King & Wood Mallesons (KWM) has advised Weichai Power (Luxembourg) Holding S.á r.l. (Weichai Power), the strategic shareholder of KION Group AG, on the capital increase with subscription rights by KION Group AG.
KION Group AG, included in the MDAX, has completed the capital increase with subscription rights against cash contributions resolved on 18 November 2020. Approximately 11% of the current share capital was offered as new shares to the shareholders as part of a rights issue at a ratio of 9:1. The subscription price per new share was EUR 62,00, the total transaction volume was in excess of EUR 800 million.
Weichai Power, as the major shareholder of KION Group AG, had undertaken to exercise its subscription rights in line with its equity stake. KWM represented Weichai Power, a Chinese company listed on the Shanghai and Hongkong Stock Exchanges, in fully exercising its subscription rights and subscribing for 5,934,520 new shares in KION Group AG. In addition to aspects of capital market law, KWM has also advised on foreign trade law issues.
The global KWM team comprised Rudolf Haas (Partner, Capital Markets), Dr. Sandra Link (Partner, Corporate) and Dr. Tilmann Becker (Counsel, Corporate, Foreign Investment Control) in Frankfurt as well as XU Ping (Partner, Corporate) and JIA Han (Associate, Corporate) in Beijing.
Weichai Power is one of KWM's long-standing clients. KWM Frankfurt had already advised together with international KWM teams on certain aspects of Weichai Power’s the investment in KION AG.