Public Takeovers in Germany Newsletter 2022

The fifth edition of our “Public Takeovers in Germany” newsletter provides an overview of public takeovers carried out in Germany in 2021 under the German Securities Acquisition and Takeover Act (WpÜG) and of recent developments in German public takeover law.

Dear Sir or Madam,
Dear clients,

Welcome to our yearly newsletter "Public Takeovers in Germany".

Our newsletter provides among other things a statistical analysis of public takeovers in Germany during the past calendar year of 2021.

Further we showcase what we consider to be the most noteworthy public takeover bids of the past calendar year in Germany. In 2021, this undoubtedly was the takeover of Deutsche Wohnen SE by Vonovia SE, which failed at the first attempt but was subsequently successful.

Finally, under recent legal developments, we discuss the judgment issued by the German Federal Court on the question whether shareholders who have not tendered their shares into a voluntary takeover offer are nonetheless entitled to receive the appropriate consideration under sec. 31 para. 1 WpÜG, as well as the judgment issued by the Higher Regional Court of Frankfurt a. M. which tightens the liquidity requirements for shares granted as consideration in an exchange offer.