the Deutsche Bahn CEO operates his plan to recapitalize the company with the backing of Finance Minister Wolfgang Schäuble (CDU) (Photo: dpa)
Berlin as smooth as Deutsche Bahn CEO Rüdiger Grube had been hoped, are its plans to raise capital probably not go through. The supervisory board of the state-owned company responsible pit at a special meeting well, to create a concept for the IPO of the daughters Arriva and Schenker. At the same time, the guards but also attributed to the Group Board in the specifications, to examine possible Altnativen. The railway inspectors view their favorite of mine plan partly skeptical, according to circles of the Panel.
Are actually recorded as hoped 4.5 billion euros? What if the stock markets weaken at the time of going public from spring 2017? How much are the IPOs? Will the rising indebtedness of the web group at the end really are decelerated at 19 billion euros?
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pit operates with the backing of Finance Minister Wolfgang Schäuble (CDU) its plan to recapitalize the web. But a few days ago said Transport Minister Alexander Dobrindt, it would also alternatives are examined. The range from an equity investment by financial investors to the capital by the federal government. These variants has discarded pit – so far. Now he has to make improvements at the urging of his supervisors the project.
How explosive is the situation, also shows one of the rare public statements of the chairman of Deutsche Bahn, Utz-Hellmuth Felcht. “If we do not take countermeasures, the Group’s debt will increase significantly until 2020. The equity of third parties limits the debt and creates financial flexibility to continue the quality and investment offensive in Germany “, Felcht read to quote after the special session of the inspectors. But so clearly towards shareholding third parties are not going to travel well yet. At least, it follows from the now expanded inspection order. A final decision is expected to raise capital in the autumn of this year.
from 2016 to 2020, the railway plans to invest a total of 55 billion euros, 90 percent in Germany. Around wants 20 billion the web of its own motor finance. the current low profitability and loss-goods business on the track, however, lead to an increase in debt by now 17.5 billion to 22.2 billion euros, when the web is not against controls. in political circles as well as in the union, all are represented on the railway Board, however, the question is asked why the debt of state-owned company should not rise. The participation of external investors to train daughters are viewed critically. Rüdiger Grube will still have to do much convincing.
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