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Dr. Karsten Heider

Partner
Rechtsanwalt

Portrait ofKarsten Heider

Dr. Karsten Heider

Partner
Rechtsanwalt

Contact
CMS Hasche Sigle
Theodor-Heuss-Straße 29
70174 Stuttgart
Germany
Languages German, English

Karsten Heider focuses on German stock corporation and capital market law. He provides ongoing advice to listed companies, for example on AGMs, D&O liability and insider trading law matters and also advises on structural measures of stock corporations such as squeeze outs, concluding enterprise agreements (e.g., profit transfer and domination agreements) or reorganisations according to the German Transformation Act. Listed companies and their majority shareholders furthermore seek his expert advice with regards to so-called contractual and de facto groups.

Karsten also has special expertise in advising listed companies and their investors in the context of takeover proceedings according to the German WpÜG (German Securities Acquisition and Takeover Act).

He joined CMS in 1993 and became a partner in 1999. Karsten also co-authored the Münchener Kommentar zum Aktiengesetz (Munich commentary on the German Stock Corporation Act).

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Führender Name im Gesellschaftsrecht (über 50 Jahre)

JUVE Handbuch, 2023/2024

„Oft empfohlen“ für Gesellschaftsrecht

JUVE Handbuch, 2023/2024

Listed for Corporate

Deutschlands beste Anwälte 2023 – Handelsblatt in Kooperation mit Best Lawyers

"Recommended" for Corporate

JUVE German Commercial Law Firms 2020-2022 (GCLF)

Leading lawyer for corporate law, stock corporation and group law, mergers & acquisitions

Kanzleimonitor 2020-2022

Listed as top 100 lawyer

Kanzleimonitor 2020, 2021

Führender Name im Gesellschaftsrecht (über 50 Jahre)

JUVE Handbuch, 2023/2024

„Oft empfohlen“ für Gesellschaftsrecht

JUVE Handbuch, 2023/2024

Listed for Corporate

Deutschlands beste Anwälte 2023 – Handelsblatt in Kooperation mit Best Lawyers

Führender Berater im Gesellschaftsrecht (über 50 Jahre)

JUVE Handbuch, 2020-2022

"Recommended" for Corporate

JUVE German Commercial Law Firms 2020-2022 (GCLF)

Leading lawyer for corporate law, stock corporation and group law, mergers & acquisitions

Kanzleimonitor 2020-2022

Listed as top 100 lawyer

Kanzleimonitor 2020, 2021

Führender Berater im Gesellschaftsrecht (über 50 Jahre)

JUVE Handbuch, 2022/2023

„Oft empfohlen“ für Gesellschaftsrecht

JUVE Handbuch, 2022/2023

Führender Anwalt Aktien- und Konzernrecht

Kanzleimonitor 2022/2023

Führender Anwalt Gesellschaftsrecht

Kanzleimonitor 2022/2023

Führender Anwalt Mergers & Acquisitions

Kanzleimonitor 2022/2023

Top-100-Anwälte

Kanzleimonitor 2022/2023

Führender Anwalt IT-Recht

Kanzleimonitor 2022/2023

Relevant experience

  • Advising Japanese company DMG MORI SEIKI CO. LTD on the public takeover of DMG MORI SEIKI AG (formerly: Gildemeister AG)
  • Advising HOMAG Group AG on the public takeover by Dürr AG and the subsequent domination and profit transfer agreements
  • Advising Schuler AG on the public takeover by Austrian company Andritz AG
  • Advising the listed Hymer AG on a squeeze out
  • Advising EnBW AG on the public purchase offer to the shareholders of ZEAG-Energie AG
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Publications

  • Kommentierung der §§ 1 bis 14, Münchener Kommentar zum Aktiengesetz, 4. Auflage 2016
  • Fachbeitrag in der Sonderedition Gesellschaftsrecht Summit, Thema: "Corporate Governance Kodex - Vorstandsvergütung rückt in den Fokus", BUJ 10/2013
  • "Ad hoc-Publizität bei zeitlich gestreckten Vorgängen", GWR 19/2012
  • "Der Unternehmenskauf in der Krise und Insolvenz", Kapitel XI, 2012
  • Vertragsbuch Gesellschaftsrecht, 2. Aufl., 2012, Kapitel "Die Aktiengesellschaft"
  • "Rechtsfolgen fehlerhafter Angaben zur Stimmrechtsvertretung in Hauptversammlungseinberufungstexten vor Inkrafttreten des ARUG", GWR 21/2011
  • "Auswirkungen eines Squeeze out auf den Ausgleichsanspruch der Minderheitsaktionäre", GWR 13/2011
  • "BGH: Kein zeitanteiliger Ausgleichsanspruch nach vorangegangenem Squeeze out – „Wella“", GWR 12/2011
  • "OLG Schleswig: Sonderzahlungsversprechen an stillen Gesellschafter ist als Leistungszusage causa socieatatis einzuordnen", GWR 7/2011
  • "BGH: Umfassende statuarische Regelung zum Frage- und Rede-recht von Aktionären ist zulässig – „Redezeitbeschränkung“", GWR 6/2010
  • "BGH: Nach Stückelung von Aktienpaketen zur Erschleichung einer Barabfindung ist deren Rücktausch selbst im Zuge eines Spruchverfahrens unzulässig", GWR 24/2010
  • "OLG Frankfurt a.M.: Fehlerhafte Angaben zur Teilnahme und Stimmrechtsausübung in der Einladung zur Hauptversammlung führen bei Altfällen zur Beschlussnichtigkeit", GWR 19/2010
  • "BGH: Squeeze-out mit Hilfe darlehenshalber überlassener Aktien ist grundsätzlich nicht rechtsmissbräuchlich – "Wertpapierdarlehen"", GWR 5/2009
  • "Die Herausgabepflicht von Aufsichtsratsunterlagen",, CCZ 3/2009
  • "Veröffentlichung der Einberufung einer Hauptversammlung im Börsenpflichtblatt weiterhin erforderlich", NZG 4/2009
  • "BGH: Squeeze-out mit Hilfe darlehenshalber überlassener Aktien ist grundsätzlich nicht rechtsmissbräuchlich - "Wertpapierdarlehen"", GWR 5/2009
  • "Aufsichtsräte dürfen nicht vergesslich sein", Financial Times Deutschland 2008
  • § 7 Aktiengesellschaft, Mitautor des Vertragsbuchs Gesellschaftsrecht 2008
  • Kapital 10: Sonderprüfung, Geltendmachung von Schadensersatzansprüchen, Mitautor des Handbuch des Aktienrechts, 8. Auflage 2008
  • Kommentierung der §§ 1 bis 14, Münchener Kommentar zum Aktiengesetz, 3. Auflage 2008
  • "Im Namen der Aktionäre", Financial Times Deutschland 2006
  • Kapitalmaßnahmen für Konzerne erheblich erleichtert, Börsenzeitung 2006
  • Ungeschriebene Hauptversammlungszuständigkeiten im Aktienrecht - neue Grundsatzurteile, Der Syndikus 2004
  • Neutralitätspflicht des Vorstands bei Unternehmensübernahmen, Der Syndikus 2000, p. 5
  • Börsengang, Prospekthaftung und Einlagenrückgewähr nach §57 AktG, Festschrift für Walter Sigle 2000
  • Münchener Kommentar zum Aktiengesetz, Kommentierung der §§1-14 AktG sowie von Teilen der Einleitung 2000
  • Going Private, Acquisition Monthly 2000, p. 7
  • Einführung der nennwertlosen Aktie in Deutschland anlässlich der Umstellung des Gesellschaftsrechts auf den Euro, AG 1998
  • Die Befugnis des Vorerben zu unentgeltlichen Verfügung über Nachlassgegenstände, ZEV 1995
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Lectures list

  • "The CSR Directive and its transposition in Germany - new reporting duties for your company", 06.04.2017
  • Stocks & Standards Workshop at German Stock Exchange "Reform of directive on shareholders' rights and the impact on listed companies", 06.09.2017
  • "Shareholder activism – Risks and possible courses of action", 15.11.2017
  • "Brennpunkt AG (Euroforum) zum Thema "Aktuelle Entwicklungen zum Delisting" on 26.11.2015
  • In-house seminar "Fit for the 2015 shareholders' meeting!" on 21.01.2015
  • Seminar at the BUJ General Counsel Roundtable "D&O Liability and Punishability for Business Deals at high risk" on 21.11.2014
  • Seminar EUROFORUM - Brennpunkt AG "Regulation on insider dealing and market manipulation of the EU - Changes in Insider Trading?" on 22.09.2014
  • Webinar Management Circle "Fit for the 2014 shareholders' meeting" on 13.02.2014
  • In-house seminar "Fit for the 2014 shareholders' meeting!" on 29.01.2014
  • Seminar EUROFORUM - Brennpunkt AG "Insider Trade Reloaded - Impacts of the Sentences of the European Court of Justice and the Federal High Court of Justice on Ad hoc-Publicity in practice and further Developments at EU level" on 08.11.2013
  • Presentation for the Baden-Wuerttemberg Small Caps (BWSC), "Insider Trade in Change" on 16.04.2013
  • In-house seminar "Fit for the 2013 shareholders' meeting!" on 16.01.2013
  • Seminar EUROFORUM - Brennpunkt AG „Change in Insider Trading Law – The Sentence of the European Court of Justice of 28.06.2012 and Impacts on the ad hoc Publicity of Listed Companies" on 15.11.2012
  • Seminar at the Chamber of Commerce and Industry of Stuttgart, „Rights and Duties of the Supervisory Board" on 16.10.2012
  • In-house seminar "Update on stock corporation and capital market law" (CMS) „The Sentence of the European Court of Justice of 28.06.2012 on Insider Trading and ad hoc Obligation" on 27.09.2012
  • In-house seminar "Fit for the 2012 shareholders' meeting!" on 18.01.2012
  • Stuttgart Financial "Pitfalls in the 2011 shareholders’ meeting" on 17.02.2011
  • In-house seminar (CMS) "Fit for the 2011 shareholders’ meeting?" on 26.01.2011
  • In-house seminar "Fit for the 2010 shareholders' meeting!" on 20.01.2010
  • "Coaching for members of the Supervisory Board and the Advisory Committee – Rights, duties, liability risks" on 04.11.2009
  • M&A Roadshow on 23.10.2009
  • In-house seminar "The new German law pertaining to stock corporations (AG-Recht) – Impacts on the 2009 shareholders’ meeting" at the premises of EnBW Energie Baden-Württemberg AG on 19.02.2009
  • In-house seminar (CMS) "Fit for the shareholders' meeting 2009?" on 14.01.2009
  • M&A Roadshow 2008 (CMS)
  • In-house seminar (CMS) on Insider Trading on 28.05.2008
  • In-house seminar (CMS) on "Liability of members of the board of management and the supervisory board" on 23.10.07
  • stocks & standard-Workshop, Deutsche Börse AG, on 31.01.2007
  • In-house seminar "Disclosure and notification duties under the Securities Trading Act and Takeover Act (Wertpapierhandelsgesetz and Wertpapierübernahmegesetz) at the Landesbank Baden-Württemberg on 29.11.2005
  • In-house seminar (CMS) "Directors under Fire? – What good do UMAG and Co do? on 24.11.2005 in Frankfurt am Main
  • In-house seminar (CMS) "News about shareholder meetings – what must be complied with in the season?" on 03.11.2005 in Frankfurt am Main
  • In-house seminar (CMS) "The Company Integrity and Modernisation of the Avoidance Right Act (Gesetz zur Unternehmensintegrität und Modernisierung des Anfechtungsrechts - UMAG) and its effect in practice" on 13.10.2005 in Stuttgart
  • Joint seminar CMS Hasche Sigle and the American Chamber of Commerce on 09.04.2003 on "Group financing"
  • Joint seminar with the Überreuter Manager-Akademie on "Take-overs of listed stock corporations" 26.11.2002 in Stuttgart
  • In-house seminar (CMS) "The take-over law under the new Securities Acquisition and Take-over Act" 20.02.2002 in Berlin and 21.02.2002 in Stuttgart
  • Seminar EPG Symposium at the Ruprecht-Karls-Universität in Heidelberg on 18.06.1999 on "Shareholders obligations under the EPG Articles of Association"
  • Seminar Süddeutsche Emissionstage 05./06.05.2000 "Going public - being public: capital market relevant transactions in the light of current case law" in Stuttgart
  • EUROFORUM-Fachkonferenz "Public to private transactions" 23./24.10.2000 in Frankfurt/Main
  • In-house seminar (CMS) "The new take-over law" 27.11.2000 in Frankfurt/Main
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Education

  • 1993: PhD
  • 1992: Second state examination in law
  • 1989: First state examination in law
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Expertise

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25/01/2024
CMS advises management board of Telefónica Deutschland Holding AG on voluntary...
Ham­burg/Stut­tgart – Spanish tele­com­mu­nic­a­tions group Telefónica S.A. intends to fully acquire its German subsidiary, which operates under the brand name O2. To do this, the parent company made an offer to the shareholders of listed company Telefónica Deutschland Holding AG to acquire their approximately 551 million shares, representing around 18.52% of the share capital. The offer was made on 5 December 2023 through its wholly-owned subsidiary Telefónica Local Services GmbH. The acceptance period for the offer ended on 17 January 2024. The offer price per share was EUR 2.35 in cash, making the acquisition offer worth around EUR 1.3 billion. The offer was accepted by a total of some 234 million shares within the acceptance period. When the time limit expired, Telefónica S.A. had a total direct or indirect holding of around 93.1% in Telefónica Deutschland Holding AG.A CMS team headed by Dr Henrik Drinkuth and Dr Karsten Heider advised the management board of Telefónica Deutschland Holding AG on all legal aspects of the acquisition offer. Telefónica Deutschland has relied on the expertise of CMS for many years, with a recent example being the advice provided on a fibre optic joint venture with Telefónica Infra and Allianz. CMS Germany Dr Henrik Drinkuth, Partner Dr Karsten Heider, Partner, both Lead Dominik von Zehmen, Counsel Carola Kürten, Senior Associate, all Corporate/M&APress Con­tact presse@cms-hs. com
Deals
04/12/2023
CMS advises Bechtle on placement of convertible bonds with total nominal...
Frankfurt/Main – Listed IT company Bechtle AG has successfully placed convertible bonds with a total nominal value of EUR 300 million and a seven-year term. The aim of the corporate action is to finance...
Deals
03/03/2023
CMS advises FIELDS Group on majority stake in IT service provider amasol
Stuttgart – FIELDS Group, a private equity firm operating in Germany, Austria and Switzerland (DACH) and the Benelux countries, has acquired a majority interest in the amasol Group with effect from...
Deals
08/12/2022
Further expansion with mega-deal: CMS advises Sunlight on acquisition of...
Berlin – Sunlight Group Energy Storage Systems (Sunlight Group), a technology company headquartered in Athens, Greece, specializing in integrated and innovative industrial and off-road energy storage...
Deals
04/10/2022
CMS advises Porsche AG on record IPO
Stuttgart – German sports car manufacturer Porsche has made its stock market debut in the biggest IPO (initial public offering) in Germany since Deutsche Telekom in 1996. The placement price for the...
Deals
18/02/2022
CMS advises Premium Equity Partners on acquisition of Human Med
Stuttgart – Private equity firm Premium Equity Partners has acquired Human Med AG, a technology leader in lipoedema treatment and regenerative medicine. Premium Equity Partners is acquiring the company...
Deals
22/12/2021
CMS advises listed SFS Group on transaction with Hoffmann Group
Stuttgart – Listed Swiss company SFS Group AG, a world-leading supplier of mechanical fastening systems, precision moulded parts, assemblies and logistics solutions, has signed an agreement to acquire...
Deals
23/12/2020
CMS advises DIC Asset on acquisition of logistics specialist RLI Investors
Frankfurt am Main – DIC Asset AG has acquired 100% of the shares in RLI Investors GmbH and a minority stake of 25% in Realogis Holding GmbH. This will enable it to expand the logistics asset class within...
Deals
02/04/2020
CMS advises private equity firm Seafort Advisors on majority stake in software...
Stuttgart – Hamburg-based private equity firm Seafort Advisors has acquired a majority stake in Leipzig software company Deskcenter AG to provide growth finance, adding to its existing holding. The...
Deals
09/10/2019
CMS advises listed Spanish industrial and infrastructure company Acciona...
Hamburg – Spanish industrial and infrastructure company Acciona S.A. has fully subscribed to the capital increase carried out by German wind turbine manufacturer Nordex SE as part of a private placement...
Deals
16/04/2019
CMS advises LUDWIG BECK on sale of WORMLAND
Berlin – Ludwig Beck am Rathauseck - Textilhaus Feldmeier AG (“LUDWIG BECK”) signed a purchase agreement on 15 April 2019 under which all the shares in THEO WORMLAND GmbH & Co. KG (“WORM­LAND”)...
Deals
27/03/2018
Public Takeovers in Germany
The landmark Vodafone / Mannesmann takeover in 1999 / 2000 demonstrated the need for a com­pre­hens­ive stat­utory regime for public takeovers of Ger­man com­pan­ies. The German Takeover Act (Wer­t­papier­er­werbs- und...
Publication
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