Hogan Lovells Advises Banks on €500 Million Salzgitter Bond Exchangeable for Aurubis AG Shares

Hogan Lovells advised a consortium of banks, including BNP Paribas, Commerzbank (in cooperation with Oddo BHF), Deutsche Bank, and UniCredit, on a significant financial transaction involving Salzgitter AG. The transaction involved the issuance of a EUR 500 million exchangeable bond by Salzgitter AG, which is due in 2032. These senior unsecured bonds are exchangeable for existing no-par value ordinary bearer shares of Aurubis AG. The bonds were placed through a private placement and issued on 22 October 2025, with plans to include them in the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange. Additionally, Salzgitter Mannesmann GmbH, a wholly owned subsidiary of Salzgitter AG, entered into a stock lending arrangement with BNP Paribas or one of its affiliates to facilitate hedging activities for certain subscribers of the bonds. The Hogan Lovells team for the banks included: - Prof. Dr. Michael Schlitt (Partner, Lead Partner, Frankfurt, Corporate and Capital Markets) - Dr. Susanne Ries (Of Counsel, Co-Lead, Berlin, Corporate and Capital Markets) - Dr. Sebastian Biller (Counsel, Munich, Corporate and Capital Markets) - Simona Gradišek (Senior Business Lawyer, Frankfurt, Corporate and Capital Markets) - James Doyle (Partner, Lead Partner, London, Capital Markets) - Andrew Carey (Senior Counsel, London, Capital Markets) - Neil Kurzon (Counsel, London, Capital Markets) - Alex Parkhouse (Partner, London, U.S. law) - Mark Devlin (Counsel, Frankfurt, U.S. law) - Richard Aftanas (Partner, New York, U.S. law) In-house teams for the banks included: - Anthony Dow, Marzia Argnani, Andrew Lennon (all BNP Paribas) - Nicole Behringer, LL.M., Christina Gerhardt (both Commerzbank) - Dr. Mark K. Oulds (Deutsche Bank) - Adrian Schäfer, Matthias Preißer (UniCredit)

Hogan Lovells Advises Banks on €500 Million Salzgitter Bond Exchangeable for Aurubis AG Shares

Read the full story

Cookie Preferences

Strictly Necessary

Analytics & Statistics

Marketing & Ads