Corporate Acquisitions in Germany

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&A transactions, 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 (Wertpapiererwerbs- und 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&A transactions.