Deals & Cases

Sulzer Ltd – Exemption from the duty to submit a mandatory takover offer

10 October 2016 – With decision dated 11 October 2016, the Takeover Board concluded that the refinancing and the potential enforcement of shares in Sulzer Ltd, which serve as a security for the financing banks, does not trigger a duty to launch a mandatory public tender offer for the shares in Sulzer AG for Natixis S.A., Credit Suisse AG, J.P. Morgan Securities Plc, ING Bank N.V., Deutsche Bank (Switzerland) Ltd., Sberbank of Russia as well as Tiwel Holding AG and Renova Holding Limited. Sberbank of Russia was granted an exemption from the obligation to submit a mandatory public tender offer in case that they hold more than 33 1/3% of the voting rights in Sulzer Ltd due to an appropriation of the respective shares in enforcement proceedings.

Walder Wyss is acting for some of the financing banks with respect to Swiss law matters and in the Takeover Board proceedings. The Team comprises Theodor Härtsch (Partner, Banking & Finance, Capital Markets) and André Kuhn (Associate, Banking & Finance, Capital Markets).