Led by their Frankfurt-based Partner Michael Schlitt, Hogan Lovells advised Commerzbank AG on the payment of a share dividend and a rights issue in connection thereto by Vonovia SE.

The shareholders' meeting of Vonovia SE resolved on 16 Mai 2017 a dividend payment of EUR 1.12 per share. The shareholders were given the choice to receive the dividend either in cash or in the form of new shares of Vonovia SE. Shareholders chose the receipt of new shares for EUR 261,778,737.92 dividend rights in total. The acceptance rate amounted to 49.86 percent. To create the 7,663,312 new shares, Vonovia SE increased its share capital by making use of an authorized capital. The new shares were offered to the shareholders by way of a rights issue. Shareholders were able to exercise their subscription rights by ceding a corresponding amount of dividend rights to Commerzbank AG as third-party trustee. The new shares were already admitted to trading.

Commerzbank AG acted as subscription and settlement agent. Hogan Lovells advised Commerzbank AG on all issues concerning the structuring and execution of the transaction.

Hogan Lovells team for Commerzbank AG

Prof. Dr. Michael Schlitt (Partner), Dusan Stojkovic (Senior Associate), Nona Naydenova (Business Lawyer (Uni.)), Christian Schroder (Research Assistant, Capital Markets, Frankfurt);

John Basnage (Partner, US Law, London).