In 2001, Allianz Capital Partners and Goldman Sachs acquired instead of the majority of shares in Messer Griesheim, a European industrial policy gas company by Hoechst. The dealmakers faced several challenges, including sensitive corporate governance issues by partial family and a consolidating market for industrial gases. Aims to make an attractive potential acquisition of Messer Griesheim, Messer Griesheim management had created a restructuring plan already in 2000. By the end of 2003, has private equ … Read more »

In 2001, Allianz Capital Partners and Goldman Sachs acquired instead of the majority of shares in Messer Griesheim, a European industrial policy gas company by Hoechst. The dealmakers faced several challenges, including sensitive corporate governance issues by partial family and a consolidating market for industrial gases. Aims to make an attractive potential acquisition of Messer Griesheim, Messer Griesheim management had created a restructuring plan already in 2000. By the end of 2003, the private equity players were ready to leave, and the family moved knife for further control. Several factors were in play: the family had a buy-back option, the window of which was quickly closed, there were few potential strategic buyers, as the anti-trust issues, interested with which a European player in the purchase of the company and made to keep the family no secret of his desire to have a piece of the company, at least, and a certain degree of control. The case examines the steps taken by the private equity investors to restructure the company again, and forged the relationship of the partners with the family owners to provide a favorable outcome for the private equity partners and ownership of the bring Messer family.
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from
Josh Lerner,
Ann-Kristin Achleitner,
Eva Nathusius,
Kerry Herman
Source: Harvard Business School
20 pages.
Release Date: 18, February 2009. Prod #: 809056-PDF-ENG
Messer Griesheim (A) HBR case solution

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