Despite the common view that there is inherently a relationship of confliction, it is now impossibleto imagine the financing of family-owned enterprises in Germany without the alternativemethod of Private Equity financing. Based on a survey on Private Equity in familyowned companies specialising...

This article analyses the recent Leica judgement of the Higher Regional Court Frankfurt/Mainand its consequences. In this judgement, the court has established an infringement of specialformal requirements with respect to Leica´s invitation to the Annual General Meeting which,if correct, would...

This report analyses the possibility to outflank disclosure obligations under the German SecuritiesTrading Act as well as the German Takeover Act by using derivative instruments in thecontext of the attack of Schaeffler KG on Continental AG.Irrespective of a limited knowledge of the complete...

The work report first describes the current developments on the German market for nonperformingloans, which after its peak in spring 2007 is now also affected by the financialcrisis. The sale of small and medium-size portfolios is described within the scope of a casestudy. Furthermore, the...

Private equity has seen an impressive activity surge in Germany over the last ten years. Thisworking paper meets the increasing thirst for information on the German buyout market withan overview of its historic development, a quantitative analysis of its performance and a futureoutlook. While...

The report deals with the current questions relating to the work-out, outsourcing and servicingof non-performing-loans. After a brief market description the paper addresses the specificproblems, which arise when servicing real estate and corporate loans. Within these frameworkissues, which...

The legal environment for Securities Prospectuses in Germany has changed dramatically withthe implementation of the German Securities Prospectus Act (Wertpapierprospektgesetz- WpPG) and the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (ProspectusRegulation) regulating their content...

During the past two years, private equity funds have acquired substantial portfolios of nonperformingloans from banks in Germany. Typically a private equity investor does notcommit funds unless exit strategies are clearly defined. The usual exit strategies for distresseddebt investors are “fix...

The global distressed debt market has been established for some years now, however withinthis investment universe German Distressed Debt is generally considered as underdeveloped.The aim of this paper is to highlight why Investments are transacted and the framework ofprocesses involved within...

The working report looks at the actual situation of the German water market, the only infrastructuremarket the EU has not encouraged to deregulate until now. Especially importantfactors are the environmental relevance of the water market and the importance of water as afood. At the moment,...