– Wincor Nixdorf AG (WIN GY): Diebold received HSR early termination for Wincor Nixdorf acquisition: HSR clearance removes a major risk to transaction as there was a chance that regulators could have serious issues with very concentrated US market where main difficulty would lie in finding a solution with regulators as there are no real credible buyers for Wincor’s US business (NCR as market leader cannot get more market share, and PE might be less interested as it is understood that Wincor’s US business which is mainly geared to tier 1 clients is under-invested and loss making). However with HSR clearance obtained and German dividend tax confusion sorted (no dividend tax on cash portion of consideration), and deal closing now mainly driven by the numerous individual country approvals ( Austria, Poland, Portugal, Slovakia, Spain, Brazil, China, Colombia, Morocco, Russia, Turkey, and Ukraine). Would own the spread at 12%pa on end of year closing.