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The Offering of Shares in a Cross-Border Takeover

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  • von Lackum Jens

    (Hengeler Mueller, Düsseldorf.)

  • Meyer Oliver

    (Hengeler Mueller, Düsseldorf.)

  • Witt Jörn-Ahrend

    (Hengeler Mueller, Düsseldorf.)

Abstract

After recent years of stagnancy, the number of cross-border takeover offers within Europe has rapidly increased since 2003. Mittal Steel's (UK) takeover offer for Arcelor (Luxembourg), Linde's (Germany) takeover offer for BOC (UK) and E.on's (Germany) takeover offer for Endesa (Spain) are just a few examples of European cross-border takeover offers. In 2006, 47 % of all M&A transactions worldwide (which came to an all-time high) took place in Europe, totalling to a transaction volume of 1,200 billion EUR. In some cases, the bidder offers own shares as offer consideration (“Consideration Shares”). This allows the bidder not only to limit the debt-financing of the offer consideration, but also to attract strategic investors who are interested in a stake in the new company.

Suggested Citation

  • von Lackum Jens & Meyer Oliver & Witt Jörn-Ahrend, 2008. "The Offering of Shares in a Cross-Border Takeover," European Company and Financial Law Review, De Gruyter, vol. 5(1), pages 101-114, March.
    • Handle: RePEc:bpj:eucflr:v:5:y:2008:i:1:p:101-114:n:2
    DOI: 10.1515/ecfr.5.1.101
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