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Equity Carve-outs von Tochterunternehmen

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  • Karlheinz Hornung
  • Axel Wullenkord

Abstract

Summary Metallgesellschaft AG has decided to divest its metal trading activities from the mg trade services subgroup in early 1999 by way of an Initial Public Offering (IPO) as this business has become peripheral to the main focus of MG’s activities in engineering and other industrial activities. Despite the increasing importance of equity carve outs contributions on that matter are rare. This paper gives a rundown of the main preparation and realization steps as they have occured in the course of the aforementioned equity carve out project. The paper also highlights the considerations with respect to setting the issue price as well as to the corresponding valuation measures appropriate for an IPO.

Suggested Citation

  • Karlheinz Hornung & Axel Wullenkord, 2001. "Equity Carve-outs von Tochterunternehmen," Schmalenbach Journal of Business Research, Springer, vol. 53(1), pages 57-76, February.
    • Handle: RePEc:spr:sjobre:v:53:y:2001:i:1:d:10.1007_bf03372642
    DOI: 10.1007/BF03372642
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    References listed on IDEAS

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    1. Joachim Funk, 1999. "Wie schaffen diversifizierte Unternehmen Wert?," Schmalenbach Journal of Business Research, Springer, vol. 51(7), pages 759-772, July.
    2. Ibbotson, Roger G., 1975. "Price performance of common stock new issues," Journal of Financial Economics, Elsevier, vol. 2(3), pages 235-272, September.
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