Beste Fusionen und Übernahmen Anwälte in Deutschland

About Fusionen und Übernahmen Law in Deutschland

Fusionen und Übernahmen (Mergers and Acquisitions, M&A) in Deutschland unterliegen einem gemischten Rechtsrahmen. Er umfasst Unternehmensrecht, Kartellrecht und Wertpapierrecht, die zusammen den Ablauf einer Übernahme regeln. Zentrale Akteure sind das Bundeskartellamt (BKartA) undBaFin, sowie die EU-Behörden bei grenzüberschreitenden Transaktionen. Das Ziel ist Transparenz, faire Wettbewerbskonditionen und der Schutz von Anlegern.

In Deutschland gilt das Zusammenspiel von zwei Kanzelungen: erstens die nationale M&A-Regelung und zweitens die europäische Rechtsordnung, die grenzüberschreitende Deals betreffen kann. Für öffentliche Übernahmen gelten spezielle Pflichten nach dem Wertpapiererwerbs- und Übernahmegesetz (WpÜG). Gleichzeitig regeln das Gesetz gegen Wettbewerbsbeschränkungen (GWB) und das Aktiengesetz (AktG) oder GmbH-Gesetz (GmbHG) die Strukturierung und Genehmigung von Transaktionen.

Bundeskartellamt betont, dass Merger Control zentraler Bestandteil des Wettbewerbsrechts in Deutschland ist.

Quelle: Bundeskartellamt - Mergers, EU-Kommission - Mergers Overview.

Why You May Need a Lawyer

If you are planning or defending a German M&A, specialized legal counsel can help you navigate procedural, strategic and compliance issues with precision.

• You want to acquire a controlling stake in a listed German company and must assess WpÜG obligations and the timing of a mandatory offer.
• A potential merger could trigger a notification to the Bundeskartellamt for merger control under GWB due to market concentration concerns.
• You are involved in a cross-border deal that falls under EU Merger Regulation and requires interaction with EC competition authorities.
• You face a hostile takeover bid and need a strategy for disclosure, defence, and shareholder communications under German securities law.
• You require thorough due diligence to identify antitrust, regulatory, and corporate governance risks before signing a deal.
• You plan to structure the deal using a specific corporate form (AktG vs GmbH) and want to optimize liability, tax, and governance implications.

Local Laws Overview

This section highlights the main German and EU legal pillars that govern Fusionen und Übernahmen, with note on how they interact in practice.

Wertpapiererwerbs- und Übernahmegesetz (WpÜG)

WpÜG governs public takeovers, offers, and related disclosures in Germany. It sets thresholds for disclosure of voting rights and obligates a mandatory offer when control changes hands above certain levels. The law aims to protect minority shareholders and ensure fair treatment during takeover bids. Recent practical trends include enhanced information exchange requirements for bid announcements and ongoing reporting obligations during a bid process.

Source: Bundeskartellamt and EU competition pages provide context on how takeovers interact with competition rules.

For reference on the EU framework see: European Commission - Mergers Overview.

Source: Bundeskartellamt - Mergers

Gesetz gegen Wettbewerbsbeschränkungen (GWB)

GWB is Germany's primary competition law. It empowers BKartA to examine mergers for market dominance and potential restraints. A merger that significantly reduces competition may be blocked or subjected to remedies. Companies planning large-scale deals should prepare for a potential phase I review and, if needed, a longer phase II investigation.

Note that EU-level merger control (EUMR) may apply to cross-border deals beyond Germany, depending on thresholds.

EU Merger Regulation (EUMR) and national transposition

The EUMR coordinates merger control across the European Union and often interacts with German law in cross-border transactions. If a deal meets EU thresholds, the European Commission may review it, sometimes leading to conditional clearance or prohibition that affects German operations. Germany applies EUMR alongside BKartA scrutiny for national concerns.

Source: European Commission - Mergers overview and EU competition policy details.

For broader EU context, see: EC Merger Regulation overview.

Außenwirtschaftsgesetz (AWG) und Außenwirtschaftsverordnung (AWV) - Foreign investment screening

Germany maintains a foreign investment screening regime under AWG and AWV to review non-EU investments in sensitive sectors. The regime is administered by the Federal Office for Economic Affairs and Export Control (BAFA) and aims to address national security and public order risks. Recent trends show broader scope and faster screening procedures for strategic sectors.

Source: BMWi - Foreign trade and investment policy overview; BAFA information on screening. See: BMWi - Federal Ministry for Economic Affairs and Climate Action.

These laws together form the backbone of German M&A regulation and significantly shape deal structuring, timing, and risk management. For practical guidance, consult with a German M&A attorney who understands the interplay of WpÜG, GWB and EU law in your sector.

Frequently Asked Questions

What is the WpÜG and when does it apply in a German takeover?

The WpÜG governs public takeovers and bid disclosures in Germany. It applies when a party acquires a controlling stake or increases voting rights beyond thresholds. It seeks to ensure fair treatment of shareholders and transparent bid processes.

How does the Bundeskartellamt assess Mergers in Deutschland?

BKartA assesses whether a merger may significantly impede competition. It reviews market concentration, potential effects on prices and innovation, and may require remedies or block the deal. Proceedings can be voluntary pre-notifications or mandatory for large deals.

When is a public takeover offer mandatory under German law?

A mandatory offer is triggered when voting rights cross specific thresholds, typically around 30 percent, or upon successful control acquisition. The exact thresholds depend on the governing statute and any sector-specific exceptions.

Where can I file a merger notification in Germany?

Notifications for significant mergers are typically filed with Bundeskartellamt in Germany. For cross-border cases, EU authorities may also be involved depending on the deal size and market impact.

Why do cross-border M&A require EU competition review?

Cross-border deals can affect competition across multiple EU markets. The EU Merger Regulation coordinates review to prevent anti-competitive effects that extend beyond Germany. National reviews remain possible for local concerns.

Can I negotiate a break fee during a takeover in Germany?

Break fees are common in M&A to secure deal certainty, but they must be carefully drafted to avoid triggering anti-trust or disclosure issues. A lawyer can tailor the terms to German corporate and securities law.

Should a target company appoint an independent auditor during a bid?

Appointing an independent auditor can enhance transparency and reliability of financial statements during a bid. It helps validate due diligence findings and may influence shareholder decisions.

Do I need a lawyer for due diligence in a German M&A?

Yes. Legal counsel helps structure the deal, interpret corporate governance provisions, and identify antitrust, regulatory and securities risk. Due diligence is often complemented by financial and technical reviews.

Is the 30 percent voting rights threshold still accurate under WpÜG?

Thresholds can vary by case and regulatory changes. A German M&A lawyer can confirm the current triggering thresholds for your deal and advise on safe structuring.

How long does a typical German takeover process take from bid to closing?

Complex German takeovers commonly span several months from offer initiation to closing, subject to BKartA review and potential remedies. A straightforward domestic deal may close faster if no regulatory concerns arise.

What is the difference between a friendly merger and hostile takeover under German law?

A friendly merger occurs with mutual consent and collaboration among shareholders and boards. A hostile takeover relies on a bid pursued without the target's board support, triggering specific disclosure and shareholder communications requirements.

How much do German M&A legal services typically cost?

Costs vary by deal complexity, due diligence scope, and negotiation intensity. Typical engagements may include fixed fees for defined work and hourly rates for advisory, with a wide range depending on the transaction size.

Additional Resources

Access to official sources can help you understand the regulatory landscape and procedural steps for M&A in Germany.

• Bundeskartellamt - Federal competition authority; guidance on merger control and sanctions; Mergers page
• European Commission - Competition - EU-wide overview of merger control and coordination with member states
• Federal Ministry for Economic Affairs and Climate Action (BMWi) - Policy background on foreign investment screening and corporate governance; official portal

Sources for further reading and context include the following official sites:

• Bundeskartellamt - Mergers
• European Commission - Mergers overview
• BMWi - Federal Ministry for Economic Affairs and Climate Action

Next Steps

1. Define your deal objective and timeline, including a preliminary assessment of whether a WpÜG offer or GWB merger filing may be triggered.
2. Identify a German M&A attorney with experience in takeovers, competition law and cross-border transactions.
3. Arrange an initial consultation to review your information, confidentiality needs and engagement terms.
4. Request a detailed due diligence plan covering legal, regulatory, and governance risks; set a data room access plan.
5. Ask the attorney to prepare a deal timetable, including notification milestones, potential remedies and board communications.
6. Obtain a written engagement letter with defined scope, fees, and retainer terms; clarify potential conflicts of interest.
7. Proceed with due diligence and draft the transmission of information to authorities in compliance with WpÜG and GWB requirements.