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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.
     

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Aurubis AG: CEO released from his Duties, effective immediately, and Investment Project stopped

The Executive Board and the Supervisory Board of Aurubis passed a resolution to stop the internal investment project “Future Complex Metallurgy”. Furthermore, the Supervisory Board decided unanimously to release the CEO Jürgen Schachler from his duties, effective immediately.

The originally planned investment amount was supposed to be 320 million Euro. However, the basis engineering results indicated significantly higher investment costs. Thus, the project no longer looked as cost-effective as originally planned. The investment costs of the project that have been capitalized so far will consequently plan an additional strain of approximately 30 million Euro on the Q 3 2019 result.

 

SAF Holland S.A.: Awaiting Voting Rights Notifications

In an effort to harmonize with the corresponding provisions of the German Securities Trading Act (Section 33 (1) WpHG), the Extraordinary General Meeting of SAF Holland decided on April 25th, 2019 by way of an amendment of the Company´s Articles of Association, that shareholders who reach, exceed or fall below the voting rights´ threshold of 3% are required to promptly file a voting rights notification with the company. According to the CFO of SAF Holland, Dr. Matthias Heiden, this amendment to the Articles increases shall increase capital market transparency and support investors in making their investment decision.

In a recent press statement, the company clarified that shareholders who currently hold between 3% and 5% of the Company´s voting rights and have not reported this fact to SAF Holland are also requested to notify the company promptly.

 

Axel Springer SE: KKR intends to launch a Public Takeover Offer

Axel Springer SE entered into an investor agreement with a holding company controlled by funds advised by Kohlberg Kravis Roberts & Co. (KKR), as well as with holding companies controlled by Dr. h.c Friede Springer and by the CEO Dr. Mathias Döpfner. This agreement concerns the terms and conditions of a strategic investment of KKR in Axel Springer. In accordance with the agreement, KKR´s holding company announced that it intends to launch a public takeover offer to all shareholders of Axel Springer at an offer price of 63.- Euro per share in cash. The Executive Board and the Supervisory Board of Axel Springer welcome and support the offer, subject to the review of the offer document.

The offer represents a premium of 31.5% on the volume weighted average share price of Axel Springer shares over the period of the last three month preceding the announcement of the negotiations for an investment by KKR. In addition to other customary conditions, the offer shall be subject to a minimum acceptance rate of 20 % and obtaining of merger control clearance and other regulatory approvals.