Hogan Lovells advises Commerzbank AG on share dividend of Vonovia SE

Led by Frankfurt based partner Michael Schlitt Hogan Lovells has advised for a second consecutive year Commerzbank AG on the payment of a share dividend and a rights issue in connection thereto by Vonovia SE.

The shareholders' meeting of Vonovia SE resolved on 9 Mai 2018 a dividend payment of EUR 1.32 per share. The shareholders were given the choice to receive the dividend either in cash or in the form of new shares of Vonovia SE. During the subscription period shareholders holding 40.9% of the dividend-bearing shares in Vonovia SE have elected to receive new shares instead of the cash dividend.  To create the 6,977,108 new shares, Vonovia SE increased its share capital by making use of an authorized capital. The new shares were offered to the shareholders by way of a rights issue and were already admitted to trading. 

Hogan Lovells advised Commerzbank AG in its role as subscription and settlement agent on all issues concerning the structuring and execution of the transaction.

Hogan Lovells for Commerzbank AG: 

Prof. Dr. Michael Schlitt (Partner, lead), Nona Naydenova (Business Lawyer) (both capital markets, Frankfurt);

Jonathan Baird (Partner, US Law, London). 

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