Hive-Down and Spin-Off Agree- Ment (Demerger Agreement)

Hive-Down and Spin-Off Agree- Ment (Demerger Agreement)

Non-binding convenience translation Hive-Down and Spin-Off Agree- ment (Demerger Agreement) by and between METRO AG, Düsseldorf, as transferring entity and METRO Wholesale & Food Specialist AG, Düsseldorf, as receiving entity 2 Table of Contents A. Preamble ......................................................................................................................... 9 B. Hive-down ......................................................................................................................13 I. Hive-down, Hive-Down Assets, Relevant Hive-Down Date ................................................13 § 1 Hive-down, Hive-Down Assets ..............................................................................13 § 2 Determination of the Hive-Down Assets ................................................................14 § 3 Relevant Hive-Down Date and Hive-Down Tax Transfer Effective Date, Closing Balance Sheet .........................................................................................15 II. Description of the Hive-Down Assets ................................................................................16 § 4 The CE Assets ......................................................................................................16 § 5 Hive-Down Assets .................................................................................................25 § 6 Provisions governing the Hive-Down Assets and the CE Assets ...........................31 III. Consideration and capital measures; special rights and privileges ..................................35 § 7 Granting of shares and capital measures ..............................................................35 § 8 Granting of special rights and benefits ...................................................................35 IV. Consequences of the hive-down for the employees and their representative bodies .......35 § 9 Individual legal effects of the hive-down for the employees ...................................36 § 10 Consequences of the hive-down for the employees’ representative bodies under works constitution law .................................................................................39 § 11 Consequences of the hive-down for existing collective and works agreements ..........................................................................................................40 § 12 Consequences of the hive-down for company co-determination and the Supervisory Board ................................................................................................41 § 13 Consequences for employees employed in the operational activities of subsidiaries ..........................................................................................................42 § 14 Other measures envisaged with regard to employees and their representative bodies ...........................................................................................42 3 C. Spin-off ...........................................................................................................................43 I. Spin-off, Relevant Spin-Off Date, Spin-Off Balance Sheet, Spin-Off Assets ......................43 § 15 Spin-off ................................................................................................................43 § 16 Relevant Spin-Off Date and fiscal transfer effective date, Closing Balance Sheet ....................................................................................................................43 § 17 Spin-Off Assets and Spin-Off Balance Sheet .......................................................44 II. Consideration and capital measures; special rights and privileges ...................................46 § 18 Granting of shares, trustee and capital measures ................................................46 § 19 Granting of special rights and benefits .................................................................47 III. Consequences of the spin-off for the employees and their representative bodies ............47 § 20 Individual legal effects of the spin-off for the employees ......................................47 § 21 Consequences of the spin-off for the employees’ representative bodies under works constitution law .................................................................................48 § 22 Consequences for existing collective and works agreements ..............................50 § 23 Consequences of the spin-off for company co-determination and the Supervisory Board ................................................................................................50 § 24 Other measures envisaged as regards employees and their representative bodies ..................................................................................................................53 D. Common provisions for hive-down and spin-off .........................................................53 I. Procedure for the Transfer ................................................................................................54 § 25 Taking effect, Effective Date ................................................................................54 § 26 Catch-all provision ...............................................................................................54 § 27 Obligations to cooperate ......................................................................................56 § 28 Exclusion of claims ..............................................................................................58 § 29 Protection of creditors and internal compensation ...............................................58 II. Granting of special rights and benefits ..............................................................................59 § 30 Granting of special rights within the meaning of § 126 para. 1 no. 7 UmwG ........59 4 § 31 Granting of special benefits within the meaning of § 126 para. 1 no. 8 UmwG ....60 III. Provisions under company and stock exchange law regarding MWFS AG ......................62 § 32 Amendments of the Articles of Association and authorisations ............................62 § 33 Stock exchange listing .........................................................................................62 E. Further agreements .......................................................................................................64 I. Group Separation Agreement and services .......................................................................64 § 34 Group Separation Agreement ..............................................................................64 § 35 Provision of services............................................................................................64 II. Miscellaneous...................................................................................................................65 § 36 Relationship between hive-down and spin-off ......................................................65 § 37 Costs and taxes ...................................................................................................65 § 38 Final provisions ...................................................................................................65 5 Table of Annexes Annex 0.4 Certain former company interests (MWFS Business Division) Annex 0.5 Certain former company interests (CE Business Division) Annex 4.1.e) CE Assets – Enterprise agreements of METRO AG with companies of the CE Business Division Annex 4.2.c) CE Assets – Employees of METRO AG in the CE Business Divi- sion Annex 4.3.b) CE Assets – Inventory owned by METRO AG (CE Business Divi- sion) Annex 4.3.c) CE Assets – Lease agreement on premises and service agreement on facility management (CE Business Division) Annex 4.3.d) CE Assets – Car leasing (CE Business Division) Annex 4.4.a) CE Assets – Software licenses (CE Business Division) Annex 4.5.a) CE Assets – Bank accounts (CE Business Division) Annex 4.5.b) CE Assets – Third-party collateral (CE Business Division) Annex 4.5. e) CE Assets – Tax receivables (CE Business Division) Annex 4.6.a) CE Assets – Contingencies for which provisions have been created (CE Business Division) Annex 4.6.e) CE Assets – Tax liabilities recognised in the balance sheet (CE Business Division) Annex 4.6.f) CE Assets – Uncertain tax liabilities not recognised in the balance sheet (CE Business Division) Annex 4.7.a) CE Assets – Contractual agreements and other obligatory and le- gal relationships (CE Business Division) 6 Annex 4.8 CE Assets – Associations, groups and organisations (CE Business Division) Annex 4.9.1 CE Assets – Litigation of METRO AG relating to both the MWFS Business Division and the CE Business Division Annex 4.9.2 CE Assets – Litigation (CE Business Division) Annex 4.9.3 CE Assets – Contractual agreements relating to the proceedings listed in Annex 4.9.1 Annex 4.10.d) CE Assets –Legal relationships under public law Annex 4.11.a) CE balance sheet Annex 4.12.1 CE Assets – Neutral assets remaining with METRO AG Annex 4.12.2 CE Assets – Neutral assets allocated to the CE Assets for contribu- tion into MWFS AG Annex 4.12.3 CE Assets – Neutral assets allocated to the CE Assets for contribu- tion into MGLEH AG Annex 5.1.a) Hive-Down Assets – Subsidiaries and company interests (MWFS Business Division) Annex 5.1.b) Hive-Down Assets – Loan granted (MWFS Business Division) Annex 5.2.a) Hive-Down Assets – Employees of METRO AG in the MWFS Busi- ness Division Annex 5.3.b) Hive-Down Assets – Lease agreements and facility management agreement (MWFS Business Division)

View Full Text

Details

  • File Type
    pdf
  • Upload Time
    -
  • Content Languages
    English
  • Upload User
    Anonymous/Not logged-in
  • File Pages
    498 Page
  • File Size
    -

Download

Channel Download Status
Express Download Enable

Copyright

We respect the copyrights and intellectual property rights of all users. All uploaded documents are either original works of the uploader or authorized works of the rightful owners.

  • Not to be reproduced or distributed without explicit permission.
  • Not used for commercial purposes outside of approved use cases.
  • Not used to infringe on the rights of the original creators.
  • If you believe any content infringes your copyright, please contact us immediately.

Support

For help with questions, suggestions, or problems, please contact us