Critical Evaluation of the Strategies of Privatization and Public Offerings

Illustrated by Examples of Deutsche Telekom

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Bibliografische Daten
ISBN/EAN: 9783838649399
Sprache: Englisch
Umfang: 104 S.
Format (T/L/B): 0.8 x 21 x 14.8 cm
Auflage: 1. Auflage 2002
Einband: kartoniertes Buch

Beschreibung

Inhaltsangabe:Abstract: The following chapters contents can be divided into two parts. One part shall provide an overall view on the schedule of an IPO. Certain hints that are given during that part are further described later on. To let you know which other arrangements are thinkable, the other part focusses on the theoretical possibilities to realize an IPO. To make the explanations more plastic, examples with Deutsche Telekom AG will come up. To realize this complex structure, first of all, the actual situation of Deutsche Telekom AG will be explained with all its business fields and networks of cooperation activities, and, of course, strategies already executed. A central question in the corporate convergence debate is the extent to which parties will settle on a shareholder capitalism model, in which managerial accountability will be measured against a public shareholder wealth maximization criterion. This paper evaluates one spectacular event for the impact on German corporate governance: the privatization of Deutsche Telekom. This outstanding transaction had symbolic impact, because it made many Germans shareholders for the first time, but the terms of the transaction substantially protected these shareholders against equity risk and deprived them of governance rights. Inhaltsverzeichnis:Table of Contents: INDEX OF ILLUSTRATIONS6 1.FOREWORD7 2.ABSTRACT OVERVIEW7 3.COMPANY PROFILE: DEUTSCHE TELEKOM AG7 3.1Internet Services9 3.2Data and IP Systems Solutions10 3.3Access/Networks10 3.4TMobile International AG10 3.4.1TMobile in Germany11 3.4.2TMobile in UK12 3.4.3TMobile in Austria13 3.4.4TMobile in the Netherlands13 3.4.5TMobile Investments in Eastern and Central Europe13 3.4.6TMobile investments in the USA14 3.5Services14 3.6Partnerships15 4.INTRODUCTION IPO15 4.1Reasons for Transformation18 4.2Targets of Transformation19 5.SCHEDULE OF AN IPO19 6.THEORETICAL POSSIBILITIES FOR AN IPO21 6.1IPO Feasibility22 6.1.1Changing the Statutes of the Company23 6.1.2Capital Need27 6.1.3Responsible Authority for the IPO Decision27 6.1.4Increase of Capital29 7.CHOICE OF THE MARKET SEGMENT34 7.1“Amtlicher Handel“36 7.1.1Characteristics36 7.1.2Admittance Requirements36 7.1.3PostIPO Publicity Duties37 7.2“Geregelter Markt“37 7.2.1Characteristics37 7.2.2Admittance Prerequisites38 7.2.3PostIPO Publicity Duties39 7.3“Freiverkehr“39 7.3.1Characteristics39 7.3.2Admittance Requirements39 7.3.3PostIPO Publicity []