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Ströer mediocre start to the stock market

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HB FRANKFURT. The good start of the fledgling stock market did not last long. The Cologne Außenwerbekonzern Ströer is off to a mixed stock market debut on Thursday . After initial gains of three percent got the paper as the entire stock market under pressure and closed at the end exactly on the issue price of 20 € . The German DAX benchmark index fell by one percent to 6149 points.

Measured against the issue size of nearly 400 million € Ströer is the third new signing in Frankfurt 2010th Cable Germany and Brenntag had their IPOs just before Easter each have taken 700 million . Both companies have now made the leap to the MDAX – a goal that has also set itself Ströer CEO and co-founder Udo Müller.

" I used to say , the day when I rang the bell, is the highlight of my career – we hope that this is not the case, " said the 48- year-old manager , after he traditionally on the trading floor, ringing the bell for trading start had . In the Initial Public Offering ( IPO ) was 19.7 million shares were offered for subscription. Most of this came from a capital increase, so that revenues are expected to flow from around € 300 million into the company coffers. The money will be used to purchase a Polish company , to increase share in a Turkish group and for debt reduction. In addition, the financial investor Cerberus achieved with the sale of shares Ströer about 83 million € . Cerberus had Ströer 2004 resorted to a purchase under the arms and held because of an option on 15 percent of the company.

The two business owners , CEO Udo Müller and Dirk Ströer have sold any shares in the IPO . " The company bears my name, and I will continue to remain the largest shareholder , "said Dirk Ströer, the son of the co-founder who died in 2004 Heinz Ströer. Full exercise of the over-allotment option Müller and Ströer will hold together after the IPO, almost 55 percent of the Ströer shares , the float will be approximately 45 percent. was accompanied on the Stock Exchange of Ströer JP Morgan and Morgan Stanley, also included Commerzbank, Credit Agricole WestLB and the consortium of banks to .

The company was founded in 1990 in Berlin. It is now Germany’s largest outdoor advertising company claims to be marketed in Europe and over 280 000 advertising space on billboards, advertising pillars, large screens and trams. Last year Ströer achieved a turnover of 470 million and a surplus of € 1.1 million .