The full three--dimensional dispersion of the pi-bands, Fermi
velocities and effective masses are measured with angle--resolved
photoemission spectroscopy and compared to first-principles
calculations. The band structure by density-functional theory
strongly underestimates the slope of the bands and the trigonal
warping effect. Including electron-electron calculation on the
level of the GW approximation, however, yields remarkable
agreement in the vicinity of the Fermi level. This demonstrates
the breakdown of the independent electron picture in semi-metallic
graphite and points towards a pronounced role of electron
correlation for the interpretation of transport experiments and
double-resonant Raman scattering for a wide range of carbon based
materials.

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