Davis Polk is advising the joint global coordinators and joint bookrunners in connection with the initial public offering of 75 million common non-voting shares with preferred dividend payments of Schaeffler AG. Davis Polk is working as part of a joint team with Hengeler Mueller, who is advising the underwriters on the German law aspects of the IPO. The IPO comprised a primary offering of 66,000,000 newly issued shares and a secondary offering of 9,000,000 existing shares from the holdings of Schaeffler Verwaltungs GmbH (which is ultimately owned and controlled by Georg F.W. Schaeffler and Maria-Elisabeth Schaeffler-Thumann). At the placement price of €12.50 per share, the IPO will result in gross proceeds of approximately €938 million. Schaeffler’s shares have been admitted to trading on the Frankfurt Stock Exchange under the symbol “SHA.”  

Headquartered in Herzogenaurach, Germany, Schaeffler is a leading integrated global automotive and industrial supplier providing high-precision components and systems in engine, transmission and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. With sales of approximately €12.1 billion in 2014 and around 84,000 employees, Schaeffler is one of the world’s largest family-controlled technology companies.  

The Davis Polk corporate team included partner John W. Banes and associates Leo Borchardt and Lorenzo Togni. Partner John D. Paton and associate Omer Harel provided tax advice. All members of the Davis Polk team are based in the London office.

Copy link to share post