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Public Takeovers in Germany

12 March 2021

Our "Public Takeovers in Germany" newsletter provides an overview of public takeovers carried out in Germany in 2020 under the German Securities Acquisition and Takeover Act (WpÜG) and of recent developments in German public takeover law. As a global law firm, we are constantly observing the M&A markets in Germany and abroad. We would like to share our insights with you in this newsletter.

The main part of this newsletter presents a statistical overview of the public takeovers executed in Germany in 2020 under the WpÜG. This overview is based on the database of German takeover bids published by the German Federal Financial Supervisory Authority (BaFin). In addition, we have analyzed the reasoned statements published by the management boards and supervisory boards of the target companies. Wherever a public offer was amended, our analysis reflects only the data from the final version of the offer, unless indicated otherwise.

In the 'Profile' section we showcase in more detail what we consider the most noteworthy public takeover bids of the past calendar year in Germany. In 2020, these undoubtedly were the takeover battle over RHÖN-Klinikum AG as well as the failed takeover of QIAGEN N.V.

Finally, we discuss the recent legal developments which are relevant for the German takeover market. Following the judgment issued by the District Court (Landgericht – LG) of Frankfurt, already reviewed in the last issue of this newsletter, we will analyze the judgement issued by the Higher Regional Court (Oberlandesgericht – OLG) of Frankfurt in connection with the STADA AG takeover, which addresses potential rectification claims arising from subsequent acquisitions within the meaning of sec. 31 paras. 5 and 6 WpÜG.