Public Takeovers in Germany 2020: Overview and current issues

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In this report

The COVID-19 pandemic continues to dominate the news without any immediate impact on the capital markets. Nevertheless, many investors are taking a skeptical view of current stock market valuations and appear to be waiting for a market adjustment. The public takeover market in Germany escaped the impact of the crisis largely unscathed in 2020.


  • Overview of the German public M&A market in 2020 (including: key figures; bidders' country of origin and sector focus; consideration; premiums; prohibitions)
  • Current market practice for successful takeover procedures (including: market-related conditions; minimum acceptance threshold; other trends in the structure of takeover procedures: acceptance period; regulatory conditions; business combination agreements and other pre-transaction agreements; earlier acquisitions and irrevocable undertakings; non-tender agreements)
  • Statements by the target company
  • Court decisions relating to takeover law in 2020
  • Adjustments to the overall legal conditions for public takeovers in Germany (including: renewed changes in basic foreign trade law conditions; COVID-19 and the German Economic Stabilisation Fund Act (WStFG); Market Abuse Regulation and Issuer Guidelines; German Corporate Governance Code)
  • Outlook


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