Corporate Acquisitions in Germany |
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Abstract
In this section, we will provide a brief overview of mergers and corporate acquisitions (M&A) in Germany. First, we will outline so-called ‘private’M&Atransactions, focusing, in particular, on the acquisition of shares of a German limited liability company (GmbH). To this purpose, after introducing the possible types of transaction, we will describe the typical steps in such acquisition process and discuss briefly specific problems, which an entrepreneur intending such transaction should be aware of. Thereupon, we will turn to the so-called ‘public’M&A transactions, outlining the typical procedure and the most important requirements of the Securities Acquisition and Takeover Act (Wertpapiererwerbsund Übernahmegesetz). We will conclude our presentation with an overview of the German rules on the squeeze-out of minority stockholders, as a typical and major topic in public M&Atransactions.
Contents |
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4.1 |
Introduction |
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116 |
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4.1.1 |
Case Study . . . . . . . . . . . . |
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116 |
4.2 |
Types of Transaction |
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117 |
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4.2.1 |
Share Deal . . . . . . . . . . . . |
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117 |
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4.2.2 |
Asset Deal . . . . |
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118 |
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4.3 Typical Steps in theAcquisition Process |
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119 |
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4.3.1 |
Auction Process . . . . . . . . |
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119 |
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4.3.2 |
Negotiations with One Bidder Only |
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120 |
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4.3.3 Key Elements of the Share Sale and TransferAgreement |
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121 |
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4.3.4 Completion of the Transaction (Closing) |
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122 |
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4.3.5 |
Post-Closing Integration/Restructuring |
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123 |
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4.4 |
Specific Problems |
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123 |
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4.4.1 |
Financing . . . . . |
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123 |
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4.4.2 |
Merger Control Issues . . . |
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4.4.3 |
Other Regulatory Matters |
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124 |
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4.5 Introduction to Public Takeovers |
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124 |
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4.5.1 Scope of the Public TakeoverAct . |
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125 |
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M. Schulz, O. Wasmeier, The Law of Business Organizations, |
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DOI 10.1007/978-3-642-17793-4_4, © Springer-Verlag Berlin Heidelberg 2012 |
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