Led by Frankfurt-based partner Prof. Dr. Michael Schlitt, international law firm Hogan Lovells advised Commerzbank AG for the fifth time on the payment of a scrip dividend and related rights issue by Vonovia SE.
The shareholders’ meeting of Vonovia SE resolved a dividend payment of EUR 1.69 per share on 16 April 2021. The shareholders were given the choice of receiving the dividend in cash or in the form of new shares of Vonovia SE. During the subscription period, shareholders holding a total of 49.18% of the shares entitled to dividends chose the scrip dividend instead of a cash dividend. The volume of the dividend entitlements converted into shares corresponds to about EUR 470 million. To create the 9,370,028 new shares, Vonovia SE increased its share capital by making use of authorized capital.
Hogan Lovells advised Commerzbank AG in its role as financial advisor and process bank on all issues concerning the structuring and execution of the transaction.
Hogan Lovells team for Commerzbank AG
Prof. Dr. Michael Schlitt (Partner, Lead Partner), Mark Devlin (Counsel), Dr. Susanne Ries (Of Counsel), Dr. Timo Lockemann, Christian Schröder (Associates), Eva-Christina Sommer, Simona Gradišek (Business Lawyer) (all Corporate and Capital Markets, Frankfurt);
Jonathan Baird (Partner, US law, London).
In-house Commerzbank AG, Frankfurt: Dr. Bernd Singhof
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