Dr. Axel Pajunk | White & Case LLP International Law Firm, Global Law Practice
Axel Pajunk
Axel Pajunk

Dr. Axel Pajunk

Partner, Frankfurt

T +49 69 29994 1609

T +49 160 3684 684

E apajunk@whitecase.com

in LinkedIn profile

Axel Pajunk was recognized as a Highly Recommended Lawyer for M&A by both JUVE 2013/2014 and Best Lawyers/Handelsblatt 2013.


Axel Pajunk advises on all corporate law matters, primarily in connection with mergers and acquisitions (M&A).

Axel represents national and international companies, as well as financial investors (private equity funds), including their shareholders and board members. Axel's key clients are private and public companies and large and medium-sized partnerships in the chemical and automotive industries, as well as in the technology, wholesale and retail sectors.

Axel concentrates on assisting clients in structuring and implementing complex cross-border transactions and group-related transactions, including takeovers, joint ventures and corporate restructurings (e.g. mergers of companies and carve-outs).

Recently, Axel advised a foreign-listed company on a public takeover of an international corporate group with headquarters in Germany and its subsequent worldwide integration. As part of the following global reorganisation, Axel was responsible for the separation (carve-out) and resale of several business units operating in more than 20 jurisdictions to a financial investor and a joint venture partner.

Axel also has comprehensive experience in structuring and implementing employee stock option programs and other forms of employee incentive schemes.

Prior to joining White & Case in 2003, Axel was a partner at two other international law firms in Munich.

Bars and Courts

  • Tax Attorney
  • Rechtsanwalt


  • Dr jur, Johann Wolfgang Goethe-University Frankfurt am Main
  • Second State Exam, Higher Regional Court of Frankfurt am Main
  • First State Exam, Johann Wolfgang Goethe-University Frankfurt am Main
  • Banking Diploma, Banking House Gebrüder Bethmann


  • German
  • English
  • French


Continental, 2015

Advised DAX30-listed Continental AG, one of the top automotive suppliers worldwide, on its €600 million acquisition of Elektrobit Automotive GmbH and its subsidiaries from Nasdaq Helsinki-listed Elektrobit Corporation.

EDEKA, 2014

Representing Germany's largest food retailer EDEKA ZENTRALE AG & Co. KG (EDEKA) and its subsidiary Netto-Markendiscount AG & Co. KG on the acquisition of Kaiser's Tengelmann GmbH with its 451 stores, approx. 16,000 employees and a net-turnover of about €1.8 billion.

Clariant, 2011 – 2014

In recent years, Axel has advised Clariant on a number of major transactions, including: the sale of its leather chemicals business in 23 countries to the Dutch chemicals group Stahl; the sale of its detergents and intermediates business to the International Chemical Investors Group (ICIG) in various jurisdictions; and the sale of three business segments (textile chemicals, paper specialties and emulsions) to the US investment company SK Capital in a range of countries, including Germany, France, Belgium and Turkey. Axel also advised Clariant on the €2 billion-valued acquisition of Süd-Chemie AG from its majority stockholder One Equity Partners, as well as numerous family shareholders, in a bidding process, in the squeeze-out, in the delisting and execution of a control agreement and the subsequent global merger and integration process.

Founding Shareholder, 2014

Advised the founding shareholder in the pre-structuring (carve-out, transformation) and the sale of all shares in an IT-supported valuation company for property damage in Germany and Austria to an IT company listed on the New York Stock Exchange.

Frogster Interactive Pictures, 2010

Advised Frogster Interactive Pictures AG and its management on the acquisition of a majority of Frogster's share capital by Gameforge AG and its subsequent takeover bid for the remaining shares (free float).

DEKRA Automobil, 2009

Advised DEKRA Automobil GmbH and the other shareholders on the sale of their shares in AUTOonline GmbH Informationssysteme to an IT company listed on the New York Stock exchange.

Mid Europa Partners LLP, 2009

Advised Mid Europa Partners LLP on the pre-structuring (carve-out) and the subsequent sale of all of the shares in the German companies Berger Strahltechnik GmbH and V + S - Vogel & Schemmann Maschinen GmbH and in the Italian firm WG Technology S.r.l., which are all active in the industrial surface processing segment, to CER Europe Holdings LLC, a portfolio company of the PE investor Atlas Holdings, under the supervision of a trustee appointed by the German Federal Cartel Office.

EDEKA, 2009

Advised Germany's largest food retailer EDEKA ZENTRALE AG & Co. KG on its joint venture with Tengelmann combining the companies' discount supermarket chains Plus (2,300 stores) and Netto (following a restructuring) under the latter's name.

Sberbank, 2009

Advised Sberbank on the formation of a joint venture and the planned acquisition of General Motors' shareholding of 55 percent in Adam Opel GmbH held by a trustee along with the Austrian-Canadian automotive supplier Magna.


  • Acquisition of Company Shares, Münchener Anwaltshandbuch Aktienrecht. Ed. Bernhard Schaub and Matthias Schüppen. Munich, 2nd ed., pp. 900–942, 2010, (Erwerb eigener Aktien)
  • The disclosure requirement set forth in § 20 of the German Stock Corporation Act applies also to the founding shareholders, LMK, 191735, 2006, (Mitteilungspflicht nach § 20 I AktG gilt auch für Gründungsaktionäre)
  • More transparent than the EU Transparency Directive? Future disclosure thresholds under discussion, Going Public, No. 2, p. 74, 2006, (Transparenter als die EU-Transparenzrichtlinie?)
  • Employee Incentive Schem, Münchener Anwaltshandbuch Aktienrecht. Ed. Bernhard Schaub and Matthias Schüppen. Munich, pp. 915–974, 2004, (Mitarbeiterbeteiligung)

Awards & Recognition

Highly Recommended Lawyer, Best Lawyers/Handelsblatt 2015

M&A, Private Equity Law

Highly Recommended Lawyer, JUVE 2013/2014