The real estate group Vonovia secured a majority in Deutsche Wohnen for 18 billion dollars. The volume of purely domestic German takeovers thus rose to its highest level since it was recorded.
(Photo: dpa)
The global wave of mergers also hit Germany this year. More than 2000 German companies were bought despite all the obstacles in the negotiations due to corona restrictions, according to data from the financial information service provider Refinitiv.
The value of mergers and acquisitions with German participation was 238 billion dollars, 29 percent above the volume in 2020. After the financial crisis in 2008, it was only higher in 2018. Corporations and investors bought German companies for 167 billion dollars in the year that ended, that was 55 percent more than in 2020.
The event is outshone by the $ 18 billion takeover in the residential real estate industry: Number one in the German market, Vonovia, secured the majority in number two, Deutsche Wohnen. That screwed the volume of purely domestic German takeovers to $ 67.5 billion, the highest level since records began (1980).
2021 was also a successful year in Germany with IPOs and capital increases: by mid-December, German companies had raised $ 41.8 billion in fresh equity, 37 percent more than a year earlier and as much as not since 2000, the high point of the boom on the Neuer Markt. IPOs alone accounted for $ 12.0 billion of this.
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The most spectacular takeovers:
German living
In the first attempt, the industry giant Vonovia failed because of the 50 percent hurdle. In the second attempt immediately following, he left the speculators who had bet against the takeover no more open to attack and marched through to just under 90 percent of the shares. 15 years after the takeover of Schering by Bayer, two companies from the leading index Dax merged again.
Daimler truck
Refinitiv evaluates the spin-off of the truck and bus division from the automaker Daimler with almost 18 billion euros as the second largest M&A transaction of the year in Germany: a takeover by its own shareholders, so to speak. Daimler retains 35 percent of the previous subsidiary.
Akelius
The Swedish residential real estate group is selling a portfolio of almost 29,000 apartments – most of them in Berlin and Hamburg – to its Norwegian competitor Heimstaden. Refinitiv values the second largest deal of the year on the German real estate market at 10.7 billion euros.
Hella
The family shareholders of the Lippstadt-based headlight specialist gave the French auto supplier Faurecia the contract for their 60 percent stake for 4.5 billion dollars. The remaining shareholders get a takeover offer – makes a total of $ 7.6 billion.
Atotech
The Berlin specialty chemicals company was only listed on the New York Stock Exchange in February, and at the beginning of July, the US chip supplier MKS Instruments struck and offered 7.04 billion dollars including debts for the company with a good 4,000 employees.
T-Mobile Netherlands
The Dutch mobile communications subsidiary of Deutsche Telekom and Tele2 is going to financial investors Apax and Warburg Pincus for 6.05 billion dollars. Telekom is partly investing the money in increasing its stake in T-Mobile US.
MBCC
The Swiss construction chemicals group Sika invested almost six billion dollars in the takeover of Mannheim-based MBCC, the former construction chemicals business of BASF. The largest acquisition in the company’s history catapulted Sika to the top of the world market. MBCC (Master Builders Solutions) was previously owned by the financial investor Lone Star.
The biggest equity and debt capital measures of the year:
Vonovia
The largest takeover also brought with it the largest capital increase of the year: the landlord collected the equivalent of 9.1 billion dollars for Deutsche Wohnen in December.
Siemens Healthineers
The Siemens subsidiary raised $ 2.75 billion in a capital increase in March for the takeover of the US cancer specialist Varian. For the same purpose, the parent company obtained almost ten billion dollars on the bond market – the largest debt transaction of the year.
Vantage Towers
The IPO of Vodafone’s radio tower subsidiary was the largest of the year with an issue volume of $ 2.66 billion.
German Lufthansa
The way out of the corona crisis was a $ 2.48 billion capital increase, with which the airline repaid state aid – faster than expected.
The most successful consultants:
In terms of mergers and acquisitions, Bank of America (BofA Securities) moved from seventh to first. The US bank accompanied 26 transactions with a volume of 73.5 billion dollars on the part of buyers or sellers. Deutsche Bank moved up to second place, penetrating the phalanx of US banks; A year ago she was fourth in the German “League Tables”. Morgan Stanley ranks third, ahead of last year’s winner Goldman Sachs. JPMorgan is fifth – after all, with transactions valued at $ 46.6 billion.
Goldman Sachs leads the equity market (ECM) with 13 deals worth $ 4.05 billion, followed by Morgan Stanley (3.30 billion) and BofA (2.95 billion). Deutsche Bank has moved up from 15th place to fifth place.
In debt capital transactions, Deutsche Bank is pushing itself back ahead of UniCredit with 159 deals worth $ 42.2 billion. Commerzbank moves up from fourth to third place.
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