Freshfields advises Porsche on public offer for Scania

17 February, 2009

Freshfields Bruckhaus Deringer has advised German premium car manufacturer Porsche Automobil Holding SE on its €2.8 billion public offer for leading Swedish automotive manufacturer Scania AB. The offer was launched on 19 January 2009 and has been accepted for approximately 7.93 percent of all Scania shares with a volume of approximately €395 million.

Porsche was obliged to submit a public offer for Scania after having increased its interest in Volkswagen AG to more than 50 percent of Volkswagen’s ordinary shares in January 2009. Under Swedish takeover law, the majority acquisition had given Porsche indirect control over Scania.

Freshfields advised Porsche on both the further increase in shares to now over 50 percent of the ordinary shares in Volkswagen, and on the public offer for Scania. Porsche’s in-house counsel Dr. Konrad Wartenberg (Head of Legal) co-ordinated the transactions. Law firm Hannes Snellman (Stockholm) advised Porsche on the Scania public offer as to matters of Swedish law.

The Freshfields team includes partners Christoph von Bülow and Thomas Bücker (both corporate), Andreas von Bonin (antitrust, trade and competition), Andreas König and Gunnar Schuster (both finance) as well as principal associate Dominik Ziegenhahn and associate Sonja Hilge (both corporate), principal associate Mario Hüther (finance), associate Henriette Keller (corporate/finance), and associates Ivan Zaloguin and Angelo de Melo (both antitrust, trade and competition).