Gleiss Lutz has been advising the listed Japanese Sumitomo Corporation, a leading integrated trading company engaged in diverse businesses, on the acquisition of a minority interest in Hay Holding GmbH (“Hay”). Sumitomo Corporation will acquire a 25% stake in Hay from Musashi Seimitsu Industry Co., Ltd (“Musashi”). Musashi is engaged in the manufacture and sale of engine, gear-related, and underbody parts for car and motorcycle manufacturers. Closing is subject to approval by the competent antitrust authorities and is expected to occur in spring 2017.
With nine business locations mostly in Europe, Hay as Europe’s largest manufacturer of forged and machine-processed components enjoys strong business ties with major manufacturers of finished vehicles and suppliers. The company has approximately 2,800 employees and generates sales of EUR 600 million.
Sumitomo Corporation regards the automotive-related business as one of its core businesses. It offers automotive-related finance in addition to distributing/selling finished vehicles and selling steel materials used in cars and motorcycles. Through their collaboration, Musashi and Sumitomo Corporation will be able to assist Hay in achieving long-term sustained growth by utilizing Musashi’s technical prowess and Sumitomo Corporation’s automotive-related business platform.
The Gleiss Lutz team headed by Dr. Michael Burian (lead, partner) and Dr. Martin Lembke (counsel, both corporate/M&A, Stuttgart) included the following lawyers: Dr. Maike Sauter, Alexandra Brücher, Christopher Vogl (all corporate/M&A, Stuttgart), Dr. Petra Linsmeier (partner, competition/antitrust, Munich), Dr. Achim Dannecker (partner) and Dr. Michael Rudolf (both tax, Stuttgart).
Based on a long-standing relationship, Gleiss Lutz has assisted Sumitomo Corporation on numerous occasions. The actual matter is an excellent example for our continuously growing and well-established Asia practice. Gleiss Lutz frequently advises Asian companies – in particular Japanese companies – on its acquisitions in Germany. Most recently, Gleiss Lutz advised OUTSOURCING Inc. on the acquisition of Orizon Holding GmbH, Showa Denko on the acquisition of the graphite electrodes business of the SGL Carbon Group and the Taiwanese Enterex International Limited on the takeover of AVA Group.
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