Frankfurt, March 1st, 2016 - Baker & McKenzie is advising Shanghai Electric Group Co. Ltd., Shanghai (China), on its intended strategic cooperation with Manz AG. The cooperation is intended to cover energy storage, automation technology, solar technology and other areas of the Manz Group. In this context, Shanghai Electric intends to acquire a participation stake in Manz AG.
Manz AG and Shanghai Electric concluded an investment and backstop agreement, according to which a subsidiary of Shanghai Electric will acquire those shares from the planned capital increase that are not subscribed by the shareholders at the subscription price.
To enable Shanghai Electric to acquire a participation and to strengthen Manz AG’s financial situation, Manz AG plans to increase the company's capital stock by approximately 43% against cash contributions (corresponds to approximately 29.9% after the capital increase) by issuing new shares from the authorized capital with the inclusion of the shareholders’ subscription rights. Shanghai Electric’s acquisition is conditional on, among other things, the clearance by anti-trust authorities in China, Germany and Austria, and various governmental approvals in China.
"This transaction is a further milestone for Chinese investments into Germany. The trend of ever more complex transaction structures of such China outbound investment transactions into Europe and Germany continues," commented Dr. Thomas Gilles, corporate partner in Frankfurt and head of Baker & McKenzie's EMEA-China Group.
Shanghai Electric Group Co.,Ltd. is one of the largest mechanical and electrical equipment manufactory enterprises in China.
As one of the world's leading high-tech equipment manufacturers, Manz AG, based in Reutlingen, Germany, is a pioneer for innovative products in fast-growing markets. Manz AG is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Baker & McKenzie's Corporate/M&A teams advise clients in cross-border transactions and reorganizations on a regular basis. Most recently, e.g., Baker & McKenzie provided advice to MAT Holdings, Inc. on the acquisition of the insolvent Präzisionstechnik Reichenbach, HITACHI KOKI on its acquisition of the power tool specialist Metabo AG, Barry-Wehmiller Group on the acquisition of Winkler+Dünnebier GmbH, ZF Friedrichshafen AG on the acquisition of the industrial and wind turbine business of Bosch Rexroth AG, Group Le Duff on the acquisition of Kamps, Telefónica/E-Plus on the sale of yourfone to Drillisch, Flowserve Corporation on the acquisition of the SIHI Group, and Hochtief on the sale of the property management business to vincitag and the offshore business to GeoSea.
Baker & McKenzie team advising Shanghai Electric Group Co. Ltd.:
Lead:
Corporate: Dr. Thomas Gilles (partner, Frankfurt), Gerald Schumann (partner, Munich), Dr. Björn Simon (counsel, Frankfurt)
Further team:
Corporate: Danian Zhang, (partner, Shanghai), Jiahua Wu (associate, Shanghai), Dr. Rebecka Zinser, Vanessa Fritzsche (associates, Frankfurt), Dr. Deny-Jean Silny (associate, Düsseldorf)
Arbeitsrecht: Dr. Hagen Köckeritz (partner, Frankfurt), Dr. Lena Kern, Dr. Verena Boehm (associates, Frankfurt).
Trade & Commerce: Dr. Johannes Teichmann (partner, Frankfurt), Antonia Rojahn (associate, Munich).
IP: Dr. Benjamin Koch (partner, Munich), Philipp Schmitz (associate, Munich).
Public Law: Dr. Julia Pfeil (senior associate, Frankfurt).
Real Estate: Dr. Daniel Bork (associate, Düsseldorf)
Anti Trust: Christian Horstkotte (partner, Düsseldorf); Dr. Solvei Stender (associate, Düsseldorf)
