From Breakingviews - Fresenius takes tentative step on road to breakup
Fresenius currently controls the dialysis business and can appoint its board despite only owning a 32% stake, thanks to its arcane German legal structure. Changing the business to a traditional stock corporation will make the embattled unit more accountable to shareholders, and mean Chief Executive Michael Sen will no longer have to consolidate it in his accounts, a helpful change given the dialysis business regularly misses earnings expectations.
Further surgery looks likely. Sen will also hold Vamed, a hospital development business, as an investment, implying it could be sold. It’s worth 3 billion euros, Barclays analysts reckon. If Sen sells that unit as well as the 32% stake in Fresenius Medical Care, he will have 8 billion euros to cut debt or invest. His core intravenous drugs and hospital operating divisions should be worth 20 billion euros each, according to the UK bank.
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