Silvia Quandt & Cie. AG, Brokerage & Investment Banking: In-between the lines - Bernhard Eschweiler
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Brokerage & Investment Banking: In-between
the lines - Bernhard Eschweiler
14.09.2012 / 10:40
---------------------------------------------------------------------
- This was not the last time Karlsruhe had to rule on Euro-area
legislation
- Full sterilization of OMTs has no impact if ECB provides banks
unlimited liquidity
- Growing market optimism is mostly but not only policy driven
The German High Court rejected the complaints against the ESM yesterday as
'fundamentally unfounded'. In summary, the court stated that the degree of
Germany's fiscal involvement in response to the Euro crisis is a political
and not a legal decision as long as par-liament is in control and
contractual liability limits are binding. The court further stated that
the conditionality is implicitly met and only urged the government to make
it more explicit. The ESM has now the green light. How soon it will get
started, however, remains unclear. Clear is that this was not the last
time the German High Court had to rule on Euro-area legislation. The
crisis is by far not over, more coordinated action and legislation is
likely to follow and the road to Karlsruhe is easy.
ECB is ready but may not act soon
The market reaction to the Karlsruhe ruling was positive but not euphoric
as a favorable outcome was widely expected. Much more euphoric was the
market reaction to last week's ECB announcement. The ECB surprised markets
positively in three ways:
- First, the fact that the ECB outlined the modalities of its new bond
purchase program (OMT) at all. We as well as much of the market had
expected a delay until after September 12.
- Second, the statement that OMTs will be ex ante unlimited in size.
Previously, ECB president Draghi talked about adequate size.
- Third, the announcement that the maturity range will be up to three
years. Earlier, ECB president Draghi described the new bond purchases
as a form of money market operations, which would imply a maximum
maturity of one year.
A potentially negative (but not much noticed) surprise for markets was the
statement that OMTs will be fully sterilized. Earlier statements by ECB
president Draghi suggested that the operations would not or only partially
be sterilized. Full sterilization is probably a concession to those ECB
council members who worry more about inflationary implications. The
question is whether unlimited bond purchases can have the desired effect if
they are fully sterilized. The answer depends on the type of sterilization
and the overall monetary policy stance.
Strictly speaking, sterilization means that one operation is offset by an
opposite operation on the same side of the balance sheet so that the
overall size of the balance sheet remains unchanged. An example would be
if the ECB reduces the lending to banks by the same amount as the bond
purchases. Balance-sheet-neutral sterilization is sometimes used for FX
interventions, but undermines their effectiveness. Anyway, this is not
what the ECB has done to sterilize the SMP operations in the past. The ECB
has chosen a softer form of sterilization. It has absorbed the extra
liquidity created by the bond purchases on banks' ECB current account by
auctioning one-week term deposits (see box on previous page). In that
case, the balance sheet expands but banks cannot immediately spend the
extra money. Success of that operation depends on the interest rate that
the ECB offers to banks. Despite a few failed auctions, this sterilization
has technically worked (see table on previous page) and is probably what
the ECB will do with the OMTs as well.
In practice, the sterilization effect depends critically on the overall
monetary policy stance. In the first year of the SMP, the ECB has tried to
normalize its policy (interest rates). The balance sheet shrunk by nearly
5% as increases in gold and FX reserves as well as domestic securities were
more than offset by a 45% reduction in lending to banks (see table on
previous page). After June 2011, ECB policy has been reversed. In
response to the collapse of the interbank market between the periphery and
the core the ECB has provided unlimited liquidity with longer maturities
and softer collateral standards and cut interest rates. Since then, the
ECB balance sheet has expanded 63% as lending to banks has surged 185%.
Without that policy shift, the Euro would most likely have collapsed. As
long as the ECB maintains this accommo-dative stance, which is what we
expect, full sterilization will not hamper the effectiveness of OMTs.
The ECB may be hoping that the announcement of ex ante unlimited bond
purchases will be enough to stabilize markets and that it never actually
needs to activate OMT. Indeed, the honeymoon may last a while, but sooner
or later stress is set to reemerge. Greece, for example, may trigger the
next round of market volatility and cause renewed trouble for Spain. Would
Spain then request and get EFSF/ESM support? In our judgment, Spain will
eventually request help just as it did in June, but only in form of a
precautionary credit line. First, the Spanish government will do anything
to avoid large additional reforms. Second, German support for a full
package is very unlikely, given its potential size and what that means for
the resources of EFSF and ESM. Spain is widely viewed as compliant and
approval of a precautionary credit line is likely. Nevertheless, a fierce
debate in Germany is pre-programmed as approval automatically implies
giving the ECB the green light for potentially unlimited bond purchases.
Once a Spanish program is approved, which may take a while, we expect the
ECB to act fast and squeeze the market. That is the only way the ECB can
hope to restore orderly market conditions without having to be permanent in
the market.
Market sentiment beats business confidence
The ECB has contributed significantly to the turn in market sentiment, but
it is not the only driver. Markets turned first after the Spanish bank
recapitalization program in June and the subsequent EU summit. Moreover,
good news came not only from the Euro area. In the US, there is a growing
sense that the fiscal cliff will look more like a speed bump and the Fed
seems ready to launch another round of quantitative easing. China is also
easing both fiscal and monetary policy and there are more signs of policy
easing across both developed and emerging markets. Yet the growing market
optimism is not having much impact on business sentiment so far. Indeed,
most output and labor market indicators support the growing business
pessimism and highlight the risks ahead.
Nevertheless, the global economy is in our judgment at a turning point.
First, global demand dynamics, especially consumption, is improving.
Global car sales, for example, are up about 17% from last year with no
visible fading of momentum in recent months. Second, the growing
impatience of policymakers with the poor growth performance is triggering
ever more aggressive policy responses and in aggregate may well lead to an
overreaction. To be sure, market sentiment is fickle and can flip
quickly and risks that the economic slowdown gains more momentum are
plenty. Yet, we believe that chances are larger that policy action and the
private-sector response will produce stronger growth, especially going into
2013.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 14 September 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: 73 25
Neutral: 56 8
Avoid: 10 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, 14.09.2012
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
---------------------------------------------------------------------
14.09.2012 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
---------------------------------------------------------------------
185280 14.09.2012
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Brokerage & Investment Banking: In-between
the lines - Bernhard Eschweiler
14.09.2012 / 10:40
---------------------------------------------------------------------
- This was not the last time Karlsruhe had to rule on Euro-area
legislation
- Full sterilization of OMTs has no impact if ECB provides banks
unlimited liquidity
- Growing market optimism is mostly but not only policy driven
The German High Court rejected the complaints against the ESM yesterday as
'fundamentally unfounded'. In summary, the court stated that the degree of
Germany's fiscal involvement in response to the Euro crisis is a political
and not a legal decision as long as par-liament is in control and
contractual liability limits are binding. The court further stated that
the conditionality is implicitly met and only urged the government to make
it more explicit. The ESM has now the green light. How soon it will get
started, however, remains unclear. Clear is that this was not the last
time the German High Court had to rule on Euro-area legislation. The
crisis is by far not over, more coordinated action and legislation is
likely to follow and the road to Karlsruhe is easy.
ECB is ready but may not act soon
The market reaction to the Karlsruhe ruling was positive but not euphoric
as a favorable outcome was widely expected. Much more euphoric was the
market reaction to last week's ECB announcement. The ECB surprised markets
positively in three ways:
- First, the fact that the ECB outlined the modalities of its new bond
purchase program (OMT) at all. We as well as much of the market had
expected a delay until after September 12.
- Second, the statement that OMTs will be ex ante unlimited in size.
Previously, ECB president Draghi talked about adequate size.
- Third, the announcement that the maturity range will be up to three
years. Earlier, ECB president Draghi described the new bond purchases
as a form of money market operations, which would imply a maximum
maturity of one year.
A potentially negative (but not much noticed) surprise for markets was the
statement that OMTs will be fully sterilized. Earlier statements by ECB
president Draghi suggested that the operations would not or only partially
be sterilized. Full sterilization is probably a concession to those ECB
council members who worry more about inflationary implications. The
question is whether unlimited bond purchases can have the desired effect if
they are fully sterilized. The answer depends on the type of sterilization
and the overall monetary policy stance.
Strictly speaking, sterilization means that one operation is offset by an
opposite operation on the same side of the balance sheet so that the
overall size of the balance sheet remains unchanged. An example would be
if the ECB reduces the lending to banks by the same amount as the bond
purchases. Balance-sheet-neutral sterilization is sometimes used for FX
interventions, but undermines their effectiveness. Anyway, this is not
what the ECB has done to sterilize the SMP operations in the past. The ECB
has chosen a softer form of sterilization. It has absorbed the extra
liquidity created by the bond purchases on banks' ECB current account by
auctioning one-week term deposits (see box on previous page). In that
case, the balance sheet expands but banks cannot immediately spend the
extra money. Success of that operation depends on the interest rate that
the ECB offers to banks. Despite a few failed auctions, this sterilization
has technically worked (see table on previous page) and is probably what
the ECB will do with the OMTs as well.
In practice, the sterilization effect depends critically on the overall
monetary policy stance. In the first year of the SMP, the ECB has tried to
normalize its policy (interest rates). The balance sheet shrunk by nearly
5% as increases in gold and FX reserves as well as domestic securities were
more than offset by a 45% reduction in lending to banks (see table on
previous page). After June 2011, ECB policy has been reversed. In
response to the collapse of the interbank market between the periphery and
the core the ECB has provided unlimited liquidity with longer maturities
and softer collateral standards and cut interest rates. Since then, the
ECB balance sheet has expanded 63% as lending to banks has surged 185%.
Without that policy shift, the Euro would most likely have collapsed. As
long as the ECB maintains this accommo-dative stance, which is what we
expect, full sterilization will not hamper the effectiveness of OMTs.
The ECB may be hoping that the announcement of ex ante unlimited bond
purchases will be enough to stabilize markets and that it never actually
needs to activate OMT. Indeed, the honeymoon may last a while, but sooner
or later stress is set to reemerge. Greece, for example, may trigger the
next round of market volatility and cause renewed trouble for Spain. Would
Spain then request and get EFSF/ESM support? In our judgment, Spain will
eventually request help just as it did in June, but only in form of a
precautionary credit line. First, the Spanish government will do anything
to avoid large additional reforms. Second, German support for a full
package is very unlikely, given its potential size and what that means for
the resources of EFSF and ESM. Spain is widely viewed as compliant and
approval of a precautionary credit line is likely. Nevertheless, a fierce
debate in Germany is pre-programmed as approval automatically implies
giving the ECB the green light for potentially unlimited bond purchases.
Once a Spanish program is approved, which may take a while, we expect the
ECB to act fast and squeeze the market. That is the only way the ECB can
hope to restore orderly market conditions without having to be permanent in
the market.
Market sentiment beats business confidence
The ECB has contributed significantly to the turn in market sentiment, but
it is not the only driver. Markets turned first after the Spanish bank
recapitalization program in June and the subsequent EU summit. Moreover,
good news came not only from the Euro area. In the US, there is a growing
sense that the fiscal cliff will look more like a speed bump and the Fed
seems ready to launch another round of quantitative easing. China is also
easing both fiscal and monetary policy and there are more signs of policy
easing across both developed and emerging markets. Yet the growing market
optimism is not having much impact on business sentiment so far. Indeed,
most output and labor market indicators support the growing business
pessimism and highlight the risks ahead.
Nevertheless, the global economy is in our judgment at a turning point.
First, global demand dynamics, especially consumption, is improving.
Global car sales, for example, are up about 17% from last year with no
visible fading of momentum in recent months. Second, the growing
impatience of policymakers with the poor growth performance is triggering
ever more aggressive policy responses and in aggregate may well lead to an
overreaction. To be sure, market sentiment is fickle and can flip
quickly and risks that the economic slowdown gains more momentum are
plenty. Yet, we believe that chances are larger that policy action and the
private-sector response will produce stronger growth, especially going into
2013.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 14 September 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: 73 25
Neutral: 56 8
Avoid: 10 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, 14.09.2012
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
---------------------------------------------------------------------
14.09.2012 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
---------------------------------------------------------------------
185280 14.09.2012