Gleiss Lutz advises on Robert Bosch’s takeover of joint venture BSH Bosch und Siemens Hausgeräte
Robert Bosch GmbH is taking over Siemens AG’s 50% share in their joint venture BSH Bosch und Siemens Hausgeräte GmbH. The management and supervisory board of Bosch and the management board and supervisory board of Siemens have given the go-ahead for the transaction. Gleiss Lutz is advising on the antitrust and merger control aspects and conducting all the 17 (including EU) merger control procedures required on behalf of all three companies.
Bosch announced today that the transaction has a volume of EUR 3 billion and that Siemens and Bosch will each receive an additional EUR 250 million dividend payout from BSH before the transaction is consummated. The transaction is subject to clearance by the respective cartel authorities and is expected to be completed in the first half of 2015. BSH will then be a wholly-owned subsidiary of the Bosch Group.
The merger is part of the Bosch Group’s strategy of putting an even greater focus on the Internet of Things, i.e. the manufacture of home appliances technically capable of communicating with the internet. The parties have agreed that BSH can continue to manufacture and sell home appliances under the Siemens brand.
The following Gleiss Lutz team is advising on this transaction: Dr. Matthias Karl (Partner, lead), Dr. Philipp Pichler, Patrick Grüner, Dr. Johannes Scherzinger, Dr. Johannes Hertfelder, Meike Linder, Franziska Jesswein, Anna-Patricia Stadler and Ana Kéri (all Antitrust, Stuttgart).