Allen & Overy advises Schaeffler on Continental AG shares placement
Allen & Overy has advised global automotive and industrial supplier Schaeffler on the successful placement of around 3.9 per cent of the shares in Continental AG, raising funds of around €950m.
This step, together with a voluntary €325m principal payment, enabled the Schaeffler Group to reduce its debt by approximately €1.275bn to €9.0bn.
A total of 7.8 million Continental Shares were sold at a price of €122.50 per share to a wide range of international investors in an accelerated placement. With this share sale, Schaeffler AG cuts its gross debt from around €6.7bn at present to around €5.8bn, while Schaeffler Holding brings its gross debt down from around €3.6bn to around €3.2bn.
With an aggregate stake of 46 per cent, Schaeffler remains the largest shareholder of Continental AG, re-affirming its long-term strategic interest in the company.
The Allen & Overy team comprised partners Dr Alexander Veith (corporate, Munich), Dr Walter Uebelhoer (banking and finance, Munich), Thomas Neubaum (banking and finance, Frankfurt), Dr Oliver Seiler and Gernot Wagner (both capital markets, Frankfurt); senior associate Dr Urs Lewens (banking and finance, Frankfurt); and associates Simon Schmid, Daniel Epe (both corporate, Munich), Elke Funken-Hötzel, Dr Alexander Schilling (both banking and finance, Frankfurt) and Rebecca Emory (capital markets, Frankfurt).
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators
The definition of money purchase benefits is changing, as are the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’.
Despite the progress that has been made towards launching the European unitary patent system and the Unified Patent Court, Spain continues to actively oppose the changes.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.