Hogan Lovells advised Commerzbank AG on the payment of a share dividend and a rights issue in connection thereto by GRENKE AG.
The shareholders’ meeting of GRENKE AG resolved on 6 August 2020 a dividend payment of EUR 0.80 per share. The shareholders were given the choice to receive the dividend exclusively in cash or partly in cash and partly in the form of shares of GRENKE AG. During the subscription period shareholders holding a total of 34.4% of the no-par value shares entitled to dividends have chosen the scrip dividend instead of the cash dividend. To create the 141,655 new shares, GRENKE AG increased its share capital by making use of an authorized capital. The volume of the proportionate dividend entitlements that have been converted into shares corresponds to EUR 9,083,626.875.
Hogan Lovells advised Commerzbank AG in its role as financial advisor and process bank on all issues concerning the structuring and execution of the transaction. The team included Prof. Dr. Michael Schlitt (Picture – Partner, Lead), Mark Devlin (Counsel), Dr. Susanne Ries (Of Counsel), Dr. Timo Lockemann, Christian Schröder (Associates), Eva-Christina Sommer, Simona Gradišek (Business Lawyers) (all Corporate and Capital Markets, Frankfurt); Dr. Heiko Gemmel (Partner), Anne-Svenja de Kiff (Senior Associate, both Tax, Dusseldorf).
Inhouse (Commerzbank AG, Frankfurt): Dr. Bernd Singhof.
Involved fees earner: Anne-Svenja de Kiff – Hogan Lovells; Mark Devlin – Hogan Lovells; Heiko Gemmel – Hogan Lovells; Timo Lockemann – Hogan Lovells; Susanne Ries – Hogan Lovells; Michael Schlitt – Hogan Lovells; Christian Schröder – Hogan Lovells; Eva-Christina Sommer – Hogan Lovells;
Law Firms: Hogan Lovells;
Clients: Commerzbank AG;