Noerr Public M&A Report 01/2022

33 public bids and a total transaction volume of EUR 84.1 billion make 2021 a record-breaking year in terms of public takeovers in Germany. The previous highs of 2019 (with 28 transactions) and 2017 (with a market volume of EUR 58.6 billion) were significantly exceeded, and even taking into account the fact that Vonovia SE delivered not one but two very high-volume takeover bids – both of which, however, had the same economic objective – to the shareholders of Deutsche Wohnen SE, it is still more than justified to talk about a record year in the history of the German public takeover market.

These essential findings of an analysis of the market for public takeovers in 2021 are presented in the 01/2022 edition of the Noerr Public M&A Report by the report’s editors Volker Land and Stephan Schulz, both partners in the Corporate and Capital Markets Teams of Noerr’s Hamburg office. The report presents a multi-year comparison of the number and volume of all offers pursuant to the German Securities Acquisition and Takeover Act approved by the German Financial Supervisory Authority BaFin, the distribution of these offers across the small-cap, mid-cap and large-cap segments, the development of premium levels as well as general public M&A market trends.

In addition to the 2021 market report, this edition of the Public M&A Report also contains a survey by Juri Stremel of “Takeover offers with minimum acceptance thresholds” as well as an article by Jens Göb on “Contractual reporting obligations in cross-border corporate groups”. Philipp Schmoll has contributed a report on the “Reasoned statements pursuant to section 27 WpÜG” published in 2021.

Any questions? Please contact: Volker Land or Stephan Schulz
Practice Groups: Capital Markets, Corporate, Mergers & Acquisitions