Gleiss Lutz has advised Boursorama S.A., a subsidiary of Société Générale S.A., as principal shareholder on the squeeze-out of minority shareholders of OnVista AG. The decision to perform the squeeze-out was adopted at OnVista’s shareholders’ meeting in June 2015 and took effect without any avoidance actions upon registration in the commercial register on 30 July 2015. The company had previously applied for its shares to be delisted from the Frankfurt Stock Exchange exchange and taken all necessary steps to have their inclusion in the regulated unofficial market revoked. The delisting or end of trading on the regulated unofficial market took effect on 12 June 2015. This concludes Boursorama’s efforts to take the company private.
Boursorama had only recently increased its stake in OnVista AG to over 95%. Gleiss Lutz also advised Boursorama on this measure.
The OnVista Group is an internet company that specializes in providing and marketing financial information to investors as well as offering state-of-the-art online brokerage services. OnVista Media GmbH’s OnVista.de platform is one of Germany’s most frequented financial portals, and the company’s OnVista Media Sales offers high-quality online services. And OnVista Bank GmbH offers extensive brokerage services.
Boursorama is also an online financial services provider which operates three complementary divisions: online banking, online brokerage and the provision of financial information to private investors.
Boursorama was advised by the following team of Gleiss Lutz lawyers, headed up by Dr. Cornelius Götze (partner, corporate) and Dr. Jan Bauer (partner, corporate/M&A, both Frankfurt): Dr. Thorsten Gayk (counsel, corporate/dispute resolution, Hamburg) and Dr. Rüdiger Schmidt-Bendun (corporate/M&A, Frankfurt).
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