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SAP supervisory board chairman Hasso Plattner
Photo: RALPH ORLOWSKI / REUTERS
SAP supervisory board chairman Hasso Plattner used the price drop in the software manufacturer's shares to make a major purchase.
At the beginning of the week, the co-founder of the Dax group bought papers for a total of around 248.5 million euros, according to a voting rights notification from the group on Tuesday.
Plattner bought accordingly at exchange rates averaging around 101 euros.
Before founding partner Dietmar Hopp, Plattner is the largest single shareholder of the most valuable German listed company and, according to Bloomberg, last held just under 5.9 percent of the shares - the package is currently worth a good seven billion euros.
Hopp holds a good five percent of the shares.
On Monday, the SAP share fell by more than a fifth to 97.50 euros due to a strategic shift by CEO Christian Klein and thus back to the level at the beginning of April, when the papers were just recovering from the Corona crash.
This was the highest daily loss of the paper since the 1990s, a market value of around 33 billion euros vanished into thin air.
On Tuesday, the SAP shares turned positive after the news of Plattner's bulk purchase and were most recently listed with plus 2.4 percent at the top of the Dax.
Klein and CFO Luka Mucic also bought shares on Monday, albeit on a much smaller scale for a good 102,000 and a good 75,000 euros.
Dax counted
The Dax as a whole is having a hard time on Tuesday after the weak start to the week due to the SAP crash.
The leading index fell in the first hour of trading by 0.10 percent to 12,164 points.
On Monday, SAP caught many investors on the wrong foot with the new forecast, said market expert Andreas Lipkow from Comdirect Bank.
"So far, technology companies in particular have been seen as a safe bank for investors. Now the wheat seems to be separating from the chaff."
Lipkow sees the Dax counted for the time being.
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caw / dpa
