We have frequently highlighted that Fresenius’ management has been leaching on FMC for too long as the former pulled ‘subsidiary’ FMC the parent company deeper into trouble. Fresenius should have been in the driving seat owing to the legal structure but it looks to us that it has been too cautious in reacting to FMC’s issues. There have been enough warning signals (e.g. FMC Q3 18 profit warning) in our view that not everything is going well.