Frankfurt/Main – The European roof business of Wilhelm Karmann GmbH in Insolvency has been sold to Finnish car manufacturer Valmet Automotive Inc. The sale was conducted by insolvency administrator Ottmar Hermann, who is dealing with the insolvency assets of the Osnabrück-based automotive supplier.
A multi-location team led by partners Dr Harald Jung and Dr Markus Rasner advised the insolvency administrator on all aspects of the new cross-border bidding process. At the start of the year, CMS Hasche Sigle advised the insolvency administrator on the intended acquisition of Karmann by Magna, on the merger control proceedings before the German Federal Cartel Office and on the subsequent complaints procedure before Düsseldorf Higher Regional Court. The same CMS team also supported the insolvency administrator in connection with the sale of shares in the Japanese Karmann subsidiary to Magna and the acquisition of Karmann's North America business by Webasto-Edscha Cabrio.
The European Karmann roof division includes the shares in Polish company Karmann-Ghia, based in Zary, which has 396 employees, in addition to the German roof business with a plant in Osnabrück employing 350 people. A number of conditions must be met before the purchase agreement can become effective, including approval by the German Federal Cartel Office. Once all the terms have been complied with, if the deal is completed all the jobs in Osnabrück and Zary will be secured.
The remaining content of the agreement and the purchase price were not disclosed.
Advisers CMS Hasche Sigle:
Dr Harald Jung, Corporate / M&A (Lead)
Dr Markus Rasner, Corporate / M&A (Lead)
Tobias Kilian, Corporate / M&A
Dr Kolja Petrovicki, Corporate / M&A
Stefan Lehr, Competition
Anja Dombrowsky, Employment Law
Markus Deck, Lead Intellectual Property / IT