Dr. Jürgen | SB-Head | B | 40.293 | 1.000 | 26.05.2015 |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 718.201 | 19.500 | 28.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 1.192.548 | 32.500 | 29.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 1.135.283 | 31.493 | 26.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 90.717 | 2.500 | 27.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 195.823 | 5.500 | 21.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 528.560 | 14.707 | 22.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 415.671 | 12.000 | 19.05.2015 | |
| FUCHS PETROLUB SE | Rudolf Fuchs GmbH & Co KG | B | 710.876 | 20.300 | 20.05.2015 | |
| FUCHS PETROLUB SE | Fuchs, Andrea | B | 10.008 | 296 | 15.05.2015 | |
| FUCHS PETROLUB SE | Fuchs, Anna-Louisa | B | 13.384 | 400 | 13.05.2015 | |
| FUCHS PETROLUB SE | Fuchs, Mary-Ann | B | 13.863 | 414 | 13.05.2015 | |
| GEA Group Aktiengesellschaft | Bauer, Prof. Dr. Werner | SB | B | 99.464 | 2.325 | 18.05.2015 |
| Gerry Weber International Aktiengesellschaft | Lippert, Klaus | SB | B | 2.926 | 100 | 08.05.2015 |
| Gerry Weber International Aktiengesellschaft | Weber, Ralf | MB-Head | B | 361.122 | 12.200 | 15.05.2015 |
| Gerry Weber International Aktiengesellschaft | Weber, Ralf | MB-Head | B | 131.581 | 4.546 | 07.05.2015 |
| Gerry Weber International Aktiengesellschaft | Weber, Ralf | MB-Head | B | 189.088 | 6.500 | 06.05.2015 |
| K+S Aktiengesellschaft | Nöcker, Dr. Thomas | MB | B | 60.000 | 2.000 | 12.05.2015 |
| K+S Aktiengesellschaft | Nöcker, Dr. Thomas | MB | B | 60.940 | 2.000 | 12.05.2015 |
| KUKA Aktiengesellschaft | Eberhardt, Wilfried | SB | B | 16.979 | 250 | 12.05.2015 |
| KUKA Aktiengesellschaft | Eberhardt, Wilfried | SB | B | 13.425 | 200 | 14.05.2015 |
| LEG Immobilien AG | Scharpe, Dr. Jochen | SB | S | 283.359 | 4.000 | 29.04.2015 |
| LEONI AG | Bellé, Dieter | MB-Head | B | 152.343 | 2.700 | 12.05.2015 |
| LEONI AG | Paglia, Richard | SB | B | 7.551 | 134 | 12.05.2015 |
| LEONI AG | Brand, Dr. Andreas | MB | B | 101.308 | 1.800 | 12.05.2015 |
| Linde Aktiengesellschaft | Blades, Thomas | MB | B | 232.290 | 1.319 | 15.05.2015 |
| Linde Aktiengesellschaft | Büchele, Dr. Wolfgang | MB-Head | B | 233.875 | 1.328 | 15.05.2015 |
| Linde Aktiengesellschaft | Denoke, Georg | MB | B | 262.053 | 1.488 | 15.05.2015 |
| Linde Aktiengesellschaft | Lamba, Sanjiv | MB | B | 228.944 | 1.300 | 15.05.2015 |
| Manz AG | Manz, Dieter | MB-Head | S | 8.500.000 | 100.000 | 29.04.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Beckmann, Dr. Kai | MB | B | 1.498.500 | 15.000 | 19.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Kley, Dr. Karl-Ludwig | MB-Head | B | 513.248 | 5.098 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Kley, Dr. Karl-Ludwig | MB-Head | B | 100.300 | 1.000 | 19.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Oschmann, Dr. Stefan | MB | B | 1.103.283 | 11.000 | 19.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 9.977 | 100 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 19.957 | 200 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 19.957 | 200 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 99.700 | 1.000 | 19.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 19.938 | 200 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 101.000 | 1.000 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 19.938 | 200 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.955 | 150 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.955 | 150 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 6.767 | 67 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 30.300 | 300 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 13.433 | 133 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 95.699 | 950 | 28.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.955 | 150 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 50.500 | 500 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 101.519 | 1.000 | 22.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 99.164 | 1.000 | 26.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 199.952 | 2.000 | 26.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 100.982 | 1.000 | 26.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 102.000 | 1.000 | 26.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.955 | 150 | 21.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.968 | 150 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 14.969 | 150 | 20.05.2015 |
| MERCK Kommanditgesellschaft auf Aktien | Reckmann, Dr. Bernd | MB | B | 19.953 | 200 | 20.05.2015 |
| MorphoSys AG | Morich, Dr. Frank | SB | B | 63.510 | 1.000 | 12.05.2015 |
| MTU Aero Engines AG | Martens, Dr. Rainer | MB | B | 98.555 | 1.150 | 12.05.2015 |
| MTU Aero Engines AG | Martens, Dr. Rainer | MB | B | 172.841 | 1.905 | 30.04.2015 |
| MTU Aero Engines AG | Schreyoegg, Michael | MB | B | 31.302 | 345 | 30.04.2015 |
| MTU Aero Engines AG | Winkler, Reiner | MB-Head | B | 191.894 | 2.115 | 30.04.2015 |
| Münchener Rückversicherungs-Gesellschaft | Mayrhuber, Wolfgang | SB | B | 149.971 | 870 | 15.05.2015 |
| Münchener Rückversicherungs-Gesellschaft | von Bomhard, Dr. Nikolaus | MB-Head | B | 339.520 | 2.000 | 07.05.2015 |
| ProSiebenSat.1 Media AG | Helmes, Dr. Marion | SB | B | 30.346 | 640 | 20.05.2015 |
| ProSiebenSat.1 Media AG | Aris, Antoinette | SB | B | 10.122 | 215 | 29.04.2015 |
| QSC AG | Hermann, Jürgen | MB-Head | B | 194.060 | 100.000 | 12.05.2015 |
| RIB Software AG | Sanio, Dr. Hans-Peter | MB | S | 311.960 | 22.000 | 05.05.2015 |
| RWE Aktiengesellschaft | Terium, Peter | MB-Head | B | 82.293 | 3.776 | 19.05.2015 |
| RWE Aktiengesellschaft | Günther, Dr. Bernhard | MB | B | 36.426 | 1.661 | 18.05.2015 |
| SAP SE | Mucic, Luka | MB | B | 48.299 | 700 | 20.05.2015 |
| SAP SE | Klein-Magar, Margret | SB | S | 7.948 | 120 | 07.05.2015 |
| SAP SE | Leukert, Bernd | MB | S | 105.647 | 1.595 | 07.05.2015 |
| Symrise AG | Gerberding, Horst-Otto | SB | B | 9.126.015 | 161.294 | 13.05.2015 |
| Symrise AG | Bertram, Dr. Heinz-Jürgen | MB-Head | B | 55.688 | 1.000 | 06.05.2015 |
| Wirecard AG | MB Beteiligungsgesellschaft mbH | B | 1.522.608 | 40.000 | 29.05.2015 | |
| Wirecard AG | MB Beteiligungsgesellschaft mbH | B | 2.255.238 | 60.000 | 28.05.2015 | |
| Wirecard AG | MB Beteiligungsgesellschaft mbH | B | 5.345.085 | 150.000 | 07.05.2015 |
VIPsight Shareholders
in May 2015
VIPsight Shareholder ID - MDAX, SDAX <click here>
| VIPsigh Shareholder ID: …….. Holdings in per cent | |||||||
| Companies | Own-shares | Notifiable shareholders | Share | Investment companies (KAGs) making disclosures* | |||
| Total | Change | Biggest KAG | Share | ||||
| DAX | |||||||
| adidas AG | BlackRock, Inc. | 3,39 St | 27,97 | 0,01 | Capital Research and Management Company | 3,53 | |
| O. Mason Hawkins | 3,06 St | ||||||
| The Capital Group Companies Inc. | 2,88 St | ||||||
| Thornburg Investment Management Inc. | 2,73 St | ||||||
| UBS AG | 1,83 St | ||||||
| Vorstand & Aufsichtsrat | 1 St | ||||||
| Credit Suisse Group AG | 0,38 St | ||||||
| Morgan Stanley | 0,35 St | ||||||
| The Goldman Sachs Group, Inc. | 0,16 St | ||||||
| Societe Generale S.A. | 0,05 St | ||||||
| Commerzbank AG | 0,03 St | ||||||
| Allianz SE | 0,60 (St) | BlackRock, Inc. | 5,49 St | 26,94 | -0,67 | BlackRock Asset Management Deutschland AG | 2,17 |
| NEU Harris Associates L.P. | 3,05 St | ||||||
| UBS Group AG | 3,04 St | ||||||
| Credit Suisse Group AG | 2,84 St | ||||||
| Morgan Stanley | 0,21 St | ||||||
| Commerzbank AG | 0,04 St | ||||||
| BASF SE | BlackRock, Inc. | 5,62 St | 18,71 | -0,24 | BlackRock Asset Management Deutschland AG | 2,18 | |
| Norges Bank (norwegische Zentralbank) | 3,32 St | ||||||
| NEU Credit Suisse Group AG | 2,26 St | ||||||
| UBS Group AG | 1,78 St | ||||||
| Morgan Stanley | 0,35 St | ||||||
| Commerzbank AG | 0,11 St | ||||||
| Bayer AG | The Capital Group Companies Inc. | 6,48 St | 30,91 | -0,31 | Capital Research and Management Company | 5,13 | |
| BlackRock, Inc. | 4,93 St | ||||||
| Sun Life Financial Inc. | 3 St | ||||||
| Bayer-Mitarbeiter | 1 St | ||||||
| Bayerische Motoren Werke AG | AQTON SE | 17,4 St | 16,05 | -0,39 | Dodge & Cox Funds | 1,51 | |
| Johanna Quandt | 16,7 St | ||||||
| Susanne Klatten Beteiligungs GmbH | 12,6 St | ||||||
| BlackRock | 2,96 St | ||||||
| Credit Suisse Group AG | 2,58 St | ||||||
| Beiersdorf AG | 9,99 (St) | maxingvest ag | 50,47 St | 8,55 | -0,16 | Artisan Partners Funds, Inc. | 1,06 |
| BlackRock, Inc. | 2,68 St | ||||||
| Commerzbank AG | Bundesrepublik Deutschland | 15,6 St | 17,17 | 0,24 | Capital Research and Management Company | 4,89 | |
| BlackRock, Inc. | 5,01 St | ||||||
| The Capital Group Companies Inc. | 4,54 St | ||||||
| EuroPacific Growth Fund | 2,75 St | ||||||
| SILAG AG | 0,19 St | ||||||
| Continental AG | Schaeffler Group | 46 St | 20,66 | -0,30 | DeAWM Investment GmbH | 1,18 | |
| BlackRock, Inc. | 3,3 St | ||||||
| The Royal Bank of Scotland Group plc | 0,02 St | ||||||
| Commerzbank AG | 0 St | ||||||
| Daimler AG | Kuwait Investment Authority | 6,8 St | 21,22 | -0,12 | BlackRock Asset Management Deutschland AG | 2,02 | |
| BlackRock, Inc. | 5,12 St | ||||||
| Renault S. A. | 3,1 St | ||||||
| Norges Bank (norwegische Zentralbank) | 3,05 St | ||||||
| UBS Group AG | 1,3 St | ||||||
| Deutsche Bank AG | 1,11 St | ||||||
| Commerzbank AG | 0,11 St | ||||||
| Morgan Stanley | 0,08 St | ||||||
| Deutsche Bank AG | 0,02 (St) | BlackRock, Inc. | 6 St | 16,16 | -0,16 | BlackRock Asset Management Deutschland AG | 2,30 |
| Paramount Services Holdings Ltd. | 5,83 St | ||||||
| UBS AG | 2,1 St | ||||||
| LYXOR INTERNATIONAL ASSET MANAGEMENT S.A.S. | 2,04 St | ||||||
| Credit Suisse Group AG | 1,21 St | ||||||
| Morgan Stanley | 0,35 St | ||||||
| JPMorgan Chase & Co. | 0,07 St | ||||||
| Anshuman Jain | 0,06 St | ||||||
| Henry Ritchotte | 0,02 St | ||||||
| Jürgen Fitschen | 0,02 St | ||||||
| Rainer Neske | 0,01 St | ||||||
| Dr. Stephan Leithner | 0,01 St | ||||||
| Deutsche Börse AG | 4,57 (St) | Invesco Ltd. | 4,98 St | 31,84 | -0,13 | Capital Research and Management Company | 3,33 |
| BlackRock, Inc. | 4,7 St | ||||||
| Baillie Gifford & Co. | 3 St | ||||||
| The Capital Group Companies Inc. | 2,98 St | ||||||
| Dodge & Cox | 2,96 St | ||||||
| Franklin Mutual Advisers, LLC | 2,9 St | ||||||
| UBS AG | 2,52 St | ||||||
| Morgan Stanley | 0,23 St | ||||||
| Credit Suisse Group AG | 0,15 St | ||||||
| Deutsche Lufthansa AG | Templeton Global Advisors Limited | 5 St | 26,16 | -0,15 | Franklin Templeton Investments | 4,84 | |
| BlackRock, Inc. | 2,96 St | ||||||
| The Capital Group Companies Inc. | 2,95 St | ||||||
| UBS AG | 2,89 St | ||||||
| Morgan Stanley | 0,35 St | ||||||
| Credit Suisse Group AG | 0,25 St | ||||||
| Societe Generale S.A. | 0,2 St | ||||||
| The Goldman Sachs Group, Inc. | 0,2 St | ||||||
| Deutsche Post AG | 0,12 (St) | KfW - Kreditanstalt für Wiederaufbau | 20,96 St | 19,86 | -1,76 | BlackRock Asset Management Deutschland AG | 1,76 |
| BlackRock, Inc. | 5,81 St | ||||||
| Deutsche Telekom AG | 0,41 (St) | KfW - Kreditanstalt für Wiederaufbau | 17,44 St | 14,20 | -0,02 | BlackRock Asset Management Deutschland AG | 1,52 |
| Bundesrepublik Deutschland | 14,26 St | ||||||
| BlackRock, Inc. | 4,97 St | ||||||
| E.ON SE | 3,41 (St) | BlackRock, Inc. | 5,71 St | 17,07 | -0,27 | BlackRock Asset Management Deutschland AG | 2,34 |
| Societe Generale S.A. | 0,96 St | ||||||
| Fresenius Medical Care AG & Co. KGaA | 2,43 (St) | Fresenius SE & Co. KGaA | 30,33 St | 16,24 | -0,18 | Vanguard Group, Inc., The | 1,32 |
| BlackRock, Inc. | 4,11 St | ||||||
| Thornburg Investment Management Inc. | 2,96 St | ||||||
| UBS AG | 2,66 St | ||||||
| Dr. Rainer Runte | 0,03 St | ||||||
| Roberto Fusté | 0,03 St | ||||||
| Commerzbank AG | 0,01 St | ||||||
| Fresenius SE & Co. KGaA | Else Kröner-Fresenius-Stiftung | 26,7 St | 19,92 | 1,70 | Harbor Fund | 2,35 | |
| BlackRock, Inc. | 4,97 St | ||||||
| Allianz SE | 3,83 St | ||||||
| Henderson Group plc | 3,01 St | ||||||
| HeidelbergCement AG | Ludwig Merckle | 25,81 St | 24,18 | -0,20 | First Eagle Funds (division of ASB Securities LLC) | 5,71 | |
| Arnhold and S. Bleichroeder Holdings, Inc. | 5,11 St | ||||||
| BlackRock, Inc. | 4,1 St | ||||||
| Morgan Stanley | 2,98 St | ||||||
| Commerzbank AG | 0 St | ||||||
| Henkel AG & Co. KGaA | 2,07 (Vz) | Familie Henkel | 60,84 St | 22,84 | -0,31 | DeAWM Investment GmbH | 2,42 |
| Infineon Technologies AG | Dodge & Cox | 9,46 St | 37,04 | 0,12 | Dodge & Cox Funds | 5,88 | |
| The Capital Group Companies Inc. | 7,73 St | ||||||
| BlackRock, Inc. | 5,16 St | ||||||
| Allianz Global Investors GmbH | 5,02 St | ||||||
| Kuwait | 3,25 St | ||||||
| Sun Life Financial Inc. | 3 St | ||||||
| UBS AG | 2,4 St | ||||||
| K+S AG | BlackRock, Inc. | 3,85 St | 16,20 | -0,11 | Capital Research and Management Company | 3,66 | |
| Meritus Trust Company Limited | 2,97 St | ||||||
| UBS AG | 2,63 St | ||||||
| EuroPacific Growth Fund | 2,49 St | ||||||
| Bank of America Corporation | 0,45 St | ||||||
| Credit Suisse Group AG | 0,37 St | ||||||
| Morgan Stanley | 0,14 St | ||||||
| The Goldman Sachs Group, Inc. | 0,05 St | ||||||
| LANXESS AG | Dodge & Cox | 5,09 St | 25,11 | -1,19 | Dodge & Cox Funds | 4,96 | |
| BlackRock, Inc. | 4,78 St | ||||||
| UBS Group AG | 3,59 St | ||||||
| Union Investment Privatfonds GmbH | 3,16 St | ||||||
| Allianz Global Investors Europe GmbH | 2,92 St | ||||||
| The Goldman Sachs Group, Inc. | 1,28 St | ||||||
| Societe Generale S.A. | 0,92 St | ||||||
| Linde AG | 0,05 (St) | Sun Life Financial Inc. | 5,02 St | 32,54 | -0,22 | Capital Research and Management Company | 2,77 |
| BlackRock, Inc. | 4,83 St | ||||||
| The Capital Group Companies Inc. | 2,99 St | ||||||
| Commerzbank AG | 2,94 St | ||||||
| UBS AG | 2,75 St | ||||||
| Norges Bank (norwegische Zentralbank) | 1,77 St | ||||||
| Credit Suisse Group AG | 0,75 St | ||||||
| Morgan Stanley | 0,43 St | ||||||
| Societe Generale S.A. | 0,07 St | ||||||
| MERCK KGaA | BlackRock, Inc. | 6,15 St | 36,28 | 0,15 | Newton Fund Managers Ltd. | 5,52 | |
| Sun Life Financial Inc. | 5,76 St | ||||||
| Templeton Investment Counsel, LLC | 4,99 St | ||||||
| The Goldman Sachs Group, Inc. | 1,41 St | ||||||
| UBS AG | 1,26 St | ||||||
| Credit Suisse Group AG | 1,12 St | ||||||
| Societe Generale S.A. | 0,09 St | ||||||
| Morgan Stanley | 0,05 St | ||||||
| Commerzbank AG | 0,01 St | ||||||
| Münchener Rückversicherungs-Gesellschaft AG | Warren E. Buffett | 12 St | 21,61 | 0,31 | BlackRock Asset Management Deutschland AG | 2,09 | |
| BlackRock, Inc. | 5,16 St | ||||||
| People's Bank of China / State Administration of Foreign Exchange (SAFE) | 3,22 St | ||||||
| UBS Group AG | 1,64 St | ||||||
| Credit Suisse Group AG | 0,95 St | ||||||
| Commerzbank AG | 0,28 St | ||||||
| Societe Generale S.A. | 0,06 St | ||||||
| RWE AG | RWEB GmbH | 16,15 St | 15,99 | 0,06 | Alken AM LLP (UK) | 2,09 | |
| Privataktionäre | 13 St | ||||||
| BlackRock, Inc. | 4,5 St | ||||||
| NEU MIPL Group Limited | 3,02 St | ||||||
| Alken Luxembourg S.A. | 2,97 St | ||||||
| UBS Group AG | 1,62 St | ||||||
| Belegschaftsaktionäre | 1 St | ||||||
| Morgan Stanley | 0,36 St | ||||||
| Credit Suisse Group AG | 0,01 St | ||||||
| SAP SE | 2,71 (St) | Prof. Hasso Plattner | 8,65 St | 13,08 | -0,82 | BlackRock Asset Management Deutschland AG | 1,58 |
| Erbengemeinschaft nach Dr. h.c. Klaus Tschira | 7,84 St | ||||||
| Dr. Dietmar Hopp | 5,31 St | ||||||
| BlackRock, Inc. | 4,46 St | ||||||
| Deutsche Bank Trust Company Americas | 3,95 St | ||||||
| Morgan Stanley | 1,21 St | ||||||
| Bank of America Corporation | 0,67 St | ||||||
| Commerzbank AG | 0,1 St | ||||||
| Credit Suisse Group AG | 0,08 St | ||||||
| Siemens AG | 5,19 (St) | Siemens (Familie) | 6 St | 16,41 | -0,21 | BlackRock Asset Management Deutschland AG | 1,95 |
| BlackRock, Inc. | 5,12 St | ||||||
| DIC Company Limited | 3,04 St | ||||||
| UBS Group AG | 1,44 St | ||||||
| Credit Suisse Group AG | 1,14 St | ||||||
| Morgan Stanley | 0,19 St | ||||||
| Vorstand | 0,03 St | ||||||
| Commerzbank AG | 0,02 St | ||||||
| Aufsichtsrat | 0,01 St | ||||||
| ThyssenKrupp AG | Alfried Krupp von Bohlen und Halbach-Stiftung | 23,03 St | 10,95 | -0,13 | BlackRock Asset Management Deutschland AG | 1,37 | |
| Cevian Capital II GP Limited | 15,08 St | ||||||
| Franklin Mutual Advisers, LLC | 4,97 St | ||||||
| BlackRock, Inc. | 4,2 St | ||||||
| VOLKSWAGEN AG | Porsche Automobil Holding SE | 50,73 St | 20,38 | 0,01 | Capital Research and Management Company | 3,52 | |
| Land Niedersachsen | 20 St | ||||||
| Katar Holding | 17 St | ||||||
| TecDAX | |||||||
| AIXTRON SE | Camma B.V. | 6,79 St | 33,23 | 2,50 | Allianz Global Inv. Europe | 7,75 | |
| Allianz Global Investors Europe GmbH | 6,04 St | ||||||
| UBS Group AG | 5,38 St | ||||||
| Generation Investment Management LLP | 5,16 St | ||||||
| Baillie Gifford & Co. | 4,62 St | ||||||
| ING Groep N.V. | 3,89 St | ||||||
| Vanguard Group Inc. | 3 St | ||||||
| BlackRock, Inc. | 2,96 St | ||||||
| Credit Suisse Group AG | 1,18 St | ||||||
| Societe Generale S.A. | 0,04 St | ||||||
| BB BIOTECH AG | 5,09 (St) | Paul E. Singer | 5,47 St | 9,86 | -0,84 | DeAWM Investment GmbH | 2,04 |
| Bechtle AG | Karin Schick | 35,02 St | 28,21 | -0,40 | Flossbach von Storch AG | 9,61 | |
| Flossbach von Storch Invest S.A. | 10,07 St | ||||||
| Allianz Global Investors GmbH | 4,99 St | ||||||
| LOYS Sivac | 3,34 St | ||||||
| Norges Bank (norwegische Zentralbank) | 2,99 St | ||||||
| Deutsche Asset & Wealth Management Investment GmbH | 2,86 St | ||||||
| Jürgen Schäfer | 0,02 St | ||||||
| CANCOM SE | Allianz Global Investors Europe GmbH | 9,93 St | 24,19 | 0,26 | Threadneedle Asset Management Limited | 3,61 | |
| Ameriprise Financial, Inc. | 6,02 St | ||||||
| Allianz Global Investors Luxembourg S.A. | 4,78 St | ||||||
| Denver Investment Advisors LLC | 3 St | ||||||
| Klaus Weinmann | 0,89 St | ||||||
| Source Markets plc | 0,8 St | ||||||
| Dominik Eberle | 0,07 St | ||||||
| Carl Zeiss Meditec AG | Carl Zeiss AG | 65,05 St | 10,81 | 0,24 | Oddo Asset Management | 2,14 | |
| ODDO ET CIE | 3,04 St | ||||||
| NEU Massachusetts Mutual Life Insurance Company | 3,01 St | ||||||
| CompuGROUP Medical AG | 6,57 (St) | Frank Gotthardt | 33,65 St | 18,16 | 0,10 | Fidelity Managem.& Research Co. | 5,41 |
| Dr. Daniel Gotthardt | 6,71 St | ||||||
| Dr. Brigitte Gotthardt | 6,35 St | ||||||
| Fidelity Management & Research Company (FMR) | 5,66 St | ||||||
| FMR LLC | 5,09 St | ||||||
| Dr. Reinhard Koop | 3,86 St | ||||||
| Armor Advisors, LLC | 3 St | ||||||
| OppenheimerFunds, Inc. | 2,96 St | ||||||
| Massachusetts Mutual Life Insurance Company | 2,95 St | ||||||
| Dialog Semiconductor PLC | Citigroup Global Markets | 6,65 St | 29,02 | -0,11 | CI Investments Inc. | 4,01 | |
| The Bank of New York Mellon SA/NV | 5,48 St | ||||||
| RBC Investor Services Trust | 5,26 St | ||||||
| Robert Citrone | 5,13 St | ||||||
| Clearstream Banking S.A. | 4,61 St | ||||||
| Chase Nominees Ltd | 4,55 St | ||||||
| CACEIS Bank France | 4,43 St | ||||||
| BNP Paribas Securities Services | 4,04 St | ||||||
| Kleinwort Benson (Jersey) Trustees Limited as Trustee of the Dialog Semiconductor plc Employee Benefit Trust | 3,99 St | ||||||
| Waddell and Reed Financial Inc. | 3,84 St | ||||||
| Nortrust Nominees Limited | 3,81 St | ||||||
| State Street | 3 St | ||||||
| Black Creek Investment Management Inc. | 2,94 St | ||||||
| Deutsche Bank AG | 2,75 St | ||||||
| Drillisch AG | Ralph Dommermuth | 11,58 St | 27,74 | -0,48 | Union Investment Privatfonds GmbH | 5,40 | |
| Allianz Global Investors Europe GmbH | 5,15 St | ||||||
| Union Investment Privatfonds GmbH | 4,58 St | ||||||
| Alken Luxembourg S.A. | 3,25 St | ||||||
| FMR LLC | 2,93 St | ||||||
| Marc Brucherseifer | 2,03 St | ||||||
| Mellon Capital Management Corporation | 1,77 St | ||||||
| Paschalis Choulidis | 0,8 St | ||||||
| Vlasios Choulidis | 0,75 St | ||||||
| Johann Weindl | 0,02 St | ||||||
| Dr. Horst Lennertz | 0,01 St | ||||||
| Drägerwerk AG & Co. KGaA | Familie Dräger | 71,42 St | 33,06 | 2,04 | Allianz Global Inv. Europe | 2,88 | |
| Norges Bank (norwegische Zentralbank) | 3,27 St | ||||||
| NEU SICAV Objectif Small Caps Euro | 3,19 St | ||||||
| Lazard Freres Gestion S.A.S. | 3,04 St | ||||||
| Oddo Asset Management | 2,97 St | ||||||
| Dräger Stiftung | 0,12 St | ||||||
| Evotec AG | Roland Oetker | 13,23 St | 9,06 | -0,05 | DeAWM Investment GmbH | 2,42 | |
| BVF Inc. | 12,57 St | ||||||
| TVM V Life Science Management GmbH & Co. KG | 5,37 St | ||||||
| Allianz Global Investors GmbH | 3 St | ||||||
| Dr. Werner Lanthaler | 0,4 St | ||||||
| Dr. Mario Polywka | 0,05 St | ||||||
| Mary C. Tanner | 0,05 St | ||||||
| Dr. Walter Wenninger | 0,03 St | ||||||
| Dr. Cord Dohrmann | 0,03 St | ||||||
| Morgan Stanley | 0 St | ||||||
| freenet AG | Allianz Global Investors GmbH | 5,16 St | 39,72 | -1,76 | DeAWM Investment GmbH | 6,06 | |
| Deutsche Asset & Wealth Management Investment GmbH | 4,65 St | ||||||
| Flossbach von Storch SICAV | 3,15 St | ||||||
| BlackRock, Inc. | 2,98 St | ||||||
| J.P. Morgan Investment Management Inc | 2,98 St | ||||||
| Norges Bank (norwegische Zentralbank) | 2,82 St | ||||||
| UBS Group AG | 2,65 St | ||||||
| GFT Technologies AG | Ulrich Dietz | 28,08 St | 7,84 | -0,43 | DFA Invest Dimensions Gr. Inc. | 1,68 | |
| Maria Dietz | 9,68 St | ||||||
| Dr. Markus Kerber | 4,99 St | ||||||
| NEU Fidelity Funds SICAV | 3,09 St | ||||||
| Baden-Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte | 2,99 St | ||||||
| JPMorgan Asset Management (UK) Limited | 2,99 St | ||||||
| Dr. Jochen Ruetz | 0,38 St | ||||||
| Marika Lulay | 0,14 St | ||||||
| Andreas Bernhardt | 0,1 St | ||||||
| JENOPTIK AG | Thüringer Industriebeteiligungs GmbH & Co. KG | 11 St | 27,88 | -1,33 | DeAWM Investment GmbH | 8,02 | |
| Deutsche Asset & Wealth Management Investment GmbH | 5,2 St | ||||||
| Norges Bank (norwegische Zentralbank) | 3,55 St | ||||||
| Oddo Asset Management | 2,97 St | ||||||
| Source Markets plc | 0,25 St | ||||||
| LPKF Laser & Electronics AG | Allianz Global Investors Europe GmbH | 3,32 St | 20,82 | 0,28 | Allianz Global Inv. Europe | 3,32 | |
| Lazard Freres Gestion S.A.S. | 3,24 St | ||||||
| Rock Point Advisors LLC | 3,04 St | ||||||
| Andrew Gibbs | 3,01 St | ||||||
| Deutsche Asset & Wealth Management Investment GmbH | 2,92 St | ||||||
| WA Holdings, Inc. | 2,89 St | ||||||
| Henderson Global Investors Limited | 2,72 St | ||||||
| Bernd Hackmann | 0,56 St | ||||||
| Bernd Lange | 0,34 St | ||||||
| Dr. Ingo Bretthauer | 0,25 St | ||||||
| Kai Bentz | 0,07 St | ||||||
| Dr. Heino Büsching | 0,04 St | ||||||
| Prof. Dr. Erich Barke | 0,01 St | ||||||
| Manz AG | Dieter Manz | 35,2 St | 11,36 | -0,29 | AXA Fund Management S.A. | 1,20 | |
| Ulrike Manz | 3,8 St | ||||||
| Otto Angerhofer | 3,04 St | ||||||
| AXA S.A. | 2,65 St | ||||||
| ETHENEA Independent Investment S.A. | 2,4 St | ||||||
| Union Investment Privatfonds GmbH | 2,1 St | ||||||
| MorphoSys AG | 1,70 (St) | Flossbach von Storch Invest S.A. | 5,78 St | 27,61 | 0,03 | OppenheimerFunds, Inc. | 4,39 |
| Novartis Pharma AG | 5,56 St | ||||||
| OppenheimerFunds, Inc. | 4,91 St | ||||||
| Templeton Global Advisors Limited | 3,1 St | ||||||
| AVIVA plc | 3,01 St | ||||||
| Celgene Alpine Investment Co., LLC | 3,01 St | ||||||
| Credit Suisse Fund Management S.A | 2,95 St | ||||||
| BlackRock, Inc. | 2,95 St | ||||||
| Perceptive Life Sciences Master Fund, Ltd. | 2,94 St | ||||||
| Invesco Advisers, Inc. | 2,65 St | ||||||
| Dr. Simon Moroney | 1,71 St | ||||||
| Dr. Marlies Sproll | 0,11 St | ||||||
| Vorstand und Aufsichtsrat | 0,07 St | ||||||
| Nemetschek AG | Prof. Georg Nemetschek | 53,57 St | 16,97 | 0,01 | OppenheimerFunds, Inc. | 2,71 | |
| NEU Union Investment Privatfonds GmbH | 3,05 St | ||||||
| Universal-Investment-Gesellschaft mbH | 2,95 St | ||||||
| Allianz SE | 0,96 St | ||||||
| Nordex SE | SKion/momentum capital/Klatten | 22,85 St | 15,32 | 0,02 | DeAWM Investment GmbH | 2,89 | |
| NEU JPMorgan Chase Bank | 3,22 St | ||||||
| Deutsche Bank AG | 3,06 St | ||||||
| Norges Bank (norwegische Zentralbank) | 2,95 St | ||||||
| Societe Generale S.A. | 0,13 St | ||||||
| Dr. Wolfgang Ziebart | 0,01 St | ||||||
| UniCredit Bank AG | 0,01 St | ||||||
| Pfeiffer Vacuum Technology AG | Privataktionäre | 4,9 St | 44,41 | 1,85 | Parvest Investment Management Company S.A. | 3,45 | |
| Hakuto - Handelsvertretung | 3,48 St | ||||||
| Henderson Global Investors Limited | 3,44 St | ||||||
| Allianz Global Investors Europe GmbH | 3,08 St | ||||||
| Sun Life Financial Inc. | 2,96 St | ||||||
| Montanaro Asset Management Ltd | 2,94 St | ||||||
| Capital Research and Management Company | 2,68 St | ||||||
| Ameriprise Financial, Inc. | 2,53 St | ||||||
| BNP Paribas Investment Partners S.A. | 2,28 St | ||||||
| Mitglieder von Vorstand und Aufsichtsrat | 0,06 St | ||||||
| QIAGEN N.V. | 3,21 (St) | PRIMECAP Management Company | 9,21 St | 19,55 | -0,12 | Franklin Templeton Investments | 2,99 |
| BlackRock, Inc. | 7,31 St | ||||||
| Templeton Investment Counsel, LLC | 5,75 St | ||||||
| Platinum Investment Management Limited | 4,17 St | ||||||
| Manning & Napier Advisors, LLC | 2,89 St | ||||||
| Generation Investment Management LLP | 2,88 St | ||||||
| Baillie Gifford & Co. | 2,43 St | ||||||
| UBS Group AG | 2,2 St | ||||||
| Harding Loevner LLC | 2,18 St | ||||||
| Norges Bank (norwegische Zentralbank) | 2,07 St | ||||||
| Amundi Group | 2,03 St | ||||||
| Dr. Metin Colpan | 1,52 St | ||||||
| Peer M. Schatz | 0,82 St | ||||||
| Prof. Dr. Detlev H. Riesner | 0,61 St | ||||||
| Deutsche Bank AG | 0,27 St | ||||||
| QSC AG | Gerd Eickers | 12,55 St | 22,82 | -1,86 | Kempen Capital Management NV | 10,17 | |
| Dr. Bernd Schlobohm | 12,5 St | ||||||
| J O Hambro Capital Management Limited | 5,19 St | ||||||
| Kempen European Participations N.V. | 5,09 St | ||||||
| Credit Suisse Fund Management S.A | 2,98 St | ||||||
| Allianz Global Investors Europe GmbH | 2,96 St | ||||||
| Jürgen Hermann | 0,19 St | ||||||
| Dr. Frank Zurlino | 0,01 St | ||||||
| Barbara Stolz | 0,01 St | ||||||
| RIB Software AG | 2,89 (St) | Thomas Wolf | 20,08 St | 28,24 | 0,53 | Capital Research and Management Company | 7,31 |
| Capital Group Companies Inc. | 6,4 St | ||||||
| Hans-Joachim Sander | 4,58 St | ||||||
| SAP AG | 4,28 St | ||||||
| Lagoda Investment Management LLC | 3,19 St | ||||||
| Schroders plc | 3 St | ||||||
| Henderson Global Investors Limited | 2,97 St | ||||||
| Invesco Ltd. | 2,95 St | ||||||
| FIL Investments International | 2,88 St | ||||||
| Credit Suisse Group AG | 2,16 St | ||||||
| UBS Global Asset Management GmbH | 1,95 St | ||||||
| Michael Sauer | 0,9 St | ||||||
| Sartorius AG | 8,89 (St) | Erbengemeinschaft nach Horst Sartorius | 50,1 St | 25,68 | 0,94 | Vanguard Group, Inc., The | 2,65 |
| 8,98 (Vz) | Bio-Rad Laboratories Inc. | 30,01 St | |||||
| Familienbesitz | 5 St | ||||||
| SMA Solar Technology AG | Pool SMA Solar Technology AG | 25,2 St | 7,60 | -0,21 | Vanguard Group, Inc., The | 2,51 | |
| Danfoss A/S | 20 St | ||||||
| Peter Drews | 4,76 St | ||||||
| Rainer Wettlaufer | 4,76 St | ||||||
| Irene Cramer | 4,75 St | ||||||
| Prof. Dr. Werner Kleinkauf | 4,39 St | ||||||
| Software AG | 0,10 (St) | Software AG Stiftung | 31,59 St | 21,34 | -3,78 | Shareholder Value Management AG | 2,31 |
| FMR LLC | 3,8 St | ||||||
| NEU Remo Stoffel | 3,66 St | ||||||
| Templeton Investment Counsel, LLC | 3,29 St | ||||||
| Deutsche Asset & Wealth Management Investment GmbH | 3,26 St | ||||||
| NEU Universal-Investment-Gesellschaft mbH | 3,22 St | ||||||
| Deka Investment GmbH | 3,16 St | ||||||
| Norges Bank (norwegische Zentralbank) | 3,15 St | ||||||
| NEU Shareholder Value Beteiligungen AG | 2,3 St | ||||||
| STRATEC Biomedical AG | 0,10 (St) | Herdor GmbH & Co. KG | 9,66 St | 23,96 | -0,42 | Threadneedle Asset Management Limited | 4,45 |
| Ralf Leistner | 9,55 St | ||||||
| Bettina Siegle | 9,5 St | ||||||
| Tanja van Dinter | 9,35 St | ||||||
| Ameriprise Financial, Inc. | 4,99 St | ||||||
| Montanaro Asset Management Ltd | 4,77 St | ||||||
| BNP Paribas Investment Partners S.A. | 3,06 St | ||||||
| Oppenheimer International Small Company Fund | 3 St | ||||||
| Financière de l'Echiquier | 2,96 St | ||||||
| Hermann Leistner | 0,39 St | ||||||
| Doris Leistner | 0,34 St | ||||||
| Allianz Global Investors Europe GmbH | 0,33 St | ||||||
| Telefónica Deutschland Holding AG | Telefónica Germany Holdings Limited | 62,1 St | 3,00 | 0,14 | T. Rowe Price Investment Services Inc. | 0,70 | |
| Citigroup Inc. | 0,42 St | ||||||
| UBS AG | 0,21 St | ||||||
| Bank of America Corporation | 0,02 St | ||||||
| Morgan Stanley | 0 St | ||||||
| HSBC Holdings plc | 0 St | ||||||
| United Internet AG | 0,60 (St) | Ralph Dommermuth | 40 St | 15,58 | 0,09 | OppenheimerFunds, Inc. | 2,49 |
| BlackRock, Inc. | 4,96 St | ||||||
| Allianz Global Investors Europe GmbH | 3 St | ||||||
| Deutsche Asset & Wealth Management Investment GmbH | 2,84 St | ||||||
| Norbert Lang | 0,22 St | ||||||
| Michael Scheeren | 0,15 St | ||||||
| Robert Nikolaus Hoffmann | 0,04 St | ||||||
| Morgan Stanley | 0,02 St | ||||||
| Wirecard AG | Jupiter Asset Management Limited | 6,27 St | 44,54 | 0,09 | Jupiter Unit Trust Managers Limited | 5,13 | |
| MB Beteiligungsgesellschaft mbH | 6,09 St | ||||||
| Alken Luxembourg S.A. | 4,94 St | ||||||
| T. Rowe Price Group, Inc. | 3,15 St | ||||||
| Standard Life Investments Limited | 3,03 St | ||||||
| Massachusetts Mutual Life Insurance Company | 2,97 St | ||||||
| The Capital Group Companies Inc. | 2,94 St | ||||||
| Ameriprise Financial, Inc. | 2,39 St | ||||||
| XING AG | 0,22 (St) | Burda Digital GmbH | 50,51 St | 27,48 | -0,16 | Union Investment Privatfonds GmbH | 5,92 |
| Oppenheimer International Small Company Fund | 5,07 St | ||||||
| Union Investment Privatfonds GmbH | 5 St | ||||||
| Deutsche Asset & Wealth Management Investment GmbH | 4,97 St | ||||||
| Schroder Investment Management North America Ltd | 4,97 St | ||||||
| Schroders plc | 2,97 St | ||||||
M & A
Capital Stage: failed takeover bid for Prokon
Capital Stage, provider of solar parks and wind farms has failed in its takeover bid for Prokon a wind turbine specialist, now in bankruptcy. Capital Stage announced that it had bid for approximately 95% of Prokon’s shareholding through a subsidiary company, the remaining 5% to be taken up by another investor. After examining the bid, the official receiver ruled that it be excluded from the procedures. Capital Stage has released no further details of their proposal. Capital Stage’s aim was to tap into Prokon’s expertise and client portfolio to strengthen its market position; the company management has confirmed its continued commitment to growth this year too, backed up by some 100 million Euros of equity capital. The company is presently mulling over a number of solar park and wind farm projects in Germany and abroad upwards of 200 megawatts .
In the meantime, the creditors of Prokon Regenerative Energien GmbH will have to choose between the two options presented to the official receiver at the end of May. The option involving company sell-off was won by the EnBW energy group. The alternative option involves establishing a cooperative.
Fuchs Petrolub: oiling the wheels of the automotive industry
Lubricant specialist Fuchs Petrolub has acqured Deutsche Pentosin-Werke. The price of the transaction has not been made public. This takeover enables MDax-listed Fuchs to broaden its range of products to include lubricants for the automobile industry, a field in which Deutsche Pentosin-Werke is an acknowledged market leader. The company, with its 80-year long history, employs 190 staff in two plants in Germany, and in a subsidiary company in Sao Paulo Brazil. DPW’s turnover for 2014 was 135 million Euros. The monopolies commission still has to approve the transaction.
Cancom: Filia up for grabs
IT concern Cancom SE and its subsidiary company Pironet NDH AG have opted to concentrate their future efforts for growth in Cloud Computing hence their decision to assign their entire holding in subsidiary company Imperia AG to investment company Allegra Capital. The negative consequences on group results is estimated at some 1.5 million Euros. Imperia AG is specialized in the production of software for content systems management.
VIPsight giugno
COMPANIES
The German Mittelstand
Per le piccole PMI è difficile proteggere bene i brevetti
Nel suo report 2014 L’autorità tedesca per i brevetti e i marchi (Deutsches Patent- und Markenamt – DPAM) sostiene che i brevetti sono la chiave per avere più innovazione. Di fatto il numero delle registrazioni dei brevetti in Germania è aumentato lo scorso anno del 4,4 percento a 66.000. Ma spesso il foglio di carta non conta (paper doesn’t blush): nella realtà del business le piccole PMI non si sentono protette dai brevetti. Un documentario recentemente premiato trasmesso dal Mitteldeutscher Rundfunk dedicato alle cause per brevetti tra le PMI e i grandi gruppi lo specialista per questioni di brevetto, avv. Peter Hess dello studio Bardehle Pagenberg Partnerschaft mbH lo dice chiaramente: i brevetti non sono altro che tigri di carta.
L’unica via per difendersi contro il furto di idee è la causa legale. In genere questi procedimenti sono però molto impegnativi in termine di denaro e di tempo. Oltre alle spese legali il proprietario del brevetto deve anche pagare delle ricerche, delle perizie e la consulenza legale. Se la controparte è una grande aziende, l’attore è messo male. I gruppi e le grandi aziende amano giocare un jolly molto potente: l’impugnazione del brevetto esistente per nullità.
Dr. Christoph Ann, proprietario della cattedra per diritto economico e proprietà intellettuale presso la Technische Universität München, la sa lunga su questa cosa. Gli avversari potenti combattono la lite sul brevetto non solo ai tre livelli di ricorso fino alla Corte Federale (Bundesgerichtshof – BGH), ma sollevano anche una causa per nullità del brevetto davanti al Tribunale Federale per i brevetti e davanti allo stesso BGH. Questa procedura significa per il proprietario del brevetto che indipendentemente dalla situazione legale dovrà prepararsi ad una maratona giudiziaria estenuante. Ai fattori del tempo e del denaro si aggiunge l’insicurezza che incide in maniera massiccia sulla libertà di decisione del piccolo imprenditore nelle questioni di business.
Viene da chiedersi se molti brevetti non sono stati violati di proposito. In base alla situazione legale attuale i proprietari di brevetti del Mittelstand non hanno praticamente nessuna possibilità di difendersi. Per non rischiare l’esistenza della propria azienda, il “piccolo” cede alla pressione del “grande” vendendogli il suo brevetto, scegliendo quindi il male minore.
Il governo tedesco deve agire in fretta. Se vuole promuovere l’imprenditoria deve anche garantire il quadro legale per permettere ai piccoli imprenditori di proteggere la loro proprietà intellettuale. Non dobbiamo dimenticare che le idee innovative e creative tanto che alimentano la nostra economia nascono in genere da unità molto piccole – e sarebbe un peccato se a rimetterci fosse proprio quello che produce innovazione.
Buhlmann's Corner
Il 6 settembre 2015 la legge tedesca sulle società per azioni festeggerà il suo cinquantesimo compleanno. Fino agli anni novanta molte delle disposizioni contenute hanno influenzato anche altri paesi. Le regole codificate allora corrispondono effettivamente alle best practice of corporate governance di oggi. La divisione degli organi in consiglio di amministrazione e consiglio di sorveglianza costituisce la base per la cosiddetta paritätische Mitbestimmung, che prevede la copresenza di rappresentanti del capitale (ovvero dei datori di lavoro) e di rappresentanti dell’azienda (ovvero degli impiegati) nel consiglio di sorveglianza. Al di fuori della Germania la co-determinazione non è molto popolare.
Nonostante molte riforme, interventi ed adeguamenti, in particolare dagli anni 80 ad oggi (solo nel aprile 2015 ce ne sono stati due), le linee di principio di questa legge sono rimaste intatte e flessibili al punto tale da rivoltare il mondo.
Un ex-leader di sindacato dirige l’assemblea generale del (ancora) secondo produttore automobilistico del mondo, di un’azienda tedesca quotata nell’indice del DAX. Anni fa – non ricordo se era sotto Toni Schmücker (il salvatore di Audi) oppure sotto il suo successore Carl H. Hahn (jr) – una situazione simile è stata bloccata in ultimo. Questa volta invece no. Lo scorso mese la volontà dei capitalisti è stata gestita durante l’assemblea generale di Volkswagen da un ex-sindacalista – che risulta essere il presidente di assemblea più caro di tutto il 2015.
Adesso si leggono e sentono tante cose, certo. Bisogna comunque dire che non è successo niente di male e niente di grave. Berthold Huber (vice presidente del consiglio di sorveglianza di VW) è un uomo pragmatico e responsabile, è un leader di sindacato della prima generazione. Non avrei voluto immaginarmi un Frank Bsirske in una situazione del genere.
E’ vero, in VW gli orologi girano ancora come in un’azienda famigliare ed è anche vero che il cancelliere federale in carica (in questo momento Angela Merkel) continua ad avere il diritto di mandare dei rappresentanti nel consiglio di sorveglianza di VW. L’idea che adesso il CdA della Volkswagen sarà ristrutturato da un ex-sindacalista e dal presidente di un (nel caso specifico) potente comitato aziendale (works council) è davvero curiosa, a meno che a tenere le redini di nascosto non sia il presidente del CdA stesso (che presto se ne andrà).
L’assemblea generale ha funzionato bene. Si vede che guidare come prima esperienza un gruppo mondiale con un basso reddito nel settore core in mezzo ad una discussione provocatoria quanto precaria attraverso la sua assemblea generale non è poi così difficile. Chissà perché costa così tanto?
La Commerzbank potrebbe imparare la lezione: durante l’assemblea generale la discussione si è concentrata sui boni dei manager – paragonabile alla figlia che chiede alla mamma: “Stasera posso tornare un’ora più tardi dalla discoteca? Se mi dici di no, da oggi tornerò sempre con un’ora di ritardo”.
ACTIONS CORNER
Politics
People
La Beiersdorf fa sapere di aver eletto Jasper Andersen come nuovo membro del CdA dal 18 maggio. Dopo alcuni mesi utili per conoscere l’azienda, il danese, che dal 1994 lavorava in Colgate-Palmolive, prenderà da settembre passo per passo la in mano l’area delle finanze, al momento ancora gestita da Ulrich Schmidt. Nato nel 1953 a Bevensen in Bassa Sassonia, Schmidt lascerà l’azienda il 31 marzo 2016 dopo trent’anni di attività nel gruppo di cosmetici per andare in pensione.
Hans Peter Ring è stato eletto come nuovo membro nel consiglio di sorveglianza di Bilfinger. L’ex CFO di EADS sostituisce Wolfgang Faden che il 14 novembre 2014 è stato eletto dall’assemblea generale come membro sostitutivo. A suo tempo prese il posto di Herbert Bodner. Avendo Bodner ricevuto un mandato nel CdA, il 9 settembre 2014 il suo mandato nel consiglio di sorveglianza fu temporaneamente congelato per concludersi definitivamente il 13 novembre 2014 in seguito alle sue dimissioni.
Roger A. Crock ha rinunciato al suo mandato nel CdA della Deutsche Post “per motivi personali”. Non essendosi la Deutsche Post ancora espresso sul potenziale successore di Crook, i compiti di Crook saranno svolti dal presidente del CdA Fran Appel fino alla nomina di un nuovo membro del CdA. Nel 2011 Crook aveva preso il posto di Hermann Ude, che aveva lasciato il gruppo da un momento all’altro.
Dal 1 giugno Michael Sen ricopreo il ruolo di CFO in E.On. L’ex CFO Klaus Schäfer dirigerà la Uniper che il 1 gennaio si staccerà dal gruppo energetico. Jorgen Kildahl lascerà l’azienda di comune accordo per potersi dedicare a nuove sfide al di fuori dal gruppo, mentre Mike Winkel lasciò il gruppo il 31 maggio per “motivi personali”.
Dall’inizio di aprile il consiglio di amministrazione della Fielmann conta cinque membri. Il nuovo membro si chiama Bastina Körber e sarà responsabile per le vendite. Al responsabile per controlling e IT Stefan Thies è passato adesso anche l’area delle risorse umane, finora gestita dal presidente del CdA, Günther Fielmann. Nel 2014 il contratto di Fielmann che continuerà ad occuparsi di strategia, marketing e espansione, è stato prolungato di altri 3 anni, fino alla metà del 2017.
Come previsto dallo statuto, il 30 Aprile Gerhard Schulze – presidente del consiglio di sorveglianza dal 2008 - ha lasciato per motivi di età la Gerresheimer, azienda produttrice di packaging per farmaci. A prendere il suo posto è Axel Herberg. Il fare ingresso come nuovo membro del consiglio di sorveglianza è la Signora Andrea Abt. L’ex manager di Siemens lavora adesso come consulente e membro professionale di consigli di sorveglianza.
Dopo solo due anni di mandato Michael Frenzel e Jan Martin Wicke si sono dimessi dal consiglio di sorveglianza della HOCHTIEF. Il consiglio di sorveglianza ha ringraziato Frenzel, per molti anni CEO die TUI, e Wicke, membro del CdA di Talanz, per il lavoro svolto con competenza e impegno. I due avrebbero accompagnato l’azienda in un periodo di cambiamento con spirito costruttivo e grande commitment. Il gruppo edilizio di Essen ha successivamente chiesto al tribunale competente di nominare Beate Bell e Patricia Geil Conrad nel suo consiglio di sorveglianza. Bell è molto esperta in revisione, compliance e gestione del rischio, mentre Geibel-Conrad è invitata a portare nel consiglio di sorveglianza le sue conoscenze nel settore finanziario. Il 27 aprile la HOCHTIEF ha fatto sapere che adesso tre degli otto rappresentanti sul banco del capitale sono donne. Nell’ottobre del 2014 anche Cristine Wolff è stata nominata dal tribunale.
Il 6 maggio l’assemblea generale della MAN a Hannover ha eletto Andreas Renschler nel suo consiglio di sorveglianza, e lo stesso organo lo ha eletto come suo presidente. Dopo la sua sconfitta nell lotta per il potere in Volkswagen alla fine di aprile Ferdinand Piech ha lasciato tutti i mandati nei consiglio di sorveglianza del grande gruppo e quindi anche nell’affiliata della VW. La presidenza di Renschler scadrà il 30 giugno 2016
Parallelamente ai cambi nel vertice della Metro, ci sarà anche un allargamento del CdA a cinque membri. Il nuovo membro si chiama Pieter Boone e occuperà dal 1 luglio il posto di CEO – Metro C&C. Gli altri membri sono Olaf Koch (presidente), Mark Frese (finanze), Pieter Haas (Media-Saturnn) e Heiko Hutmacher (personale).
Durante l’assemblea generale del 18 giugno a Mannheim Tina Müller è stata proposta agli azionista come candidata per il consiglio di sorveglianza. La manager di Opel seguirà Johannes Maret che lascia l’organo per suo desiderio. Müller è da agosto 2013 a capo del branding in Opel. Da giugno 2013 fa parte del consiglio di sorveglianza dell’affiliata del gruppo MLP, la MLP Finanzdienstleistungen.
Il 30 aprile VOLKSWAGEN ha comunicato l’ingresso di due donne, Louise Kiesling e Julia Kuhn-Piech, nel consiglio di sorveglianza formato da 20 persone. Il CdA del costruttore automobilistico ha chiesto al Tribunale competente di Braunschweig di sostituire con effetto immediato gli uscenti Ferdinand Piech e la moglie Ursula con due nipoti di Piech. Pur criticando la scelta facendo presente la mancanza di esperienza delle due donne nel settore automobilistico, il patriarca non si è formalmente opposto alla nomina. Lui avrebbe proposto Wolfgang Reitzle e Brigitte Ederer. Kuhn-Piech è dal 2014 nel consiglio di sorveglianza della MAN. Al momento non c’è ancora chiarezza su chi si assumerà la presidenza del CdA.
Durante l’assemblea generale della Airbus Grup dello scorso 27 maggio ad Amsterdam Maria Amparo Moraleda Martinez ha preso il posto di Josep Piqué i Camps come membro indipendente del consiglio di amministrazione. Il governo di Madrid aveva cercato di convincere Piqué a portare a fine il suo mandato cercando fino all’ultimo di evitare la nomina di Amparo Moraleda Martinez. Prima della votazione, VIP ha commentato durante la Q&A che “chi è capace di sopravvivere per diversi anni nella direzione potente di IBERDROLA, è pronto per accettare qualsiasi mandato.
Poche ore prima dell’assemblea generale la Deutsche Bank ha sorpreso con una mossa strategica al livello del personale. Co-CEO Anshu Jain ha allargato la sua posizione e il responsabile legale Chrsitan Sewing diventerà anche Head of Private and Business Clients. Il 20 maggio il consiglio di sorveglianza ha accolto il desiderio del 50enne Neske di sciogliere il suo contratto entro il 20 giugno. Si dice che la decisione sia stata presa di comune accordo tra lui e il consiglio di sorveglianza. anche dell’area il responsabile. Durante l’assemblea generale ha approvato con 3/5 dei voti l’operato del Co-CEO Jain. “Today we vote against the management, nevertheless it is the last chance for Mr. Jaim …. He has one year left”, commenta Ingo Speicher, portavoce dei Union Investment, in un intervista registrata durante la manifestazione da Bloomberg.
Il produttore di muletti Jungheinrich allarga il suo CdA a cinque membri. Oliver Lücke si occuperà dal 1 luglio dell’area Engeneering di Klaus-Dieter Rosenbach che diventerà responsabile per la nuova area dei sistemi logistici. Lücke dirige finora i siti produttivi di Norderstedt e Lüneburg.
Hartmut Mehdorn, da 17 anni nel consiglio di sorveglianza di SAP, si dimette dal suo incarico per motivi di salute andando definitivamente in pensione. La decisione è arrivata inaspettatamente. Il 20 maggio Mehdorn ha fatto sapere di ritirarsi da tutte le cariche pubbliche. A prendere il suo posto dovrebbe essere la Prof.ssa Gesche Joost che si occupa di ricerca sul design e insegna presso l’Università delle Arti a Berlino.
Nordex: partenza a sorpresa
Il presidente del CdA del costruttore di impianti eolici Nordex SE, Jürgen Weschky, ha lasciato senza avviso alla fine di maggio l’azienda, per motivi personali. Sotto la sua guida, dal 2012, l’azienda quotata nel TecDax è cresciuta fortemente riuscendo già nel 2013 a cambiare rotta. La successione di Keschky è adesso nelle mani d Lars Bondo Krogrsgaar, fino ora responsabile nel CdA per la distribuzione. Anche il CFP Bernard Schäferbarthold rimarrà nel CdA. Nordex fa sapere che da giugno il CdA sarà inoltre coadiuvato ad un cosiddetto Executive Committee. I dirigenti di diverse aree chiavi dovranno occuparsi sotto la guida del CEO Krogsgaard di strategia e di altri temi manageriali di alto livello.
Schaltbau: movimento nel CdA
Anche nella Schaltbau Holding AG, azienda quotata nel SDax specializzata in componenti per transportation technology ci sono dei cambiamenti in atto: dal prossimo mese Ralf Klädtke dovrebbe entrare nel CdA, occupandosi della business unit del mobile transportation technology. Laureato in ingegneria aerospaziale, Klädtke ha occupato delle posizioni di guida in MAN,EADS e Carl Zeiss Optronics. In ultimo è stato amministratore delegato della Airbus DS Optronics GmbH che appartiene al gruppo Airbus.
Nel frattemp Dirk Löchner, il membro del CdA responsabile per lo sviluppo strategico e e amministratore delegato dell’affiliata Gebr. Bode, ha chiesto di a maggio di anticipare le sue dimissioni dalla squadra di alta direzione di Schaltbau. L’azienda fa sapere che Löchner vorrebbe occuparsi di altre cose al di fuori dal gruppo. Al momento resta comunque a disposizione della società e del gruppo in veste di consulente. Il portavoce del CdA Jürgen Cammann e il CFO Elisabeth Prigge restano nell’organo mantenendo le loro funzioni.
Stabilus: nuov ocontrollore
Il consiglio di sorveglianza della Stabilus S.A. si è separato dal suo membro Andi Klein. Nel 2010 Klein è entrato come rappresentante dell’azionista di maggioranza Triton nel comitato consultivo per poi - dopo l’ingresso in borsa dell’azienda quotata nel SDax nel 2014 – entrare nel consiglio di sorveglianza. A prendere il suo posto nel consiglio di controllo è Joachim Rauhut che fa parte del CdA della Wacker Chemie AG. L’ingegnere gestionale ha accompagnato l’ingresso in borsa della Wacker nel 2006, dopo aver occupato diverse posizioni di alto livello tra cui in Mannesmann e Krauss-Maffei. Gli altri membri del consiglio di sorveglianza sono Udo Stark, il suo vice Stephan Kessel e Nizar Ghoussaini.
Campus
Capital News
Siltronic: pronti e via
La Siltronic AG, che fa parte della Wacker Chemie AG, prevede di fare il suo ingresso in borsa ancora prima della pausa estriva 2015. L’obiettivo è il Prime Standard della Borsa Titoli di Francoforte. A questo scopo il produttore di wafer in silicio puro per l’industria dei semiconduttori e il gruppo Wacker intendono di piazzare nuove azioni provenienti da un aumento di capitale e di vendere dei titoli facenti parte del portfolio della Wacker. La Siltronic fa sapere che l’offerta è rivolta a investitori privati e istituzionali in Germania e in Lussemburgo. Al livello internazionale l’azienda intende piazzare le azioni privatamente. I ricavi netti devono servire alla riduzione dei debiti. L’azienda attiva sul mercato internazionale e datore di lavoro di oltre 4000 persone non ha dato altre precisazioni.
Windeln.de: respirare aria di borsa
A maggio la Windeln.de, commerciante online di prodotti per neonati e bambini dei paesi a lingua tedesca, si è avvicinato alla borsa riscuotendo circa 211 milioni di Euro. Nata cinque anni fa, la startup è riuscita a piazzare d un prezzo di emissione di 18,50 Euro più di 11 millioni di azioni nel Prime Standard della Borsa Titoli di Francoforte. I titolo provengono per un valore di 5,4 milioni di Euro da un aumento di capitale e per 4,5 milioni di Euro da partecipazioni di azionisti disposti a cedere. L’azienda è riuscita a piazzare circa 1,5 milioni di azioni attraverso una distribuzione aggiuntiva. Dal ricavo dall’emissione 127 milioni di uro vanno direttamente nelle casse dell’azienda, il resto va ai fondatori e agli investitori precedenti. L’azienda fa comunque sapere che gli azionisti principali sono rimasti fedeli.
L’azienda è riuscita presto a farsi conoscere sulla platea internazionale, realizzando ad oggi quasi la metà del suo fatturato in Cina. Recentemente la Windeln.de ha rilevato il competitor ceco Feedo, dando slancio all’espansione nell’Europa dell’esta. L’ingresso in borsa deve servire per rinforzare la crescita. Ultimamente l’azienda ha realizzato un fatturato di circa 101 milioni di Euro. Alla fine dei conti le perdite ammontavano a circa 9,8 milioni di Euro – quasi 2,5 milioni di Euro in meno rispetto al 2013.
PNE Wind: denaro fresco per una nuova struttura
A metà maggio il progettista di parchi eolici PNE Wind AG è riuscito ad incassare con un aumento di capitale circa 9,5 milioni di Euro rinforzando in questo modo il capitale proprio da utilizzare per una ristrutturazione. L’azienda quotata nel Prime Standard ha emesso circa 4,6 milioni di azioni nuove ad un prezzo cad di 2,07 Euro. I titoli sono andati sul mercato nell’ambito di un piazzamento privato. PNE comunica di voler utilizzare i ricavi per finanziare l’allargamento di un modello di business che prevede una concentrazione di progetti in una società affiliata. Le quote di questo cosiddetto yieldco dovrebbero essere venduti a degli investitori possibilmente entro la fine del 2016, quando l’affiliata produce dei ricavi.
Zalando.se: più organizzati della luce
Con in testa l’idea di vendere le scarpe online l’azienda ha iniziato con un modello veramente basic: le flip flop. 7 anni più tardi, un giorno dopo la prima assemblea generale dopo l’IPO, la Zalando è salita nel MDax. L’assemblea è stata eccitante, con un pubblico misto tra giovani con capelli rasta e ex-CEO di un’azienda industriale d’acciaio e ferro quotata nel Dax. Il loro motto: imparare e ri-pensare, sempre.
M & A
Capital Stage: l’offerta di acquisizione di Prokon è stata rifiutata
La Capital Stage, gestore di parchi solari e eolici, è fallita nel processo di offerta per la Prokon, azienda specializzata in energia eolica in fallimento. La Capital Stage ha fatto sapere di aver offerto attraverso voler rilevare attraverso una società affiliata il 95 per cento circa delle quote alla Prokon. Gli altri cinque per cento circa dovevano essere acquistati da un altro investitore. Dopo alcuni giorni di presa in esame dell’offerta da parte del curatore fallimentare l’azienda sarebbe stata esclusa dal procedimento. La Capital Stage non ha pubblicato dettagli più precisi della sua offerta. Fatto sta che la società aveva sperato di poter rinforzare la propria posizione grazie al portfolio e all’expertise della Prokon. Il management di Capital Stage ha fatto sapere di voler continuare a crescere anche quest’anno mettendo a disposizione circa 100 milioni di mezzi propri. Al momento l’azienda sta prendendo in esame diversi progetti solari e eolici sopra i 200 megawatt in Germania e all’estero.
Nel frattempo i creditori della Prokon Regenerative Energien GmbH si troveranno durante l’ assemblea indetta per l’inizio di luglio a dover scegliere tra due le due opzioni presentate alla fine di maggio del curatore fallimentare. Per quanto riguarda la soluzione vendita, l’appalto è andato al gruppo energetico EnBW. La seconda variante prevede invece la costituzione di una cooperativa.
Fuchs Petrolub: lubrificanti per il settore automotive
La Fuchs Petrolub, azienda quotata nel MDax specializzatta in lubrificanti, ha rilevato la Deutsche Pentosin-Werke. Il prezzo della transazione non è stato pubblicato. Con l’acquisizione il gruppo allarga la sua gamma di prodotti anche ai lubrificanti per l’industria automobilistica, dopo la Deutsche Pentosin-Werke è riconosciuta come produttore leader del mercato. L’azienda vanta 80 anni di storia, con 190 collaboratori e due sedi in Germania e una società affiliata a San Paolo in Brasile. Nel 2014 la DPW ha realizzato un fatturato di circa 135 milioni di Euro. L’autorità antitrust dovrà ancora approvare la compravendita.
Cancom: Affiliata da dare via
L’azienda IT Cancom SE e la sua affiliata Pironet NDH AG hanno deciso di rinforzare in futuro la loro attività nel Cloud Computing: per questo motivo cedono tutte le loro quote alla società affiliata Imperia AG all’investitore Allegra Capital. Si stima che l’effetto negativo sul risultato del gruppo si aggirerà intonro ai 1,5 milioni di Euro. Del prezzo della compravendita e di altri dettagli non si sa niente. La Imperia AG è uno specialista di software per sistemi di content management.