Publications
Publications
- February 2009 (Revised March 2013)
- HBS Case Collection
Messer Griesheim (B)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
Abstract
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family ownership and a consolidating sector. By late 2003 the private equity players were ready to exit and the Messer family agitated for further control. Several factors were in play: the family had a buy-back option, the window of which was quickly closing; there were few possible strategic buyers, given the anti-trust issues facing a European player interested in buying the firm; and the family made no secret of its desire to retain a piece of the firm at the very least and some measure of control. The case provides an update post-exit.
Keywords
Mergers and Acquisitions; Private Equity; Stock Options; Stock Shares; Corporate Governance; Governance Controls; Family Ownership; Problems and Challenges; Energy Industry; Europe
Citation
Lerner, Josh, Ann-Kristin Achleitner, Eva Lutz, and Kerry Herman. "Messer Griesheim (B)." Harvard Business School Supplement 809-057, February 2009. (Revised March 2013.)
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