Equity Carve-outs von Tochterunternehmen

Karlheinz Hornung and Axel Wullenkord

Schmalenbach Journal of Business Research, 2001, vol. 53, issue 1, 57-76

Abstract: Summary Metallgesellschaft AG has decided to divest its metal trading activities from the mg trade services subgroup in early 1999 by way of an Initial Public Offering (IPO) as this business has become peripheral to the main focus of MG’s activities in engineering and other industrial activities. Despite the increasing importance of equity carve outs contributions on that matter are rare. This paper gives a rundown of the main preparation and realization steps as they have occured in the course of the aforementioned equity carve out project. The paper also highlights the considerations with respect to setting the issue price as well as to the corresponding valuation measures appropriate for an IPO.

Date: 2001
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DOI: 10.1007/BF03372642

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