Troublemaker in the stock market: activists firing in the crisis

The letters from New York bear no signature, call no personal author. Two weeks ago, the Chairman of Stefan schmittmann received in the Commerzbank, the Supervi

Troublemaker in the stock market: activists firing in the crisis

The letters from New York bear no signature, call no personal author. Two weeks ago, the Chairman of Stefan schmittmann received in the Commerzbank, the Supervisory Board twice Post by the shareholder and a financial investor Cerberus. After all sorts of criticism of the credit institution, the Americans threatened in the second Writing, of their claims to the "alternative Ways" to enforce. Specifically, they were not. They adopted "Sincerely, Cerberus Capital Management, L. P.".

Klaus Max Smolka

editor in the economy.

F. A. Z.

the Initiator of the two-time Post-Cerberus’ Co-chief Frank Bruno is reported to have. The Germany-chief David Knower of the Whole is, however, not so right, is heard in the financial scene. Finally, the local Governor has been trying for years to smooth the rough reputation of Cerberus and the participation of society as a constructive Investor, which will deliver a contribution to the common good. A lot of travel Knower to Berlin, in order to maintain the contact network, it is called.

In the German-American chamber of Commerce Amcham Germany he managed to find a seat in the extended Board. The two letters, the existence of the F. A., for example, show that the Private-Equity-home-draw in the reins and come back stronger, his activist side of returns. Because such letters are a classic means of activists, to increase the pressure on members of the Supervisory Board and management Board members.

troublemaker, are cheerful on the road

The letters do not show to the other that, in spite of the Corona-crisis paralysed the action of the aggressive investors. Cerberus is involved for years at the Commerzbank – 2017, the package of more than 5 percent has been known, it is now not a new flossenes capital. But the Investor on notice just in the crisis public heard. He accuses the Board of management, a high cost base, a misguided strategy and inaction. In addition, he two seats in the Supervisory Board. Cerberus emphasizes the willingness to engage in dialogue, but Not for it to go the other way: "looking forward, we will devote our forces alternative Ways to deliver the Changes that are necessary to the continued lack of success of Commerzbank to turn over."

Cerberus and the Commerzbank: in Germany, This is the currently most prominent of the well-known case of an activist Investor: a shareholder that beset the Management of the normal influence of an institutional Investor also. Most activists, personnel change in the management Board or the Supervisory Board request, to fundamentally change our strategy or to sell divisions. The number of such initiatives – in the industry jargon "campaigns" called – has risen strongly over the past decade, the originally Anglo-Saxon phenomenon has established itself in Europe.

Updated Date: 29 June 2020, 09:20

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