15 September – LAWFUEL – The Law News Network – Allen & Overy advised Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München and ERGO International on the sale of approximately 1.4 million shares in E.ON AG and approximately 1.2 million shares in Sanofi-Aventis S.A. The shares were sold after selection of the banks in an auction procedure at a price close to market. At the same time ERGO International AG acquired call options for a corresponding number of E.ON as well as Sanofi-Aventis shares. The transaction was designed to hedge two outstanding exchangeable bonds of ERGO International AG. The proceeds amounted to approximately 200 million Euro.
The Allen & Overy team was led by partner Dr. Michael Schlitt (Frankfurt), assisted by Dr. Susanne Schäfer and Michael Gottmann (both Frankfurt). London based partner Richard Tredgett advised with the assistance of Parya Badie on English law aspects. The team was completed by US-partner Daniel Epstein and Dr. Dorothee Fischer-Appelt (both US law group, London) who advised on the US law aspects of the transaction.
Michael Schlitt comments:
“Our equity capital markets team being mandated again on an important transaction for Munich Re, this time together with our UK derivatives colleagues, highlights both the strength of our relationship and the strength of our international capital markets practice.”