by Attorney-at-law Martin Arendts, M.B.L.-HSG
In the apparaisal proceedings with regard to the squeeze-out at HypoVereinsbank (HVB), the court-appointed appraisers, auditors Andreas Creutzmann (IVA VALUATION & ADVISORY AG) and Prof. Dr. Christian Aders (c/o ValueTrust Financial Advisors SE), presented their valuation report at the beginning of 2018. The experts came to a "cumulative consideration of all value effects" at a value per HVB share of EUR 41.55. The "cumulative deviation in value" amounts to EUR 3.29 per HVB share or 8.6 % more than the value of EUR 38.26, determined by Ernst & Young, see: https://spruchverfahren.blogspot.com/2018/01/spruchverfahren-zum-squeeze-out-bei-der_12.html
After submitting a written supplementary report dated 25 February 2020, the two experts should be heard on their report on 21 October 2020 (and possibly on 22 October 2020). In view of the renewed escalation of the COVID-19 pandemic, this date was postponed. According to the resolution of 16 October 2020, the hearing will continue on 10 February and possibly also on 11 February 2021.
Until then, the two court-appointed experts should answer a 19-page list of detailed questions in a written supplementary report. The questions concern i.a. the planned core capital ratio, the expense planning, the RWA (risk-weighted assets), the dividend/accumulation on which the valuation is based, the capitalization interest rate and special values. Further questions deal with, among others with Bank Austria BA-CA, BPH Bank Poland and International Moscow Bank (IMB).
County Court of Munich I (Landgericht München I), file no. 5 HK O 16226/08SdK Schutzgemeinschaft der Kapitalanleger e.V. and others ./. UniCredit S.p.A.
302 applicants (originally)
Joint representative: Walter L. Grosse, 80333 Munich
Attorneys-at-law for the respondent UniCredit S.p.A.:
Freshfields Bruckhaus Deringer, 80333 Munich
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