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Tightening of investment control: new challenges for M&A practice

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Tightening of investment control: new challenges for M&A practice

Dr. Tim Kauf­hold — Part­ner and Attor­ney at Law at P+P P öllath + Part­ners, Munich

Daniel Wied­mann, LL.M. — Asso­cia­ted Part­ner and Attor­ney at Law at P+P P öllath + Part­ners, Frankfurt/Main

This year's tightening of investment audits under the Foreign Trade and Payments Act (AWG) and the Foreign Trade and Payments Ordinance (AWV) pose new challenges for M&A practice. In particular, the scope of application was expanded, a prohibition of enforcement for reportable shareholdings was introduced, and prohibitions were facilitated. The implications are far-reaching and affect even transactions that at first glance appear problem-free. In addition, the federal government is currently already discussing about further tightening.

Scope of application of investment control

Investment control covers direct and indirect investments in German companies by acquirers from outside the EU or EFTA (so-called non-EU parties). If the target company is active in an area that fulfills a catalog criterion, the scope of application is already opened at an acquisition of 10% of the voting rights.

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Title

Tightening of investment control: new challenges for M&A practice

author_1

Dr. Tim Kaufhold

author_1_prof

Partner and Attorney at Law at P+P Pöllath + Partners, Munich

author_2

Daniel Wiedmann, LL.M.

author_2_prof

Associated Partner and Attorney at Law at P+P Pöllath + Partners, Frankfurt/Main