Munich, 22 December 2011. Linklaters advised the listed VK Mühlen AG, Europe’s biggest mill company, on the sale of its 100% shareholding in VK “Polen” GmbH and its subsidiaries. The purchaser is the Austrian company LLI Euromills with seat in Vienna. The agreed purchase price amounts to 19.0 million euros; additionally, the lending granted to the Polish mill enterprises in the amount of about 30.0 million euros are to be repaid to VK Mühlen AG. The agreement of the purchase price was ensured by an expert valuation and a fairness opinion which had been obtained from two accounting firms on behalf of VK Mühlen AG. By selling its business in Poland, VK Mühlen AG wants to increase its investments in its domestic mill sites and pave the way for the long-term sustainability of the German core business.
Hamburg-based VK Mühlen AG is a holding company of European mill companies. In the last financial year, the group increased its total turnover to 680 million euros. All of the VK Mühlen Group’s shareholdings in Poland are bundled in VK “Polen” GmbH. The purchaser, LLI Euromills GmbH, holds about 51% of VK Mühlen AG’s voting shares. It is responsible for 31 mills in seven countries.
The transaction shall be completed at the beginning of 2012. After the completion of the sale, the enterprises VK Mühlen Polska Sp. z.o.o., Aurora Kamionka Sp. z.o.o., Diamant Stradunia Sp. z.o.o., Diamant International Polska Sp. z.o.o. and Aurora Polska Sp. z.o.o will be transferred to LLI Euromills GmbH.
Dr Stephan Morsch and Dr Rainer Traugott from the Linklaters office in Munich were the lawyers in charge for this transaction. The team also included: Dr. Thomas Elser (Tax, München), Dr. Martina Wind, Dr. Katharina Berger, Christoph Rödter (alle Corporate, München); Dr. Fabian Ziegenaus, Dr. Ingemar Kartheuser (beide IP/TMT, München); Dr. Elmar Bindl (Tax, München); Marcin Schulz (Corporate, Warschau); Kacper Piorecki (Real Estate, Warschau); Marek Jaroszewsk (Tax, Warschau)
