WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft

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WCM Beteiligungs- und Grundbesitz-AG

logo
legal form Corporation
ISIN DE000A1X3X33
founding 1766
Seat Berlin , GermanyGermanyGermany 
management
  • Jürgen Overath, board member
Number of employees 0
sales 57.9 million euros
Branch Real estate company
Website www.wcm.de
As of December 31, 2018

The WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft (WCM AG) is a German company focused on the acquisition and management of commercial real estate , particularly office and retail properties in the major office locations in Germany, is located.

Ownership structure

As of the reporting date, the ownership structure was made up as follows:

proportion of Shareholders
91% TLG REAL ESTATE
9% Remaining shareholders

As of March 21, 2018

history

Founded in 1766 and the first beginnings

Share of RM 100 in the Württemberg cotton manufacture from December 1941

In 1766, the entrepreneur Johann Heinrich von Schüle from Augsburg founded a weaving and fabric printing company in Heidenheim an der Brenz . Shortly afterwards, Johann Gottlieb Meebold from Sulz am Neckar joined the young company that was involved in the manufacture of cotton fabrics. Such fabrics were then called colored cattunas . This is how the Württemberg Cattunmanufaktur came into being , whose name can still be found today in the abbreviation WCM . In 1856, following strong expansion, the company was converted into a stock corporation, which flourished in the 1950s. Since the first half of the 20th century, WCM was a subsidiary of IG Farben , which was closely interwoven with the National Socialist regime.

1966 to 2013

Strong international competition led to the discontinuation of production in 1966. In the following decades the company dealt with the administration of its own property until 1991 when it was converted into WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft under the direction of the Hamburg investor Karl Ehlerding . This was followed by investments in groups such as Württembergische Versicherung AG , Spar Handelsgesellschaft , RSE Grundbesitz and Beteiligungs-AG and Klöckner-Werke . The company also gradually built up a large portfolio of residential properties. In 1998, WCM was included in the MDAX , which it had to leave again in 2005 after several years of losses and considerable price losses.

Due to the financial difficulties of WCM, the liquidators of IG Farben filed for bankruptcy on November 10, 2003, as this meant that IG Farben's liquidity was no longer adequately secured. WCM itself was once a subsidiary of IG Farben, but at the beginning of the 1990s the daughter took over the majority of the mother and a large part of IG Farben's assets were distributed to shareholders as dividends instead of being paid out to the slave laborers as compensation.

The management board wanted to remedy the financial bottlenecks caused by speculation errors in the acquisition of shares in Commerzbank and disputes with the tax office by merging with the healthy subsidiary, Klöcknerwerke. This plan had to be abandoned because of open questions about the evaluation. At the beginning of October 2006, the main creditor, HSH Nordbank, announced loans of over EUR 200 million in order to realize the pledged shares in the Klöcknerwerke and the Maternus clinics. The two board members, Roland Flach and Valentin Reisgen, then resigned. Karl-Heinz Schweikert then became a member of the Management Board, who had already held management and supervisory board positions within the WCM Group for years. Valentin Reisgen was then CEO of KHS AG. As a reaction to the loan of EUR 200 million canceled by HSH Nordbank at the end of October 2006, KPE Holding was also forced to cancel a loan of EUR 30 million. On November 8, 2006, the company had to file for insolvency after failed negotiations on the canceled HSH Nordbank loan . The value of the share was only 7 cents at that time. The auction of the 68% stake in Klöcknerwerke initially scheduled by HSH Nordbank for the end of November 2006 was canceled again. The reason for the cancellation of the auction was the urging of the insolvency administrator Michael Frege and the KPE Holding as co-pledgee. Both feared that the pledge would be squandered by and in favor of HSH-Nordbank. As early as 2004, HSH-Nordbank was suspected of having enriched itself from WCM's weakness. On March 8, 2007, Salzgitter AG bought the blocks of shares in Klöckner-Werke and RSE AG from the WCM insolvency estate from the insolvency administrator Michael Frege at a much higher price. Salzgitter AG thus took over the majority of the two former WCM subsidiaries. The deal came about through the mediation of Karl Ehlerding , who was interested in higher proceeds for WCM and was later elected to the Supervisory Board of Salzgitter AG.

In the insolvency proceedings of WCM at the District Court Frankfurt 2009, the creditors and the Management Board of WCM in the discussion and voting meeting on 23 November 2009 submitted by the liquidator insolvency plan approved. The bankruptcy court has confirmed the bankruptcy plan. With the confirmation of the insolvency plan, the basis for the continued existence of WCM was created. With the decision of the Frankfurt District Court - Insolvency Court - on October 20, 2010, the insolvency proceedings in accordance with Section 258 (1) InsO were repealed. The bankruptcy court also ordered the plan monitoring.

The company's previous sole director, Karl-Ernst Schweikert, resigned from his position on November 1, 2010 at his own request with immediate effect. The first meeting of the Supervisory Board after the bankruptcy proceedings were lifted took place on the same day. The Supervisory Board unanimously appointed Manfred Schumann as the company's new sole director, who held this position until the beginning of 2014.

2014 to 2015

After some investments made losses and a planned takeover of Commerzbank failed, the company was in the meantime (2009-2010) in the planned bankruptcy. After the bankruptcy proceedings were lifted, WCM AG restructured and realigned itself and returned to the stock exchange.

The company has been back in business since the end of 2014. In December 2014, it carried out a successful cash capital increase in the amount of EUR 18.8 million and thus also financed the purchase of an initial commercial property portfolio. The cash capital increase of WCM AG aroused great interest among shareholders and other investors, as the demand with 17.6 million shares increased the number of shares newly issued at a price of EUR 1.30 from 14.4 million by around 3 million. exceeded and was thus oversubscribed.

The three commercial properties in Frankfurt am Main (GE Tower), Düsseldorf and Bonn were fully owned by WCM AG at the beginning of 2015 and set the go-ahead for further acquisitions in Germany.

After the cancellation of the insolvency proceedings and the resulting reorientation of the business, WCM AG has been operating again under a new management since 2014 and has returned to the stock exchange. The company is listed on the Frankfurt Stock Exchange and was included in the SDAX share index on December 21, 2015 .

Since 2016

At the beginning of 2016, DIC Asset took a 25.95% stake in WCM, making it the largest shareholder ahead of Karl Ehlerding (4.2%) and his two sons Karl P. and John F. each with 4.9%. The chairman of the board, Stavros Efremidis, has a 2.6% stake at this point in time. In May 2017, TLG Immobilien announced that it wanted to take over WCM in full for 435 million euros. By October 4, 2017, TLG Immobilien's takeover offer had been accepted for a total of 117,505,327 WCM shares. This corresponded to around 85.89% of the share capital and voting rights in WCM on the reporting date. SDAX membership ended on September 18, 2017. In the course of the compensation offer to the shareholders of WCM who were still outside, further shares were already exchanged, so that as of May 31, 2018 91% of WCM shares were already owned by TLG Immobilien.

Web links

Individual evidence

  1. ↑ a b Board of Directors of TLG. Retrieved November 1, 2018.
  2. ↑ http://www.wcm.de/de/medien/presse/pressemitteilungen/details/cat//3de2cb21eaad0acb9405febc2b7a7bae/?tx_news_pi1 [news] = 464 & tx_news_pi1 [day] = 28 & tx_news_pi1 [year] = 2_news_pi1 [month] = 2 &
  3. ↑ a b Annual Report 2018 of March 25, 2019
  4. ^ ISA GmbH: share. Retrieved March 21, 2018 .
  5. ↑ The banking lawyer Daniel Schütze expressed a similar suspicion: Daniel Schütze, Against the squandering of companies through pledge auction, report of the University of Banking No. 51, 2004, p. 3.
  6. ↑ Christoph Pauly: SPEKULANTEN: Operation Odessa . In: Der Spiegel . No. 45 , 2004 ( online ).
  7. ↑ Börsen-Zeitung, December 18, 2008
  8. ↑ DGAP-Adhoc: WCM AG - Approval of the creditors and the board of directors to the insolvency plan as well as confirmation of the insolvency plan by the insolvency court. Retrieved March 25, 2019 .
  9. ↑ WCM capital increase oversubscribed. Retrieved March 25, 2019 .
  10. ↑ The dead live longer! What happens at WCM and DIC? from July 22nd, 2016 on wallstreet-online.de
  11. ↑ TLG Immobilien is offering WCM from May 11, 2017 on handelsblatt.com for competitors
  12. ↑ TLG IMMOBILIEN: Announcement in accordance with Section 23 Paragraph 1 Clause 1 No. 3 of the Securities Acquisition and Takeover Act. Retrieved March 21, 2018 .
  13. ↑ METRO AG and Grand City Properties SA to be included in MDAX , press release from Deutsche Börse, September 5, 2017.
  14. ↑ Shareholder structure of WCM AG. In: WCM AG - Investor Relations. May 31, 2018, accessed November 30, 2018 .