Hengeler Mueller advises ThyssenKrupp on capital increase and on settlement of financial receivable from Outokumpu

03. December 2013

On 2 December 2013, the Executive Board of ThyssenKrupp AG with the approval of the Executive Committee of the Supervisory Board resolved to increase the capital stock of ThyssenKrupp AG by a nominal EUR 131,709,191.68, corresponding to 10% of the current capital stock, by issuing 51,448,903 new no par shares in the company and to exclude subscription rights. The issue which was placed with German and international institutional investors at a price of EUR 17.15 per share was carried out via an accelerated bookbuilding process in which the new shares were offered by selected banks to investors without a prospectus.

Hengeler Mueller advised ThyssenKrupp on the capital increase. The Hengeler Mueller team was led by partners Wolfgang Groß (Frankfurt) and Reinhold Ernst (Düsseldorf) (both Capital Markets).

From the sale of the stainless steel division Inoxum to Finnish company Outokumpu Oyi in 2012, ThyssenKrupp holds a 29.9% share in Outokumpu and a financial receivable which was written down to around EUR 1 bn at 30 September 2013. In the context of the restructuring of Outokumpu's financing, ThyssenKrupp signed an agreement with Outokumpu on 29 November 2013 transferring 100% of the shares of VDM and AST as well as other smaller stainless steel service center activities to ThyssenKrupp. In return, the financial receivable created in connection with the Inoxum transaction will be transferred to Outokumpu. In addition, ThyssenKrupp will fully divest its 29.9% shareholding in Outokumpu and terminate all other financial links with Outokumpu.

Hengeler Mueller, who had already advised on the Inoxum sale, is also advising ThyssenKrupp on this transaction (except for aspects concerning antitrust proceedings and VDM). The Hengeler Mueller team includes partners Maximilian Schiessl, Christian Schwandtner, Georg Seyfarth, Christian Wentrup (all M&A, all Düsseldorf), Nikolaus Vieten, Daniel Weiß, (both Financing, both Frankfurt), Reinhold Ernst (Capital Markets, Düsseldorf) and Martin Klein (Tax, Frankfurt).