í´ì¸ M&Aì ë²ì ìì - Sullivan & Cromwell
í´ì¸ M&Aì ë²ì ìì - Sullivan & Cromwell
í´ì¸ M&Aì ë²ì ìì - Sullivan & Cromwell
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Recent Market and Legal Trends –<br />
General Observations (2/2)<br />
continued<br />
Deals are often driven by financial distress of target (e.g., real estate segment<br />
(BauBeCon)) or business reorganizations of seller including disposal of noncore<br />
businesses (e.g., utilities sell portfolio companies to finance investments in<br />
renewable energies after nuclear technology exit; ThyssenKrupp realigning its<br />
business focus; Deutsche Bank to sell SalOppenheim and its asset management)<br />
German distressed M&A situations reappear following a number of high-profile<br />
insolvency filings in 2012, including one of the leading drugstore chaines<br />
(Schlecker) and several major German solar companies (e.g., Q-Cells, that<br />
Korean company Hanwha intends to acquire)<br />
Debt-to-equity swaps have become easier to implement due to new ―Act on<br />
Further Facilitating the Restructuring of Companies‖ (Gesetz zur weiteren<br />
Erleichterung der Sanierung von Unternehmen – ESUG) that entered into force in<br />
December 2011<br />
Asian buyers start becoming more active in the German market (e.g., envisaged<br />
acquisition of Q-Cells by Hanwha; Chinese Shandong Heavy Industry‗s intention<br />
to acquire a stake of 25% (€700 m) in the German forklift manufacturer Kion)<br />
103
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