Hengeler Mueller advises WestLB on final agreement relative to the transformation
03. July 2012
Pursuant to a framework agreement signed on 30 June 2012, the owners of WestLB AG and the German Financial Market Stabilisation Agency (FMSA) as well as the management boards of WestLB, Helaba and Erste Abwicklungsanstalt (EAA) have agreed a timetable for realisation of the transformation process of WestLB. The agreed package of measures is a further step towards implementation of the state aid decision taken by the European Commission in December 2011.
According to this package, WestLB will, effective 1 July 2012, transfer its Verbundgeschäft amounting to EUR 40 bn to Helaba. The transfer and registration with the commercial register are expected to occur by mid-September. Until that time Helaba will continue to operate jointly with WestLB the Verbundgeschäft. With effect from 1 July 2012, EUR 100 bn of WestLB’s portfolios will be transferred to EAA. On 30 June 2012, the savings banks associations in North Rhine-Westphalia have ceased to be shareholders of WestLB.
Hengeler Mueller acts as counsel to WestLB AG (since 2 July 2012 Portigon AG). The Hengeler Mueller team is led by partners Johannes Adolff (Frankfurt) and Dirk Bliesener (Frankfurt) and includes partners Hartwin Bungert (Düsseldorf), Frank Burmeister (Frankfurt), Ralph Defren (Frankfurt), Christian Hoefs (Employment, Frankfurt), Hans-Jörg Niemeyer (State Aid, Brussels), Thomas Paul (Frankfurt), Alexander Rang (Frankfurt), Markus Röhrig (Competition, Düsseldorf), Sven H. Schneider (Frankfurt), Christian Schwandtner (Düsseldorf), Klaus-Dieter Stephan (Frankfurt) as well as associates Lucina Berger (Frankfurt), Michael Born (Frankfurt), Christoph Clausen (Frankfurt), Maximilian Clostermeyer (Frankfurt), Hannah Ehlers (Brussels), Julia Hoffmann (Düsseldorf), Jesko Kamischke (Frankfurt), Holger Kleinhenz (Düsseldorf), Christoph Mehringer (Frankfurt), Christine Messing (Frankfurt) and Tim Schlösser (Frankfurt).