Newsletter

2024

Editorial

Mergers &
Mergers &
Acquisitions
Acquisitions

M&A Outlook 2024

A myriad of geopolitical uncertainties, a demanding regulatory environment and macroeconomic forces, including persistently high inflation, rising interest rates and concerns of potential recession, weighed heavily on dealmaking last year. Unrest in Ukraine and the Middle East, combined with an ensuing increase in energy prices, have further hampered European businesses. Given the over-aggressive monetary policies followed by central bankers around the world, the financing and the syndication markets have also remained subdued.

Supervisory
Supervisory
Board Survey
Board Survey

From Honorary Post to Profession

In Germany, the growing demands and tasks of supervisory boards are increasingly forcing them to organise their work in such a way that they can fulfil all their responsibilities. As a result, the professionalisation of the supervisory board is becoming more important than ever before for the success of German companies. Much of what is possible has not yet been realized.

Offshore
Offshore
Wind Energy
Wind Energy

A Beacon of Hope in Stormy Seas

A core objective of the energy transformation is the switch from fossil fuels to renewable energy sources. Offshore wind energy plays a key role in this. New offshore wind farms are enormous in size: projects planned today will reach several gigawatts of capacity, while onshore wind and solar farms rarely generate more than 100 MW. Their marginal costs of power generation are lower and the yield of turbines at sea fluctuates due to wind strength less than on land. The feed-in from offshore wind farms therefore leads to less load volatility in the electricity grid than that from photovoltaics or onshore wind. This is particularly important as we are phasing out the classic base load-capable generators powered by coal and nuclear energy.

Acquisition
Acquisition
Financing
Financing

Financing Trends in 2023 and Outlook 2024

After the unexpectedly buoyant mood in 2021 and early 2022, the M&A and financing markets suffered a significant setback following the Russian invasion of Ukraine in February 2022. In 2023, the total volume of syndicated loans granted in Europe fell significantly compared to previous years, which particularly affected acquisition financings.

Compliance
Compliance

Greenwashing: A Liability Trap for Management

The German Financial Supervisory Authority (BaFin) is set to tighten the reins in its battle against greenwashing. In July 2023, BaFin published its sustainable finance strategy, which makes the battle against greenwashing a priority. According to BaFin, the term ‘greenwashing’ describes the practice of presenting sustainability-related information that does not clearly and fairly reflect the sustainability profile of a company or product.

Litigation &
Litigation &
Legal Tech
Legal Tech

Advanced Technologies for Efficient Mass Litigation

Hengeler Mueller has been at the forefront of defending mass litigation claims in Germany and beyond. For many years, mass litigation predominated in securities and antitrust litigation, where we have developed a track record second to none in defending corporate clients. Currently, we are acting for clients in mass claims involving large cartel claims, the diesel issue and major catastrophic events, amongst others.

Foreign
Foreign
Subsidies
Subsidies
Regulation
Regulation

A New Tool for Merger Control

In mid-2023, the Foreign Subsidies Regulation (FSR) entered into force: a new tool used by the European Commission (the Commission) to address distortions in the EU internal market caused by subsidies from non-EU Member States. One cornerstone of this new regulatory framework is the notification requirement, effective since 12 October 2023, for certain M&A transactions involving companies that have received financial support from third countries.

Combating
Combating
Financial
Financial
Crimes Act
Crimes Act

Will Finance Minister Lindner 'Catch the Big Fish'?

In September 2023, the Federal Ministry of Finance published a draft bill to combat financial crime (Combating Financial Crimes Act), which the Federal Cabinet has since adopted without any significant changes. The draft law has been recently debated in Federal Parliament (Bundestag) and is now under review by its Finance Committee. Federal Minister of Finance Lindner stated that the improved legal framework will allow Germany to 'catch the big fish' in the future. But will Lindner really achieve the 'big success' that he announced?

Start-ups
Start-ups

Start-ups and Employee Equity Grants: All Good Thanks to the Future Financing Act?

For the first time, start-ups will be able to provide employees, who are subject to German taxation, with free or discounted true-equity grants under favorable tax conditions. This is the bottom line of an amendment to the German Income Tax Act (GITA) that took effect on 1 January 2024.

Work
Work
Highlights
Highlights

Vonovia

April 2023

In March of this year, authorities secured documents at real estate company Vonovia on the grounds that there are suspicions of alleged irregularities in the awarding of contracts to subcontractors that were detrimental to Vonovia. To ensure that the matter will be fully reviewed and resolved, Vonovia has retained Hengeler Mueller to conduct an internal investigation and provide it with legal advice.

Silver Lake

April 2023

Blitz 22-449 SE, a holding company controlled by funds managed or advised by global technology investment firm Silver Lake, has announced its decision to make a voluntary public takeover offer for all no-par value registered shares of Software Aktiengesellschaft. Hengeler Mueller has advised Silver Lake as transaction counsel.

Viessmann

April 2023

The Viessmann Group GmbH & Co KG has merged its business area "Viessmann Climate Solutions" with Carrier Global Corporation, a leading global provider of intelligent climate and energy solutions with headquarters in Palm Beach Gardens, Florida (USA). Hengeler Mueller has advised Viessmann Group comprehensively on the transaction.

Stadt Marburg

May 2023

Hengeler Mueller has advised the University City of Marburg on the successful completiton of its Europe-wide procurement procedure started in May 2022 for the setup of its own investment fund. In the special fund with three parallel segments, the city's liquid assets are to be invested securely, profitably and sustainably, initially in a mid three-digit million euro amount.

Pictet

June 2023

Hengeler Mueller has advised Pictet & Cie. (Europe) S.A., the European bank of Pictet Group, on the completion of the transfer of its banking headquarters from Luxembourg to Frankfurt am Main, Germany. The transfer was made by way of a cross-border conversion from a Luxembourg société anonyme into a German Aktiengesellschaft.

KKR

August 2023

OHB SE, the German space and technology company, has strengthened its capital base to implement its growth strategy, with KKR as a minority investor. To this end, OHB has signed an investment agreement with KKR and the Fuchs Family Foundation as the majority shareholder of OHB, as well as with investment vehicles controlled by the Fuchs family. Hengeler Mueller has advised KKR on this investment.

RTL Media Group

September 2023

Hengeler Mueller has obtained the complete dismissal of an antitrust damage action for the RTL Media Group before the Dusseldorf Regional Court. The action was based on the decision in the "TV advertising" case, in which the German Federal Cartel Office had imposed a fine of 216 million euros on the ad space sellers of the two private broadcasting groups RTL and Pro7Sat.1.

Ørsted

October 2023

Hengeler Mueller has advised Ørsted on the signing of an agreement on the sale of a 50 per cent stake in the German offshore wind farm Gode Wind 3 to funds managed by Glennmont Partners. The wind farm Gode Wind 3 is under construction in the German North Sea and consists of 23 turbines with a total capacity of 253MW.

Siemens

November 2023

Siemens AG has entered into agreements with Siemens Energy to shape a solution for stability and to accelerate the separation in India. In particular, Siemens intends to acquire an 18% stake in Siemens Ltd. India for a purchase price of EUR 2.1 billion in cash. Siemens has also agreed with Siemens Energy on measures totalling EUR 1 billion to allow third parties to arrange guarantees for Siemens Energy. Hengeler Mueller has advised Siemens comprehensively on the transaction.

Environmental,
Environmental,
Social and
Social and
Governance
Governance

Diversity

One of our goals as a law firm is to attract exciting personalities to work with. Valuing diversity in all its dimensions, we treat one another based on mutual respect and using constructive communication. Combined with a high degree of diversity, this creates new perspectives and benefits all of us – both in the quality of our work and in how we interact with each other.

Sustainability

Environmental awareness and sustainability are among our firm's top priorities. Through diverse individual initiatives at specific locations, as well as across all our offices, we work continuously and proactively to reduce our ecological footprint and energy consumption. This means that our initiatives cover various areas, such as our business travel, resource conservation in our offices and our purchasing decisions.

Pro Bono

Outside the office, Hengeler Mueller personnel dedicate their time to social causes in various ways. As one of Germany’s premier large commercial law firms, Hengeler Mueller is also aware of its social responsibility at a firm-wide level. For this reason, the firm takes on pro bono clients in suitable cases, providing legal advice free of charge and thereby either supporting a good cause or giving clients, who would otherwise not be able to afford it, access to qualified legal advice.

Awards &
Awards &
Recognitions
Recognitions

Last year, we were once again recognised by national and international specialist publications:

JUVE Awards 2023
Law Firm of the Year Compliance
JUVE Awards 2023
Law Firm of the Year M&A
JUVE Awards 2023
Law Firm of the Year Technology and Media
The Lawyer European Awards 2023
Law Firm of The Year: Germany
Mergermarket European M&A Awards 2023
Germany – Legal Adviser of the Year
Managing IP Awards 2023
Germany IP Transactions & Advisory Firm of the Year
JUVE 40 under 40: The Class of 2023
Sarah Milde and Daniel Möritz
Law.com Rising Stars 2023
Europe's Best Up-and-Coming Female Lawyers 2023 - Elisabeth Kreuzer
Global Arbitration Review's ("GAR") 45 under 45
Johanna Wirth
New Partners
New Partners
and Counsel
and Counsel
2024
2024
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