Linklaters advised Siemens AG on the sale of its shares in Primetals Technologies, Ltd. to Mitsubishi-Hitachi Metals Machinery.
MHMM is a company of the Mitsubishi Heavy Industries (MHI) Group. The majority shareholder MHMM thereby takes over the 49 percent share of Siemens AG in the joint venture. The transaction is subject to the approval of the relevant antitrust authorities and is expected to be completed at the beginning of 2020.
Siemens AG and MHMM founded the joint venture in January 2015, among other things by contributing parts of the Siemens subsidiary VAI. Linklaters had already been at Siemens’ side back then.
Primetals Technologies can look back on a long history of innovation in the field of metal production, which was shaped by its predecessors Mitsubishi-Hitachi Metals Machinery and Siemens VAI. The company is a leading global partner for engineering, plant construction and lifecycle services for the metals industry. It offers an integrated technology, product and service portfolio with integrated electrics, automation and environmental solutions. The aim of the company’s founding in 2015 was to strengthen cooperation in the field of mechanical engineering for the metal industry and to establish a joint venture between MHI and Siemens AG that stands for technical performance and business excellence.
Linklaters advised under the leadership of Dr. Timo Engelhardt (Picture). The core team included Martin Schunke (Associate, Corporate Law/M&A, Munich), Derek Tong (Partner, Mainstream Corporate, London) and Erik Venot (Counsel, Competition/Antitrust, Brussels).
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