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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "Includes anecdotal quotes from management and external observers regarding acquisition strategy and market perception.",
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      "kind": "list",
      "text": "July 2002-October 2014: Corporation limited by share ownership (AG)\nOctober 2014-March 2016: European joint stock company (SE)\nMarch 2016-present: Partnership limited by shares (SE & Co. KGaA)",
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      "kind": "paragraph",
      "text": "Ströer's governance in our view is problematic, and likely a root cause of many of the issues we have identified in our report. In March 2016, Ströer changed to a new legal form, which we interpret as primarily serving the interests of Udo Müller and Dirk Ströer.",
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      "kind": "quote",
      "text": "Well to be completely honest - [the strategy regarding how to integrate acquired brands is] a bit of an open flank at the moment.",
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      "kind": "quote",
      "text": "You've made quite a lot of acquisitions and there's a legend making its way around the market that your biggest shareholder, Udo Müller... says to himself, 'Oh lookie here - these are all really cool companies; I think we'll buy them!'",
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      "kind": "title",
      "text": "Legal Form Helps to Entrench Müller and Dirk Ströer",
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      "kind": "title",
      "text": "XIII. Governance Seems to be Extremely Investor Unfriendly",
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