iNSiGht - Intro

WWW.ICGG.BIZ 

issue 02/2012 

insight 

corporate governance 

germany 

Essential: Information, Analysis and Opinion for Investment Professionals, Advisers and Academics 

COntEnts 

02 

03 

06 

08 

09 

11 

14 

COMPAniEs 

Douglas out of the stock market? 

BUhLMAnn’s CORnER 

ACtiOns CORnER 

AgM DAtEs 

POLitiCs 

GCGC wants independent supervisory board 

members 

REinhARD EyRing AnD 

PhiLiP CAvAiLLés 

Bearer and registered shares in the light of 

the 2012 company-law amendment 

PEOPLE 

Enders becomes EADS CEO 

15 

17 

19 

19 

20 

38 

42 

42 

43 

CAMPUs 

High pensions for DAX board members 

hARtMUt vEnnEn AnD 

MARkUs WEik 

Compliance must be lived 

CAPitAL nEWs 

Buying & Selling in January 

DiRECtORs´ DEALings 

insight shAREhOLDFER iD 

invEstORs inFORMAtiOn 

Your IR contacts in the Prime 

READing sUggEstiOns 

EvEnts DiARy 

inDEXEs OF COMPAniEs 

AnD PERsOns 

01

insight corporate Governance Germany 

Douglas to go private? 

The Douglas retail group (Douglas perfumeries, 

Thalia bookstores, Christ jewellers and Hussel 

sweetshops) is according to the will of the founding 

family Kreke to be rebuilt and streamlined. 

The Krekes, who hold about 12.62 percent of the 

shares in the trade group, have announced that together 

with the allied Oetker family (25.81 percent 

of the Douglas shares), they wish to raise their stake 

in the company. There have already been talks 

with several financial investors - according to Financial 

Times Deutschland with Apax, BC Partners 

and Permira - about the possible acquisition 

of a substantial interest by investors, possibly in 

the form of a public takeover offer, Douglas let it 

Sky alienates investors 

companies 

be known in mid January. There were so far no 

binding offers, however, nor is the structure or 

financing of any acquisition clarified. The deal 

is still in the concept phase, signalled CEO and 

founder’s son Henning Kreke. If it were possible, 

however, to buy Douglas completely through a 

financial investor, the company, undervalued in 

Kreke’s eyes, could sooner or later be taken off 

the market and then filleted. Kreke already has a 

potential adversary here: drugstore entrepreneur 

Erwin Müller, who holds 10.05 per cent of the 

Douglas shares, is likely not to like the push by the 

Krekes and Oetker, since he already announced 

some time ago he wanted to build up shares. 

The drama about incorrect subscriber numbers and alienated investors at Sky has entered a new chapter. 

Shortly after Christmas, under the cloak of lowered public attention, the German pay-TV channel Sky 

confirmed, piquantly on its Facebook page and not via ad-hoc reporting, that the U.S. film studio Paramount 

had terminated its contract with Sky. The deleted Paramount films would be offset by other Hollywood 

and smaller studios, assured film programme director Marcus Ammon. However, the attractiveness 

of the Sky offer could suffer, which could have a negative effect on numbers of subscribers and make 

the focus on the sports field advance, say observers. Investors were outraged by the Group’s information 

policy. Some threatened a complaint to the Federal Financial Supervisory Authority (BaFin). 

issue 02/2012 

02

BUHLMANN`S CORNER 

companies 

Questions to shareholders 

Shareholders argue for years over governance issues, until for lack of 

any outcome or appropriate consequence of the votes the legislature 

gets active and introduces a set of rules no one really wanted. So it 

was with the cooling-off period or the compliance declaration, and so 

it threatens to be with the quota for men or the accountants. Repair 

work will require refinement, and evasions 

enhance neither transparency nor the value 

of clear corporate governance. 

At Bayer and BASF, yesterday’s CEOs, motivated 

by their environment, press on 

to head the Supervisory Board. As their 

cooling-off period began, no thoughts yet 

went to the 2012 AGM date. The monthlong 

suspension between the legally defined 

period and the final decision by the 

shareholders could have been avoided had 

the shareholders exercised their responsibilities 

in time and not left the power to the legislature. Gentlemen’s 

(and ladies’) agreements between departing and cooling-off Supervisory 

Board chairmen have always existed. What is new is that 

candidates for the chairmanship are now exposed to an involuntary 

election campaign among Supervisory Board colleagues in the period 

between the Supervisory Board appointment and the vote for chairman 

- let’s see what antics that may bring. 

At the start of his tenure, many a CEO has longed for a cooling-off 

period - for his predecessor; by its end he was cursing it. Shareholders 

should have acted here and helped to eliminate the conflict; instead 

they let yet another law in. 

Sometimes it works even easier, as for instance at EADS, where the 

government is not a shareholder, but is behaving like one. The whole 

thing turns bad when there’s a representative holding the shares on 

behalf of third parties. Daimler is similar. Here are the shares with their 

opportunities and risks, and each shareholder must decide whether 

he wants that or prefers a repurchase transaction with the Federal 

Government. Fortunately, the personnel change just made it, after, 

as at IKB and ThyssenKrupp, individual Supervisory Board members 

seemingly “didn’t know” and asked for further clarification. 

Hans-Martin Buhlmann is the founder of proxy-voting agency VIP 

Vereinigung Institutionelle Privatanleger e.V. (www.vip-cg.com). 

issue 02/2012 

03 

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03


ThyssenKrupp’s heavy ballast 

Even if ThyssenKrupp shareholders were able to 

take home a dividend again in September last 

fiscal year, a loss of €1.8 billion does not argue a 

successful business strategy. In 2010/11 the German 

steel giant had to write off 2.1 billion euros 

on its activities in America. Delays, mishaps and 

mismanagement had driven the cost of two new 

ten-billion-euro plants in Brazil and the U.S. to 

ever new heights. Rumors therefore came that 

ThyssenKrupp might hive off its Brazilian subsidiary. Financial Times 

Deutschland called the Brazilian Vale group a possible buyer. Insiders 

see this option at present rather in the stage of simulation games. Even 

given that the Brazil problem is not yet solved, and ThyssenKrupp wants 

to give no earnings forecasts for the current year for either the Steel 

Americas division or the overall group, the announced restructuring 

of the Group is still slow. Thus in late January it became known that 

the Essen firm wants to hive off its stainless-steel subsidiary Inoxum. In 

Finnish competitor Outokumpu it has already found a prospective 

purchaser. Although the workers’ representatives now fear massive job 

cuts, selling is the most likely scenario for the subsidiary among the IPO 

and spin-off options. 

KfW’s entry to EADS drags on 

The German federal government’s planned entry into the European Aeronautic 

Defence and Space Company (EADS) through the KfW banking 

group will take longer than expected. Daimler is still wrestling with 

the State bank over details of the sale of its stake in the European aerospace 

group, which should have been completed before the new year. 

The Stuttgart carmaker actually wanted to have a Memorandum of Understanding 

signed by the development bank by the end of 2011, but 

KfW would not bow to pressure and is first checking tax and accounting 

aspects. The entry of a new anchor shareholder could under current 

law trigger a takeover offer for the shares of the other owners, which 

the Frankfurters want to avoid. Additionally, in the Netherlands, where 

EADS has its corporate headquarters, takeover law would still have to be 

adapted this year, as the entry of KfW would mean an amendment to the 

EADS shareholder pact. If the deal with Daimler falls through the bank 

wants to buy other investors’ shares. In addition to the 7.5 per cent from 

the car company the Reconstruction Loan Corporation (KfW) may want 

another 7.5 percent, which are held by banks and Länder. The State influence 

would thus increase, whereas the management of EADS really 

wanted to open up the company to private investors. 

companies 

Postbank to transfer profits 

Deutsche Postbank and Deutsche Bank 

on 10 January began negotiations on a 

control and profit-transfer agreement. 

Postbank will in future transfer profits to 

a subsidiary of the Frankfurt bank, DB 

Finanz-Holding GmbH. Currently, the 

Deutsche Bank has slightly more than half 

of the voting rights, and therefore not 

enough to prevail with the control agreement 

at the Postbank AGM on 5 June. As 

of February, Germany’s leading bank will 

receive a stake of about another 40 per 

cent in the Bonn-based Postbank from 

Deutsche Post. After the Postbank share 

recently rose to its highest level since September 

2010, small shareholders are now 

hoping that they will be presented with an 

attractive settlement offer. 

Siemens cancels Osram 

IPO for the moment 

The parent company in 

Munich no longer expects 

its lighting subsidiary 

Osram to make it 

to the stock market in 

the first half of 2012, 

the news agency dpa 

reported, citing company 

circles. Actually, 

the world’s secondlargest 

lamp company 

was supposed to go on the trading floor 

in autumn already. But when stock prices 

were in decline, CFO Joe Kaeser had to 

admit in November he had missed the 

right timing for an IPO. Although officially 

the preparations for an IPO continue, 

some analysts now see a spin-off, with 

Osram hived off and a distribution of 

shares to Siemens shareholders, as a more 

realistic option. Siemens originally wanted 

to collect up to three billion euros from 

the IPO of the subsidiary. 

issue 02/2012 04

Börse getting nowhere 

Billions rain on Telekom 

companies 

Deutsche bank wants to hive off 

asset management 

In late November 2011 Germany’s largest private bank, the Deutsche 

Bank, indicated it wanted to restructure its in-house asset management. 

Financial Times Deutschland, referring to financial sources, now sees 

the second round of the process ushered in: interested parties are now 

looking at the books. It states there are prior non-binding offers from a 

dozen companies for the divisions, which manage total assets worth 360 

billion euros. In addition to asset management, the business with large 

institutional clients and the mutual-fund subsidiary in the United States 

are also up for grabs. By the end of February binding offers should be 

submitted. In addition to U.S. fund companies such as Pimco, financial 

investors are regarded as potential buyers. The target is revenue of two 

to three billion euros. 

The Deutsche Börse management has offered to the Works Council to 

hold talks on a job-security agreement for the Hessian offices in Frankfurt 

and Eschborn, under the mediation of the State Chancellery in 

Wiesbaden. The exchange operator wants to make no compulsory redundancies 

for the 1,600 employees for two years, and at the same time 

undertake to invest a volume of at least 300 million euros over a period 

of three years. The council has rejected this offer, however, and currently 

sees no need for action. It wants first to wait and see whether the merger 

of the two exchanges will ever happen. The EU Competition Commission 

says it wants to decide on the merger project on 1 February, with 25 

of the 27 commissioners here standing behind Joaquín Almunia, who 

assessed the proposed merger as well as the Hessian Securities and Exchange 

Commission critically. 

Deutsche Telekom got the three billion dollar compensation for the failure 

of the sale of T-Mobile USA remitted from AT&T at the end of 2011. 

In addition, the DAX group is to receive as further compensation access 

to the network of the U.S. telephone company in regions where T-Mobile 

had not been present, thus saving substantial investments. Just before 

Christmas, the takeover of the U.S. wireless business by AT&T for $39 

billion finally failed at the resistance of American regulatory authorities. 

On the balance-sheet the positive special effect is countered by restructuring 

costs and write-downs on the U.S. mobile subsidiary, which had 

been postponed by the merger agreement in March last year. 

issue 02/2012 

05 

03

§ 


Kaufhof negotiations surprisingly broken off 

Metro has cancelled the sale negotiations for the Kaufhof 

department stores until further notice. The difficult 

situation on the financial markets does not offer suitable 

conditions for a transaction, said Metro CEO Olaf Koch 

on 17 January. Three investors had indeed submitted bids 

for the department-store chain, but fears that financing 

could end up causing problems for one of the potential 

buyers were decisive for the decision. Finally, the tra- 

t A dispute ongoing for over two years between 

104 former London investment bankers at Dresdner 

Bank and the partly nationalized Commerzbank 

is about compensation claims from the year 2008 

in the amount of €52 million. The investment ban- 

kers insist that the former head of investment bank 

Dresdner Kleinwort Benson, Stefan Jentzsch, had 

publicly promised the compensation that year. The 

process commenced on 23 January with preliminary 

hearings before the London High Court. The actual 

trial began on 25 January and is scheduled until 17 

February. 

Actions Corner 

t The hedge funds Kingate Global and Kingate 

Euro Fund have sued a subsidiary of Deutsche Bank 

in New York over a dispute over billions in claims 

against Bernard Madoff. The bank was allegedly delaying 

the implementation of an agreement on 24 

August to buy their rights to compensation in the 

financial fraud. The funds accuse Germany’s biggest 

bank of not wanting to transfer the amount because 

it now thinks the price is too high. The bank was 

awaiting certain documents for the processing of 

the transaction, according to a spokesman. Madoff’s 

Ponzi scheme broke down amidst the financial crisis. 

t Madeleine Schickedanz has sued Sal. Oppenheim 

and its real-estate partner Joseph Esch for more 

than two billion euros in damages. A corresponding 

draft claim against the financial advisers and twelve 

other persons and companies has been attached 

to an application to Cologne Higher Regional Court 

to establish jurisdiction, Schickedanz’s lawyer Peter 

Rath said on 19 January. The Quelle heiress was also 

companies 

de group had negotiated with Rene Benko and Nicolas 

Berggruen. The bid by the Austrian Benko through the 

real-estate holding company Signa is supposed to have 

ultimately amounted to over two billion euros. Berggruen 

according to the Börsenzeitung offered less than 

two billion euros. Hiving off Kaufhof has for many years 

been seen as a desire of the Düsseldorf company, but 

had in the meantime been repeatedly rejected. 

asking for refund of loan repayments already made 

totalling more than €200 million. A spokesman for 

the Cologne-based bank, since acquired by Deutsche 

Bank, said the damage claims were “incomprehensible”. 

t The EU Commission on 25 January instructed 

Deutsche Post to repay an amount of 500 million 

to one billion euros to the German Federal Treasury. 

The group had collected unfair State aid for price 

approvals and received subsidies for public-sector 

pensions, which it should now refund. The aid had 

procured it advantages over its private competitors, 

said Joaquín Almunia. Frank Appel was, however, 

optimistic he could overturn the decision in court, 

like earlier decisions taken by Europe’s competition 

watchdogs. Deutsche Post announced it would file 

an appeal with the European Court of Justice. 

t Frankfurt Higher Regional Court will announce its 

decision in the damages case against Deutsche Telekom 

on 25 April, Judge Birgitta Schier-Ammann 

said on 25 January. The Court finds that the investors 

should have sought advice on Telekom’s initial public 

issue 02/2012 06


offerings if they did not understand the prospectus. 

The test case should clarify whether the Bonn-based 

company concealed risks in the prospectus for 

its third equity offering in June 2000 and deceived 

shareholders by false information. The 17,000 plaintiffs 

are demanding a total of 80 million euros. Telekom 

rejects the claim. 

t A judicial mediation in the billion-dollar lawsuit 

between GAGFAH and the city of Dresden has failed 

before Dresden Regional Court. A spokesman for 

the regional court confirmed reports to this effect in 

local newspapers. The property company also confirmed 

the failure; both parties gave no reason. It was 

to be decided still in January when the trial would 

begin. In the course of their enquiries, the prosecution 

had recently searched GAGFAH’s premises. The 

capital of Saxony has sued GAGFAH for alleged violations 

of tenant protection clauses, seeking a penalty 

of 1.08 billion euros. GAGFAH has always denied 

the allegations. 

t Immediately prior to commencement of the trial 

in the so-called Market Letter case, Harald Petersen 

resigned his positions at shareholder association 

Schutzgemeinschaft der Kapitalanleger (SdK). On 

the weekend before the trial it was revealed that the 

prosecution was also investigating the former SdK 

board member, who is also one of Markus Straub’s 

companies 

lawyers, for “complicity in market manipulation.” 

Despite investigations against the defence counsel, 

the trial of former shareholder protector Straub and 

Tobias Bosler started on 23 January. A former editor 

of investment newsletters and former SdK officer 

Christopher Öfele - both considered to be accomplices 

of Bosler, who allegedly organized the insider 

trading - had already confessed and received suspended 

sentences. The shareholder association had 

publicly criticized alleged accounting tricks by Wirecard, 

while Straub bet on falling prices. 

t Christian Strenger has lost his lawsuit against SolarWorld. 

Cologne District Court rejected the legal 

challenge against the decisions of last year’s Annual 

General Meeting of the TecDax group on 12 

January. The corporate-governance expert had criticized 

the one-sided composition of the photovoltaic 

company’s Supervisory Board, because its members 

advise SolarWorld on legal matters, and challenged 

the actions of the Executive Board and Supervisory 

Board. The court pointed out that while the consulting 

agreement, in existence for years, between 

the solar energy company and the law firm Schmitz 

Knoth, where Supervisory Board chairman Claus 

Recktenwald is a partner, does not correspond with 

the requirements of the Companies Act, there is no 

evidence of conflicts of interest or a lack of independence 

of the supervisory body. 

issue 02/2012 07


AGM DATES 

February/March 

Infineon ord. AGM 08.03.2012 10:00 81829 München Am Messesee 6, Messegelände, 

im ICM (Internationales 

Congress Center München) 

companies 

DAX 30 ä 

Other AGM dates www.vip-cg.com 

Company Event Date Time Place Address published 

on 

MDAX 

23.01.2012 

The Agenda for the ordinary AGM of Infineon Technologies AG starts with the usual items, like presentation of 

annual accounts and discharge to the company bodies. Infineon Technologies AG earned balance-sheet profits 

of €378.24m last business year. Of the profits, €129.57m is to be paid out as dividend and €248.67m allocated 

to reserves. The election of the final-accounts auditor and the auditor for the audit review of interim financial 

statements for the year 2011/2012 will take place. 

Aurubis ord. AGM 01.03.2012 10:00 20355 Hamburg Coubertinplatz, Olympiahalle 

im Olympiapark 

19.01.2012 

The Agenda for the ordinary AGM of Aurubis AG starts with the usual items, like presentation of annual accounts 

and discharge to the company bodies. Aurubis AG earned balance-sheet profits of €105.04m last business 

year. Of the profits, €53.95m is to be paid out as dividend and €51.09m carried forward to a new account. The 

company is again to be authorized to purchase its own shares and use them, excluding shareholders’ subscription 

and tendering rights. A resolution to amend the authorization to exclude subscription rights in the exercise of 

the existing authorized capital in the context of cash capital increases at market-price issuance of new shares is 

to be taken. In addition, the Company shall again be authorized to issue option and/or convertible bonds, profit 

participation rights and/or participating bonds (or combinations of these instruments).For this, conditional capital 

of €52.31m is to be kept available. Additionally, several charter amendments are to be decided. 

TUI ord. AGM 15.02.2012 10:30 30175 Hannover Marseiller Straße 2 (Nähe 

Dammtorbahnhof), im CCH- 

Congress Center Hamburg 

YOUR FEEDBACK 

06.01.2012 

The Agenda for the ordinary AGM of TUI AG starts with the usual items, like presentation of annual accounts and 

discharge to the company bodies. The net profit of € million is to be carried forward in full to a new account. In 

addition, the Company shall again be authorized to issue option and convertible bonds, and profit participation 

rights or participating bonds, possibly excluding subscription rights. The existing Conditional Capital is to be 

replaced by a new one of €120m. Additionally, several charter amendments are to be decided. 

Have you any questions, criticisms or suggestions? 

We look forward to hearing from you: 

verlag@icgg.biz 

ä 

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Please send a mail to : 


ä 

issue 02/2012 08


Transaction tax still controversial 

French President Nicolas Sarkozy announced at the end of January he would introduce 

a transaction tax. Originally he wanted to bring in the transaction tax together 

with Chancellor Angela Merkel by 2014, if necessary only in the 17 countries of the 

Eurozone. Merkel, however, has problems with the commitment, as her coalition 

partner the FDP will accept the tax only for all 27 EU countries. Another alternative 

would be to introduce the tax in accordance with the country-of-domicile 

principle, with the tax depending not on the place of trade but the tax residence of 

the actor. Meanwhile, Allianz CEO Michael Diekmann threatened that Germany’s 

largest insurer would escape to London if the transaction tax in the eurozone came 

in. Federal Finance Minister Wolfgang Schäuble (CDU), however, indicated he was 

still working hard on the introduction of the tax in the EU countries. The tax is on 

the agenda for the EU summit in late Jauary. 

Roland Berger to the fore on 

European credit rating agency 

Following the downgrade of France and the bad ratings for other European 

countries, the European Commission favours a European rating 

agency. To the fore here is an initiative of consulting firm Roland Berger. 

The core idea is a marketplace, a large platform, on which issuers disclose 

their information. From the available facts, the new rating agency is to 

derive their grades. Its judgments are then accessible to investors. Not the 

issuers, as is usual for the big three in the industry, should pay but the investors. 

Roland Berger partner Markus Krall wants by mid 2012 to collect 

around 300 million euros for building the agency from banks and other 

investors. It is now necessary to transform the expressions of interest into 

legally binding commitments, says Krall. The privately funded, non-profit 

foundation will have its headquarters in Holland and receive no State 

funds. The operating subsidiary may be located in Frankfurt and have a 

strong presence in Paris. If everything goes smoothly, the first sovereign 

ratings could be created by the end of the year and the first bank appraisals 

launched in early 2013. After three to five years the Agency should be 

self-supporting, and investors getting their stake back with interest. Other 

initiatives for a European rating agency have been taken by, among others, 

the German Environmental Foundation with its ENRA (European sustainable 

rating agency) project, the Bertelsmann Foundation and the Eacra 

platform, a consortium of European small agencies. 

POLitiCs 

Banks and insurance 

companies should rate 

themselves 

To date, insurance companies must, for 

funds which are invested for retirement, 

base themselves on the ratings 

of the three major agencies, and sell 

government bonds which do not have 

the top AAA rating. Following the recent 

downgrading of more euro countries 

by S&P in mid January, the CDU/ 

CSU parliamentary group called for the 

rules for large institutional investors 

to be changed. Banks and insurance 

companies should accordingly assess 

the creditworthiness of countries 

themselves. Chancellor Angela Merkel 

(CDU) rallied behind this initiative. 

Now, the proposal will be submitted to 

EU finance ministers for consideration. 

issue 02/2012 

09

insight corporate Governance Germany POLitiCs 

Does a delisting violate shareholder 

rights? 

The Federal Constitutional Court has been engaged since mid January 

with the question of whether it violates the property rights of shareholders 

when a company moves from the regulated market of a stock 

exchange to the open market, thus undergoing a so-called delisting. 

Whereas in the regulated market requirements such as quarterly reporting, 

regular releases on current business processes and comprehensive 

annual reports are conventionally imposed on listed companies, the reporting 

requirements on the open market are much more lax. Particularly 

for SMEs this constitutes a veritable cost advantage. But the rules 

for a move from the regulated market or even a complete withdrawal 

from the market are not yet explicitly set. The precedent is the familyrun 

company Lindner KGaA, which in 2006 changed from normal floor 

trading on the Munich Stock Exchange to the OTC segment M:access 

and has since then had a legal battle with its investors about the legality 

of this withdrawal. There is disagreement particularly about whether the 

shareholders are entitled on delisting to compensation for the decline in 

value of their securities associated with the change of segment. A federal 

court (BGH) ruling is now to settle this. While many SMEs have been 

listed since the millennium stock-market boom, they would for financial 

reasons like to leave were the procedure for this clearly regulated. So far, 

only so-called “cold delisting” through a squeeze-out is clearly defined. 

Shareholders against 

women’s quota at Siemens 

The association of employee shareholders 

failed at the General Meeting (AGM) of the 

conglomerate Siemens on 24 January with 

its application to introduce a fixed quota for 

women on the boards of the technology 

giant. The employees had demanded that 

the proportion of women on the Supervisory 

Board should be increased to at least 

30 percent from 2013 and to at least 40 

percent from 2018. The Board and Supervisory 

Board had rejected that request 

in advance of the AGM. Currently, four 

women sit on the Supervisory Board, two 

on the board. Siemens had, like the other 

30 DAX companies, at a summit in October 

with Family Minister Kristina Schroeder and 

Labour Minister Ursula von der Leyen voted 

against a fixed quota for women, but also 

agreed to raise the group’s quota from its 

current ten percent to 12 to 13 percent by 

the end of 2015. Shareholder association 

Schutzvereinigung der Kapitalanleger (SdK) 

castigated the request of the workforce as 

unconstitutional: it violates the prohibition 

of gender discrimination. 

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Corporate Governance Newsletter 83x170 quer.indd 1 

15.12.2005, 13:16 

issue 02/2012 10


ANALYSIS 

Bearer and registered shares in the light of 

the 2012 company-law amendment 

The government’s draft company-law amendment 

was adopted by the Federal Cabinet on 20 December 

2011. Whereas previous reforms (UMAG, ARUG, 

VorstAG and BilMoG) made fundamental changes, the 

2012 company-law amendment develops company law 

only selectively. The government’s draft differs some- 

Reinhard Eyring, Dr. Philip Cavaillès* 

times considerably from the ministerial draft of 2 November 

2010, particularly on whether unlisted companies 

should be limited to the issuance of registered 

shares. The following are the significant changes on 

bearer and registered shares in the government bill. 

Changes made by the 2012 Company Law Amendment 

The company-law provision relating to the securitization 

of membership rights, §10 AktG, will be revised by 

the company-law amendment. A company’s previous 

option to issue either registered or bearer shares will 

be eliminated. The ministerial draft stipulated that unlisted 

companies could issue only registered shares. This 

scheme was weakened due to considerable criticism 

from academics, professionals and associations, and 

the option right (partially) preserved. 

An option right is to continue, even if the registered 

share is to be the ordinary case, §10(1), first sentence, 

AktG-E. Bearer shares can according to §10(1), second 

sentence No. 1, AktG-E only be issued by listed companies, 

or, in accordance with No. 2, if entitlement to 

individual certification is barred and a Global Note is 

deposited with a securities depositary or a comparable 

foreign custodian. A company is listed if its shares are 

traded on a regulated market (§3(2) AktG). The unofficial 

market is not a regulated market. The new arrangement 

allows access to the free trading of bearer shares, 

if the claim to individual certification is barred and a 

global certificate is deposited. 

The aim of the change 

The aim of the new rules is to create a more transparent 

shareholder structure in unlisted companies. The Financial 

Action Task Force, an intergovernmental organization 

for measures against money laundering, which 

was created on the basis of an initiative by the leaders 

of the G7 countries, criticized that the lack of transparency 

would facilitate such crimes as money laundering 

and terrorism financing. The reporting thresholds of 

§§ 20, 21 AktG (disclosure above 25 percent of shares 

held) were not considered sufficient. The draft assumes 

that in suspicious cases investigators can through the 

collective securities deposit retrieve timely information 

and through the custody chain determine the identity 

of the shareholder. 

Opinion 

Basically, the option right and freedom of design are 

welcome. The mandatory collective deposit should facilitate 

the establishment of the identity of shareholders 

of questionable companies. To ensure protection even in 

the period between establishment and deposit, §10(1), 

second sentence No. 2 and third sentence, AktG-E provide 

that §67 AktG is applicable mutatis mutandis. Until 

the deposit of the global certificate, holders of bearer 

shares are to be registered in the share register. 

>> 

issue 02/2012 11


>>ANALYSIS 

Whether the goal of full transparency in the shareholder 

structure is achieved is questionable. In future, the 

possibility for a third party to be registered as a shareholder 

still remains. The Commercial Law Committee of 

the German Bar Association already pointed this out in 

its criticism of the ministerial draft. 

It would have been possible to achieve more transparency 

by, for example, lowering or expanding companylaw 

thresholds. 

Established rights 

§26f(1), second sentence, EGAktG-E gives wide-ranging 

protection for established rights. For companies 

that were founded before the day of the Cabinet decision 

(20 December 2011) and have issued bearer 

shares, the new provision of §10(1) AktG-E does not 

apply. A transitional period after the expiry of which 

the shares should be changed is not provided for. 

For the date of founding of the company, by §23(1), 

first sentence, AktG it is that of the notarization of the 

Articles of Association. 

Conclusion 

The more than one-year period between the publication 

of the ministerial draft on 2 November 2010 and 

the adopted government bill on 20 December 2011 reflects 

the controversy over the content of company-law 

amendment. Also, there are still different views on how 

the objectives can best be implemented. It remains to 

be seen whether the 2012 Company Law Amendment 

makes it possible largely to achieve the objectives set 

out. Particularly in relation to combating terrorist financing 

and money laundering, this seems doubtful. 

The introduction of the (partial) share-type option right 

in unlisted companies is welcome, however. 

*By Reinhard Eyring, Partner and Dr. Philip Cavaillès, Rechtsanwalt 

and Solicitor (England & Wales), Ashurst LLP 

How do you make sure that 

your confidential boardroom 

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the wrong hands? 

Brainloop Secure Boardroom protects confidential boardroom documents from unauthorized access 

while ensuring immediate availability to authorized users from any location, helping you reach important 

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issue 02/2012 12 

n


Manipulations in the open market 

To put an end to ongoing price manipulation and other violations in securities 

trading in the open-market segment, before Christmas the Deutsche 

Börse closed the little-regulated segment of the First Quotation Board to 

listings. Not infrequently, companies listed on the First Quotation Board 

are merely shell companies, the price of which is artificially pushed up 

through market letters, phones or e-mail. The Federal Financial Supervisory 

Authority (BaFin) has been observing the manipulations for several 

years, and in 2010 located around 90 percent of this market manipulation 

in the open market. Since March 2009, therefore, on the Second Quotation 

Board, open to businesses which are already listed on other stock 

exchanges, only shares are that are listed on exchanges with a certain minimum 

transparency requirement may be included. Since January 2011 

those companies that arrived on the First Quotation Board without a prospectus 

must demonstrate a capital of €500,000, and the shares must have 

a minimum face value of €0.10. The German stock market had set a deadline 

for the companies to show these conditions. When some of them let it 

pass, the exchange operator in October terminated the listing agreement 

under private law for 170 shares, and stopped their listing in November. 

Despite the tightening of conditions and the cleanup, further market manipulation 

came in November and December. As a consequence from 

this, before Christmas new listings in the segment were finally frozen. 

Now, the Frankfurt Stock Exchange is working together with the Hessian 

Exchange Commission and the BaFin on an action plan that will put an 

end to the manipulation. Currently, 450 companies are listed on the First 

Quotation Board. 

GCGC for more independence of supervisory 

boards 

Following the recent meeting of the Government Commission on the 

German Corporate Governance Code on 17 January, the Commission 

recommends that the Code Recommendation on the independence of supervisory 

boards be made more concrete. In future, a Supervisory Board 

should have an adequate number of independent members to ensure independent 

advice and supervision. Independent supervisory-board members 

here are those who have no business or personal relationship with 

the company or its board or third parties that could create a substantial 

conflict of interest. In addition, Supervisory Boards should for the future 

nominate specific goals for the number of independent board members, 

and do so by 2 March. The previous suggestion that the chairman should 

not chair the meetings of the Audit Committee will be redesignated as a 

recommendation. 

POLitiCs 

Amortization of unrealized 

losses on equities allowed 

The Federal Finance Court (BFH) has just 

decided in two cases that shares that have 

fallen in value may be written off in the 

balance-sheet. In one case a company had 

acquired the shares of three other listed 

companies and accounted for them as capital 

assets. It had written off their exchange 

loss of approximately 35 percent by reducing 

the profits. A second company had 

written off shares in an investment fund 

which was based mainly on stocks. In both 

cases the tax authorities had initially argued 

that the impairment was not expected to 

be permanent and therefore not accepted 

the depreciations. Now the BFH has revised 

this assessment with its judgments. According 

to them, shares may be written off 

when on the balance-sheet date they have 

dropped in value by at least five percent 

compared to the time of acquisition. 

Greens against cap on 

bank levy 

The bank tax introduced in summer 2011 

after long discussion first became due 

at the end of 2011. The new levy meets 

with resistance especially from the Greens, 

because it has been capped twice. Thus, 

it may be at most a fifth of the profits, 

and in addition not exceed half the 

average earnings for the three preceding 

years. The financial expert for the Greens, 

Gerhard Schick, demands that this cap 

be lifted, because instead of the targeted 

amount for a normal revenue year of one 

billion euros, the Finance Ministry expects 

a revenue of only €589 million for 2011. 

This means the fund for the restructuring 

of banks, to be filled up to €70 billion 

from the levy, will scarcely be able to act. 

Schick sees the acceptability limit as a farce 

and therefore wants the cap checked 

for constitutionality. 

issue 02/2012 13


Marion Helmes 

Thomas Enders 

Edgar Ernst 

PEOPLE 

Board and Supervisory Board changes 

in DAX30, MDAX and TECDAX30 

At the beginning of the year Marion Helmes replaced her predecessor Christian 

Holzherr, who in October had unexpectedly left Celesio at his own request. The 

Supervisory Board appointed the doctor of business administration on 20 December. 

She is responsible for Finance & Treasury, Controlling, Accounting, Tax, HR 

and IT. Helmes comes from Q-Cells, where she gave up her post as Chief Financial 

Officer a few weeks ago. 

Thomas Kremer, General Counsel of ThyssenKrupp, is to succeed Manfred 

Balz at Deutsche Telekom. The Bonn Group and ThyssenKrupp would not 

comment. 

Thomas Enders is to succeed Louis Gallois as CEO of the European Aeronautic 

Defence and Space Company (EADS) at the end of May. The current 

CEO of EADS will as planned give up his post on the board on 31 May 

after five years. Instead Jean-Claude Trichet moves onto the committee as 

new member. The 69-year-old French financier was until recently President of the 

European Central Bank (ECB). In the first year after his retirement from the central 

bank Trichet has to get its permission before he takes a new post. 

Professor Martin Rohr left HOCHTIEF at the turn of the year. The engineering 

graduate exercised his contractual right to early termination, which allows managers 

to retire upon a change of ownership, the Essen-based company announced 

on 20 December. Rohr gave the reason for his withdrawal as his personal life 

planning. 

Guillaume de Posch, Chief Operating Officer at the RTL Group since the beginning 

of the year, has resigned his Supervisory Board post at Sky Deutschland with 

effect from 5 January. The former head of ProSiebenSat.1 adduces conflicts of 

interest in connection with his new Board membership at the Luxembourg media 

group as the reason. 

At the Annual General Meeting on 23 January Hero Brahms left the Supervisory 

Board of Wincor Nixdorf. As seen on the invitation to the shareholders’ meeting, 

he was replaced by Professor Edgar Ernst. 

In 

issue 02/2012 

& Out in January 

14


Green Paper aims to set CG standard 

DAX board directors are pension millionaires 

In times of rising fixed salaries the pension entitlements 

of DAX board members are also climbing. 

Compensation expert Heinz Evers has worked 

out a statement for Handelsblatt showing that 

DAX company board members have, on average, 

pension rights of eight million euros, thus more 

than double within 15 years. The ranks of the 

best-secured DAX board members are headed by 

Daimler CEO Dieter Zetsche, who by the end of 

2010, for his past 13 years on the Executive Board 

alone, had secured €26 million in entitlements. 

Volkswagen boss Martin Winterkorn follows, with 

a current pension of €18 million. Ex BASF CEO 

Jürgen Hambrecht, on his departure in 2011 after 

CAMPUs 

In Europe very different rules and standards of corporate governance 

may apply. In order to unify them, the EU Commission in April 2011 

published the so-called Green Paper on the EU corporate governance 

framework, with an eye to identifying the existing need for improvement. 

Through July, the Commission then collected opinions on the 

Green Paper. The results of the consultation were published in mid 

November 2011. Commissioner Daniela Weber-Rey, a partner at 

Clifford Chance and a member of the German Corporate Governance 

Commission, has summarized the answers. The majority advocated 

that consistent corporate governance standards should be introduced 

regardless of company size. But they rejected a legally binding quota 

for women and want to encourage a voluntary promotion of diversity 

here. At the same time, respondents were against a legal limit on 

the size of supervisory boards. However, they call for regular external 

evaluations and mandatory disclosure, and a mandatory vote on remuneration 

policies. A shareholder platform is to improve cross-border coordination and 

the flow of information between issuers and shareholders. In addition, the work of proxies 

is to be made more transparent. The Commission has announced publication of further 

consultation results for early 2012. 

14 years on the board, took a €15 million pension 

package with him. Josef Ackermann, head of 

Deutsche Bank since 2002, will retire in May 2012 

with pension rights of €13 million. Evers makes 

the criticism that the DAX companies’ total pension 

obligations have grown disproportionately to 

employee pensions: instead of commonly 50 to 60 

percent of the last fixed salary, they are at up to 

80 percent today. The pension plan for the eightmember 

VW board climbed to €64 million in 

2005-2010 and thus rose by 540 percent. In addition, 

an increasing burden on groups is emerging: 

at Daimler, the Board’s pension entitlements already 

add up to €197 million. 

issue 02/2012 

15


Accounting errors down 

The German Financial Reporting Enforcement Panel (DPR) detects the 

first signs of improvement in balance-sheet quality. Its 2011 activity report 

still shows a consistently high error rate, of 25 percent. Of the 110 

tests carried out 90 were spot checks and 20 non-routine tests or checks 

performed at the request of BaFin. The previous year the error rate was 

26 percent for 118 tests. The main causes of the consistently high error 

findings for the past five years were inadequate reporting in the management 

report and the notes, especially regarding the impact of the 

financial and economic crisis on the company’s situation, and difficulties 

in applying individual IFRS standards. Thus, as in the previous year, 

risk and forecasting reporting was a major error source. The error rate 

falls from 25 percent to 19 percent when the results are adjusted by not 

counting errors that occurred again in successive financial statements 

of the same company more than once, and also eliminating tests where 

the auditor’s report was already restricted or denied. This value is still 

too high, says Vice President Axel Berger, but the adjusted calculation 

reflects the situation more adequately. 

Investment bankers more optimistic 

again 

The estimates of financial experts 

on the situation in the 

capital market having almost 

reached the negative level of 

the Lehman bankruptcy in 

consulting firm cometis’s previous 

panel, the mood among 

the investment bankers surveyed 

lightened again in the 

fourth quarter of 2011. The 

bankers granted defensive sectors 

such as food & beverages, 

but also pharma, the best prospects, 

while cyclical industries such as the automotive industry took the 

rear seats. The respondents see the financial sector at the very back. The 

vast majority sees the euro crisis as the decisive factor for stock-market 

developments in the next six months. As long as no consistent solution 

is found there, investors will continue to hold back, the bankers judge. 

The great uncertainty about economic developments will also keep the 

window for IPOs closed in the first half of 2012, but it should open in 

the second half of the year. On SME loans, about half the respondents 

predict 20 to 30 new issues. 

CAMPUs 

More private shareholders 

Despite the financial crisis and economic 

downturn, the interest of private investors 

in Germany in shares has increased for the 

first time in six years. As the German Stock 

Institute (DAI) determined, the number of 

shareholders has risen by 683,000 to 4.1 

million. A total of 8.7 million investors, 

or 13.4 percent of the German population, 

was in possession of shares or units 

of equity funds at the turn of the year. In 

the crash month of August the volume 

of purchases even exceeded that of sales 

by almost double. Thus the total number 

of shareholders rose in the second half of 

2011 by around 4.1 percent or approximately 

356,000 – a “remarkable” increase, 

as the DAI writes. Of the 6.2 million shares 

owners in 2000, just 3.4 million remained 

by the end of 2010. 

Proportion of women 

barely increased in 2011 

A study by the German Institute for Economic 

Research (DIW) came to the conclusion 

that the proportion of women in supervisory 

and management boards of large 

companies and banks in Germany barely 

changed in the past year. “The tenacity 

of male structures leaves little room for 

women,” stated the Institute’s female 

managers’ barometer on 18 January. Thus, 

the proportion of women on the boards of 

the top 200 German companies continued 

at three percent in 2011. Nevertheless, 

DAX-listed companies raised their share 

by 1.5 percentage points to 3.7 percent. 

On supervisory boards, the proportion 

increased slightly from 10.6 percent to 

11.9 percent. In MDAX companies in 2011 

only 2.3 percent of board members were 

women: female SDAX executives came to 

4.8 percent. While the rate in this country 

is barely moving forward, the percentage 

of women directors in Ireland is already at 

28 percent, in Sweden at 15 percent and in 

Finland at 12 percent. 

issue 02/2012 16


ANALYSIS 

Compliance must be lived 

Companies expend great effort training their 

employees in order to secure themselves legally 

against compliance violations. For sustainable 

change in behaviour, that is not enough. 

The dangerous moment came for George M. without 

his having had even a slight chance of recognizing it. 

Casually, a friendly ex-colleague had inquired at a trade 

fair about details of a product launch. His questions appeared 

innocuous and were clad in the familiar banter 

of two industry colleagues who still met each other 

with respect, even if they were now working for competing 

employers. And so the conversation was soon 

forgotten. 

The rude awakening came some months later. Then, 

friendly but determined prosecutors turned up in a 

number of companies in his industry and seized files by 

the basketful. His information from that time appeared 

as a classified transcript note in the papers of a competitor. 

For the Kartellamt the case was clear: between 

the two houses there had been cartel collusion to the 

detriment of consumers. The damage sum, payable immediately: 

ten percent of the turnover the listed company 

had achieved in one year in the affected division. 

George M. suddenly realized that he had made a big 

mistake and brought his company into enormous difficulties: 

the market price had come tumbling down, 

and the company’s reputation was heavily tarnished in 

the public and the media. At the same time he was 

extremely annoyed, because no one had prepared him 

for the danger of the actual conversational situation. 

Soon he was in internal investigations, with the feeling 

of being defenceless at the mercy of accusations. 

Formally, in fact, everything was against him, because 

given the enormous effort his employer had made 

in order to prevent cases like these, such a situation 

should not have arisen at all. George M. had like all his 

colleagues been channeled through a comprehensive 

compliance programme. He had studied the code of 

conduct of his business, taken lectures on the law and 

passed special training on the PC - all acknowledged 

with his signature. Nevertheless, he was not able to 

Dr. Hartmut Vennen, Markus Weik* 

CAMPUs 

recognize the significance of his remarks. But why had 

his employer’s complex compliance efforts proved ineffective 

for him? 

Many employees in German companies are like George 

M. They are trained at regular intervals, supplied with 

brochures, know their contact persons and the number 

of the internal compliance hotline. Usually they complain 

about too much rather than too little relevant information. 

The impression is that the sometimes costly 

compliance communication in companies falls short at 

some crucial point: it has no lasting effect. It checks 

acquired knowledge. But obviously it does not succeed 

in achieving a sustainable, permanently durable change 

in behaviour anchored in the employees. 

If this is true, the effect would be disastrous. Then the 

compliance efforts would be no more than a figleaf 

for management, which may feel a deceptive and dangerous 

false sense of security: having done enough to 

be protected adequately against legal liability claims, 

but clearly not enough to effectively prevent repetition 

and the resulting reputational damage for the company. 

Hadn’t George M. too confirmed with his signature 

that he had read and understood everything? 

What’s going wrong with traditional compliance 

programmes? 

The simple answer is: the communication. That may 

sound surprising, because obviously there’s already 

more than enough communicating. But where it gets 

stuck is the teaching method. Poorly prepared contents 

>> 

issue 02/2012 17


>>ANALYSIS 

are usually conveyed in the wrong format. Often the 

internal presentations meet the needs of the speakers, 

but not those of their listeners. A legal lecture is rarely 

made into an exciting event close to the lived reality 

of companies and the actual daily work of employees. 

Conventional chalk and talk misses its effect because 

the students soon turn away, uninterested or bored. 

Thus compliance becomes an issue of necessity, and is 

completed with minimum effort. 

What is to be done, then? Compliance communication 

needs in future to be aligned more closely on the expectations 

and needs of the target group. Employees 

will be attentive listeners and willing to learn if they 

recognize the reference to their actual daily work and 

responsibilities within the company. Training courses 

are not sufficient. Additionally there must be open and 

real-life exchanges of experience within the respective 

teams. When might I be running a compliance risk? 

What are the critical situations like? And above all: 

what is allowed? Good companies invest in this translation 

work, because it is the only way to make compliance 

also a contribution to business success. Only 

those who are not constantly stressing the risks, but 

rather illuminating the allowed range for employees, 

can make good, sustainable business possible. Nothing 

could be more counter-productive than an organization 

paralysed by prohibitions and monitoring that would 

rather not move at all than make a mistake. 

How should a sustainable, effective compliance 

programme ideally be structured? 

In practice, compliance communications programmes 

with the following basic features have proved useful: 

1. Personally 

Team discussions instead of anonymous screens: this 

open, trusting and personal communication helps employees 

to recognize the real stumbling blocks and to 

clearly articulate rule-compliant conduct and confidently 

present it to customers and suppliers. 

2. Systematically 

The communication of the programme must pass 

through the company with no gaps, in a sort of cascade. 

It must always start at the top and be done clearly 

and unambiguously. Depending on region, business 

and hierarchy level, the programme must be adjusted 

to the communication needs, expectations and work 

environment of employees. 

CAMPUs 

3. Consistently 

Compliance missteps must be punished promptly, consistently 

and visibly to all. The communication must 

occupy the subject, leaving no room for interpretation. 

The idea is to define the aims of the company and 

make its employees aware that rule violations will not 

be tolerated. 

4. Productively 

Lived compliance is increasingly becoming a differentiating 

feature in the marketplace and therefore a sustainable 

competitive advantage. Communication plays a 

key entrepreneurial role here. It must clearly explain 

and illustrate what is allowed, in order to promote 

good and sustainable business. 

Conclusion 

Robert Bosch once said, “The most honest form of management 

is also the most durable in the long run.” 

That rule-compliant conduct offers a competitive advantage 

is currently just being rediscovered by companies. 

This stance, however, places new and higher 

requirements on communication, for technical legal 

presentations or the anonymity of an on-screen dialogue 

do not yet create compliant conduct. Whoever 

wants to anchor compliance in the minds of employees 

and make it effective needs to promote openness, sharing 

in teamwork and an uninhibited approach to the 

issue. Classic compliance communication programmes 

currently hardly do justice to this important goal, since 

they often focus on prohibitions, risks, monitoring 

and control. Accordingly, a change of heart is overdue: 

companies need to transfer more responsibility back to 

their employees, and more clearly emphasize the path 

to good, sustainable business. Advice and support rather 

than threats and prohibitions are the appropriate 

policies for this. It is the only way in the long term to 

secure commercial success, lawful conduct, and reputation 

with both customers and employees. 

*Dr. Hartmut Vennen is Managing Director of Strategic Communications 

Practice at FTI Consulting in Frankfurt, and heads the 

Corporate Communications sector. Markus Weik is Senior Executive 

on his team. Both advise companies in mission-critical situations, 

on all relevant fields of corporate communications. They 

specialize in communication in a crisis and in legal disputes, as 

well as in the implementation of compliance programmes. 

issue 02/2012 18 

n


CAPitAL nEWs 

Capital Measures in January 

By the end of 2011 Commerzbank had already complied 

with 57 percent of its nine per cent capital requirement, 

estimated by the European Banking Authority 

(EBA) at €5.3 billion, thanks to a billion in profit in the 

fourth quarter of 2011. A message dated 19 January 

said that the measures now taken give the bank the 

potential to up its core capital by the set date of 30 

June by a total of around 6.3 billion euros from its own 

resources. The three main points of this package are the 

continued reduction of risky assets, with a core Tier-1 

relief of around 1.5 billion euros, the further reduction 

of regulatory capital deductions in the amount of approximately 

€0.35 billion and a projected profit retention 

by the end of June amounting to around €1.2 billion. 

This includes planned additional fixed cost savings 

in the first half year amounting to around €150 million. 

The core capital will accordingly be raised to 6.3 billi- 

Directors´ Dealings 

in January 

Company Person Function Buy / Sell Total value 

in Euro 

on euros (equivalent to a core capital ratio of eleven 

percent). Commerzbank plans initially not to take any 

government assistance, not to spin off its subsidiary Eurohypo 

into a Bad Bank and and not for the moment to 

convert its silent participation in Allianz. 

Owners of the two SGL CARBON bonds had by 16 

December converted a portion of the convertible debentures 

totalling €107.4 million, the Wiesbaden graphite 

specialist announced on 20 December. Simultaneously, 

the debt would decline by that amount. A 

total of 3,294,580 million new shares were created. The 

exercise of such conversion rights increases the current 

equity, after accounting for the remaining interest cost 

component and the included funding costs, by 98 million 

euros. In November 2011, BMW secured 15 percent 

of the Group. 

Number of 

shares 

Aurubis AG Renate Hold AR S 15.277 380 05.01.2012 

Bechtle AG Schick GmbH B 519.800 20.000 25.01.2012 

Carl Zeiss Meditec 

AG 

Dr. Wolfgang Reim AR S 82.150 5.000 04.-05.01.2012 

Evotec AG Dr. Werner Lanthaler VR-Chef B 27.600 12.000 29.12.2011 

Gerry Weber Inter- R + U Weber GmbH & 

B 1.298.508 53.160 30.12.11-06.01.12 

national AG Co. KG 

Henkel AG & Co. 

KGaA 

Mayc Nienhaus AR S 9.591 208 09.01.2012 

Münchener Rück- Prof. Dr. Henning Kager- AR B 200.114 2.130 27.12.2011 

versicherungs AG mann 

RWE AG Roger Graef 

AR 

B 

24.900 1.000 23.01.2012 

Roger Graef 

AR 

A2 

1.352 

52 21.12.2011 

SGL CARBON SE Robert J. Köhler VR-Chef S 488.712 12.905 20.01.2012 

* B: Buy; S: Sell; A1: Option; A2: Exercising an Option; R1: Rights; R2: Exercising an Right; P: Purchase from capital increase; 

AR: Supervisory Board Member; VR: Executive Director; M: Manager; 

Datum 

issue 02/2012 

19


INSIGHT Shareholder ID: 

January 2012 

CAPitAL 

nEWs 

INSIGHT, in collaboration with AfU, the specialist in shareholder data and analyses, brings transparency to the 

shareholder structure of DAX, MDAX and TECDAX securities. For the 110 most-capitalized companies in the three 

most important stock-market indexes on the German capital market, each month the shareholding notifications 

statutorily required in Germany on crossing disclosure thresholds, up or down, are evaluated. At the same time, 

indications on holdings from over 16,000 public and special funds at home and abroad are followed. 

Shares held by capital investment companies: 

DAX 

MDAX 

TECDAX 

Shares Changes* 

1. adidas 41,14 % 

DAX 

1. adidas + 13,76 

2. Bayer 32,14 % 2. Volkswagen + 11,62 

3. Infineon 31,59 % 3. BASF + 9,88 

28. Commerzbank 9,66 % 28. MAN - 0,60 

29. Beiersdorf 8.00 % 29. Infineon - 1,93 

30. Deutsche Börse 1,44 % 30. Fresenius - 2,30 

1. Rheinmetall 43,51 % 

MDAX 

1. Brenntag + 24,33 

2. Bilfinger Berger 42,56 % 2. Klöckner & Co + 2,15 

3. Brenntag 41,75 % 3. Axel Springer + 2,10 

48. GAGFAH 5,19 % 48. Rheinmetall - 2,35 

49. Hamburger Hafen und 

Logistik 

* Changes from previous month, percent 

4,55 % 49. ProSieben - 9,29 

50. BayWa 3,19 % 50. LANXESS - 11,21 

1. Pfeiffer Vacuum 49,76 % 

TECDAX 

1. SÜSS MicroTec + 6,58 

2. Wirecard 48,96 % 2. Pfeiffer Vacuum + 5,43 

3. AIXTRON 39,09 % 3. PSI + 4,00 

28. Gigaset 5,56 % 28. BB BIOTECH - 0,73 

29. Nordex 5,49 % 29. Kontron - 1,52 

30. Q-Cells 4,24 % 30. XING - 2,05 

Column (1) gives the company name. Column (2) shows how high a proportion of own shares each company 

holds. Columns (3) and (4) list the notifiable shareholders and their most recently declared holdings. Column (5) 

gives information on how heavily the capital investment companies making disclosures (i.e. the public and special 

funds) were involved altogether in each security according to their latest disclosures. Column (6) shows the percentage 

(of the holding) by which the holding of the capital investment company making the disclosure has increased 

or decreased. Columns (7) and (8) indicate the capital investment company most involved in the given security and 

its share. 

issue 02/2012 

20



DAX 

Companies 

INSIGHT Shareholder ID: DAX Holdings in per cent 

Ownshares 

Notifiable shareholders Share 

adidas BlackRock 

Thornburg Investment Management 

Capital Research and Management 

Aberdeen Asset Management 

Aufsichtsrat 

Vorstand 

5,04 St 

5,03 St 

5,01 St 

2,9 St 

1,92 St 

1 St 

41,14 13,76 Lyxor International 

Asset Management 

Allianz 0,62 (St) BlackRock 5,03 St 23,22 2,53 BlackRock Financial 

Management 

BASF BlackRock 5,35 St 28,92 9,88 Lyxor International 


Bayer Capital Research and Management 

BlackRock 

Capital World Growth and 

Income Fund 

Société Générale 

BMW Stefan Quandt & Co. KG für 

Automobilwerte 

Johanna Quandt 

Susanne Klatten & Co. KG für 

Automobilwerte 

BlackRock 

Beiersdorf 9,99 (St) maxingvest ag 


Commerzbank 0,79 (St) Bundesrepublik Deutschland 

Allianz SE 

BlackRock 

Assicurazioni Generali 

UBS 

Credit Suisse 

Citigroup 

JPMorgan Chase & Co. 

9,97 St 

5,03 St 

2,95 St 

2,76 St 

17,4 St 

16,7 St 

12,56 St 

3,05 St 

50,47 St 

2,75 St 

25 St 

4,85 St 

3,07 St 

1,11 St 

0,78 St 

0,59 St 

0,46 St 

0,32 St 

32,14 2,68 Capital Research 

and Management 

14,32 0,04 Dodge & Cox 

Funds 

8,00 0,47 BlackRock Financial 

Management 

CAPitAL 

nEWs 

Investment companies (KAGs) making disclosures* 

Total Change 

** 

Biggest KAG Share 



9,53 

2,53 

9,28 

6,55 

1,41 

0,87 

2,05 

issue 02/2012 21


Companies 

Commerzbank 0,79 (St) NEW SILAG 

HSBC Holdings 

Goldman Sachs Group 

ING Groep N.V. 

Daimler 0,02 (St) Kuwait Investment Authority 

BlackRock 

International Petroleum 

Investment (IPIC) 


Renault S. A. 


Deutsche Bank 2,73 (St) BlackRock 

Credit Suisse Group 


Dr. Josef Ackermann 

Anshuman Jain 

Jürgen Fitschen 

Rainer Neske 

Dr. Clemens A.H. Börsig 

Dr. Hugo Bänziger 

Hermann-Josef Lamberti 

Deutsche Börse 5,94 

(5,09) (St) 


Ownshares 


BlackRock 


Franklin Mutual Advisers, 

Sun Life Financial 

Deutsche Lufthansa BlackRock 

Templeton Global Advisors 

Deutsche Post 

AXA 

KfW - Kreditanstalt für Wiederaufbau 

BlackRock 

Deutsche Telekom KfW - Kreditanstalt für Wiederaufbau 

Bundesanstalt für Post und 

Deutsche Telekom 

Blackstone Group 

BlackRock 

E.ON 4,78 (St) Staat Norwegen 

BlackRock 

0,14 St 

0,1 St 

0,04 St 

0,01 St 

6,9 St 

5,72 St 

4,99 St 

3,1 St 

3,1 St 

2,79 St 

5,14 St 

3,86 St 

2,99 

(3,08) St 

0,06 St 

0,05 St 

0,02 St 

0,01 St 

0,01 St 

0,01 St 

0,01 St 

5,01 St 

3,09 St 

2,96 St 

2,92 

(3,34) St 

5,08 St 

5,00 

(3,19) St 

2,8 St 

30,5 St 

3,18 St 

17 St 

15 St 

4,4 St 

3,34 St 

5,91 St 

5,01 St 




Management 


Management 

CAPitAL 

nEWs 


Total Change 

** 


2,05 

2,16 

2,54 

1,44 0,43 DWS Investment 0,60 

22,81 2,17 Commerz Funds 

Solutions 


Management 


Management 


Management 

2,74 

1,55 

1,76 

2,45 

issue 02/2012 22


Companies 

FMC Fresenius SE 

BlackRock 


Ownshares 


Thornburg Investment Management 

Fresenius Else Kröner-Fresenius-Stiftung 

BlackRock 

Allianz SE 

Skandinaviska Enskilda 

Banken AB 

HeidelbergCement Ludwig Merckle 

Arnhold and S. Bleichroeder 

Holdings 

BlackRock 

Artisan Partners Partnership 

FMR 

Fidelity Management & 

Research 

Pommersche Provinzial- 

Zuckersiederei 

30,33 St 

5,00 

(4,99) St 

3,76 St 

28,85 St 

5,04 St 

4,26 St 

1,77 St 

25,89 St 

5,12 St 

4,83 St 

3,09 St 

2,96 St 

2,96 St 

0,02 St 

Henkel 2,26 (Vz) Familie Henkel 53,12 

(53,17) St 

Infineon Dodge & Cox 

BlackRock 


EuroPacific Growth Fund 

Odey Asset Management 

K+S Meritus Trust 

BlackRock 


Prudential 

AXA 


The Royal Bank of Scotland 

Group 

Linde Sun Life Financial 

BlackRock 


Allianz SE 

MAN Volkswagen 

BlackRock 

9,82 St 

5,08 St 

5,06 St 

3,06 St 

2,74 St 

9,88 St 

5,46 St 

3,05 St 

3 St 

2,96 St 

2,54 St 

2,29 St 

5,13 St 

5,02 St 

4,94 St 

2,97 St 

55,9 St 

4,15 St 

17,59 1,31 Thornburg Investment 

Management 

18,11 -2,30 Allianz Global 

Investors 

CAPitAL 

nEWs 


Total Change 

** 


2,45 

1,73 

18,95 1,84 First Eagle Funds 2,39 


Management 

31,59 -1,93 Dodge & Cox 

Funds 



30,81 -0,31 Capital Research 


2,04 

6,06 

5,66 

3,78 

16,56 -0,60 DWS Investment 2,37 

issue 02/2012 23


Companies 


Ownshares 


Merck Sun Life Financial 

Templeton Investment 

Counsel, 

BlackRock 

Templeton Global Advisors 

Deutsche Bank 

FIL 



Barclays 

METRO Stimmrechtsbündelung Haniel/Schmidt-Ruthenbeck 

Gesellschafterstamm Beisheim 

Münchener Rück 0,79 (St) Warren E. Buffett 

BlackRock 

People‘s Bank of China 

RWE 0,05 (St) RW Energie-Beteiligung 

Privataktionäre 

BlackRock 

Mondrian Investment Partners 


Belegschaftsaktionäre 

SAP 3,19 (St) Prof. Hasso Plattner 

Dr. Dietmar Hopp 

Dr. Klaus Tschira 

BlackRock 

Deutsche Bank Trust Americas 

Siemens 4,37 (St) Siemens (Familie) 

BlackRock 

Aufsichtsrat 

Vorstand 

ThyssenKrupp Alfried Krupp von Bohlen und 

Halbach-Stiftung 

BlackRock 

Norges Bank (norwegische 

Zentralbank) 

Franklin Mutual Advisers, 

Volkswagen Porsche 

Land Niedersachsen 

State of Qatar 

9,56 St 

5,13 St 

5,06 St 

5,06 St 

4,48 St 

4,48 St 

2,99 

(4,89) St 

2,88 St 

0,96 St 

50,01 St 

9,97 St 

10,24 St 

6,15 St 

3,04 St 

16,09 St 

14 St 

5,01 St 

3,01 St 

2,93 St 

1 St 

9,96 St 

9,2 St 

9 St 

5,02 St 

3,73 St 

6 St 

5,01 St 

0,01 St 

0,01 St 

25,33 St 

5,06 St 

3,09 St 

3,06 St 

53,13 St 

20 St 

17 St 

*Share in each case in relation to index-relevant share type **Change from previous month, percent 

St: ordinary shares, Vz: preference shares 

The AfU company information agency lists over 18,000 funds and investment companies making disclosures. 

The position shown is taken from recently published annual and quarterly reports. 



CAPitAL 

nEWs 


Total Change 

** 


6,64 

10,49 0,47 Deka Investment 1,28 


Management 


Management 


Management 


Management 


Management 



2,28 

1,82 

1,74 

1,93 

1,55 

8,72 

issue 02/2012 24



MDAX 

Companies 

INSIGHT Shareholder ID: MDAX Holdings in per cent 

Ownshares 


Aareal Bank Aareal Holding Verwaltungsgesellschaft 

Universal Investment Gesellschaft 

DWS Investment 

Allianz Global Investors 

FIL 

Aurubis Salzgitter 

BlackRock 

Dimensional Fund Advisors LP 

DJE Investment 


Vorstand 

Aufsichtsrat 

Axel Springer 0,60 (St) Axel Springer Gesellschaft für 

Publizistik 

Dr. Friede Springer 

Michael Lewis 


Dr. Mathias Döpfner 

Dr. Giuseppe Vita 

Lothar Lanz 

Oliver Heine 

BayWa Bayerische Raiffeisen-Beteiligung 

Raiffeisen Agrar Invest 

SKAGEN AS 

Bilfinger Berger 4,09 (St) Cevian Capital II GP 

BlackRock 

Invesco Ltd 

DJE Investment 



UBS 

28,9 St 

4,12 St 

3,44 St 

3,01 St 

2,91 St 

25,00 St 

3,16 St 

3,01 St 

2,95 St 

2,88 

(4,07) St 

0,03 St 

0,01 

(0,02) St 

51,55 St 

7 St 

3,08 St 

2,97 St 

1,26 St 

0,03 St 

0,01 St 

0,003 St 

35,15 St 

25,04 St 

2,98 St 

12,62 St 

5,21 St 

4,98 St 

4,96 St 

3,78 St 

3,19 St 

1,96 St 

CAPitAL 

nEWs 


Total Change 

** 




24,50 2,10 Tweedy, Browne 

Fund 


Investors 


Investors 

7,01 

1,73 

3,84 

issue 02/2012 

25


Companies 


Ownshares 


Brenntag Brachem Acquisition S.C.A. 

NEW Sun Life Financial 

NEW Longview Partners LP 


T. Rowe Price Group 

Paulson & Co. 

Celesio Franz Haniel & Cie. 

BlackRock 

Baillie Gifford & Co. 

Continental Schaeffler Verwaltungs 

B. Metzler seel. Sohn & Co. 

Holding 

M.M. Warburg & CO KGaA 

Government of Singapore 

Investment Corp. 

BlackRock 

Deutsche EuroShop Familie Otto 

AROSA Vermögensverwaltung 

BlackRock 

Gemeinnützige Hertie-Stiftung 

Dexia 

Vorstand 

Deutsche Wohnen Cohen & Steers 

Deutsche Asset Management 

First Eagle Overseas Fund 


Asset Value Investors 

Ärzteversorgung Westfalen- 

Lippe 

BlackRock 

MFS International Value Fund 

Oyster Asset Management 

Morgan Stanley 

UBS 

Credit Suisse 

DEUTZ SAME DEUTZ-FAHR Holding & 

Finance 

AB Volvo 

DOUGLAS Dr. August Oetker Finanzierungs- 

und Beteiligung 

Dr. Jörn Kreke 

NEW Müller & Co. KG 

Bank Sarasin & Cie 

Deutsche Bank 

Governance for Owners 

27,28 

(36,02) St 

3,65 St 

3,11 St 

3,06 St 

3 St 

2,99 St 

54,6 St 

2,94 St 

2,89 St 

49,9 St 

5,19 St 

5,19 St 

3,05 St 

2,82 St 

15,00 St 

9,63 St 

3,06 

(2,98) St 

3,02 St 

0,48 St 

0,06 St 

9,91 St 

5,75 St 

5,24 St 

5,03 St 

4,94 St 

3,33 St 

3,06 St 

3,03 St 

2,96 St 

0,44 St 

0,33 St 

0,09 St 

25,11 St 

6,7 St 

25,81 St 

12,62 St 

10,05 St 

8,28 St 

4,96 St 

3,8 St 



7,89 0,85 ING Investment 

Management LUX 

CAPitAL 

nEWs 


Total Change 

** 


24,99 

0,76 




14,16 0,90 Union Investment 

Privatfonds 

1,94 

13,30 -0,12 Deka Investment 2,73 

issue 02/2012 

26


Companies 

DOUGLAS BlackRock 

Sparinvest Holding A/S 

ElringKlinger Familien Lechler 

BlackRock 

EADS 0,65 (St) SOGEADE 

Daimler 

Investorenkonsortium 

SEPI 

Vnesheconombank 

Fielmann Prof. Dr. h.c. Günther Fielmann 

Fielmann INTER-OPTIK 

Fielmann Familienstiftung 

Marc Fielmann 

Fraport Land Hessen 

Stadtwerke Frankfurt a.M. 

Holding 

Artio Global Investors 

Deutsche Lufthansa 

Taube Hodson Stonex Partners 

FUCHS PETROLUB Familie Fuchs 


Mawer Investment Management 


SMALLCAP World Fund 

Labour Law Intellectual Property 

and Media Law 

Anti-Trust and 

Distribution Law 


Ownshares 

Japan Desk 

Düsseldorf • Munich • Tokyo • www.arqis.com 


Private Equity Corporate Law 

Regulatory, 

Energy & Environment 

expertise redefined 

2,96 St 

2,88 St 

52,043 St 

2,97 St 

22,46 St 

14,96 St 

7,5 St 

5,47 St 

5,04 St 

36,8 St 

15,12 St 

11,36 St 

7,73 St 

31,5 St 

20,12 St 

9,96 St 

9,92 St 

2,99 St 

51,7 St 

5,2 St 

3,02 St 

2,99 St 

2,99 St 

Restructuring 

Mergers & Acquisitions Real Estate 

Capital Market Law and 

Compliance 

CAPitAL 

nEWs 


Total Change 

** 






9,57 0,44 Allianz Global 

Investors 

12,89 1,24 Artio Global Management 


Investors 

Banking and 

Finance Law 

ARQ_quer_170_83_RZ.indd 1 28.05.10 12:26 

issue 02/2012 27 

0,72 

1,21 

2,48 

4,79


Companies 

YOUR FEEDBACK 




ä 


Ownshares 

GAGFAH 8,37 (St) Fortress Investment Group 60,09 St 5,19 0,02 Capital Research 


GEA Group BlackRock 

Kuwait Investment Office 

AMUNDI 


Alecta pensionsförsäkring, 

ömsesidigt 

FMR 

Gerresheimer Eton Park Master Fund 

Ameriprise Financial 

Clifton S. Robbins 

WS Management 

BlackRock 

Governance for Owners 

Tremblant Capital LP 

GERRY WEBER 2,84 (St) Gerhard Weber 


Udo Hardieck 

Dipl.-Kfm. Ralf Weber 

Charlotte Weber-Dresselhaus 

Doris Strätker 

9,99 St 

8,25 St 

4,96 St 

3,59 St 

3,1 St 

2,99 St 

5,17 St 

5,03 St 

5,02 St 

3,1 St 

3,02 St 

2,99 St 

2,97 St 

28,61 

(28,41) St 

18,05 St 

4,98 St 

0,15 St 

0,01 St 




ä 


Investors 

23,34 -0,26 Threadneedle Asset 

Management 

CAPitAL 

nEWs 

0,87 

2,88 

3,99 


GILDEMEISTER 3,00 (St) Mori Seiki Co., 20,1 St 10,93 0,24 DFA Investment 

Dimensions Group 

GSW Immobilien Lekkum Holding B.V 

The Goldman Sachs Group 

Government of Singapore 

Investment Corp. 


BlackRock 

PGGM N.V. 

AXA 

F&C Asset Management 

ING Groep N.V. 

10,02 St 

10,02 St 

6,19 St 

5,14 St 

3,7 St 

3,13 St 

3,12 St 

2,85 St 

0,29 St 


Total Change 

** 


11,97 0,99 MFS Massachusetts 

Financial 

Services 

1,65 

1,81 

issue 02/2012 28


Companies 


Ownshares 


CAPitAL 

nEWs 


Total Change 

** 


Hamburger Hafen 

Freie und Hansestadt Ham- 68,5 St 4,55 -0,07 Allianz Global 0,59 

und Logistik 

burg 

Investors 

Macquarie Group 

2,74 St 

Hannover Rück Talanx 50,22 St 12,32 1,04 DWS Investment 2,06 

Heidelberger Druck 0,17 (St) Allianz SE 

13 St 15,30 -0,19 SEB Asset Ma- 5,95 

SEB Invest 

5,02 St 

nagement 

RWE 

4,22 St 


3,14 St 

SMALLCAP World Fund 3,13 St 

BlackRock 

3,02 St 

Bernhard Schreier 

0,01 St 

Robert J. Koehler 

0,005 St 

Dirk Kaliebe 

0,004 St 

Dieter Willi Brandt 

0,003 St 

Dr. Werner Brandt 

0,003 St 

Stephan Plenz 

0,002 St 

Marcel Kießling 

0,001 St 

Bent Mortensen 

0,001 St 

HOCHTIEF Acs, Actividades de Construccion 

y Servicios 

50,16 St 9,66 -0,55 Sparinvest DK 1,74 

Qatar Holdings 

10 St 

Southeastern Asset Management 

3,07 St 

BlackRock 

3,02 St 

HUGO BOSS 1,47 (St) Red & Black S.r.l. 

88,02 St 14,11 -0,80 Allianz Global 2,02 

2,48 (Vz) Red & Black S.r.l. 

55,28 Vz 

Investors 

Kabel Deutschland BlackRock 

11,00 St 30,20 -0,29 BlackRock Invest- 6,12 

Norges Bank (norwegische 5,25 St 

mentManage- Zentralbank) 

ment (UK) 

Ameriprise Financial 5,17 St 

Scout Capital Management 3,03 St 

FMR 

2,98 

(4,89) St 

Fidelity Investment Trust 2,92 St 

Klöckner & Co Norges Bank (norwegische 5,58 St 24,35 2,15 DFA Investment 2,07 

Zentralbank) 


NEW Templeton Investment 

Counsel 

3,04 St 

AMUNDI 

3,01 St 

Allianz Global Investors 2,91 St 

JPMorgan Chase & Co. 0,08 St 

KRONES 4,51 (St) Familie Kronseder 

53,71 St 11,24 -0,09 Tweedy, Browne 3,07 

Tweedy, Browne 

4,99 St 

Fund 

Schadeberg GbR 

3,47 St 

ODDO ET CIE 

3,27 St 

issue 02/2012 

29


Companies 


Ownshares 


KUKA Rudolf Grenzebach 

Oppenheim Asset Management 

Wyser-Pratte Management Co. 


LANXESS 0,14 (St) Dodge & Cox 

BlackRock 


Zentralbank) 

FIL 


Teachers Advisors 

JPMorgan Chase Bank 

Dr. Axel Claus Heitmann 

Dr. Rainier van Roessel 

Matthias Zachert 

Dr. Werner Breuers 

LEONI Allianz Global Investors 

MTU 6,25 (St) 


Zentralbank) 

Johann Erich Wilms 



Barclays Global Investors UK 

Holdings 

Gryphon Investment Counsel 

BlackRock 

FIL 

FMR 

Fidelity Management & 

Research 

ProSieben 5,20 (Vz) Lavena Holding 4 KKR/Permira 

Telegraaf Media International 

B.V. 

Lavena Holding 4 KKR/Permira 

PUMA SAPARDIS 

J.P. Morgan Markets 

AMUNDI 

BlackRock 

RATIONAL Siegfried Meister 

Walter Kurtz 

Royce & Associates, 

The Royce Fund 

Aufsichtsrat 

Vorstand 

24,41 St 

5,17 St 

4,74 St 

3,98 St 

9,93 St 

5,1 St 

5,04 St 

3,13 St 

3,04 St 

2,92 St 

2,9 St 

0,02 St 

0,02 St 

0,01 St 

0,01 St 

3,06 

(2,94) St 

3,04 St 

3,03 St 

10,22 St 

3,12 St 

3,06 St 

3,02 St 

2,99 St 

2,96 St 

2,91 St 

2,87 St 

88 St 

12 St 

18 Vz 

75,12 St 

3,19 St 

3,1 St 

3,01 St 

62,9 St 

7,81 St 

2,99 St 

2,99 St 

0,72 St 

0,13 St 


Investors 

CAPitAL 

nEWs 


Total Change 

** 


3,20 

30,07 -11,21 TIAA CREF 5,59 


Investors 

32,27 -1,47 Capital Research 


1,94 

3,84 




Investors 

2,04 

issue 02/2012 

30


Companies 


Ownshares 


Rheinmetall 3,30 (St) Harris Associates L.P. 

BlackRock 


FMR 

Vorstand und Aufsichtsrat 

Rhön-Klinikum Familie Münch 

Alecta pensionsförsäkring, 

ömsesidigt 

Franklin Mutual Series Funds 

BlackRock 


Templeton Investment Counsel 

Salzgitter 10,00 (St) Land Niedersachsen 

BlackRock 

SGL CARBON Susanne Klatten 

Bayerische Motoren Werke 

Voith Industrieverwaltung 

Volkswagen 

Sky Deutschland News Corporation/Rupert- 

Murdoch 

Odey Asset Management 


Dr. Stefan Jentzsch 

business needs advice 

Labour Law BilMoG 

Labour Law BilMoG 

Corporate Governance Business Law 

Corporate Governance Business Law 

Litigation Accountancy Due Diligence 

Litigation Accountancy Due Diligence 

Risk Management 

Risk Management 

Free sample: 

Phone: +49 (0)69-7595-2788 – Fax +49 (0)69-7595-2760 

kundenservice@betriebs-berater.de 

10,46 St 

5,1 St 

2,96 St 

2,62 St 

1,1 St 

12,45 St 

9,94 St 

4,99 St 

3,08 St 

3,07 St 

3,05 St 

26,5 St 

4,13 St 

29,53 St 

15,72 St 

9,14 St 

8,12 St 

49,9 St 

15,01 St 

4,97 St 

0,02 St 

43,51 -2,35 INVESCO Fund 

Managers 

24,81 1,42 Franklin Templeton 

International 

CAPitAL 

nEWs 


Total Change 

** 


3,44 

4,86 

13,46 0,44 Sparinvest DK 0,92 


Investors 

9,96 -0,13 Classic Fund 

Management 

0,98 

2,66 

issue 02/2012 

31


Companies 


Ownshares 


STADA 0,17 (St) DWS Investment 

Gryphon Investment Counsel 

Morgan Stanley & Co. International 

SKAGEN AS 

BlackRock 

Südzucker Süddeutsche Zuckerrübenverwertungs-eG 

Zucker Invest 

Symrise Prudential 

Gerberding Vermögensverwaltung 


BlackRock 

Mondrian Investment Partners 

Schroders 


Standard Life Investments 

FIL 

TUI S-Group Travel Holding 

Monteray Enterprises 

Riu Hotels 

Caisse de Dépôt et de Gestion 


BlackRock 

Confederación Espanola de 

Cajas de Ahorros 

Barclays 

Vossloh 10,00 (St) Familiengemeinschaft Vossloh 

GbR 

Heinz Hermann Thiele 


WACKER CHEMIE 4,75 (St) Dr. Alexander Wacker Familiengesellschaft 

Blue Elephant Holding 

NEW BlackRock 

Wincor Nixdorf 9,99 (St) DWS Investment 

AMUNDI 

Aberdeen Asset Management 

BlackRock 

5,38 St 

3,2 St 

3,18 St 

3,01 St 

2,77 St 

55 St 

10 St 

10,02 St 

5,86 St 

5,02 St 

3,15 St 

3,15 St 

3,1 St 

3,07 St 

3,07 St 

2,99 St 

25,06 St 

15,01 St 

5 St 

4,99 St 

3,01 St 

2,99 St 

2,74 St 

1,58 St 

31 St 

15,29 St 

2,89 St 

60,39 St 

10,86 St 

3,01 St 

5,1 St 

4,98 St 

3,15 St 

2,72 St 





CAPitAL 

nEWs 


Total Change 

** 


19,55 0,19 SKAGEN Fondene 4,02 

7,75 -0,28 DFA Investment 


33,21 -0,21 MFS Massachusetts 

Financial 

14,34 -0,34 Vanguard Group, 

The 

0,47 

2,30 

3,01 


11,73 -0,28 Threadneedle Asset 

Management 

0,99 


issue 02/2012 32



TECDAX30 

Companies 

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent 

Ownshares 


ADVA Optical EGORA Holding 



UBS 

Juniper Networks 

Eric Protiva 

Brian L. Protiva 

Prof. Albert J. Rädler 

Anthony T. Maher 

AIXTRON Camma 


Vanguard Group 


William Blair &, 


Jupiter Asset Management 

BB BIOTECH 8,77 (St) The Bank of New York Mellon 

Corporation 

Bechtle Karin Schick-Krief 


LOYS Sivac 

JPMorgan Asset Management 

(UK) 

Dr. Jürgen Schäfer 

Klaus Winkler 

Sonja Glaser-Reuss 

Uli Drautz 

Carl Zeiss Meditec Carl Zeiss 

Massachusetts Mutual Life 

Insurance 

Legg Mason 

centrotherm TCH 

FMR 

Deka Investment 

Autenrieth Beteiligungs 


18,4 St 

5,71 St 

3,1 St 

3,01 St 

1,17 St 

0,68 St 

0,62 St 

0,33 St 

0,02 St 

7,56 St 

5,23 St 

3,32 St 

3,01 St 

3,01 St 

2,96 St 

2,57 St 

CAPitAL 

nEWs 


39,09 0,33 Vanguard Group, 

The 

3,88 

5,86 St 11,78 -0,73 Newton Fund 

Managers 

7,04 

34,92 St 

5,73 St 

3,34 St 

2,91 St 


0,02 St 

0,01 St 

0,01 St 

0,01 St 

65,05 St 

3,07 St 

3,01 St 

50 St 

5,02 St 

3,04 St 

2,65 St 

0,4 St 


Total Change 

** 


12,11 0,16 TheRoyceFunds 3,27 


issue 02/2012 33


Companies 


Ownshares 


Dialog 6,14 (St) Grange Nominees 

Citigroup Global Markets 

Chase Nominees Ltd 

BNP Paribas Securities Services 

Robert Citrone 

State Street f. Benefit of Clients 

Morgan Stanley Bank 

Caceis Bank 

X-FAB Semiconductors 

Board of Directors 

Drillisch Marc Brucherseifer 

FIL 

IPConcept Fund Management 

Paschalis Choulidis 

Vlasios Choulidis 


(UK) 

Johann Weindl 

Dr. Hartmut Schenk 

Drägerwerk Familie Dräger 


Oddo Asset Management 

Dräger-Stiftung München/ 

Lübeck 

Dr. Christian Dräger 

EVOTEC Roland Oetker 

TVM Life Science Ventures VI 

LBBW Asset Management 

Dr. Werner Lanthaler 

Geratherm Medical 

Mary C. Tanner 

Dr. Mario Polywka 

Dr. Hubert Birner 

Dr. Peter Fellner 

Dr. Walter Wenninger 

Dr. Flemming Ornskov 

freenet Drillisch 

IPConcept Fund Management 


Zentralbank) 

Janus Capital Management, 

Ralph Dommermuth 

Classic Fund Management 

Aktiengesellschaft 

7,28 St 

6,1 St 

6 St 

5,8 St 

5,6 St 

4,7 St 

4,6 St 

3,3 St 

3 St 

1,03 St 

7,35 St 

5,55 St 

5,16 

(3,11) St 

3,76 St 

3,56 St 

2,94 St 

0,02 St 

0,01 St 

71,46 St 

3,3 St 

3,01 St 

1,72 Vz 

1,49 Vz 

14,73 St 

9,49 St 

3,01 St 

0,42 

(0,41) St 

0,12 St 

0,05 St 

0,05 St 

0,02 St 

0,01 St 

0,01 St 

0,01 St 

21,86 St 

3,03 St 

3,01 St 

2,99 St 

2,98 St 

2,89 St 

29,76 -0,09 Union Investment 

Privatfonds 

24,16 -0,37 Fidelity Investments 

LUX 

36,47 -0,66 Nordea Investment 

Funds 



CAPitAL 

nEWs 


Total Change 

** 


27,23 0,93 Classic Fund 

Management 

1,94 

5,04 

4,84 

1,16 

3,19 

issue 02/2012 34


Companies 


Ownshares 


Gigaset 0,10 (St) Mantra Investissement SCA 

Dr. Dr. Peter Löw 

JENOPTIK ECE Industriebeteiligungen 

Thüringer Industriebeteiligung 

MEAG MUNICH ERGO 

ERGO Lebensversicherung AG 

ZOOM Immobilien 

Templeton Investment Counsel 

BT Pension Scheme Trustees 

Kontron 0,22 (St) Warburg Pincus & Co. 

FMR 

NEW Hauck & Aufhäuser 

Investment 

Virmont S.a.r.l. 

Ulrich Gehrmann 

Nevin Hugh 

Dipl.-Ing. Helmut Krings 

Thomas Sparrvik 

David Malmberg 

Dirk Finstel 

MorphoSys 0,35 (St) Novartis Pharma 

AstraZeneca 

Massachusetts Mutual Life 

Insurance 


Nordex Skion/momentum capital/ 

Klatten 


Zentralbank) 

Thomas Richterich 

Carsten Risvig Pedersen 

Pfeiffer Vacuum Arnhold and S. Bleichroeder 

Holdings 

Legg Mason 


Hakuto - Handelsvertretung 


PSI RWE Energy 

Konsortium 

Jubilee System Sdn Bhd 




Karsten Trippel 

Dr. Harald Schrimpf 

Wilfried Götze 

Armin Stein 

5,19 St 

4,57 St 

14,01 St 

11 St 

6,62 St 

5,75 St 

4,84 St 

3,11 St 

3,06 St 

18,62 St 

6,3 St 

4,55 St 

3,17 St 

0,5 St 

0,34 St 

0,07 St 

0,06 St 

0,02 St 

0,01 St 

7 St 

6 St 

4,48 St 

1,84 St 

24,99 St 

2,68 St 

0,74 St 

0,51 St 

9,61 St 

4,95 St 

3,49 St 

3,48 St 

3,15 St 

17,77 St 

9,35 St 

8,1 St 

4,54 St 

2,92 St 

2,78 St 

0,7 St 

0,42 St 

0,35 St 

0,15 St 

5,56 -0,25 SIGMA Capital 

Management 



22,71 -1,52 Fidelity Management 

& Research 

24,00 -0,12 Oppenheimer- 

Funds 

5,49 0,17 Pioneer Asset 

Management 

CAPitAL 

nEWs 


Total Change 

** 


1,00 

1,91 

6,90 

5,84 

0,78 



Investors 

3,46 

issue 02/2012 

35


Companies 


Ownshares 


PSI Barbara Simon 

Prof. Dr. Rolf Windmöller 

Bernd Haus 

Dr. Ralf Becherer 

Q-Cells Good Energies (Solar Investments) 


Good Energies (Solar Investments) 

QIAGEN FMR 

FIL 

Dr. Metin Colpan 

Prof. Detlev H. Riesner 

Peer M. Schatz 

QSC John C. Baker 

Gerd Eickers 

Dr. Bernd Schlobohm 

Herbert Brenke 

Jürgen Hermann 

David Ruberg 

SINGULUS Dimensional Fund Advisors LP 

VVG Familie Roland Lacher KG 

Dr. Wolfhard Leichnitz 

Günter Bachmann 

Dr. Stefan Rinck 

Markus Ehret 

SMA Solar Pool SMA Solar Technology 

Prof. Dr. Werner Kleinkauf 

Rainer Wettlaufer 

Peter Drews 

Günther Cramer 

Günther Cramer Stiftung 

Peter Drews Stiftung 

Reiner Wettlaufer Stiftung 


Ruane, Cunniff & Goldfarb 

Pierre-Pascal Urbon 

Software Software Stiftung 

Alken Fund SICAV 


T. Rowe Price Associates 


(UK) 

Fidelity International 


Deka International 

0,05 St 

0,04 St 

0,01 St 

0,01 St 

19,9 St 

2,97 St 

100 Vz 

4,74 St 

4,41 St 

1,95 St 

0,75 St 

0,67 St 

18,56 St 

10,11 St 

10,07 St 

0,14 St 

0,12 St 

0,01 St 

2,51 St 

1,21 St 

0,05 St 

0,04 St 

0,02 St 

0,01 St 

25,2 St 

7,24 St 

7,05 St 

7,05 St 

7,03 St 

5,76 St 

5,76 St 

5,76 St 

3,01 St 

2,89 St 

0,5 St 

29 St 

4,8 St 

3,31 St 

3,07 St 

3,02 St 

3,01 St 

2,9 St 

0,76 St 


Investors 

4,24 0,36 DFA Investment 


CAPitAL 

nEWs 


Total Change 

** 


3,46 

0,51 


6,75 0,11 J O Hambro Capital 

Management 



8,33 -0,51 Vanguard Group, 

The 

1,75 

2,43 

1,96 

26,66 1,12 Deka Investment 4,23 

issue 02/2012 36


Companies 

SolarWorld 0,83 (St) Frank H. Asbeck 

UBS 


STRATEC Biomedical 0,24 (St) Familie Hermann Leistner 

Threadneedle Asset Management 


FIL 

SÜSS MicroTec DWS Investment 

Credit Suisse Fund Management 

S.A 

Universal Investment Gesellschaft 

Frank P. Averdung 

Michael Knopp 

Dr. Stefan Reineck 

United Internet 9,87 

(7,09) (St) 


Ownshares 


Ralph Dommermuth 

Warburg Pincus & Co. 

Deutsche Bank 


BlackRock 

Michael Scheeren 

Norbert Lang 

Wirecard MB Beteiligungsgesellschaft 

Jupiter Asset Management 

Alken Fund SICAV 


WA Holdings 

Columbia Wanger Asset 

Managment 


Henderson Group 

XING 2,13 (St) Burda Digital 

Investmentaktienges. für 

langfristige Investoren 

UniCredit Bank 

Ennismore Fund Management 

Delta Lloyd N.V. 


Oliver Jung 

Whale Rock Capital Partners 


SMALLCAP World Fund 

27,8 St 

2,92 St 

2,49 St 

42,9 St 

5,57 St 

3,16 St 

2,99 St 

8,68 St 

3,35 St 

3,08 St 

0,43 St 

0,33 St 

0,05 St 

41,86 St 

5,54 St 

4,86 St 

3,04 St 

2,98 St 

0,29 St 

0,2 St 

7,6 St 

6,26 St 

5 St 

4,97 St 

3,1 St 

3,08 St 

3,04 St 

2,93 St 

29,6 St 

6,46 St 

5,28 St 

5,16 St 

5,04 St 

4,96 St 

4,09 St 

3,33 St 

3,09 St 

2,59 St 





CAPitAL 

nEWs 


Total Change 

** 



23,51 0,13 Threadneedle Asset 

Management 

5,65 



48,96 1,63 Alken Asset Management 


Investors 

6,83 

5,18 

issue 02/2012 37


Investors Information 

DAX 

adidas AG, John-Paul O´Meara, investor.relations@adidas-Group.com; Allianz SE, Oliver Schmidt, investor.relations@allianz.com; BASF SE, Magdalena Moll, investorrelations@basf.com; 

Bayer AG, Dr. Alexander Rosar, alexander.rosar@bayer-ag.de; Bayerische Motoren Werke AG, Torsten Schüssler, torsten.schuessler@bmw.de; Beiersdorf 

AG, Dr. Jens Geissler, Investor.Relations@Beiersdorf.com; Commerzbank AG, Jürgen Ackermann, ir@commerzbank.com; Daimler AG, Dr. Michael Mühlbayer, ir.dai@daimler.com; 

Deutsche Bank AG, Wolfgang Schnorr, db.ir@db.com; Deutsche Börse AG, Frank Herkenhoff, ir@deutsche-boerse.com; Deutsche Lufthansa AG, Frank Hülsmann, 

investor.relations@dlh.de; Deutsche Post AG, Martin Ziegenbalg, ir@deutschepost.de; Deutsche Telekom AG, Philipp Schindera, investor.relations@telekom.de; E.ON 

AG, Sascha Bibert, investorrelations@eon.com; Fresenius Medical Care AG & Co. KGaA, Oliver Maier, ir@fmc-ag.com; Fresenius SE, Birgit Grund, ir-fre@fresenius.com; 

Henkel AG & Co. KGaA, Oliver Luckenbach, oliver.luckenbach@henkel.com; Infineon Technologies AG, Ulrich Pelzer, investor.relations@infineon.com; K+S AG, Christian 

Herrmann, investor-relations@k-plus-s.com; Linde AG, Thomas Eisenlohr, thomas.eisenlohr@linde.com; MAN SE, Silke Glitza-Stamberger, silke.glitza-stamberger@man.eu; 

Merck KGaA, Dr. Markus Launer, investor.relations@merck.de; METRO AG, Henning Gieseke, investorrelations@metro.de; Münchener Rückversicherungs-Gesellschaft 

AG, Christian Becker-Hussong, ir@munichre.com; RWE AG, Dr. Stephan Lowis, invest@rwe.com; Salzgitter AG, Bernhard Kleinermann, ir@salzgitter-ag.de; SAP AG, Stefan 

Gruber, investor@sap.com; Siemens AG, Mariel von Drathen, investorrelations@siemens.com; ThyssenKrupp AG, Dr. Claus Ehrenbeck, ir@thyssenkrupp.com; Volkswagen 

AG, Christine Ritz, investor.relations@volkswagen.de; 

MDAX 

Aareal Bank AG, Jürgen Junginger, ir@aareal-bank.com; Aurubis AG, Marcus Kartenbeck, m.kartenbeck@aurubis.com; BAUER AG, Bettina Erhart, investor.relations@ 

bauer.de; BayWa AG, Josko Radeljic, investorrelations@baywa.de; Bilfinger Berger AG, Andreas Müller, sabine.klein@bilfinger.de; Celesio AG, Michaela Wanka, investor@ 

celesio.com; Continental AG, Rolf Woller, rolf.woller@conti.de; Demag Cranes AG, Horst-Jürgen Thelen, ir@demagcranes-ag.com; Deutsche EuroShop AG, Patrick Kiss, 

ir@deutsche-euroshop.de; Deutsche Postbank AG, Lars Stoy, ir@postbank.de; Deutsche Wohnen AG, Tanja Kurz, ir@deutsche-wohnen.com; DOUGLAS HOLDING AG, 

Wolfgang Schulte, ir-info@douglas-holding.com; ElringKlinger AG, Stephan Haas, stephan.haas@elringklinger.de; European Aeronautic Defence and Space Company 

EADS N.V., Nathalie Errard, ir@eads.com; Fielmann AG, Ulrich Brockmann, investorrelations@fielmann.com; Fraport AG Frankfurt Airport Services Worldwide, Stephan 

J. Rüter, investor.relations@fraport.de; FUCHS PETROLUB AG, Hubertus Stärk, contact@fuchs-oil.de; GAGFAH S.A., Heiko C. Frantzen, hfrantzen@gagfah.com; GEA Group 

AG, Donat von Müller, ir@geagroup.com; Gerresheimer AG, Anke Linnartz, a.linnartz@gerresheimer.com; GILDEMEISTER AG, André Danks, andre.danks@gildemeister. 

com; Hamburger Hafen und Logistik AG, Matthias Funk, investor-relations@hhla.de; Hannover Rückversicherung AG, Klaus Paesler, klaus.paesler@hannover-re.com; 

HeidelbergCement AG, Günter Wesch, ir-info@heidelbergcement.com; Heidelberger Druckmaschinen AG, Andreas Trösch, investorrelations@heidelberg.com; HOCHTIEF 

AG, Dr. Lars Petzold, investor-relations@hochtief.de; HUGO BOSS AG, Philipp Wolff, Investor-Relations@hugoboss.com; IVG Immobilien AG, Martin Praum, ir@ivg.de; 

Klöckner & Co SE, Dr. Thilo Theilen, ir@kloeckner.de; KRONES AG, Olaf Scholz, investor-relations@krones.de; LANXESS AG, Oliver Stratmann, oliver.stratmann@lanxess. 

com; LEONI AG, Susanne Kertz, invest@leoni.com; MLP AG, Helmut Achatz, investorrelations@mlp.de; MTU Aero Engines Holding AG, Inka Koljonen, Inka.Koljonen@mtu. 

de; Pfleiderer AG, Lothar Sindel, lothar.sindel@pfleiderer.com; Praktiker Bau- und Heimwerkermärkte Holding AG, Dr. Rolf-Dieter Graß, investorrelations@praktiker. 

de; ProSiebenSat.1 Media AG, Ralf Gierig, aktie@ProSiebenSat1.com; PUMA AG Rudolf Dassler Sport, Dieter Bock, investor-relations@puma.com; RATIONAL AG, Erich 

Baumgärtner, ir@rational-online.de; Rheinmetall AG, Franz-Bernd Reich, franz-bernd.reich@rheinmetall.com; Rhön-Klinikum AG, Boris Tramm, ir@rhoen-klinikum-ag.com; 

SGL CARBON SE, Frau Raj Roychowdhury, Investor-Relations@sglcarbon.de; Sky Deutschland AG, Christine Scheil, christine.scheil@sky.de; STADA Arzneimittel AG, Dr. 

Axel Müller, communications@stada.de; Südzucker AG, Nikolai Baltruschat, investor.relations@suedzucker.de; Symrise AG, Dr. Andrea Rolvering, ir@symrise.com; Tognum 

AG, Dieter Royal, ir@tognum.com; TUI AG, Björn Beroleit, investor.relations@tui.com; Vossloh AG, Lucia Mathée, investor.relations@ag.vossloh.com; WACKER CHEMIE AG, 

Jörg Hoffmann, joerg.hoffmann@wacker.com; Wincor Nixdorf AG, Peter Holder, investor-relations@wincor-nixdorf.com; 

TECDAX 

www.gerresheimer.com 

Gerresheimer produces high-quality specialty products made of glass and plastic, 

primarily for the pharma & life science industry, and in almost all its fields 

of business ranks today among the global market leaders. In addition to specific 

primary containers for a wide variety of substances and medicines, its product 

and service portfolio comprises complex drug delivery systems. 

Business volume 08/09: € 1,000.2m Current number of shares; 31,400,000 

Operating profit 08/09: € 60.4m Current free float: 53 percent 

Segment: MDAX 

IR Contact: Anke Linnartz, a.linnartz@gerresheimer.com 

Phone: +49 211 61 81-00, Fax: +49 211 61 81-121 

Benrather Straße 18-20, D-40213 Düsseldorf, Germany 

CAPitAL 

nEWs 

AIXTRON AG, Guido Pickert, invest@aixtron.com; BB BIOTECH AG, Maria-Grazia Alderuccio-Iten, info@bbbiotech.ch; Bechtle AG, Thomas Fritsche, thomas.fritsche@bechtle. 

com; Carl Zeiss Meditec AG, Patrick Kofler, investors@meditec.zeiss.com; centrotherm photovoltaics AG, Saskia Schultz-Ebert, investor@centrotherm.de; Conergy AG, 

Christoph Marx, investor@conergy.de; Dialog Semiconductor PLC, Birgit Hummel, birgit.hummel@diasemi.com; Drägerwerk AG & Co. KGaA, Vanina Herbst, vanina. 

herbst@draeger.com; Drillisch AG, Oliver Keil, ir@drillisch.de; EVOTEC AG, Anne Hennecke, anne.hennecke@evotec.com; freenet AG, Andreas Neumann, ir@freenet.ag; 

issue 02/2012 

38


JENOPTIK AG, Sabine Barnekow, ir@jenoptik.com; Kontron AG, Gaby Moldan, investor@kontron.com; Manz Automation AG, Dominic Großmann, info@manz-automation. 

com; MediGene AG, Dr. Georg Dönges, investor@medigene.com; MorphoSys AG, Dr. Claudia Gutjahr-Löser, gutjahr-loeser@morphosys.com; Nordex SE, Ralf Peters, rpeters@nordex-online.com; 

Pfeiffer Vacuum Technology AG, Dr. Brigitte Looss, brigitte.looss@pfeiffer-vacuum.de; Phoenix Solar AG, Anka Leiner, aktie@phoenixsolar.de; 

Q-Cells SE, Stefan Lissner, investor@q-cells.com; QIAGEN N.V., Dr. Solveigh Mähler, IR@qiagen.com; QSC AG, Arne Thull, invest@qsc.de; Roth & Rau AG, Prof. Dr. Silvia 

Roth, investor@roth-rau.de; SINGULUS TECHNOLOGIES AG, Maren Schuster, investor.relations@singulus.de; SMA Solar Technology AG, Pierre-Pascal Urbon, ir@sma.de; 

SMARTRAC N.V., Andreas Schwarzwälder, investor.relations@smartrac-group.com; Software AG, Otmar F. Winzig, otmar.winzig@softwareag.com; SolarWorld AG, Sybille 

Teyke, placement@solarworld.de; United Internet AG, Marcus Bauer, investor-relations@united-internet.de; Wirecard AG, Iris Stöckl, ir@wirecard.com; 

SDAX 

Air Berlin PLC, Dr. Ingolf T. Hegner, ihegner@airberlin.com; alstria office REIT-AG, Brigitte Büchner, ir@alstria.de; Amadeus FiRe AG, Thomas Weider, Investor-Relations@ 

amadeus-fire.de; Axel Springer AG, Claudia Thomé, ir@axelspringer.de; Balda AG, Clas Röhl, croehl@balda.de; Bertrandt AG, Sandra Baur, sandra.baur@de.bertrandt.com; 

Biotest AG, Dr. Monika Buttkereit, investor_relations@biotest.de; C.A.T. oil AG, Herbert Doile, ir@catoilag.com; CENTROTEC Sustainable AG, Dr. Frank Rose, ir@centrotec.de; 

CeWe Color Holding AG, Axel Weber, IR@cewecolor.de; Colonia Real Estate AG, Claudia Kellert, ir@cre.ag; comdirect bank AG, Thore Ludwig, Thore.Ludwig@comdirect.de; 

Constantin Medien AG, Jan Rietzschel, ir@constantin-medien.de; CTS EVENTIM AG, Volker Bischoff, investor@eventim.de; Delticom AG, Melanie Gereke, melanie.gereke@ 

delti.com; Deutsche Beteiligungs AG, Thomas Franke, IR@deutsche-beteiligung.de; DEUTZ AG, Christian Krupp, ir@deutz.com; DIC Asset AG, Immo von Homeyer, ir@dic-asset. 

de; Dürr AG, Günter Dielmann, guenter.dielmann@durr.com; Dyckerhoff AG, Birgit Eggersmeier, Investor.Relations@dyckerhoff.com; elexis AG, Gabriele Bornemann, bornemann@elexis.de; 

GERRY WEBER International AG, Sandra Steltenkamp, s.steltenkamp@gerryweber.de; GESCO AG, Oliver Vollbrecht, info@gesco.de; GfK SE, Bernhard Wolf, 

bernhard.wolf@gfk.com; Grammer AG, Ralf Hoppe, investor-relations@grammer.com; GRENKELEASING AG, Renate Hauss, investor@grenke.de; H&R WASAG AG, Christian 

Pokropp, christian.pokropp@hur-wasag.de; Highlight Communications AG, Dr. Ingo Mantzke, ir@hlcom.ch; HOMAG Group AG, Simone Müller, simone.mueller@homag-group. 

de; HORNBACH HOLDING AG, Axel Müller, invest@hornbach-holding.com; INDUS Holding AG, Regina Wolter, wolter@indus.de; Jungheinrich AG, Horst Schwerin, info@ 

jungheinrich.de; Koenig & Bauer AG, Dr. Bernd Heusinger, bernd.heusinger@kba.com; KUKA AG, Andreas Spitzauer, andreas.spitzauer@kuka.com; KWS Saat AG, Georg 

Folttmann, g.folttmann@kws.com; LOEWE AG, Axel Gentzsch, axel.gentzsch@loewe.de; MEDION AG, Joachim Bernsdorff, aktie@medion.com; MVV Energie AG, Marcus 

Jentsch, m.jentsch@mvv.de; PATRIZIA Immobilien AG, Margit Miller, investor.relations@patrizia.ag; Sixt AG, Frank Elsner, InvestorRelations@sixt.de; SKW Stahl-Metallurgie 

Holding AG, Christian Schunck, schunck@skw-steel.com; TAG Immobilien AG, Dominique Mann, ir@tag-ag.com; TAKKT AG, Frank Schwitalla, frank.schwitalla@ 

takkt.de; Teleplan International N.V., Monika Collée, investor_relations@teleplan.com; Tipp24 SE, Frank Hoffmann, frank.hoffmann@tipp24.de; VBH Holding AG, Dr. Ralf 

Lieb, ir@vbh.de; Villeroy & Boch AG, Philipp Schmidt, schmidt.philipp@villeroy-boch.com; VTG AG, Felix Zander, ir@vtg.com; Wacker Neuson SE, Katrin Yvonne Neuffer, 

ir@wackerneuson.com; 

PRIME 

www.qsc.de 

QSC AG is a nationwide telecommunications provider with its own broadband 

network, offering businesses of all sizes a comprehensive portfolio of 

high-quality broadband communication options. Its range goes from complete 

enterprise networks (VPNs) to provision of integrated voice and data services. 

Business volume 2008: € 413.3m Current number of shares; 136,998,137 

Profit 2008: € 0.77m Current free float: 47 percent 

Segment: TECDAX 

IR Contact: Arne Thull, invest@qsc.de 

Phone: +49 221 6698-114, Fax: +49 221 6698-009 

Mathias-Brüggen-Straße 55, D-50829 Köln, Germany 

CAPitAL 

nEWs 

A.S. Creation Tapeten AG, Maik Krämer, investor@as-creation.de; aap Implantate AG, Nanette Hüdepohl, n.huedepohl@aap.de; Abwicklungsgesellschaft Biogas I AG, 

Ralf Trück, ir@schmack-biogas.com; ad pepper media International N.V., Jens Körner, ir@adpepper.com; AdLINK Internet Media AG, Marcus Bauer, investorrelations@ 

adlinkgroup.net; ADVA AG Optical Networking, Wolfgang Guessgen, wguessgen@advaoptical.com; Advanced Vision Technology Ltd., Daphna Rosenbaum, daphnar@ 

avt-inc.com; Agennix AG, Martin Brändle, ir@agennix.com; Ahlers AG, Dr. Karsten Kölsch, investor.relations@ahlers-ag.com; AIRE GmbH & Co. KGaA, Conradin Schneider, 

conradin.schneider@aig-ire.de; aleo solar AG, Jasmin Michaelis, invest@aleo-solar.de; All for One Midmarket AG, Dirk Sonntag, dirk.sonntag@all-for-one.com; Alphaform 

AG, Bettina Halseband, ir@alphaform.de; ALTANA AG, Oliver König, ir@altana.com; Analytik Jena AG, Dana Schmidt, ir@analytik-jena.de; Arques Industries AG, Hubert 

Wiedemann, wiedemann@arques.de; artnet AG, Renate Bothe, rbothe@artnet.de; Asian Bamboo AG, Anja Holst, anja.holst@asian-bamboo.com; ATOSS Software AG, 

Christof Leiber, Christof.Leiber@atoss.com; AUGUSTA Technologie AG, Stefanie Zimmermann, stefanie.zimmermann@augusta-ag.de; Basler AG, Christian Höck, info@ 

baslerweb.com; BDI - BioDiesel International AG, Janina Wismar, IR@bdi-biodiesel.com; Beate Uhse AG, Birte Hennig, ir@beate-uhse.de; Beta Systems Software AG, 

Stefanie Frey, stefanie.frey@betasystems.com; biolitec AG, Dr. Marlies Zedlacher, ir@biolitec.de; bmp AG, Corinna Riewe, ir@bmp.com; BÖWE SYSTEC AG, Alfred Just, investorrelations@boewe-systec.de; 

Brenntag AG, Georg Müller, IR@brenntag.de; Brüder Mannesmann AG, Kerstin Kremers, investor@bmag.de; burgbad AG, Michael Kempkes, 

info@burgbad.de; CANCOM IT Systeme AG, Beate Rosenfeld, ir@cancom.de; CENIT AG Systemhaus, Fabian Rau, aktie@cenit.de; Centrosolar Group AG, Thomas 

Kneip, info@centrosolar.com; CeoTronics AG, Thomas Stamm, investor.relations@ceotronics.com; COLEXON Energy AG, Jan Hutterer, hutterer@colexon.de; CompuGROUP 

Holding AG, Christian B. Teig, investor@compugroup.com; COR&FJA AG, Eva Hesse, info@cor.fja.com; Corporate Equity Partners AG, Alexander Koppel, info@corporateequity.com; 

C-QUADRAT Investment AG, Roland Starha, ir@c-quadrat.com; CropEnergies AG, Tobias Erfurth, info@cropenergies.de; CURANUM AG, Bernd Rothe, info@ 

curanum.de; D.Logistics AG, Rainer Monetha, info@dlogistics.com; D+S europe AG, Bernd Humke, investor-relations@dseurope.ag; DAB bank AG, Carolin Mayr, communications@dab.com; 

DATA MODUL AG, Barbara Lederer, barbara.lederer@data-modul.com; DEAG Deutsche Entertainment AG, Claudia Richter, info@deag.de; DF Deutsche 

Forfait AG, investor.relations@dfag.de; Dr. Hönle AG - UV Technology, Peter Weinert, ir@hoenle.de; Eckert & Ziegler Strahlen- und Medizintechnik AG, Karolin Riehle, 

issue 02/2012 

39


karolin.riehle@ezag.de; ecotel communication ag, Annette Drescher, presse@ecotel.de; Einhell Germany AG, Helmut Angermeier, angermeierh@einhell.de; ELMOS Semiconductor 

AG, Mathias Kukla, mkukla@elmos.de; EnviTec Biogas AG, Olaf Brandes, ir@envitec-biogas.de; Epigenomics AG, Oliver Schacht, ir@epigenomics.com; ESSA- 

NELLE HAIR GROUP AG, Michael Müller, investor@essanelle-hair-group.com; ESTAVIS AG, Peter Vogt, ir@estavis.de; Eurofins Scientific S.E., Stuart Morgan, ir@eurofins. 

com; euromicron AG communication & control technology, Ulrike Hauser, IR-PR@euromicron.de; Fabasoft AG, Ulrike Kogler, Ulrike.Kogler@fabasoft.com; Fair Value 

REIT-AG, info@fair-value-reit.de; FORTEC Elektronik AG, Elisabeth Sieber, aktie@fortecag.de; Francotyp-Postalia Holding AG, Andreas Drechsler, ir@francotyp.com; Funkwerk 

AG, Jörg Reichenbach, reichenbach@funkwerk.com; Generali Deutschland Holding AG, Dennis Foerster, investor.relations@generali.de; Geratherm Medical AG, 

Martina Schramm, info@geratherm.com; GFT Technologies AG, Andrea Wlcek, andrea.wlcek@gft.com; GK SOFTWARE AG, Dr. René Schiller, investorrelations@gk-software. 

com; GoYellow Media AG, Anja Meyer, anja.meyer@goyellow.de; Graphit Kropfmühl AG, Martina Krinninger, gk@graphite.de; GWB Immobilien AG, Dr. Norbert Herrmann, 

Herrmann@gwb-immobilien.de; HAMBORNER REIT AG, Sybille Albeser, s.albeser@hamborner.de; HAWESKO Holding AG, Thomas Hutchinson, ir@hawesko.com; HCI 

Capital AG, Dr. Olaf Streuer, ir@hci-capital.de; Heiler Software AG, Constanze Hay, chay@heiler.com; Heliad Equity Partners GmbH & Co. KGaA, Christoph Kauter, investor-relations@heliad.com; 

Helikos S.E., Stefanie Schusser, s.schusser@helikosgroup.com; Höft & Wessel AG, Arnd Fritzemeier, ir@hoeft-wessel.com; HORNBACH-Baumarkt-AG, 

Axel Müller, invest@hornbach.com; Hypoport AG, Ines Cumbrowski, ir@hypoport.de; IBS AG excellence, collaboration, manufacturing, Ingo Janssen, investorrelations@ibs-ag.de; 

Identive Group, Fabien Nestmann, fnestmann@identive-group.com; IFCO SYSTEMS N.V., Sabine Preiss, Sabine.Preiss@ifco.de; IFM Immobilien AG, 

Lars Kuhnke, ifm@gfei.de; IM Internationalmedia AG, Catherine Reitzle, info@internationalmedia.de; init innovation in traffic systems AG, Alexandra Weiß, aweiss@ 

initag.de; Integralis AG, Peter Banholzer, ir@integralis.com; Interhyp AG, Florian Prabst, florian.prabst@interhyp.de; Intershop Communications AG, Annett Körbs, ir@ 

www.deag.de 

DEAG Deutsche Entertainment AG is one of the leading live entertainment 

providers in Europe, and Europe’s biggest classical music promoter. DEAG’S 

360° approach is supplemented by its own label, DEAG music, and its involvement 

in Ticketmaster Deutschland. The company operates chiefly in Germany, 

Switzerland and Britain. 


Operating profit 2008: € 10.12m Current free float: 49.98 percent 

Segment: CDAX, PRIME ALL, CLASSIC ALL SHARE 

IR Contact: Axel Mühlhaus, deag@edicto.de 

Phone: +49-69-905505-50, Fax: +49-69-905505-77 

Zeißelstr. 19, D-60318 Frankfurt, Germany 

www.suss.com 

SÜSS MicroTec is one of the international leading suppliers of equipment and 

process solutions for microstructuring applications in the chip, MEMS and LED 

industries. SÜSS MicroTec’s high-precision lithography, bonding and cleaning 

systems provide a comprehensive portfolio of processes for many applications 

in research and development as well as in manufacturing. 

Business volume 2009: € 103.9m Current number of shares: 17,019,126 

Operating profit 2009: € 2.8m Current free float: 70 percent 

Segment: Prime Standard 

IR Contact: Julia Hartmann, ir@suss.com 

Phone: +49-89-32007-161, Fax: +49-89-32007-336 

Schleißheimer Str. 90, D-85478 Garching b. München, Germany 

www.nemetschek.com 

The Nemetschek Group is Europe‘s leading vendor of software for architecture 

and construction. The portfolio of the software programs includes CAD solutions 

for architects and engineers up to construction software for cost planning, 

tenders, invoicing and execution of building work. 

Business volume 2010: € 149,7m Current number of shares: 9.625.000 

Operating profit 2010: € 37,1m Current free float: 46,43percent 

Segment: CDAX, Prime All Share, DAXPLUS Family, Technology All Share, 

DAXsector 

IR Contact: Regine Petzsch, rpetzsch@nemetschek.com 

Tel: 0049-89-92793-1219, FAX: 0049-89-92793-4219 

Konrad-Zuse-Platz 1, 81829 München 

CAPitAL 

nEWs 

www.schaltbau.de 

The Schaltbau group is one of the leading suppliers of components and 

systems for transportation technology and the investment goods industry, 

providing door systems for buses and trains, brakes for container cranes, 

power supply devices and components for rail vehicles, as well as complete 

level crossing systems. 


Operating profit 2009: € 20.3m Current free float: 72 percent 

Segment: PRIME STANDARD 

IR Contact: Wolfdieter Bloch, Bloch@schaltbau.de 

Phone: +49- 89-93005-209, Fax: +49- 89-93005-318 

Hollerithstraße 5, D-81829 München, Germany 

www.vita.de 

Vita 34 is Germany’s oldest and biggest bank for umbilical-cord blood for 

personal health precaution. In its years of experience with stem cells from 

umbilical-cord blood the company has developed and been the first to use 

many innovative processes. Vita 34 is working to ensure that storage of stemcell-rich 

umbilical-cord blood becomes better known, and in the medium term 

even standard. 


Operating profit 2008: - € 1.71m Current free float: 48.5 percent 

Segment: CDAX, Prime All Share, Technology All Share 

IR Contact: Axel Mühlhaus, vita34@edicto.de 

Phone: +49-69-905505-50, Fax: +49-69-905505-77 

Zeißelstr. 19, D-60318 Frankfurt, Germany 

issue 02/2012 40


intershop.de; InTiCa Systems AG, Dieter Schopf, investor.relations@intica-systems.de; InVision Software AG, Jutta Kropp, ir@invision.de; ISRA VISION AG, Sandra Braun, 

investor@isravision.com; itelligence AG, Katrin Schlegel, katrin.schlegel@itelligence.de; IVU Traffic Technologies AG, Thomas Vogt, ir@ivu.de; JAXX AG, Stefan Zenker, ir@ 

fluxx.com; Jetter AG, Günter Eckert, ir@jetter.de; Joyou AG, Ian M. Oades, ian.oades@joyou.net; Kabel Deutschland Holding AG, Insa Calsow, insa.calsow@kabeldeutschland.de; 

Klöckner-Werke AG, Andrea Spiekermann, kommunikation@Kloecknerwerke.de; KROMI Logistik AG, Jörg Schubert, info@kromi.de; LEIFHEIT AG, Petra Dombrowsky, 

ir@leifheit.de; Lloyd Fonds AG, Dr. Götz Schlegtendal, ir@lloydfonds.de; Logwin AG, Peer Brauer, peer.brauer@logwin-logistics.com; LPKF Laser & Electronics AG, 

Bettina Schäfer, investorrelations@lpkf.de; Ludwig Beck am Rathauseck - Textilhaus Feldmeier AG, Jens Schott, jens.schott@ludwigbeck.de; MAGIX AG, Dr. Sven Reichardt, 

ir@magix.net; Marseille-Kliniken AG, Mathias Hajek, hajek@marseille-kliniken.com; Masterflex AG, Stephanie Kniep, info@masterflex.de; MBB Industries AG, Anne- 

Katrin Altmann, anfrage@mbbindustries.com; MediClin AG, Alexandra Mühr, alexandra.muehr@mediclin.de; MeVis Medical Solutions AG, Dr. Olaf Sieker, ir@mevis.de; 

MOBOTIX AG, Lutz Coelen, info@mobotix.com; MOLOGEN AG, Jörg Petraß, investor@mologen.com; MPC Münchmeyer Petersen Capital AG, Till Gießmann, ir@mpc-capital.com; 

Mühlbauer Holding AG & Co. KGaA, Tilo Rosenberger-Süß, investor-relations@muehlbauer.de; Nemetschek AG, Regine Petzsch, rpetzsch@nemetschek.com; 

NEXUS AG, Simon Holzer, ir@nexus-ag.de; Novavisions AG, Claudia Schumacher, claudia.schumacher@novavisions.com; november AG, Dr. Dirk Zurek, info@november.de; 

OHB Technology AG, Michael Vér, ir@ohb-technology.de; Orad Hi-Tec Systems Ltd., Ehud Ben-Yair, ehudb@orad.tv; ORCO Germany S.A., Jan Findeisen, jfindeisen@orcogroup.com; 

OVB Holding AG, Brigitte Bonifer, ir@ovb.ag; P&I Personal & Informatik AG, Andreas Granderath, aktie@pi-ag.com; PAION AG, Ralf Penner, investor.relations@ 

paion.com; paragon AG, Carsten Vogt, investor@paragon-online.de; Petrotec AG, Brigitte Manthei, b.manthei@petrotec.de; PNE Wind AG, Reiner Heinsohn, Rainer.Heinsohn@pnewind.com; 

POLIS Immobilien AG, Dr. Alan Cadmus, ir@polis.de; Princess Private Equity Holding Limited, Tamara Krebs, tamara.krebs@partnersgroup.com; 

PROCON MultiMedia AG, Lars Schwarz, l.schwarz@procon.com; Progress-Werk Oberkirch AG, Bernd Bartmann, ir@progress-werk.de; PSI AG für Produkte und Systeme 

der Informationstechnologie, Karsten Pierschke, ir@psi.de; PULSION Medical Systems AG, Dr. Christian Steiner, steiner@pulsion.com; PVA TePla AG, Dr. Gert Fisahn, 

ir@pvatepla.com; R. STAHL AG, Judith Schäuble, investornews@stahl.de; REALTECH AG, Volker Hensel, investors@realtech.de; REpower Systems AG, Thomas Schnorrenberg, 

t.schnorrenberg@repower.de; ROFIN-SINAR Technologies Inc., Katharina Manok, ir@rofin-ham.de; Rücker AG, Jürgen Vogt, investor.relations@ruecker.de; SAF Simulation, 

Analysis and Forecasting AG, Astrid Strömer, astrid.stroemer@saf-ag.com; SAF-Holland S.A., Barbara Zanzinger, barbara.zanzinger@safholland.de; Sartorius AG, 

Andreas Wiederhold, andreas.wiederhold@sartorius.com; Schaltbau Holding AG, Wolfdieter Bloch, schaltbau@schaltbau.de; schlott gruppe AG, Marco Walz, marco.walz@ 

schlottgruppe.de; secunet Security Networks AG, Dr. Kay Rathke, investor.relations@secunet.com; SFC Smart Fuel Cell AG, Barbara v. Frankenberg, barbara.frankenberg@ 

sfc.com; Silicon Sensor International AG, Ingo Stein, stein@silicon-sensor.de; SinnerSchrader AG, Thomas Dyckhoff, ir@sinnerschrader.de; SMT Scharf AG, Dr. Friedrich 

Trautwein, ir@smtscharf.com; Softing AG, Dr. Wolfgang Trier, InvestorRelations@softing.com; SoftM Software und Beratung AG, Friedrich Koopmann, ir@softm.com; Solar-Fabrik 

AG für Produktion und Vertrieb von solartechnischen Produkten, Martin Schlenk, m.schlenk@solar-fabrik.de; SOLON SE, Therese Raatz, investor@solon.com; 

STRATEC Biomedical Systems AG, André Loy, ir@stratec-biomedical.de; Sunways AG, Dr. Harald F. Schäfer, ir@sunways.de; SURTECO SE, Günter Schneller, g.schneller@ 

surteco.com; SÜSS MicroTec AG, Julia Hartmann, ir@suss.com; SYGNIS Pharma AG, Dr. Franz-Werner Haas, investors@sygnis.de; Synaxon AG, Alexandra Linck, alexandra. 

linck@synaxon.de; syskoplan AG, Michael Lückenkötter, ir@syskoplan.de; systaic AG, Sonja Teurezbacher, ir@systaic.com; syzygy AG, Madeleine Metzner, ir@syzygy.net; TA 

Triumph-Adler AG, Dr. Joachim Fleing, presse@triumph-adler.de; technotrans AG, Thessa Roderig, thessa.roderig@technotrans.de; telegate AG, Jörg Kiveris, joerg.kiveris@ 

telegate.com; TELES AG Informationstechnologien, Olaf Schulz, IRInfo@teles.de; TOM TAILOR Holding AG, info@tom-tailor.com; TOMORROW FOCUS AG, Armin Blohmann, 

a.blohmann@tomorrow-focus.de; Travel24.com AG, Dr. Konstantin Korosides, konstantin.korosides@unister-gmbh.de; TRIA IT-solutions AG, Jeanette Babik, aktie@ 

tria.de; UMS United Medical Systems International AG, Wiebke Budwasch, investor@umsag.com; United Labels AG, Timo Koch, tkoch@unitedlabels.com; USU Software 

AG, Falk Sorge, investor@usu-software.de; VERBIO Vereinigte BioEnergie AG, Anna-Maria Schneider, ir@verbio.de; Versatel AG, Andrea Winzen, andrea.winzen@versatel. 

de; VITA 34 International AG, Dr. med. Eberhard F. Lampeter, IR@vita34.de; Vtion Wireless Technology AG, Janina Wismar, ir@vtion.de; W.O.M. World of Medicine AG, 

Stefanie Gehrke, stefanie.gehrke@womcorp.com; WashTec AG, Karoline Kalb, washtec@washtec.de; Westag & Getalit AG, Felix Huisgen, ir@westag-getalit.de; Wilex AG, 

Katja Arnold, katja.arnold@wilex.com; WizCom Technologies Ltd., Yaron Herz, yaronh@wizcomtech.com; XING AG, Patrick Möller, patrick.moeller@xing.com; YOC AG, 

Nina Mecklenburger, ir@yoc.com; Zapf Creation AG, Jens U. Keil, investor.relations@zapf-creation.de; ZhongDe Waste Technology AG, Catherine Huang, catherine.huang@zhongdetech.com; 

zooplus AG, Dominic Großmann, grossmann@cometis.de; 3U HOLDING AG, Peter Alex, IR@3U.net; 4SC AG, Yvonne Alexander, yvonne. 

alexander@4sc.com; 

You can search for mushrooms, or find treasures. 

For further information www.ncf.de 

Mergers & Acquisitions 

Equity Capital Market 

Private Equity 

Structured Finance 

CAPitAL 

nEWs 

issue 02/2012 

41


YOUR FEEDBACK 




ä 

reading suggestions 

Breuer, Wolfgang, Schweizer, Thilo, Breuer, Claudia, Gabler Lexikon Corporate Finance 

2nd ed. Gabler-Verlag, 668 pp, €49.95, ISBN 978-3-8349-2980-8 




ä 

CAPitAL 

nEWs 

The success of firms depends not only on their performance on the markets. Also essential is 

a professional appearance on the capital markets, to meet entrepreneurial resource requirements 

in the best possible way. The Lexikon provides nearly 3,500 keywords, with a comprehensive 

overview of all questions likely to arise in the context of corporate financing decisions. 

Great importance is attached to formulating theory-based evidence for the appropriate use of 

the various financial instruments available. The domains covered range from traditional topics 

such as equity, bond and loan financing to the discussion of hybrid and innovative forms of 

financing to special problems such as seed and early-stage and project financing. The Lexikon 

offers a mix of practical and theoretical content and is therefore equally of interest for decision 

makers in the financial departments of companies and students with a focus on finance, 

banking management and capital-market theory. 

EVENTS DIARY February/March 2012 

21 February 2012 Eigenkapitalbeschaffung 2012: Ein Ausblick [Equity financing in 2012: An 

outlook] 

Organizer: Deutsches Aktien-Institut; Venue: DVFA-Center im Signaris, Mainzer Landstrasse 37-39, Frankfurt 

am Main; cost: €900, info: +49 69 929150 

23 February 2012 Aktuelle Fragen der Organhaftung [Current Issues in D & O liability] 

Organizer: Deutsches Aktien-Institut; Venue: Hotel Hessischer Hof, Friedrich-Ebert-Anlage 40, Frankfurt am 

Main; cost: €900, info: +49 69 929150 

6 March 2012 Transparenz bei börsennotierten Gesellschaften: Status Quo und rechtliche Perspektiven 

durch die EU-Transparenzrichtlinie Transparency in listed companies: the status quo 

and legal perspectives in the EU Transparency Directive] 

Organizer: Deutsches Aktien-Institut; Venue: DVFA-Center im Signaris, Mainzer Landstrasse 37-39, Frankfurt 

am Main; cost: €900, info: +49 69 929150 

issue 02/2012 42


Index of Persons 

A 

Ackermann, Josef 15 

Almunia, Joaquin 5 6 

Ammon, Marcus 2 

Appel, Frank 

B 

6 

Benko, Rene 6 

Berger, Axel 16 

Berggruen, Nicolas 6 

Bosler, Tobias 7 

Brahms, Hero 14 

Breuer, Claudia 42 

Breuer, Wolfgang 

C 

42 

Cavaillès, Philip 

D 

11 12 

Diekmann, Michael 

E 

9 

Ernst, Prof. Edgar 14 

Esch, Josef 6 

Evers, Heinz 15 

Eyring, Reinhard 

G 

11 12 

Graef, Roger 

H 

19 

Hambrecht, Jürgen 15 

Helmes, Marion 14 

Hold, Renate 19 

Holzherr, Christian 14 

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Eschersheimer Landstraße 526-532 

60433 Frankfurt am Main 

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e-mail: verlag@icgg.biz 

ä 

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HRB 76433 Amtsgericht Frankfurt am Main 

Web-Site: www.icgg.biz 

CAPitAL 

nEWs 

Have you any questions, 

criticisms or sugestions? 

We look forward to hearing 

from you: 


publishers imprint – insight Corporate Governance Germany issn 1863-8082 

Publisher: Club of Florence 

e-mail: Editor@icgg.biz 

Chief Editors: Dr. Hans-Peter Canibol, Norbert Paulsen 

Editors: Michael Garth, Dorina Rea, Christiane Süßel 

e-mail: redaktion@icgg.biz 

Layout: Ewa Galinski, e-mail: layout@icgg.biz; 

Cooperationspartner: AfU Investor Research GmbH, Fernwald 

www.afu.de; Verlag Recht und Wirtschaft GmbH, Frankfurt am 

Main www.ruw.de 

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Advertising and Reprints: Marion Gertzen, 

e-mail: gertzen@icgg.biz 

Reader Service and Subscriptions: leserservice@icgg.biz 

J 

Jentzsch, Stefan 

K 

6 

Kaeser, Joe 4 

Kagermann, Prof. Henning 19 

Koch, Olaf 6 

Köhler, Robert J. 19 

Krall, Markus 9 

Kreke, Henning 1 

Kremer, Thomas 

L 

14 

Lanthaler, Werner 19 

Leyen, Ursula von der 

M 

10 

Madoff, Bernard 6 

Merkel, Angela 9 

Müller, Erwin 

N 

1 

Nienhaus, Marc 

Ö 

19 

Öfele, Christoph 

P 

7 

Petersen, Harald 7 

Posch, Guillaume de 

R 

14 

Rath, Peter 6 

Recktenwald, Claus 7 

Reim, Wolfgang 19 

Rohr, Prof. Martin 14 

S 

Sarkozy, Nicolas 9 

Schäuble, Wolfgang 9 

Schick, Gerhard 13 

Schickedanz, Madeleine 6 

Schier-Ammann, Britta 6 

Schröder, Kristina 10 

Schweizer, Thilo 42 

Straub, Markus 7 

Strenger, Christian 

T 

7 

Trichet, Jean-Claude 

V 

14 

Vennen, Hartmut 

W 

17 18 

Weber-Rey, Daniela 15 

Weik, Markus 17 18 

Winterkorn, Martin 

Z 

15 

Zetsche, Dieter 15 

This Newsletter is intended exclusively 

for a privileged circle of people. Any 

unauthorized 

retransmission in whole or in part to 

third parties is explicitly forbidden, 

except for media quotes with citation of 

source. The editors accept no liability for 

unsolicited manuscripts. 

The editors accept no liability for the 

content of Web sites cited. 

issue 02/2012 43


A 

Allianz 9 

Apax 2 

Ashurst 12 

AT&T 5 

Aurubis 

B 

8 19 

BaFin 2 

BaFin 13 16 

BASF 15 

BC Partners 2 

Bechtle 19 

Bertelsmann-Stiftung 9 

Bundesfinanzhof 13 

Bundesfinanzminister 6 9 13 

Bundesverfassungsgericht 

C 

10 

Carl Zeiss Meditec 19 

CDU/CSU-Bundestagsfraktion 9 

Celesio 14 

Clifford Chance 15 

cometis 16 

Commerzbank 

D 

6 

DAI 16 42 

Daimler 4 15 

DCGK 13 15 

Deutsche Bank 4 5 6 

Deutsche Börse 5 13 

Deutsche Postbank 4 

Deutsche Telekom 5 6 7 14 

Deutsche Umweltstiftung 9 

Die Grünen 13 

DIW 16 

Douglas 2 

DPR 

E 

16 

Eacr-Plattform 9 

EADS 4 

Enra 9 

EU-Kommission 6 9 15 

Evotec 

F 

19 

FTI Consulting 

G 

18 

Gabler-Verlag 42 

Gagfah 7 

Gerry Weber 

H 

19 

Henkel 

I 

19 

Infineon 

K 

8 

Kaufhof 6 

KfW 4 

Kingate Euro Fund 6 

Kingate Global 

M 

6 

Metro 6 

Münchener Rück 19 

For all those interested in the German stock market: 

o Yes, I wish to subscribe to Insight Corporate Governance Germany immediately, initially 

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Titel 

Surname 

Forename(s) 

Company 

Index of Companies 

Country 

Postcode/ zip code 

Place 

Street address 

E-mail 

CAPitAL 

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O 

Osram 

P 

4 

Permira 2 

Pimco 5 

ProSiebenSat.1 

Q 

14 

Q-Cells 

R 

14 

R + U Weber 19 

Roland Berger 9 

RTL Group 14 

RWE 

S 

19 

Sal. Oppenheim 6 

Schick 19 

Schmitz Knoth 7 

SdK 7 10 

SGL CARBON 19 

Siemens 4 10 

Sky Deutschland 2 14 

Solarworld 

T 

7 

ThyssenKrupp 4 

TUI 

V 

8 

VW 

W 

15 

Wincor Nixdorf 14 

Wirecard 7 

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