10 THE RHÖN-KLINIKUM SHARE The transaction with Fresenius was the dominating event during financial year 2013. The Board of Management and the Supervisory Board propose a pro rata distribution of the sale proceeds, preferably by way of share buy- back. THE STOCK MARKETS IN 2013 The continued and extensive monetary policy support provided by the central banks continued to be the prima- ry factor influencing the global financial markets in 2013 as well. Positive economic impetus came from the recov- ery in the US, whilst in Europe the economic trend was mixed: whereas in Germany economic data saw a further improvement with the ifo Business Climate Index rising smartly in the second half of the year on the back of posi- tive expectations, the signals coming from neighbouring countries, including France, were somewhat subdued. In addition to the trend in the aggregate economy, politi- cal aspects also played a significant role for the aggregate market. From the German perspective, these included the federal elections in September as well as the ensuing coa- lition talks. Important political issues at the international level were the escalation of the US budget crisis or the question regarding the future of Italy's government. In this context the DAX® rose over the year by of some 25 per cent in total, ending the year at new highs and reach- ing the record level of more than 9,500 points. The sec- ond-tier German index MDAX® even recorded a gain in 2013 of roughly 39 per cent. The German indices thus out- performed the major European benchmark indices which also recorded gains. For example, the DJ EURO STOXX 50® increased by over 18 per cent.
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