The dispute between the major shareholders over the takeover of the hospital operator RHÖN KLINIKUM continues.
–
In addition, because of the corona virus pandemic, the dividend is shaking, which is an important point in the conflict between RHÖN KLINIKUM competitor Asklepios, who is interested in the takeover, and major shareholder B. Braun, who wants to prevent the transaction. RHÖN KLINIKUM announced in the night of Saturday in Bad Neustadt an der Saale that the effects of the crisis can still not be quantified with sufficient certainty. In the near future, however, the effects on business activity are likely to be assessed.
“This will also inevitably check whether the previous profit appropriation proposal can be maintained,” it said. RHÖN KLINIKUM had proposed a dividend of 25 cents per share for 2019, four cents less than last year. B. Braun had recently even asked for a high special dividend and thus encountered fierce resistance from Asklepios.
RHÖN KLINIKUM also rejected a so-called supplementary request from B. Braun with a view to the extraordinary general meeting planned on June 3. The medical technology and pharmaceutical group B. Braun Melsungen defends itself against the takeover offer from Asklepios, which is said to be the sole topic at the extraordinary shareholders’ meeting. Due to the corona crisis, the takeover general meeting should only take place online. It was scheduled for early June to meet deadlines for the takeover.
B. Braun had requested, among other things, a judicial appointment of the chairman of the meeting. The Melsung company wants to prevent the sale with a new statute, reorganize the supervisory board and also draw a lot of money from the company with a special dividend. RHÖN KLINIKUM justified the rejection of the agenda items requested by B. Braun at the ordinary general meeting, which is planned for the second half of August and is planned “with good reason” as a face-to-face event.
The hospital group Asklepios has put 18 euros per share for the takeover of RHÖN KLINIKUM on the table, currently the price is 18.10 euros. Asklepios together with Röhn company founder Eugen Münch and his wife now hold more than 50 percent of the voting rights. B. Braun Melsungen holds a good 25 percent. B. Braun could block decisions accordingly with the amendment to the articles of association required by B. Braun, which provides for a majority of 75 percent for resolutions of the general meeting.
In the meantime, RHÖN KLINIKUM CEO Stephan Holzinger, in an interview with the “Frankfurter Allgemeine Sonntagszeitung” (“FAS”), kept a distance from the quarrels on the owner’s side. He criticized the constant feud between Münch, Asklepios founder Bernard Grosse Broermann and B. Braun. “This limits our ability to act and distracts from our actual tasks,” said Holzinger to the newspaper. “It unsettles the workforce, may deter talent and, when in doubt, makes good people leave us.” He had called on the opponents several times to pull together. “Obviously, I didn’t get through with these appeals.”
The planned transaction is preceded by a yearlong tug of war for RHÖN KLINIKUM. RHÖN KLINIKUM founder Münch wanted to merge the company with Fresenius Helios (Fresenius SECo) back in 2012, after which Asklepios and B. Braun joined RHÖN KLINIKUM and prevented a comprehensive deal. In the end, with 40 hospitals, the majority of RHÖN KLINIKUM’s clinics went to Helios.
B. Braun had already feared for its market position. This shouldn’t be any different at the moment either, as Asklepios and RHÖN KLINIKUM, two leading hospital groups in Germany would unite behind market leader Fresenius Helios. The joint approach of Asklepios and Münch was announced at the end of February 2020. Accordingly, the shares of Asklepios, Münch and his wife were initially bundled in a joint venture.
BAD NEUSTADT A. D. SAALE (dpa-AFX)
– .
