In the absence of special regulations relating to the purchase and sale of companies, the Civil Code (BGB) is normally used for the purchase of a company in the Federal Republic. On the one hand, the BGB establishes statutory rules and rules constituted by customary practice with regard to the pre-contractual relationship between the seller and buyer and, on the other, it governs the actual purchase and conveyance itself by means of statutory regulations, as well as any performance defaults occurring during or after the purchase.

For further information please contact Dr Erich Michel, Wessing Berenberg-Gossler Zimmermann Lange, Freiherr-Vom-Stein-Strasse 24-26, Frankfurt am Maim 60323, Frankfurt, Germany- Tel: +496 997 1300, Fax: +496 997 130100.

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