Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the lines - Bernhard Eschweiler
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
11.11.2011 / 08:51
---------------------------------------------------------------------
- Falling in line behind Merkel
- Draghi adopts Bundesbank pragmatism
- The German economy between Euro-area recession and global expansion
- How to spend it!
A pattern is emerging out of the chaos of the Euro-debt crisis: Germany is
setting the direction and one-by-one the others are falling in line. The
latest example is Greece. The decision to delay the next payment of the
EU-IMF support program until Greece reaffirms its commitment to the latest
EU summit results was a risky gamble, but it worked. It made clear to all
Greeks (government, opposition and the public) that they have to decide
between the Euro and going it alone. The Greeks will probably try again
having it both ways, but the answer from Berlin should remain the same.
Other countries are falling in line as well without the kind of pressure
applied to Greece. However, as in Greece, these changes are coming with
political change.
- The first was Ireland, where the government changed at the start of the
year. Ireland has made the most progress, with unit labor cost down
20% and the current account shifting from deficit into surplus.
- Portugal followed with a new government in June and has since then
adopted tighter fiscal rules, including a constitutional debt brake.
- Spain adopted a constitutional fiscal break as well and, on November
20th, the Spanish will most likely elect a new government, which
promises much tougher fiscal measures.
- France is not facing an imminent crisis, but the heat is on and
President Sarkozy is well behind in the polls running into next
spring's election. Suddenly, Sarkozy is courting Chancellor Merkel and
rushing new fiscal tightening measures through parliament.
Political change is also taking place in Italy. The announcement by PM
Berlusconi to step down after fiscal measures demanded by the EU have been
passed in parliament is a first step. Unlike Greece, however, Italy has to
do more to save itself. The good news is that Italy already has a primary
budget surplus (the only Euro zone member besides Germany). Furthermore,
the private sector has little debt and substantial savings. Thus, to
reduce the deficit and/or secure funding the new government has to force
the public to pay a wealth tax or buy tax-exempt government bonds. Most
likely, market pressure has to build further to make this as well as more
structural reforms happen. Bond yields feel already unsustainably high,
but by shifting the funding to the short end the government can probably
afford paying higher interest rates for a while. In contrast to Greece,
Germany has little leverage to force a change in Italy, but it is unlikely
to help either. That is also true for the ECB, which already let Italian
yields drift higher since PM Berlusconi reneged on his fiscal promises in
September.
The German government's success in pushing other Euro members into line
helps build credibility with domestic voters. However, that is no reason
for being complacent. In return for good behavior, other Euro members will
demand more support. Specifically, pressure to upsize the EFSF will
increase as it becomes clear that the financial engineering to leverage the
EFSF does not work. Greece will also not be able to manage its debt burden
unless the Troika of EU, IMF and ECB accepts a haircut on the holdings of
Greek government debt. The German government should start to build a
political consensus on these issues and explain that to the public.
Bundesbank déjà-vu
Last week's decision by the ECB to cut interest rates came as a surprise to
most, including us. The consensus view was that the new President Draghi
would not risk moving at his first meeting in the face of high headline
inflation. Instead, Draghi surprised in a way reminiscent to the old
Bundesbank. Despite its anti-inflation stance the pre-Euro Bundesbank was
much more pragmatic than its reputation, which often took markets by
surprise. An example similar to the current situation was 1994. Global
growth was rebounding after the recession, oil prices soared, the Fed
raised interest rates by 300 basis points, yet the Bundesbank eased policy
despite headline inflation at 3%. The Bundesbank recognized correctly that
restoring fiscal health and competitiveness following unification would be
disinflationary.
The fact that the ECB's rate-cut decision was unanimous gave Draghi instant
credibility. The ECB's new forward-looking approach makes a second 25
basis point move in December or January a near certainty. The probability
is also rising that the ECB will not stop at 1% and cut rates further
should the economic situation not improve in the course of the first
quarter.
A different look at German output and order data
The rest of the world, led by China and the US, is showing better momentum.
The Euro area is unlikely to bring the global economy down unless the debt
crisis spirals into a world-wide financial crisis. Germany, on the other
hand, is too close for comfort. After a very strong third quarter, real
GDP is set to dip in Q4. However, much of that is due to special factors.
The biggest driver of the 2.7% drop in September industrial production was
the car sector (down 11%). That followed a 17% increase in July and August
when several car manufactures continued production through the summer
holidays.
The divergence between the Euro area and the rest of the world was visible
in German September manufacturing orders. Orders from the Euro area
plunged 12%, orders from the rest of the world were flat. Foreign orders
in the car sector rose 1.6%, while foreign orders of aircrafts, ships and
trains dropped 58%. This suggests: First, demand in the car sector outside
the Euro area continues to do well; Second, the decline in Euro-area orders
was probably exaggerated by the plunge in aircrafts, ships and trains,
which are notoriously volatile.
A token tax cut to keep the coalition happy
Germany's buoyancy also helped the fiscal performance. In the year to
September, revenues of the federal government rose 6.4%, thanks to stronger
tax incomes. Expenditures, on the other hand, declined 1.4%, largely
because the social security system did not require transfers. Overall, we
expect Germany will run a general government deficit of just 1% of GDP this
year and manage to balance its budget in 2012. Our more optimistic outlook
is based on the view that growth in 2012 will hold up better than expected
by the government and consensus and that lower unemployment will lead to
more social security savings.
The coalition government agreed to spend Euro 6 billion of the savings on
tax cuts in 2013 and 2014 (roughly 0.1% of GDP per year). The compromise
was a concession to the two junior coalition partners (FDP and CSU).
Finance Minister Schäuble managed to keep his fiscal powder dry. This may
come handy should the economy go soft and require a fiscal boost (less
likely) or should Germany have to put up more money to save the Euro (more
likely). As long as the economy is holding up, as we expect, and monetary
conditions remain super easy for Germany (negative real interest rates and
an undervalued currency) there is no need to provide extra fiscal stimulus.
In fact, that would risk overheating the economy and waste resources that
will be needed later.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 11 November 2011, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2011 the preceding twelve months
Buys: 102 35
Neutral: 37 6
Avoid: 9 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 11.11.2011
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
11.11.2011 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
145869 11.11.2011
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
11.11.2011 / 08:51
---------------------------------------------------------------------
- Falling in line behind Merkel
- Draghi adopts Bundesbank pragmatism
- The German economy between Euro-area recession and global expansion
- How to spend it!
A pattern is emerging out of the chaos of the Euro-debt crisis: Germany is
setting the direction and one-by-one the others are falling in line. The
latest example is Greece. The decision to delay the next payment of the
EU-IMF support program until Greece reaffirms its commitment to the latest
EU summit results was a risky gamble, but it worked. It made clear to all
Greeks (government, opposition and the public) that they have to decide
between the Euro and going it alone. The Greeks will probably try again
having it both ways, but the answer from Berlin should remain the same.
Other countries are falling in line as well without the kind of pressure
applied to Greece. However, as in Greece, these changes are coming with
political change.
- The first was Ireland, where the government changed at the start of the
year. Ireland has made the most progress, with unit labor cost down
20% and the current account shifting from deficit into surplus.
- Portugal followed with a new government in June and has since then
adopted tighter fiscal rules, including a constitutional debt brake.
- Spain adopted a constitutional fiscal break as well and, on November
20th, the Spanish will most likely elect a new government, which
promises much tougher fiscal measures.
- France is not facing an imminent crisis, but the heat is on and
President Sarkozy is well behind in the polls running into next
spring's election. Suddenly, Sarkozy is courting Chancellor Merkel and
rushing new fiscal tightening measures through parliament.
Political change is also taking place in Italy. The announcement by PM
Berlusconi to step down after fiscal measures demanded by the EU have been
passed in parliament is a first step. Unlike Greece, however, Italy has to
do more to save itself. The good news is that Italy already has a primary
budget surplus (the only Euro zone member besides Germany). Furthermore,
the private sector has little debt and substantial savings. Thus, to
reduce the deficit and/or secure funding the new government has to force
the public to pay a wealth tax or buy tax-exempt government bonds. Most
likely, market pressure has to build further to make this as well as more
structural reforms happen. Bond yields feel already unsustainably high,
but by shifting the funding to the short end the government can probably
afford paying higher interest rates for a while. In contrast to Greece,
Germany has little leverage to force a change in Italy, but it is unlikely
to help either. That is also true for the ECB, which already let Italian
yields drift higher since PM Berlusconi reneged on his fiscal promises in
September.
The German government's success in pushing other Euro members into line
helps build credibility with domestic voters. However, that is no reason
for being complacent. In return for good behavior, other Euro members will
demand more support. Specifically, pressure to upsize the EFSF will
increase as it becomes clear that the financial engineering to leverage the
EFSF does not work. Greece will also not be able to manage its debt burden
unless the Troika of EU, IMF and ECB accepts a haircut on the holdings of
Greek government debt. The German government should start to build a
political consensus on these issues and explain that to the public.
Bundesbank déjà-vu
Last week's decision by the ECB to cut interest rates came as a surprise to
most, including us. The consensus view was that the new President Draghi
would not risk moving at his first meeting in the face of high headline
inflation. Instead, Draghi surprised in a way reminiscent to the old
Bundesbank. Despite its anti-inflation stance the pre-Euro Bundesbank was
much more pragmatic than its reputation, which often took markets by
surprise. An example similar to the current situation was 1994. Global
growth was rebounding after the recession, oil prices soared, the Fed
raised interest rates by 300 basis points, yet the Bundesbank eased policy
despite headline inflation at 3%. The Bundesbank recognized correctly that
restoring fiscal health and competitiveness following unification would be
disinflationary.
The fact that the ECB's rate-cut decision was unanimous gave Draghi instant
credibility. The ECB's new forward-looking approach makes a second 25
basis point move in December or January a near certainty. The probability
is also rising that the ECB will not stop at 1% and cut rates further
should the economic situation not improve in the course of the first
quarter.
A different look at German output and order data
The rest of the world, led by China and the US, is showing better momentum.
The Euro area is unlikely to bring the global economy down unless the debt
crisis spirals into a world-wide financial crisis. Germany, on the other
hand, is too close for comfort. After a very strong third quarter, real
GDP is set to dip in Q4. However, much of that is due to special factors.
The biggest driver of the 2.7% drop in September industrial production was
the car sector (down 11%). That followed a 17% increase in July and August
when several car manufactures continued production through the summer
holidays.
The divergence between the Euro area and the rest of the world was visible
in German September manufacturing orders. Orders from the Euro area
plunged 12%, orders from the rest of the world were flat. Foreign orders
in the car sector rose 1.6%, while foreign orders of aircrafts, ships and
trains dropped 58%. This suggests: First, demand in the car sector outside
the Euro area continues to do well; Second, the decline in Euro-area orders
was probably exaggerated by the plunge in aircrafts, ships and trains,
which are notoriously volatile.
A token tax cut to keep the coalition happy
Germany's buoyancy also helped the fiscal performance. In the year to
September, revenues of the federal government rose 6.4%, thanks to stronger
tax incomes. Expenditures, on the other hand, declined 1.4%, largely
because the social security system did not require transfers. Overall, we
expect Germany will run a general government deficit of just 1% of GDP this
year and manage to balance its budget in 2012. Our more optimistic outlook
is based on the view that growth in 2012 will hold up better than expected
by the government and consensus and that lower unemployment will lead to
more social security savings.
The coalition government agreed to spend Euro 6 billion of the savings on
tax cuts in 2013 and 2014 (roughly 0.1% of GDP per year). The compromise
was a concession to the two junior coalition partners (FDP and CSU).
Finance Minister Schäuble managed to keep his fiscal powder dry. This may
come handy should the economy go soft and require a fiscal boost (less
likely) or should Germany have to put up more money to save the Euro (more
likely). As long as the economy is holding up, as we expect, and monetary
conditions remain super easy for Germany (negative real interest rates and
an undervalued currency) there is no need to provide extra fiscal stimulus.
In fact, that would risk overheating the economy and waste resources that
will be needed later.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 11 November 2011, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2011 the preceding twelve months
Buys: 102 35
Neutral: 37 6
Avoid: 9 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 11.11.2011
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
11.11.2011 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
145869 11.11.2011