T-share

from Wikipedia, the free encyclopedia

The term T-Share is the share of Deutsche Telekom AG . The T-shares ( WKN 555750, ISIN DE0005557508) are listed on the German stock exchange under the symbol DTE and are part of the DAX and DivDax on the Frankfurt Stock Exchange .

history

The former state-owned company Deutsche Telekom has so far completed three IPOs . On November 18, 1996, T-shares went on sale for the first time. Telekom staged an advertising campaign that was unprecedented until then with Manfred Krug as the figurehead. The T-share was touted primarily to private investors as a so-called popular share . The promotion was a resounding success. It was the beginning of a share euphoria in Germany that lasted for several years.

When the company went public on November 18, 1996, 713 million shares were placed as part of a capital increase . At an issue price of 28.50 DM (14.57 EUR), Telekom took in around 20 billion DM (around 10 billion euros). The second IPO and thus a further capital increase took place on June 28, 1999. At a price of EUR 39.50, 281 million shares were issued and EUR 10.8 billion was raised.

On June 19, 2000, the federal government sold 200 million T-shares at a price of EUR 66.50 through the state-owned Kreditanstalt für Wiederaufbau (KfW). Around EUR 13 billion flowed into the treasury from this third IPO. The stock market euphoria had previously reached its peak. In March 2000 the Telekom share was quoted above EUR 103, its all-time high. The three IPOs head the list of the largest IPOs in Germany by a large margin until today (February 2019) .

The risky company acquisitions by the then CEO Ron Sommer , especially in the USA, hit the share heavily. Faulty corporate strategies, an overpriced purchase of the UMTS licenses , an enormous debt level and too high a price for the acquisition of the US mobile operator VoiceStream , these are the most common allegations against the Telekom boss. On July 16, 2002, Ron Sommer resigned, the T-Share quoted the month before at its temporary low of EUR 8.16. In the course of the financial crisis from 2007 , the share reached a new low of EUR 7.83 in 2009. In 2011 the share recovered to a high of EUR 11.38 and in 2012 marked another low of EUR 7.69. It wasn't until October 2013 that it climbed back above the 10 euro mark. Since 2015, the share has been quoted in a corridor between around EUR 13 and around EUR 18 (as of February 2019). It is still below the issue prices of the second and third IPOs.

Due to the consistently above-average dividend yield over the years, the T-Share has been included in the DivDAX since September 2011 .

Shareholder structure

There are 4,535,571,247 T-shares.

As of March 31, 2015
proportion of Shareholders Seat
17.4% KfW (state development bank) Frankfurt am Main
14.3% Federal Republic of Germany Berlin
53.7% Institutional investors
14.6% private investors

Processes

Lawsuits for the second IPO

In June 1999, Deutsche Telekom AG went public for the second time. Some investors sued for compensation for losses incurred due to suspected inaccuracies in the sales and listing prospectus. In its decision of November 22, 2006, the LG Frankfurt am Main submitted questions to the OLG Frankfurt am Main for clarification. In its decision of July 3, 2013, the Higher Regional Court of Frankfurt am Main found no material errors in the prospectus. In November 2016, the Federal Court of Justice (BGH) published a ruling: As already established by the OLG, the prospectus for the second IPO did not reveal any material errors. According to the law firm Tilp , which represents the plaintiffs, the judgment affects a few dozen plaintiffs who would have lost a total of EUR 1.2 million.

Lawsuits for the third IPO

In 2001 the first investors sued in the hope of compensation for price losses suffered. In April 2008, proceedings began before the Frankfurt am Main Higher Regional Court due to an alleged incorrect valuation of Deutsche Telekom's real estate assets and incorrect information in its sales prospectuses for the third IPO of the T-Share. In a test case, over 17,000 shareholders sued for compensation payments of around 80 million euros. In a similar process in the USA in 2005, Telekom agreed to a payment of 120 million US dollars as part of a settlement. In October 2014 the Federal Court of Justice declared the sales prospectus to be incorrect and overturned the decision of the Higher Regional Court Frankfurt am Main from May 2012, which had rejected a claim for damages. The OLG Frankfurt am Main had to decide again on the procedure. In November 2016, it ruled that Deutsche Telekom was responsible for the error found in the prospectus. However, the causality of the error in the prospectus must be checked individually by the LG Frankfurt am Main for the investment decision for each investor. The law firm Tilp, representing the model plaintiff, appealed against the judgment so that the BGH has to decide again in the proceedings.

literature

  • Munk, N. (2003): The T-share as a brand: State and private influence to maintain the price of a “people's share”. 2nd edition, Wiesbaden. ISBN 389688185X .

Web links

credentials

  1. ^ A b Manfred Krug: Advertising for T-Share was the biggest mistake , FAZ, January 31, 2007
  2. ^ First issue of shares: Lottery game with many rivets , Süddeutsche Zeitung , December 5, 2008
  3. ↑ a b c 20 years of Telekom IPO. A share for the people. In: tagesspiegel.de. November 18, 2016, accessed February 2, 2017 .
  4. ↑ Ron Sommer resigns. In: FAZ.net. Retrieved February 1, 2019 .
  5. ↑ DEUTSCHE TELEKOM - Single-digit again soon? Retrieved February 1, 2019 .
  6. ↑ Deutsche Telekom historical share prices | Course history | Closing prices. In: boerse.de. Retrieved February 1, 2019 .
  7. ↑ Historical index composition DivDAX. (No longer available online.) Formerly in the original ; accessed on January 13, 2019 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.dax-indices.com  
  8. ↑ Shareholder structure. Deutsche Telekom, as of March 31, 2015. Accessed September 13, 2015
  9. ↑ BGH rejects plaintiffs for second Telekom IPO. In: heise.de. February 1, 2016, accessed February 3, 2017 .
  10. ↑ securities.stanford.edu
  11. ↑ Telekom shares - a mistake that can cost millions. In: Süddeutsche Zeitung , December 11, 2014, accessed on December 26, 2017
  12. ↑ Small investors can hope for compensation from Telekom. In: Spiegel online , December 11, 2014, accessed December 26, 2017
  13. ^ Federal Court of Justice: serious error in the third IPO of Deutsche Telekom. In: heise.de. November 14, 2014, accessed February 3, 2017 .
  14. ↑ Another stage win for investors in the telecommunications process. In: doerrpartners.de. November 30, 2016, accessed February 3, 2017 .