Herbert Smith Freehills Kramer has advised Salzgitter AG on the complete takeover of Hüttenwerke Krupp Mannesmann (HKM) in Duisburg. HKM was formerly a joint venture between Salzgitter, thyssenkrupp Steel Europe and Vallourec. With the takeover, HKM has become a wholly owned subsidiary of Salzgitter AG, after the two co-shareholders announced their intention to withdraw from the joint venture. Part of the complex transaction was the reorganisation of the supply relationships with thyssenkrupp. The transaction has already been completed.
HKM is an integrated steel mill that produces steel and intermediate products for the manufacturing industry. HKM currently produces around four million tons of steel annually with around 3,000 employees. Salzgitter plans to invest in an electric arc furnace in Duisburg to transform the site, make it future-proof, and reduce CO2 emissions from steel production by 90 percent over the long term.
Herbert Smith Freehills Kramer advised Salzgitter with the following team:
Lead: Dr Julius Brandt, Gregor Klenk (Corporate/M&A, both Frankfurt), Catrice Gayer (Commercial Agreements/Disputes, Düsseldorf), Dr Patricia Nacimiento (Disputes, Frankfurt)
Corporate/M&A: Associates: Christoph Hempel, Benedikt Braekling, Leon Lindemann, Michael Putz (all Frankfurt)
Commercial Agreements/IT: Counsel: Thies Deike (Frankfurt)
Disputes: Counsel: Dr Friso Heukamp; Associates: Dr Lara Panosch (both Frankfurt)
Employment: Moritz Kunz; Counsel: Dr Anja Lingscheid, Dr Simone Ziegler, Associates: Julia Ickstadt, Dr Majaani Hachmeister, Matthias Joschko (all Frankfurt)
Tax: Dr Steffen Hörner; Associates: Eva Juergens, Tatiana Guenster, Dr Dirk Metzler (all Frankfurt)
Real Estate: Stefanie Herkert; Counsel: Hannes Riedel (both Frankfurt)
Regulatory: Dr Marius Boewe, Dr. Marcel Nuys; Associates: Jan Diedrichs, Dr Dejan Einfeldt, David Rasche, Dr Christoph Loy (all Düsseldorf)