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/Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
04.04.2012 / 09:15
---------------------------------------------------------------------
- EU 'fire wall' cannot replace ECB - no matter how large
- ECB liquidity drive is like providing emergency medical support
- Lessons from Japan: push reforms and avoid premature monetary
tightening
Market attention over the last 10 days has moved back to the fiscal
performance in the Euro-zone periphery. A key concern is Spain, which
reported a larger than expected deficit for 2011 and announced a wider
deficit target for 2012. The problem is not a lack of effort, but poor
economic performance. PIIGS bond spreads over German Bunds widened on
average by 50 basis points. Only Portuguese spreads managed to narrow.
The correction is modest given the tightening since the start of the year
and is probably not the start of a new trend. Indeed, spreads stabilized
over the last couple of days. Nevertheless, the fiscal jitters serve as a
reminder that the Euro debt crisis is not yet resolved.
Market commentators gave the extension of the ESM to EUR800 billion credit
for what calmed markets at the end of last week. That may be true, but is
not proof that an increased ESM will be more effective than the current
EFSF. The clout of policy tools is also unlikely to be improved by liking
them with lethal weapons. This can even backfire. Examples of such
analogies are the famous 'Bazooka', first introduced by former US Treasury
Secretary 'Hank' Paulson, and Mario Draghi's 'Dicke Bertha'. France's
finance minister François Baroin topped the arms race by comparing the ESM
firewall with a 'nuclear option in military planning'. The deterrent
should be big enough so that speculators would not dare to attack weak Euro
members. Unfortunately, the nuclear deterrent strategy does not work for
the ESM.
- First, the nuclear deterrent strategy is based on the premise that the
firepower is sufficient to kill the enemy several times over. The
upsized ESM contains only EUR500 billion of fresh funds. The rest of
the funds are already committed. The money is enough to deal with
problems in Greece, Ireland and Portugal, but not Spain and Italy.
Even an in-
crease to EUR1 trillion or more would not be enough to defend Italy and
Spain in case of a market panic. Besides, further increasing the size
undermines the fiscal position of the countries that contribute to the
fund, undermining the overall credibility.
- Second, the nuclear deterrent strategy depends critically on the
premise that the arms are in position, aimed and ready to fire. The
ESM, on the other hand, first has to mobilize the funds, which means
raising money in the market place. That is difficult in times of
market turmoil.
The EFSF has had the mandate to intervene in the market for some time, but
so far has failed to make a difference for these reasons. The ESM will not
do better. Only the ECB can make a difference. It has unlimited firepower
and can pull the trigger at any time.
The German government resisted the increase of the firewall. It believes
that larger firewalls are not the solution to the underlying fiscal
problems. Domestic political consideration also played a role as well as
the worry that larger commitments would undermine Germany's credit rating.
The final compromise was only acceptable for Germany, because the headline
figure was well below the EUR1 trillion that France and others had
demanded. Second, the German consent was probably tactical as the
government believes that in case of a market attack the ECB would have to
step in and the ESM funds would not get mobilized.
Super gun, drug or just the right thing to do?
Mario Draghi's comparison of the ECB's 3-year LTROs with the famous German
WWI super gun, called 'Dicke Bertha', demonstrated how badly such analogies
can backfire. Critics quickly pointed out that the 'Dicke Bertha' was
ineffective and too expensive. However, comparing the liquidity operations
with dangerous drugs that have lethal side effects and make addictive, as
some economists argue, is also misplaced. Only history will tell how
expensive or perhaps profitable the ECB liquidity operations will really
be. Yet, the effectiveness should not be in doubt.
The European banking system was about to collapse and with it the Euro had
the ECB not stepped in. The famous Target2 balances show that banks in the
periphery had failed to refinance more than EUR800 billion in the interbank
market by the end of last year due to massive capital flight. Even
Bundesbank President Jens Weidmann admitted in a recent newspaper article
that preventing a liquidity crunch was the right thing to do. Thus and at
the risk of falling into another analogy trap, the ECB's liquidity
operations should be seen as necessary life-saving emergency measures.
What has to follow is a cure to fix the root cause of the illness and that
is the job of the Euro-area governments and not the ECB.
Two lessons from Japan
A look at Japan shows the importance of reforms as well as ample monetary
support. Japan's problems are not identical with those of the Euro-area
periphery. Japan has a very competitive export sector and runs a trade
surplus. The fiscal situation is a mess, but the initial problem was an
asset bubble and not fiscal profligacy. However, Japan faces similar
deleveraging pressures and the failure to address the structural root
problems and provide sufficient monetary support has pushed it into a
deflationary spiral.
Japan is largely a closed economy despite its strong export sector. In
fact, not only does Japan prevent competition from abroad, it also prevents
internal competition, which leads to structural rigidity. The government
has so far failed to break these structural rigidities. Second, the
government and the central bank recognized too late that easy monetary
policy was needed
after the asset bubble had burst. And even when monetary policy had been
relaxed, the central bank tightened twice prematurely, further compounding
deflationary pressures.
Merkel keeps Euro periphery on reform path
What does that mean for the Euro zone? First, the ECB is right to think
about an exit strategy and maintain sound prudential standards for its
operations. Furthermore, the ECB should work closely with governments and
regulators to ensure that fundamentally insolvent institutions are
recapitalized, merged or taken out of business. However, reversing the
current policy stance should be approached with extreme caution. Not only
Japan is a negative example. The ECB's own decision to hike rates last
spring was clearly a mistake. At the time, the ECB was too focused on
current inflation figures and underestimated the economic impact of the
fiscal adjustment in Europe.
The current economic data from the periphery makes it unlikely that any
sane central banker is thinking about tightening. March car sales in
Italy, for example, were down 26.7% from a year ago. And the weakness is
not just limited to the periphery. French car sales were down 23.5%.
Given fiscal and even private-sector deleveraging as well as an impaired
banking system, inflation is not a major risk. Yet, that thinking may
change if rising oil prices lead to higher headline inflation. Against
that background, the small decline in March Euro-area inflation was welcome
news.
Second, governments should lose no time to push through fiscal and
structural reforms. Germany led by Angela Merkel sees it increasingly as
its job to make sure the Euro-area periphery stays on the reform path. The
German government believes strongly that only structural reforms and not
stimulus programs can revive growth. The message from Berlin is becoming
surprisingly blunt: 'reform or no more money'. And indeed, there are some
encouraging developments. Italy and Spain, for example, are pushing for
far-reaching labor market reforms. Unions in both countries are fighting
back, but the governments have remained firm. Other news from Spain is
also better. After Ireland, Spain has made the most progress in reducing
unit labor cost and trimming the current account deficit.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 4 April 2012, 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 2012 the preceding twelve months
Buys: 95 35
Neutral: 54 6
Avoid: 11 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, 04.04.2012
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
---------------------------------------------------------------------
04.04.2012 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
---------------------------------------------------------------------
163850 04.04.2012
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges/Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
04.04.2012 / 09:15
---------------------------------------------------------------------
- EU 'fire wall' cannot replace ECB - no matter how large
- ECB liquidity drive is like providing emergency medical support
- Lessons from Japan: push reforms and avoid premature monetary
tightening
Market attention over the last 10 days has moved back to the fiscal
performance in the Euro-zone periphery. A key concern is Spain, which
reported a larger than expected deficit for 2011 and announced a wider
deficit target for 2012. The problem is not a lack of effort, but poor
economic performance. PIIGS bond spreads over German Bunds widened on
average by 50 basis points. Only Portuguese spreads managed to narrow.
The correction is modest given the tightening since the start of the year
and is probably not the start of a new trend. Indeed, spreads stabilized
over the last couple of days. Nevertheless, the fiscal jitters serve as a
reminder that the Euro debt crisis is not yet resolved.
Market commentators gave the extension of the ESM to EUR800 billion credit
for what calmed markets at the end of last week. That may be true, but is
not proof that an increased ESM will be more effective than the current
EFSF. The clout of policy tools is also unlikely to be improved by liking
them with lethal weapons. This can even backfire. Examples of such
analogies are the famous 'Bazooka', first introduced by former US Treasury
Secretary 'Hank' Paulson, and Mario Draghi's 'Dicke Bertha'. France's
finance minister François Baroin topped the arms race by comparing the ESM
firewall with a 'nuclear option in military planning'. The deterrent
should be big enough so that speculators would not dare to attack weak Euro
members. Unfortunately, the nuclear deterrent strategy does not work for
the ESM.
- First, the nuclear deterrent strategy is based on the premise that the
firepower is sufficient to kill the enemy several times over. The
upsized ESM contains only EUR500 billion of fresh funds. The rest of
the funds are already committed. The money is enough to deal with
problems in Greece, Ireland and Portugal, but not Spain and Italy.
Even an in-
crease to EUR1 trillion or more would not be enough to defend Italy and
Spain in case of a market panic. Besides, further increasing the size
undermines the fiscal position of the countries that contribute to the
fund, undermining the overall credibility.
- Second, the nuclear deterrent strategy depends critically on the
premise that the arms are in position, aimed and ready to fire. The
ESM, on the other hand, first has to mobilize the funds, which means
raising money in the market place. That is difficult in times of
market turmoil.
The EFSF has had the mandate to intervene in the market for some time, but
so far has failed to make a difference for these reasons. The ESM will not
do better. Only the ECB can make a difference. It has unlimited firepower
and can pull the trigger at any time.
The German government resisted the increase of the firewall. It believes
that larger firewalls are not the solution to the underlying fiscal
problems. Domestic political consideration also played a role as well as
the worry that larger commitments would undermine Germany's credit rating.
The final compromise was only acceptable for Germany, because the headline
figure was well below the EUR1 trillion that France and others had
demanded. Second, the German consent was probably tactical as the
government believes that in case of a market attack the ECB would have to
step in and the ESM funds would not get mobilized.
Super gun, drug or just the right thing to do?
Mario Draghi's comparison of the ECB's 3-year LTROs with the famous German
WWI super gun, called 'Dicke Bertha', demonstrated how badly such analogies
can backfire. Critics quickly pointed out that the 'Dicke Bertha' was
ineffective and too expensive. However, comparing the liquidity operations
with dangerous drugs that have lethal side effects and make addictive, as
some economists argue, is also misplaced. Only history will tell how
expensive or perhaps profitable the ECB liquidity operations will really
be. Yet, the effectiveness should not be in doubt.
The European banking system was about to collapse and with it the Euro had
the ECB not stepped in. The famous Target2 balances show that banks in the
periphery had failed to refinance more than EUR800 billion in the interbank
market by the end of last year due to massive capital flight. Even
Bundesbank President Jens Weidmann admitted in a recent newspaper article
that preventing a liquidity crunch was the right thing to do. Thus and at
the risk of falling into another analogy trap, the ECB's liquidity
operations should be seen as necessary life-saving emergency measures.
What has to follow is a cure to fix the root cause of the illness and that
is the job of the Euro-area governments and not the ECB.
Two lessons from Japan
A look at Japan shows the importance of reforms as well as ample monetary
support. Japan's problems are not identical with those of the Euro-area
periphery. Japan has a very competitive export sector and runs a trade
surplus. The fiscal situation is a mess, but the initial problem was an
asset bubble and not fiscal profligacy. However, Japan faces similar
deleveraging pressures and the failure to address the structural root
problems and provide sufficient monetary support has pushed it into a
deflationary spiral.
Japan is largely a closed economy despite its strong export sector. In
fact, not only does Japan prevent competition from abroad, it also prevents
internal competition, which leads to structural rigidity. The government
has so far failed to break these structural rigidities. Second, the
government and the central bank recognized too late that easy monetary
policy was needed
after the asset bubble had burst. And even when monetary policy had been
relaxed, the central bank tightened twice prematurely, further compounding
deflationary pressures.
Merkel keeps Euro periphery on reform path
What does that mean for the Euro zone? First, the ECB is right to think
about an exit strategy and maintain sound prudential standards for its
operations. Furthermore, the ECB should work closely with governments and
regulators to ensure that fundamentally insolvent institutions are
recapitalized, merged or taken out of business. However, reversing the
current policy stance should be approached with extreme caution. Not only
Japan is a negative example. The ECB's own decision to hike rates last
spring was clearly a mistake. At the time, the ECB was too focused on
current inflation figures and underestimated the economic impact of the
fiscal adjustment in Europe.
The current economic data from the periphery makes it unlikely that any
sane central banker is thinking about tightening. March car sales in
Italy, for example, were down 26.7% from a year ago. And the weakness is
not just limited to the periphery. French car sales were down 23.5%.
Given fiscal and even private-sector deleveraging as well as an impaired
banking system, inflation is not a major risk. Yet, that thinking may
change if rising oil prices lead to higher headline inflation. Against
that background, the small decline in March Euro-area inflation was welcome
news.
Second, governments should lose no time to push through fiscal and
structural reforms. Germany led by Angela Merkel sees it increasingly as
its job to make sure the Euro-area periphery stays on the reform path. The
German government believes strongly that only structural reforms and not
stimulus programs can revive growth. The message from Berlin is becoming
surprisingly blunt: 'reform or no more money'. And indeed, there are some
encouraging developments. Italy and Spain, for example, are pushing for
far-reaching labor market reforms. Unions in both countries are fighting
back, but the governments have remained firm. Other news from Spain is
also better. After Ireland, Spain has made the most progress in reducing
unit labor cost and trimming the current account deficit.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 4 April 2012, 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 2012 the preceding twelve months
Buys: 95 35
Neutral: 54 6
Avoid: 11 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, 04.04.2012
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
---------------------------------------------------------------------
04.04.2012 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
---------------------------------------------------------------------
163850 04.04.2012