Freshfields leads as Porsche grows VW stake
Freshfields Bruckhaus Deringer has bagged the lead role advising Porsche on the increase of its stake in German rival Volkswagen from 27.3% to 30.9%. Under German law, the increase will trigger a mandatory offer for Volkswagen, which will value the automotive giant at approximately €35bn (£23bn).
March 27, 2007 at 09:31 AM
2 minute read
Freshfields Bruckhaus Deringer has bagged the lead role advising Porsche on the increase of its stake in German rival Volkswagen from 27.3% to 30.9%.
Under German law, the increase will trigger a mandatory offer for Volkswagen, which will value the automotive giant at approximately €35bn (£23bn).
Financing of the mandatory offer has been ensured via a credit facility arranged by ABN Amro, Barclays Capital, Merrill Lynch International, UBS and Commerzbank.
Freshfields fielded a Frankfurt-based team headed by corporate partners Christoph von Bulow and Thomas Bucker. The City giant also advised Porsche on financing and competition issues and previously acted for the client when it increased its stake in the group last November.
Magic circle rival Clifford Chance (CC) has advised Volkswagen in the past, notably on the €3bn (£2.05bn) acquisition last year by French investment company Eurazeo of Volkswagen's rental car unit, Europcar. Frankfurt-based corporate partner Wolfgang Richter led the CC team on that occasion.
Bucker told Legal Week: "The mandatory offer is a mechanism under German law where if you exceed 30% of voting rights of a target company then you are obliged to make a mandatory bid. A mandatory offer does not necessarily result in a takeover of the whole company."
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