GERMANY: Response from BaFin on the application of Germany takeover mandatory bid rules to warrants under the WpUG

Monday June 3 2013

In response to a query concerning the instruments covered for the purposes of the mandatory bid rules under the Securities Acquisition and Takeover Act (WpUG), the German Financial Regulator, BaFin, has responded on the application of Germany takeover mandatory bid rules to warrants under the WpUG with the following information:

“A mandatory bid rule has to be addressed to all stockholders and must include all shares.

On principle, warrants, optional bonds and convertible bonds which include the right to subscribe shares are not subject to mandatory bid requirement of the WpÜG.”