CMS Hasche Sigle advises on Karmann acquisition by Magna
More than 700 jobs safeguarded in Germany and Poland
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Frankfurt – Automotive supplier Magna is acquiring Karmann's German roof systems business. Magna and the lawyer acting as insolvency administrator of Wilhelm Karmann GmbH in Insolvency, Ottmar Hermann, have signed a corresponding agreement. The German arm of Karmann's roof business is part of the European roof division, which comprises the shares in a Polish company in Zary with 362 employees and the plant in Osnabrück that employs around 359 people.
A team of experts led by lead partner Dr Harald Jung advised Karmann insolvency administrator Ottmar Hermann on all aspects of this cross-border transaction. The team was also involved in the sale of the shares in Karmann Japan to Magna.
The transaction is still subject to certain conditions and in particular is awaiting approval from Germany’s Federal Cartel Office. The purchase price was not disclosed.
Karmann supplies folding roof systems and soft-tops primarily for use in premium segment convertibles. The major European customers are BMW (Series 1 convertible), Mercedes-Benz (E-Class convertible) and Renault (Mégane convertible).
Advisers CMS Hasche Sigle:
Dr Harald Jung, Corporate, M&A, overall coordination, Lead Partner
Dr Markus Rasner, Corporate, M&A, Lead Partner
Stefan Lehr, Competition
Anja Dombrowsky, Employment Law
Markus Deck, Lead Partner, Intellectual Property
