Quick news: EMAK, WestLB and Tonnelerie


I just saw that after the capital increase, EMAK has a new “number 2” shareholder, a company called “Girefin SpA”. Girefin SpA is a holding company which holds 55% of Landi Renzo SpA, a quoted Italian company. Girefin is controlled by Stefano Landi who was CEO of Landi Renzo before.

From a minority investor point of view this might be interesting, to have a “local” guy on board.


There is an interesting article in the FT Germany (in German) about the current situation at Westimmo, the real estate lending sub of WestLB. If they succeed in moving the whole subsidiary into the government owned “bad bank” and maybe at book values, than the 2011 result might only show minimal losses if all. This would be very good for the 2011 “Genußscheine”.

Tonnellerie Francois Frere

There are news that Tonnelerie and listed competitor Oeneo are negotiating about Oeneo’s oak barrel business, Tonnelerie Radoux. Although the news was already out on Friday, it looks like some people who think that this is a reason to buy Tonnellerie.

However in my opinion one has to wait to see what Tonnellerie is actually paying for this and how they finance it.

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