Jürgen Rautert — The View from ‘Hei’ Above

Let me be very clear: We have not received a gift of any kind; rather, we have received a loan that has to be repaid. The government did not provide any grant, subsidy or injection of capital.

PI: How do you assess Heidelberg’s vulnerability as a takeover target, based on asset value vs. market capitalization?

Rautert: Our assets are obviously a multiple of our market capitalization right now. I think this is easy to understand when you just take a look to the value of our assets—like the production sites. We talk to all kinds of investors, including institutional shareholders, private equity firms, sometimes even hedge funds. As our business model is long-term oriented, our preferred structure in the shareholder base is to get those on board who also have a long-term investment horizon. Specific shareholder details are not published beyond the main shareholders of Allianz (12 percent) and RWE (8 percent). Whenever we have new shareholders above 3 percent, we will inform the (capital) market accordingly.