Investors might have hoped for more, as the announcement of a change in the legal structure does not look too meaningful at first sight. In our view, this is a game-changer as the Fresenius-dominating shareholder has accepted to lose the FMC business sooner or later and Fresenius’ management could convince the Else Kroener-Fresenius Foundation that is has some clear plans how to generate value without this complicated structure and without FMC in the mid-term.
