Netflix cash all the boxes

For now, the news has made less noise than the success of Lupine and yet, it marks a new milestone for Netflix. “We believe that we are very close to achieving a free cash flow sustainably positive and that we no longer need external investments to finance our day-to-day operations ”, can we read in the annual letter to the shareholders of the platform, dated January 19. The share price of the American giant immediately jumped again.

Its cash flow ($ 8.2 billion) and a credit capacity of some $ 750 million allow it to approach 2021 in a new movement of massive conquest and production autonomy on a global scale, capitalizing today on more 200 million subscribers. With his line-up torrential 70 feature films, which should fall at the rate of one new title per week, we understand that the 20 billion dollars spent in 2020 on content investments should not only fill the shelves of the platform. They still need to expand its subscriber portfolio, improve its ability to keep them warm, as the competition, now bloated, intends to divert them from this service, which has long benefited from its tremendous lead in changing uses. Indeed, faced with the disaster of the lasting closure of theaters circuits, Disney or Warner measure their delay a little more each day, the crisis operating for them a change of model at forced march against a background of controversy and grumbling, as disgruntled filmmakers (such as Denis Villeneuve and his Dune in a carafe) than astonished operators.

Combat de titans

Netflix doesn’t have this problem and is ripping through the storm. The platform communicates more than ever on house successes, spreading numbers everywhere on The Crown, the game of the lady or recently Lupin, a success that Omar Sy echoed on Twitter: “70 million is crazy!” (in reference to an announcement showing the number of views of the French series after twenty-eight days of online presence). To judge the earthquake that dislocates the architecture of the podium steps, just remember that Pixar released at Christmas, on the Disney + platform, a kind of masterpiece (Soul) and that no one is able to say whether or not the film is a success! After its launch, Pete Docter’s animated film seemed to slip away, affecting only (dare I say it) the 87 million Disney + subscribers anyway. The old box office gauge looks pitiful here, like an old demonetized golden calf: Soul, theatrical release in a few territories capitalized $ 32,500,000 in profit (for comparison The other way around, from the same Pete Docter, released worldwide in theaters in 2015, it was $ 857,611,174 in revenue).

In this battle of the titans of mass entertainment, Netflix has established itself as master of the forges hitting iron in a blaze of his invention. Because the transparency of the platform’s audience measurements has always been questioning. In 2019, Ted Sarandos, director of global content (since last summer, promoted to co-CEO) assured that the box would make an effort on this point and rankings were released based on a 70% viewing of a feature film or an episode of a series. This criterion changed last year. You are now counted among the millions of views if you have watched at least two minutes of a series or a movie. The implementation of the “top 10” system pushes the most requested content and the algorithm tends to serve it to you at all times. We tested, for example, a research “Japanese cinema” or «David Fincher» and Lupin appeared each time in the list of tagged products. Also, the random launch, at the end of viewing, of any content whatsoever always exposes and again the carrier titles that you had not specially requested.

Read also“Lupine”: set, cast, screenplay … the recipes for success

The TV channels compared their strengths based on analyzes by the Nielsen Institute, allowing them to then negotiate advertising rates. Netflix has no ads, and breaks the barometers old school box office and TV audience measurements. Already in 2015, Ted Sarandos claimed that the house series Narcos had been seen worldwide more than Game of Thrones (broadcast on HBO) and this self-fulfilling prophecy bravado is … coming true.

Didier Peron

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Dax gives profits and closes in the red

Düsseldorf A strong start with a weak continuation: This is how trading on the German stock market can be described on Thursday. The DAX closed 0.1 percent in the red at 13,907 points after briefly making the jump over the 14,000 mark in the morning.

The trading day was completely different for the two smaller Dax brothers, MDax and SDax. As on the previous day, they achieved new records. The two indices in the second row of exchanges rose to highs of 31,905 and 15,714 points, respectively.

For the Dax, the next goals are clearly outlined: Prices above 14,030 points, the latest interim high of the current correction, would probably drive the index towards 14,132 points, the previous record high. The current daily high of 14,029 points underscores the importance of the short-term resistance in the form of 14,030 points.

A new Dax record high is possible in the coming trading days, but the chances of further price increases are initially limited. For example, according to the analysis of the investor survey conducted by the Frankfurt Stock Exchange, behavioral economist Joachim Goldberg expects profit-taking in the range of 14,150 to 14,200 points at the latest. “The lid is on the Dax,” he says.

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To understand this forecast, a look back at the past trading days helps. For investment professionals, the 13,720 point mark was and still is the linchpin in the perception of gains and losses. It is the closing level of the previous year and the starting level of institutional investors for the new stock market year.

The professionals used the price slide last Friday to 13,672 meters to buy again or to close out their hedges against falling prices. Accordingly, the sentiment indicator of the Frankfurt Stock Exchange turned positive because the expectations of the investment professionals were met and they were able to buy at favorable prices. They are no longer under pressure to invest in the market again, but rather they will try to take profits.

This will align the mood among private investors and professionals. Sentiment expert Stephan Heibel already criticized after evaluating the Handelsblatt survey Dax Sentiment on Monday of this week that there was no willingness to buy that could drive the Dax significantly higher.

Club Talk with Jürgen Röder

Because the professionals used the price slide last Friday and on the Monday of these weeks to around 13,700 points for shopping, the threshold for further investments falls accordingly. According to Goldberg’s estimate, this is more in the range of 13,450 to 13,500 meters.

In addition, the international fund managers are already overweighted in stocks in the euro zone. This means that demand from abroad remains limited.

Automotive values ​​in demand

In the Dax stocks, the auto stocks were very popular with investors. Volkswagen and Daimler shares are among the DAX winners with a plus of 2.8 percent and two percent. The European auto sector index climbed to its highest level in fourteen months. The Dax winners list is headed by the papers of the delivery service Delivery Hero with a premium of 3.6 percent.

Zooplus even shone with a plus of 10.4 percent. The titles of the online pet supplies retailer are more sought after by investors in view of the extended corona restrictions, as they are seen as benefiting from the stay-at-home trend.

The record hunt for the share shop pharmacy continues

Shop pharmacy: The share price hits a new record high for the third day in a row. The new high is 192.20 euros, an increase of almost five percent compared to the previous day. In the past twelve months, the price of the online pharmacy rose by a total of 320 percent. The next mood driver for the success-spoiled shareholders was the strong figures of the competitor Zur Rose, whose shares in Zurich also rose by five percent.

The German-Dutch company has a market capitalization of 3.3 billion euros. A proud figure considering the company does not disclose any profit. The full annual report for 2020 is to be published on March 3rd.

Thyssen-Krupp: The industrial group has suspended the sales process for its cement plant construction subsidiary. As the Ruhr group announced to its employees in a circular last week, several companies had submitted an offer for the business after carrying out the mutual audit. “We were not convinced by the offers available to us,” says the letter that the Handelsblatt has received.

Apparently, investors are pleased with the news. The share price rose 1.6 percent. The paper is already in a brilliant upward trend, the price has more than doubled in the past three months.

Aurubis: Thanks to robust demand, the copper smelter is now aiming for an operating profit of 27 to 330 instead of 210 to 270 million euros for the year as a whole. Aurubis shares then rose temporarily to a two-and-a-half year high of EUR 70.36 and closed 5.8 percent up at EUR 69.98.

US President Biden is considered a burden on Bitcoin

Fears of stricter regulation under the new US President Joe Biden pushed the Bitcoin price down on Thursday. The cryptocurrency fell eleven percent to just over $ 31,000. The cyber currency has lost almost a quarter since its record high of $ 42,000 in early January.

During a Senate hearing on Tuesday, Janet Yellen, who will head the U.S. Treasury Department under Biden, voiced concerns that cryptocurrencies could be used to fund illegal activities.

Joseph Edwards of crypto broker Enigma Securities said the statements had led to increased outflows. But it is still unclear what steps the Biden government would take – if at all. “We think, however, that it’s probably still just a momentary weakness and not a fundamental trend reversal,” said Edwards.

In addition, many investors are currently increasingly shifting their assets into alternative currencies, especially ether. This is proven by the ratio between Ethereum and Bitcoin, which has risen by over ten percent on a weekly basis.

What the Dax chart technology says

The focus is on the 13,500 point mark on the bottom. Medium-term investors can move their stop-loss mark in this area, depending on their strategy and risk tolerance. Prices below 13,672 points, the correction low since the record high, would be the first indication of a slide towards 13,500 points.

What’s the next goal on the top? For the technical analysts at Bank HSBC, the 14,228 point mark is the next point of contact, which is not far from the current record high of 14,132 points. From a technical chart point of view, a target price of 14,700 meters can be derived in the coming days and weeks.
Here you go to the page with the Dax course, here you can find the current tops & flops in the Dax.

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how much does a winter season bring in normally?

FOCUS – The Covid-19 got the better of the wishes of mountain stakeholders: ski resorts should remain closed throughout the season, the government announced.

Ski lifts have stopped since the end of March 2020 and a whole tourist economy falters. The government announced on Wednesday that these infrastructures “would not reopen on February 1“And that the sector – which accounts for most of its turnover between December and March – was moving towards” a white season “. Despite state aid, for mountain professionals, it is “a disasterBecause beyond the closed ski lifts, an entire economic fabric is being damaged. To assess the impact of such a decision, let’s take a look at a few figures on what weighs ski resorts economically and in terms of jobs.

10 billion euros

These are the revenues generated each winter at winter sports resorts. For ski lifts only, the annual turnover achieved on the sale of ski passes is of the order of 1.4 billion euros, according to Ski areas in France, professional union of ski area operators. The rest is done in housing (hotels, holiday centers, rentals, etc.) which represents nearly a third of tourist spending; Restoration ; shops (shops selling or renting ski equipment, souvenirs, food, etc.), and other services (ski lessons, etc.).

120,000 jobs

The ski resorts (numbering 250) employ 18,000 employees for the lifts (cable car drivers, ski patrollers, operating agents, etc.). Among them, 80% are seasonal. It is appropriate to add ski instructors, employees and seasonal workers who work for mountain hotels and restaurants, traders. In total, more than 120,000 people, mostly seasonal, work in the resort in winter, according to Ski areas in France. And that’s without counting the indirect jobs in the valleys, or even the constructors of ski lifts and ski manufacturers, whose activity also depends on the opening of the ski areas.

SEE ALSO – Covid-19: a torchlight descent by ski instructors to call for the reopening of resorts

At least 3 billion euros

This is the loss of revenue already recorded by ski resorts. With the hasty closure of lifts in mid-March 2020, Ski areas of France and National Association of Mayors of Mountain Stations estimated the overall loss for the mountains in France between 1.4 and 1.8 billion euros. With the prolonged closure of the lifts during the Christmas holidays, the mountain suffered a new shortfall of around 1.5 billion euros.

All sectors are affected by this shortfall. For food stores located in stations alone, they have lost 10 million euros since the end of November, which represents a 16% drop in their turnover, according to the Nielsen cabinet.

Over 30%

This is the share of turnover usually achieved in February in ski resorts. 30 to 35%, depending on Ski Areas of France. The Christmas holidays represent 20 to 25% of the activity of the season. From December to the end of January, resorts usually generate 40% of the season’s turnover. In summer, they only achieve 2% of their annual turnover. The fact that the lifts do not reopen at all during the winter holidays therefore heralds a considerable shortfall for white tourism, which the panoply of state aid will not be enough to fill.

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Investors take greater risk

Frankfurt The stock exchanges are not euphoric, but they have started the new year properly – and that obviously gives investors hope. The bottom line is that more than half of the international fund managers surveyed by Bank of America (BofA) each month have overweight stocks in their own portfolios.

The last time the rate was that high was three years ago. At the same time, 19 percent of investors said they hold more risks than usual. The rate of risk-taking investors has never been so high.

With regard to stocks, the overweighting means that the surveyed portfolio managers at fund houses, companies, pension funds, insurers and banks hold more stocks than the guidelines for their respective houses require.

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Nikkei, Topix and Co.: Japan’s stock exchanges start at discounts – profit-taking after highs

Coronavirus – Stock Exchange

Investors in stock exchanges are cautious.

(Photo: dpa)

Such In Japan, investors held back a day after hitting a 30-year high. Many buyers obviously wanted to wait for the upcoming reporting season, others took advantage of the soaring to make money.

The leading Nikkei index fell 0.3 percent to 28,663 points at the start of trading. The broader Topix dropped 0.2 percent to 1,856 meters. Daiwa Securities analyst Hideyuki Ishiguro said the downtrend was mainly due to profit-taking after US stocks hit new highs.

More: US markets are losing momentum after Joe Biden’s inauguration. Investors continue to hope for an economic stimulus package. Cryptocurrencies are losing a lot in value.

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Klaus Kaldemorgen: No speculative bubble in tech stocks

Klaus Kaldemorgen

The fund manager is closely monitoring the boom in technology stocks amid the pandemic.

(Photo: Bernd Roselieb for Handelsblatt)

Frankfurt The man is the face of DWS: Klaus Kaldemorgen. In around four decades, he has earned a high reputation in the funds division of Deutsche Bank – even among competitors. Now the 67-year-old sees risks in the floods of money from central banks and governments to support the economy.

Kaldemorgen expects inflation to rise and bond yields to rise slightly. He therefore only has a few bonds in his eleven billion euro mixed fund “DWS Concept Kaldemorgen”.

In the pandemic, the strategist is closely monitoring the boom in technology stocks. This year, however, Kaldemorgen sees greater opportunities for companies from traditional industries whose prices have suffered in the course of the economic downturn. He names, for example, the fields of chemistry, cement, raw materials and cars. Here, stocks would also attract with high dividend yields.

Last year his fund had made a slight loss. This year, the DWS man is aiming for a profit of four to five percent.

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Assumption in Washington: Joe Biden is now the 46th president of the United States: “Democracy has prevailed”

It was a ceremony full of symbols that ended a turbulent era in the United States, at the foot of the Capitol, at a noon that began with light snow and ended with sunshine. At 11:48 a.m. Washington time, Joe Biden became the 46th president of the world’s leading power on Wednesday with a strong call to the unity of the country, which has been deeply divided after four years of the government of Donald Trump.

“The will of the people has been heard. Democracy is precious and it is fragile. And in these hours, democracy has prevailed, “said Biden in his first words as president. He was referring, without mentioning it, to the attack on the building directly behind him on 6 January by violent supporters of the outgoing president.

At that time, Trump had already landed at the West Palm Beach airport, in Florida, after leaving the White House after 8 in the morning and gave a speech praising his management and with the promise to return.

For the first time in over 150 years, the outgoing president was not at the inauguration party of his successor. It was the corollary of divisive management, the breakdown of institutions and violence, a panorama that Biden seeks to repair.

“It’s time for boldness,” the 78-year-old Democrat, the oldest man to hold the presidency of the United States, exclaimed in his speech. Biden addressed those who did not vote for him.

Joe Biden sworn in as the 46th president of the United States Photo: AP

“Look at me and measure me, and if you don’t agree, that’s fine. That is democracy, “he told them. promised to be the president of all americans. That he will fight for everyone equally. “We must end this civil war,” he continued. “We will need everyone to persevere.” And he called to face this pandemic as a single nation. “We are going to get out of this together,” he stressed.

Biden was sworn in by Supreme Court Chief Justice John Roberts on an old Bible that belonged to the family of the Democrat and of Irish origin. He is the second president in US history to be Catholic, after John F Kennedy.

His partner, Kamala Harris, was sworn in before the first Latina woman in the Court of Justice, Sonia Sotomayor. A symbol since Harris became the first woman to reach the vice presidency and the first African American and of Indian origin.

John Roberts toma juramento a Joe Biden. Foto: Bloomberg

John Roberts toma juramento a Joe Biden. Foto: Bloomberg

In the absence of Trump, the representative of the outgoing government was Vice President Mike Pence, who did not go to fire the tycoon on his last flight from the White House.

Also among the guests were former Presidents Bill Clinton, George W. Bush, Barack Obama and their respective wives, who greeted each other like old friends.

All photos of Joe Biden's inauguration as the new president of the United States

Unusual ceremony

The ceremony had a completely unusual, modest setting. First, there were just 1,000 guests, when there are usually hundreds of thousands in the vast green space that links the Capitol to the Lincoln Memorial. The restrictions were due to the unprecedented pandemic that has already caused more than 400,000 deaths in the country.

It was also carried out in the midst of a huge security operation, which practically blocked the city with 25,000 members of the National Guard and thousands of agents of the FBI, police and other federal forces, on alert for possible attacks by far-rightists. In this context, Biden and his team urged Americans to stay home and follow the event virtually.

However, there were details that decorated the solemn ceremony: a powerful Lady Gaga sang the national anthem, actress and singer Jennifer Lopez also sang a song, as did country singer Garth Brooks.

In a calm and solemn tone, Biden referred to the pandemic and said he understood the serious economic situation. “Millions of jobs have been lost, there are calls for justice for all, which will no longer be delayed,” he said, calling for the defeat of white supremacy. These efforts require more than words, they require unity, he said. “Unity,” he repeated.

“Today, my whole soul is in this, uniting this nation. And I ask every American to join me in this cause. We can overcome this deadly virus, we can make America the leading force in the world. Forces that divide us are real and profound, but they are not new. Racism, fear … have hurt us for a long time, “he said. And he carried out his first act of government: a minute of silence for the 400,000 deaths from the pandemic.

After being sworn in, Biden reviewed the troops and later placed a wreath at the Tomb of the Unknown Soldier in Arlington Cemetery, alongside the former presidents and their wives.

From there he headed toward the White House down Pennsylvania Avenue, immersed in a parade of military bands with a strange landscape of deserted streets. He walked into the great mansion, stood with his wife on the main portico and hugged her. Left to sign his first decrees. Four years of enormous work await you.

Washington, correspondent

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Biden: the right person for the right place and time?

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Latin America versus the new United States government

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New record high on the Nasdaq

The New York Stock Exchange on Wall Street

The New York Stock Exchange is located on the famous street.

(Photo: dpa)

Frankfurt, New York The reaction of US investors to the change in the White House could hardly have been clearer: On the day of the transfer of power from Donald Trump to Joe Biden, the prices climbed to highs. Especially on the technology-heavy Nasdaq stock exchange, investors grabbed it on Wednesday. The Dow Jones Industrial also made it to another record high shortly before the end. With an increase of 0.83 percent to 31,188.38 points, the Dow went out of trading.

The Nasdaq 100 drove share purchases 2.31 percent up to 13,296.45 points. Like the very broad-based Nasdaq Composite, it reached a record high. Strong quarterly figures from the online video provider Netflix provided an additional boost. Shares shot up nearly 17 percent and also peaked. The S&P 500, which comprises 500 companies, also hit a record high by 1.39 percent to 3851.85 meters.

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USA-Values ​​to watch on Wall Street (updated)

 (Actualisé avec Tesla, contrats à terme et cours en
avant-Bourse)
    PARIS, 20 janvier (Reuters) - Principales valeurs à suivre
mercredi à Wall Street où les contrats à terme suggèrent une
hausse de 0,3% pour le Dow Jones, de 0,5% pour le S&P 500 et de
1% pour le Nasdaq :
    
    * MORGAN STANLEY  MS.N  prend 2% en avant-Bourse après avoir
publié mercredi un bénéfice en hausse de 57% au titre du
quatrième trimestre 2020, les activités de trading de la banque
de Wall Street ayant profité de la volatilité sur les marchés
financiers entrainée par la crise sanitaire.  
    
    * PROCTER & GAMBLE  PG.N  a relevé ses objectifs de ventes
et de bénéfice d'exploitation annuels, le géant américain des
produits de consommation ayant bénéficié de la demande accrue
pour ses produits de soins et de nettoyage en raison de la
pandémie de COVID-19. Son action prend 2% en avant-Bourse.
 
    
    * NETFLIX  NFLX.O  gagne 12,4% dans les échanges en
avant-Bourse après avoir attiré plus de nouveaux abonnés que
prévu au quatrième trimestre, en grande partie grâce au
confinement, ce qui a porté à plus de 200 millions le nombre de
ses abonnés à la fin de 2020.
    
    * ALIBABA  BABA.N  - Jack Ma, fondateur du géant chinois du
commerce en ligne, est apparu mercredi avec une centaine
d'enseignants de zones rurales de la Chine dans une vidéo
diffusée en direct, sa première apparition publique de l'homme
d'affaires depuis octobre dernier. Le titre coté à New York
gagne plus de 7% en avant-Bourse.  
    
    * TESLA  TSLA.O  prend 1,5% en avant-Bourse à 857,35
dollars. Oppenheimer a plus que doublé son objectif de cours, à
1.036 dollars contre 486 dollars, et Deutsche Bank a porté le
sien de 705 à 890 dollars.
    
    * PFIZER  PFE.N -BIONTECH  BNTX.O  - Le vaccin contre le
COVID-19 développé par les deux laboratoires semble en mesure de
protéger contre le variant plus contagieux du coronavirus
découvert initialement sur le sol britannique, selon les
résultats publiés mercredi d'une étude menée notamment par le
couple fondateur de BioNTech.
    
    * GOOGLE  GOOGL.O  - YouTube, propriété de Google, a annoncé
mardi prolonger d'au moins une semaine l'interdiction visant la
chaîne du président américain sortant Donald Trump, de crainte
que de nouvelles violences éclatent à Washington à l'occasion de
l'investiture de Joe Biden.  
    
    * UNITEDHEALTH  UNH.N  - Le groupe d'assurance santé a fait
état d'un bénéfice supérieur aux attentes au quatrième trimestre
en partie grâce au report des interventions chirurgicales non
urgentes.
    
    * WALT DISNEY  DIS.N  a annoncé que ses cadres supérieurs,
dont le président Bob Iger, ne toucheraient pas de bonus au
titre de l'année 2020 en raison des retombées de la pandémie sur
le groupe de divertissement. L'action, qui profite également du
bond de Netflix, prend 2,5% en avant-Bourse.
        
    * BOEING  BA.N  - Berenberg relève sa recommandation à
"conserver" contre "vendre". L'action prend 1% en avant-Bourse.
    
    * AMERICAN EXPRESS  AXP.N  - J.P. Morgan relève sa
recommandation à "surpondérer" contre "sous-pondérer".

 (Laetitia Volga et Patrick Vignal, édité par)
 
 

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Revision in the dispute over Postbank takeover

The logos of Deutsche Bank and Postbank

Postbank has long ceased to be an independent company, but the dispute over its takeover by Deutsche Bank continues.

(Photo: dpa)

Frankfurt In the legal dispute about the Postbank takeover by Deutsche Bank, the publishing company Effecten-Spiegel has appealed against a judgment of the Cologne Higher Regional Court. The lawyer for the plaintiffs, Oliver Krauss, informed the Handelsblatt. For years some small shareholders, especially Effecten-Spiegel, have been fighting for a higher takeover price for their Postbank shares. In December, however, the Cologne Higher Regional Court ruled in favor of Deutsche Bank.

Krauss described the OLG judgment as “completely inadequate”. Among other things, he accuses the judges of not having dealt sufficiently with how many voting rights were attributable to Deutsche Bank at Postbank.

Essentially, Effecten-Spiegel argues that the Deutsche Bank had already gained control of Postbank in 2008 with the help of secret agreements and thus much earlier than officially admitted. If the judges followed the arguments, the bank would have had to submit a significantly higher takeover offer to the minority shareholders. The legal battle over this began in 2011.

In 2008, Deutsche Bank initially invested 29.75 percent in Postbank. They remained below the 30 percent mark, above which a mandatory offer to the other shareholders is due.

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It was not until 2010 that it increased its stake and published a takeover offer. However, the share price had fallen significantly in the meantime, and the takeover offer for the minority shareholders was correspondingly lower. Instead of 57.25 euros, the bank had to offer small shareholders only 25 euros per share.

From the point of view of the higher regional court, however, nothing of the kind could be gleaned from the contracts between Deutsche Bank and the Post. From the judges’ point of view, there were also “no sufficient indications” in the procedure for informal consultation.

A spokesman for Deutsche Bank referred to a statement dated December 16, after which it welcomed the decision of the Higher Regional Court and confirmed its view that the lawsuits in connection with the takeover of Postbank were unfounded. The previous instance, the Cologne Regional Court, had previously agreed with the plaintiffs.

Further lawsuit pending

A major lawsuit by institutional investors – including Allianz Global Investors, Union Investment and Deka Investments – is pending against the Postbank takeover before the Regional Court in Cologne. It was submitted at the end of 2017. Plus interest, the claims for payment against the Deutsche Bank von Effecten-Spiegel and the major investors total almost 700 million euros.
According to its 2019 annual report, Deutsche Bank has formed a contingent liability for the risks from the payment lawsuits by Effekten-Spiegel and the institutional investors, the scope of which it does not disclose in order not to influence the outcome of these proceedings. The fact that the bank has only created one contingent liability means that it estimates the risk of loss to be less than 50 percent.
There is also another lawsuit in which shareholders are contesting the decision to compulsorily expel minority shareholders from Postbank in 2015. The bank does not disclose whether in this case it has only created contingent liabilities or even provisions in order not to influence the outcome of the proceedings. If the bank were to post a provision instead of a contingent liability, that would show that it estimates the risk of loss to be greater than 50 percent.

More: Dispute over takeover price – stage win for Deutsche Bank in the Postbank process

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