Ausgliederung
English translation: spin-off, carve-out
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| 09:19 Apr 26, 2007 |
| German to English translations [PRO] Bus/Financial - Law (general) / Recapitalisation | |||||||
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|  Selected response from: Alison Schwitzgebel France Local time: 19:34 | ||||||
Grading comment
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| Summary of answers provided | ||||
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| 3 +2 | spin-off |
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| 4 | separation |
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| 4 | hive-down |
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| Discussion entries: 3 | |
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Answers
7 mins confidence: 
peer agreement (net): +2
peer agreement (net): +2spin-off Explanation: Why is spin-off not correct? I imagine that this company was formed as a GmbH when it was spun off from another company..... -------------------------------------------------- Note added at 10 mins (2007-04-26 09:29:52 GMT) -------------------------------------------------- Section 123 (3) no. 2 of the UmwG refers specifically to spin-offs as a way of splitting up a company: "§123 UmwG - Spaltung (3) Ein Rechtsträger (übertragender Rechtsträger) kann aus seinem Vermögen einen Teil oder mehrere Teile ausgliedern ... 2.zur Neugründung durch Übertragung dieses Teils oder dieser Teile jeweils als Gesamtheit auf einen oder mehrere, von ihm dadurch gegründeten neuen oder gegründete neue Rechtsträger gegen Gewährung von Anteilen oder Mitgliedschaften dieses Rechtsträgers oder dieser Rechtsträger an den übertragenden Rechtsträger (Ausgliederung)." -------------------------------------------------- Note added at 13 mins (2007-04-26 09:32:22 GMT) -------------------------------------------------- "Spin-off A company can create an independent company from an existing part of the company by selling or distributing new shares in the so-called spinoff. " http://www.forbes.com/tools/glossary/search.jhtml?term=spino... -------------------------------------------------- Note added at 31 mins (2007-04-26 09:50:33 GMT) -------------------------------------------------- Hi Ian! Let's hypothesize a bit. Company A is currently a big company with lots of divisions. One of these divisions is being "spun off" to form company B. Company C (the new investor) is going to acquire an equity interest (49%) in company B. It is still a spin-off, but now B is no longer a division but a separate company (a GmbH). Company A remains as the majority shareholder and thus still owns 51% of company B, even though B is now a separate company. Does that help? Alison So Company A spins off B, and initially holds a 100% interest. C comes along and buys 49% of B. -------------------------------------------------- Note added at 33 mins (2007-04-26 09:52:42 GMT) -------------------------------------------------- oops - that last sentence should have been the second paragraph in my last posting.... Company A is currently a big company with lots of divisions. One of these divisions is being "spun off" to form company B. So Company A spins off B (to form a new GmbH), and A initially holds a 100% interest in this new company B. Then C comes along and buys 49% of B. It is still a spin-off, but now B is no longer a division but a separate company (a GmbH). Company A remains as the majority shareholder and thus still owns 51% of company B, even though B is now a separate company. -------------------------------------------------- Note added at 53 mins (2007-04-26 10:13:04 GMT) -------------------------------------------------- Gotcha. You're looking for "carve-out" or "equity carve-out". "carve-out Definition A situation in which a parent company sells a minority share of a child company, usually in an IPO, while retaining the rest. The child company will have its own board of directors and financial statements, but will benefit from the parent company's resources and strategic support. Usually, the parent company will eventually sell the rest of the child company in the open market. also called partial spinoff." http://www.investorwords.com/746/carve_out.html |
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6 hrs confidence:
13 hrs confidence:
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