Saturday, August 27, 2016

ECONOMIC AND MONEY: Stada and the eerie investors – ABC Online

Saturday, 08.27.2016, 07:59 · Susanne Stephan
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The Mobilat manufacturers defends itself. to aggressive shareholders who request a new supervisory board members The pharmaceutical group threatens the sale

Guy Wyser-Pratte maintains its reputation as a former member of the US Marines. “Wake up and smell the napalm,” the US investor engages talk to managers, who oppose his wishes. Now he has made Stada. And rumbles: The drug manufacturer from Bad Vilbel, we need a “camel, which pushes the nose under the tent fabric”. The animal – is meant a new supervisory board – should explore, will mismanaged as Stada, “then listen to the whole nonsense immediately”

Stada, which is AG become pharmacists tradition.. Was once the “standard drugs of German Pharmacists” a cooperative, founded with identical ingredients in the same method to produce drugs – and thus together to make more money. 1970 it became a public company whose shares could hold only pharmacists. Only since 1993 can also outside the industry to buy shares – as a long term investment or commitment to the company

On Guy Wyser-Pratte meets neither of the two motives.. With the 76-year-olds, an investor has entered with the pharmaceutical companies, the former SPD leader Franz Müntefering had called “grasshopper”.

And the other companies has been mixed. Wyser-Pratte made in 2005 that at Kuka several executives had to go, the company separated from less profitable areas and focused on robotics. Also to the photo service provider CeWe Color, Babcock Borsig and Balda, the investor cared lovingly. If, as now in Stada, of “mischief” talks, the opposition to his plans usually mean, against the insensitive turn upside of corporate structures to the short term to maximize profits.

Still, he does not hold any three percent at Stada, but occurs simultaneously with Florian Schuhbauer and Klaus Röhrig, whose asset management Active ownership Capital (AOC) is going too little squeamish. The two shareholders give to represent five percent of Stada and also to have an option for a further two percent

A maximum of ten percent are not much, but at a high free float -. AOC is the largest single shareholder – rich even small investments for a revolt. At the last shareholders meeting, only one third of the voting rights was represented. When the 26 September, the next meeting of shareholders, is exactly that attackers could easily take far-reaching decisions and about disempowering the inspectors. The price of Stada shares

How do the shareholders, the company pirating

Only the Supervisory Board, then the management – so do the rebellious share owned, the company pirating. Previously Stada check next to a lawyer, an entrepreneur and the workers’ representatives three pharmacists and a doctor. The panel was in the past as a little assertive to the board.

AOC is determined to change that. Headhunter Spencer Stuart were hired to present new candidates for the supervisory body. Alarmed shifted the manufacturer the Annual General Meeting and commissioned by Egon Zehnder also a recruitment company. The haggling over heads and CVs began. Stada presented four candidates, including AOC but only two accepted. The activists beat four other experts, some ex-manager of the pharmaceutical giant Novartis.

Stada, a company where everyone has different interests

Martin evening, the former chairman of the board, is not on the AOC wishlist – he belonged to long for company, they say. The attorney countered, the new owner behaving unprofessionally: “First AOC demanded the replacement of five supervisory boards, then of three, finally six.” As for the body is to remain viable when it will overnight without any real training exchanged

Guy Wyser-Pratte chatted with own proposals so far back. Now he shares with brash him rich, it also, to occupy a single new supervisory board. With who? Actually no matter if there is no one only, the company has even suggested: “They are all puppets, which is part of their game.”

The “game” – these are the last few years at Stada. It’s about mismanagement to lost opportunities and revenues. . Sales of branded products such as Mobilat or Grippostad and generics has increased by 34 percent since 2009, the income but only ten percent

The Board have set for too long on Russia says Wyser-Pratte: ” Where should because since profits arise? Perhaps the Ukrainian bullets? “Stada should think towards the west, to tackle the US market. “That’s why they need a partner with enough money as CVC who have experience with generic drugs.” Apparently there have been discussions between the former Stada boss Hartmut Retzlaff and British investment funds.

Retzlaff gets goodbye 5.7 million

the man who Stada led since 1993, fell ill in June. Distressing weeks was not clear whether he returns. Only last Monday announced Stada, Retzlaff finish his work. Obviously, the Supervisory Board had urged him. “It was important for us that Hartmut Retzlaff understood that about his position rapidly clarity had to be prepared,” says Martin Evening. As for his remuneration, Retzlaff, who had a contract until 2021 the company was obviously far opposed. The manager gets goodbye around 5.7 million euros, which corresponds to one and a half years’ salary.

Retzlaff apparently returns

In an email to the boards Retzlaff indicated reportedly the option of return to to companies. How realistic is that? “I’m CEO,” says the 43-year-old lawyer Matthias Wiedenfels which since Retzlaffs leads Stada disease. He does not expect to exert this position only temporarily.

Still seems open much. “We see in corporate governance (corporate governance) significant potential for improvement”, tells about the fund Lupus alpha. An accusation that the company repeatedly heard in recent years.

Retzlaff have built a system of favoritism, it said. His remuneration amounted already to more than seven million euros per year and pension plans over 35 million (which were reduced by massive criticism). Son Steffen got almost immediately after university lucrative jobs at Stada, rose to become managing director of Stada subsidiary Hemopharm, also became Managing Director of a Czech distribution company. “One son, who earned on corporate costs so much money,” said Wyser-Pratte upsets and adds in German: “God in Heaven”

Since June Steffen Retzlaff has some of its offices at Stada issued, is responsible only for the Asia and middle East North Africa region. Retzlaffs successor Wiedenfels earned 2015 comparatively modest EUR 850 000 fixed salary plus a maximum of EUR 850 000 premium. He acts as if he had been waiting for his chance at Stada.

But even him sit the activists in the neck. “Stada shares could easily worth 60 to 65 euros,” says Guy Wyser-Pratte “What the company is doing now, is only cosmetic. The results that they so achieve in three to five years, could be reached immediately if Stada would be sold. “Miss

Should the shareholders the self-proclaimed Stada Savers from the United States faith and to 20 to put 30 percent immediate return? Waiting would be an option. Currently, the manufacturer is looking for managers with which the Board could be strengthened. Change is at Stada in the tranquil Dortelweil lot – either way

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