Übernahmen: Commerzbank, Hugo Boss, ProSiebenSat.1: Bund reagiert auf Dumpingangebote für deutsche Konzerne
Ausländische Konzerne haben mithilfe niedriger Offerten die Kontrolle bei deutschen Unternehmen erlangt. Wie lässt sich das künftig verhindern?
Frankfurt – The takeover of Commerzbank by Unicredit has sparked discontent among Germans for several reasons. One criticism is that the Italian bank secured control of the German institution through a voluntary takeover offer that offered little additional value to Commerzbank's share price. This type of "low ball offer" has become a trend.
Buyers first acquire a significant stake in a German target company, then present a "dumping offer" to cross the 30 percent threshold. Subsequently, they can flexibly continue to acquire shares and progressively take control. This pattern has been followed by Unicredit, the British trading conglomerate Fraser, in the takeover of Hugo Boss, and the Italian media company MediaForEurope (MFE) in the purchase of ProSieben Sat.1. The German Federal Finance Ministry (BMF) now intends to react.
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