Freshfields Advises C.A.T. oil AG on Takeover Bid

Freshfields has advised C.A.T. oil AG (Vienna) on safeguarding its strategic interests in the face of an unclear takeover bid.

According to a firm press release: “The background to this is an alleged change of CAT Holding (Cyprus) GmbH’s major shareholder as well as the public takeover bid for the leading provider of oil and gasfield services in Russia and Kazakhstan which was announced by Joma Industrial Source Corp. (Joma Industrial) on 31 October 2014. 

The management board had already asked Joma Industrial on 31 October 2014 to provide written proof of the alleged acquisition of the 50.25% share in CAT. Holding and the resultant control of the listed company. The management board also called on Joma Industrial to provide information on the intention, its plans in relation to strategy and the composition of the management board as well as on the financing of the planned public offer. To date, there has been no response to these requests by Joma Industrial or its representatives.

In addition, the management board has received confirmation from the supposed seller Dr. Walter Hoft that the alleged sale of his shares in CAT. Holding was not planned. Finally, Joma Industrial has also called into question the participation of Anna Brinkmann, Chief Operating Officer of C.A.T. oil AG and CAT. Holding shareholder.”

Freshfields has been advising C.A.T. oil since its Frankfurt IPO and on all important M&A and capital market transactions, most recently in relation to an equity placement by the major shareholder CAT Holding in January 2014. The Freshfields team consists of Vienna-based Partner Thomas Zottl, Counsel Stephan Pachinger, and Principal Associate Ludwig Hartenau, and Hamburg-based Partner Christoph Seibt and Associate Jorg-Peter Kraack.

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