VIENNA, December 3, 2018 /PRNewswire/ --
- In a transaction dated 2008, B&C repurchased all profit participation rights (Genussrechte) to B&C's industrial shareholdings from UniCredit Group (UniCredit). B&C paid a total purchase price of approx. €1.2 billion to UniCredit.
- As part from this transaction, UniCredit formally waived its position as beneficiary (Begünstigte) of B&C Privatstiftung and assigned any remaining and any future benefits and rights, if any, to B&C.
- The purpose of this transaction included B&C Privatstiftung's definitive legal and commercial separation from UniCredit to allow B&C Privatstiftung's unhindered pursuit of its foundation purpose, in particular, to support Austrian entrepreneurship.
- It came to our attention that UniCredit contemplates pursuing transactions with the objective of monetizing its purported position as beneficiary (Begünstigte) of B&C Privatstiftung, despite its formal waiver in 2008, and to sell its position as beneficiary upon dissolution (Letztbegünstigte).
- In B&C Privatstiftung's and B&C's opinion, the pursuit of such transactions would:
- constitute a breach of law and contract by UniCredit, likely also by any party deciding to enter into such transactions with UniCredit while being aware of the given circumstances; and
- not lead to a transfer of the waived position as beneficiary (Begünstigte) or the position as beneficiary upon dissolution (Letztbegünstigte).
- B&C Privatstiftung and B&C will vigorously defend their rights against UniCredit and any third party attempting to participate in any such transactions.
Jürgen Gangoly, Jörg Wollmann, The Skills Group GmbH
Dr. Peter Winkler, Attorney-at-law, Eisenberger & Herzog Rechtsanwalts GmbH