The Higher Regional Court in Frankfurt has declined to make a preliminary ruling in the high-profile Wella case.
US hedge fund Elliot Associates, represented by Dechert’s fledgling Frankfurt office, is contesting financial regulator BaFin’s decision on the share price in Procter & Gamble’s Wella takeover.
Elliot Associates, which holds non-voting preference shares, claims that it has illegally been awarded significantly less money per share than the Wella family, which owns most of the voting shares in the company.
The court declined to deal with the issue at a preliminary stage and said it will make a final decision in the principal proceedings. Dechert may also bring a case before the German Constitutional Court and the European
The final push
When Dentons axed seventy staff last month it was the biggest redundancy programme in the City. Or was it? Jon Robins asks whether Dentons’ upfront approach is preferable to the sniper tactics of some of the other firms Virginia Glastonbury, chief executive at Denton Wilde Sapte, took time out from the internal miseries of implementing […]
