Dirk Notheis

from Wikipedia, the free encyclopedia

Dirk R. Notheis (born April 30, 1968 in Ettlingen ) is a German manager . From 2009 to 2012 he was head of Germany at the US investment bank Morgan Stanley .


Dirk Notheis studied business administration as well as political science and philosophy at the University of Mannheim . From 1992, Notheis worked as a research assistant for Minister Erwin Vetter ( CDU ) in the State Ministry of Baden-Württemberg . In 1994 he did his doctorate at the University of Stuttgart on approaches and strategies for the acquisition of corporate donations: an exploratory study on donation marketing of donation-collecting organizations .

Notheis was politically committed to the Junge Union at an early stage . He was their district chairman in the Karlsruhe-Land district and from 1994 to 1999 he was state chairman of the Junge Union Baden-Württemberg.

From 1995 to 1999 he worked at what was then Südwestdeutsche Genossenschafts-Zentralbank AG, Frankfurt (SGZ). In 1999 he moved to Morgan Stanley. There he was initially responsible for the areas of transport and traffic. He was responsible for the IPOs of Deutsche Bahn , Fraport , Postbank and Air Berlin . From 2006 to July 2012 he was a member of the board of directors of Morgan Stanley, Germany, and has been its chairman since February 2009 . His closeness to the CDU was criticized, among other things, in the summer of 2008 when Deutsche Bahn went public at the time (and was canceled in 2009). Since February 1, 2013, Notheis has been co-founder and managing director of the equity investment company Rantum Capital.

EnBW takeover by the state of Baden-Württemberg

In December 2010, the German state of Baden-Württemberg , advised by Morgan Stanley, bought a 45.01% stake in the Baden-Württemberg energy group EnBW for 4.67 billion euros . In view of the personal contacts between Prime Minister Stefan Mappus and Notheis and in view of the economic risks, this process was criticized at the time. With ancillary costs and guarantees, the share package cost almost 6 billion euros.

According to the State Ministry of Baden-Württemberg, the award to Morgan Stanley took place without a tender. With a premium of 18 percent on the current market value, the takeover price was too high. According to the auditor Warth & Klein Grant Thornton, the appropriate value of the share at the time of purchase was EUR 34.09. The Landesbank Baden-Württemberg, on the other hand, in an expertise from December 1, 2010, after a detailed company valuation, came to a "fair value of around 40 euros" per share - without the surcharge that comes with the acquisition of a large block of shares that enables control over a company , normally paid. In a purchase price analysis for EDF on January 11, 2011, Barclays Capital is said to have seen a fair price of EUR 41.50 as reasonable from a financial point of view. The fee , which is allegedly well below the prices customary in the industry, was kept secret by the state government. In June 2012, an email contact that became public showed that Notheis had written down Mappus' statements for the price negotiations and that there was a mutual benefit between Notheis and Mappus. Notheis wrote to Mappus after it was clear that the deal could be announced on December 6th: “What a St. Nicholas Day present!” He instructed his Duz friend Mappus in advance to let his contacts play with it for Morgan Stanley was able to close a highly profitable deal: “Such a deal is not easy for ordoliberals . Ideally, you should have a well-known economist who thinks the whole thing is good. ”“ It should be someone who owes you a favor. ”At the end of September, Notheis apologized to the chairman of the state parliament's committee of inquiry for the tone of the e-mails. The inappropriate and unprofessional language he used in the course of his advisory mandate and the occasional private diction in the emails gave the impression that political decision-makers in the country were driven by their advisors in their decisions, Notheis admits: "I can understand in today's light that this perception can come about. "

Notheis was no longer a member of the CDU Baden-Württemberg state executive elected in July 2011 .

In June 2012, the four committee members of the Baden-Württemberg Greens sent a letter to the chairman of the financial supervisory authority BaFin to recall Notheis: one should check

“Whether it is necessary to recall Mr. Notheis. There are numerous details that suggest that the banker no longer has the reliability required to run a financial institution. "

- Bündnis 90 / Die Grünen Baden-Württemberg : Badische Zeitung , Nachrichten, Südwest , 23 June 2012

On June 25, 2012, Morgan Stanley announced that Notheis had informed the board of directors that he would be retiring from management for an indefinite period and "taking time off". On July 11, 2012, prosecutors raided Morgan Stanley premises on suspicion of aiding Notheis in the breach of trust. On July 17, 2012, Morgan Stanley confirmed reports that Notheis was no longer a member of the bank's board of directors. On October 29, 2014, the Stuttgart public prosecutor's office announced that, due to a lack of criminal liability, they had discontinued the investigation into breach of trust against Mappus and, as a result, the investigative proceedings based on this allegation of breach of trust for aiding and abetting breach of trust against Notheis. In addition, the Stuttgart Ministry of Finance announced in May 2016 that the international arbitration tribunal ICC had rejected the state of Baden-Württemberg's claim for repayment of part of the purchase price. Grün-Rot in the person of the then Finance Minister Nils Schmid (SPD) had asked the arbitration tribunal to repay more than 800 million euros from the supposedly overpriced purchase price.

Individual evidence

  1. Dirk Notheis website (June 17, 2012)
  2. Interview with Dirk Notheis
  3. Interview: Learned more in politics than at university
  4. Morgan Stanley with a new boss for Germany and Austria: Dirk Notheis leads the bank as the new CEO. Morgan Stanley, February 12, 2009; archived from the original on April 18, 2012 ; accessed on October 29, 2019 (press release).
  5. FTD: (web archive) http://www.ftd.de/karriere-management/who-is-who/:kopf-des-tages-dirk-notheis-lenkt-die-bahn-an-die-boerse/405493 .html ( Memento from November 19, 2009 in the Internet Archive )
  6. Dirk R. Notheis: Point of view: Contributing to one's own downfall . In: FAZ , October 10, 2015, p. 26.
  7. Dirk Notheis sets up private equity funds . Finance_ (magazine) , June 8, 2017.
  8. undersecretary to ENBW: A business on mutuality , Stuttgarter Zeitung of 7 December 2010
  9. Mappus and the Maultaschen Connection
  10. Die Zeit: “A completely normal business” .
  11. Mappus handled the EnBW deal with a CDU friend. In: Spiegel. December 10, 2010, accessed October 29, 2019 .
  12. Mails expose Mappus. In: Spiegel. June 10, 2012, accessed October 29, 2019 .
  13. a b EnBW purchase: Mappus was controlled
  14. Emails from Notheis to Mappus u. a. (PDF; 4.8 MB) ZDF, archived from the original on June 8, 2013 ; accessed on October 29, 2019 .
  15. FAZ: Notheis apologizes for the sound
  16. ^ Badische Zeitung (June 24, 2012)
  17. Mappus confidante Notheis takes time out at Morgan Stanley . Spiegel Online , June 25, 2012.
  18. ^ Raid over EnBW deal. The deep fall of Stefan Mappus . Florian Gathmann and Simone Kaiser at Spiegel Online on July 11, 2012.
  19. ^ Withdrawal from Morgan Stanley: Notheis Loses His Job, accessed July 17, 2012
  20. ↑ The investigation into the EnBW deal has been concluded with a discontinuation order. In: Press release public prosecutor's office in Stuttgart. October 29, 2014. Retrieved October 29, 2014 .
  21. ^ Südkurier Medienhaus: Stuttgart: Purchase price is okay | SÜDKURIER Online. In: SÜDKURIER Online. Retrieved May 17, 2016 .
  22. dpa: Mappus on the EnBW lawsuit: "The giant show is over". In: swp.de. Retrieved May 17, 2016 .