X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
As business in the U.S. came to a halt in the days after the Sept. 11 terrorist attacks, Germany saw two deals that may be a harbinger of stepped-up M&A activity. On Sept. 11, ball-bearing manufacturer INA-Holding Schaeffer KG made a surprise $608 million bid for rival FAG Kugelfischer Georg Sch�fer AG. The next day Schroder Ventures and Goldman Sachs Capital Partners agreed to buy Cognis, the specialty chemicals arm of Germany’s Henkel KGaA, for $2.4 billion. The deals reflect the changes in the German industrial sector that have led Anglo-American LBO funds to eye Germany for years. Impending legal changes may facilitate their move into that country. A new German law that goes into effect on Jan. 1 will greatly reduce capital gains taxes on sales of subsidiaries by corporations. Currently, companies that sell a subsidiary may have to pay a capital gains tax of as much as 50 percent, says Maximilian Schiessl, a partner of Hengeler Mueller in Dusseldorf. Under the new regulations, tax rates will fall substantially, though the precise rate will vary by deal. Also on Jan. 1, a new German takeover code will make it easier to purchase publicly held companies.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.