Gleiss Lutz is advising the Austrian-Canadian automobile supplier Magna International Inc. in the bidding procedure for Adam Opel GmbH.
After Opel’s near-insolvent parent, General Motors (US), announced plans to split off its European business, an investor group led by Magna and the Russian Sberbank made an initial takeover offer for Opel in April 2009. The consortium is currently the favoured bidder: On September 10, GM’s supervisory board provided its general consent to the planned acquisition of 55 percent of the Opel shares by Magna/Sberbank.
Fiat, the financial investor Ripplewood and the Chinese car maker Beijing Automotive Industry Holding (BAIC) also showed interest in a takeover of Opel.
Magna is being advised by a Gleiss Lutz team led by partners Dr. Wolfgang Bosch (Frankfurt) and Dr. Alexander Schwarz (Düsseldorf, both corporate/M&A, both lead). The team also includes: Dr. Cornelius Götze (partner, Frankfurt), Dr. Thomas Menke (partner, Düsseldorf, both corporate/M&A), Dr. Burkhard Jäkel (partner), Dr. Maximilian von Rom (both banking and finance, Frankfurt), Dr. Martin Diller (partner, Stuttgart), Dr. Thomas Winzer (partner, Frankfurt, both employment), Dr. Stefan Weidert (partner, IP/IT, Berlin) and Dr. Ulrich Soltész (partner, EU subsidies, Brussels).
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