Foreign Trade Law Investment Control / FDI

Investment control under the Foreign Trade Act (AWG) and the Foreign Trade Ordinance (AWV) is becoming increasingly crucial for the successful completion of a transaction. Our transaction experts provide comprehensive advice on all aspects of cross-sectoral and sector-specific investment control.
Claudia Geercken
Associate Partner
Attorney at Law (Germany)
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About the Service

We advise buyers, sellers, and target companies on all transactions where investment control (Foreign Direct Investment (FDI)) might be relevant – from company acquisitions, whether trade sale, bidding process, or distressed M&A, through restructurings, to minority interests and acquisitions. Our approach begins with an examination of potential reporting obligations or an assessment for a certificate of no objection.

In doing so, we develop a case-specific strategy to achieve maximum transaction security. We handle communication with the Federal Ministry for Economic Affairs and Energy, prepare applications or notifications, and support you throughout the entire review or approval process. Furthermore, we advise you on planning due diligence and integrate regulatory requirements into contract drafting.

Our Services

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Preliminary Review/Short Assessment

We examine whether your transaction is subject to a reporting obligation within the scope of an investment review and assess potential risks. Outside of reporting obligations, we assess the advisability of obtaining a certificate of no objection to achieve transaction security.

Our focus areas

  • Preliminary Reviews/Short Assessments Reporting Obligation
  • Detailed assessments on all aspects of investment review
  • Implementation into the transaction structure
  • Requirements for due diligence reviews
  • Securing the Deal Timeline

Application for a Certificate of No Objection and Notifications, Support for Review Procedures

We prepare applications for certificates of no objection and notifications and submit them to the Federal Ministry for Economic Affairs and Energy (BMWE). Subsequently, we support the review process and handle communication and coordination with the Ministry.

Our focus areas

  • Preparation of information for the purpose of submitting applications and notifications to the BMWE
  • Upload to the Authority Portal
  • Monitoring of Deadlines
  • Preparation for and participation in hearings
  • Negotiation of conditions with the BMWE

Contract Drafting

We integrate the legal requirements of investment control into the transaction documentation and advise on contract drafting.

Our focus areas

  • Conditions Precedent
  • Agreement on Break-Up Fees
  • Withdrawal Rights
  • Cooperation obligations of the parties involved

Advice in Special Situations

Acquisitions of target companies in sensitive sectors (critical infrastructures) or in the field of key technologies (AI, semiconductors, robotics) subject to cross-sectoral investment control or sector-specific reviews can be complex and time-consuming. We support you in critical reviews or impending prohibitions.

Our focus areas

  • Review of Conditions
  • Development of Integration Strategies
  • Enforcement of Rights in Case of Prohibitions
  • Support in Legal Disputes