Additional payment with regard to the merger of Bewag Holding AG is now paid out

by Attorney-at-law Martin Arendts, M.B.L.-HSG

The appraisal proceedings initiated in 2003 in connection with the merger of Bewag Holding Aktiengesellschaft were concluded at the end of last year with an amendment (additional payment per Bewag share). Former shareholders of Bewag Holding Aktiengesellschaft who became shareholders of Vattenfall Europe Aktiengesellschaft as a result of the merger and received shares in Vattenfall Europe Aktiengesellschaft are therefore entitled to an additional cash payment of EUR 2.30 per Bewag share plus interest for the period from October 24, 2003 to August 31, 2009 at a rate of 2 percentage points p.a. and from September 1, 2009 at a rate of 5 percentage points p.a. above the respective base interest rate pursuant to Section 247 of the German Civil Code.

Payment of this additional payment has been delayed to date. The respondent's procedural representatives informed us in May 2022:

"Due to the time elapsed, the processing by the banks involved is more laborious than usual. In this respect, our client asks you and your clients for some understanding and patience. There is no doubt that the payment including interest will be made."

https://spruchverfahren.blogspot.com/2022/05/spruchverfahren-zur-fusion-der-bewag_16.html

A payment was then announced in the Federal Gazette (Bundesanzeiger) "as of September 14, 2022."

https://spruchverfahren.blogspot.com/2022/08/weitere-bekanntmachung-der-beendigung.html

The former Bewag shareholders have now been credited with "technical rights" to subsequent improvement with the WKN 0Z0058. Crediting of the rectification plus the not inconsiderable interest here should take place in the next few days.

Note: Many custodian banks are no longer able to track structural measures dating back longer. In the case of facts dating back more than 10 years (not uncommon in appraisal proceedings), relevant documents should therefore be saved.

The simplest solution would be to have rectification rights with their own securities numbers (WKN), as is the case in Austria. Unfortunately, this has so far failed in Germany due to Clearstream.

Kammergericht, decision of December 7, 2021, file no. 2 W 9/17 .SpruchG
Berlin Regional Court, decision of March 28, 2017, file no. 102 O 126/03 AktG.
Lägeler et al. ./. Vattenfall GmbH (formerly: Vattenfall Europe AG)
19 Applicant
Joint representative: Attorney-at-law Christoph Regierer, 10789 Berlin
Respondent's counsel:
FGS Flick Gocke Schaumburg, 53175 Bonn, Germany