Michael J. Ulmer’s practice focuses on domestic and international private and public M&A transactions, joint ventures, general corporate advice, and private equity transactions.

His work extends to a broad range of industries and clients, including leading German corporates, Mittelstand companies, and domestic and international financial and strategic investors. He has vast experience in assisting clients from the Middle East with outbound investments.

Michael joined Cleary as a partner in 2016.

Notable Experience

  • DCC in its acquisition of TEGA - Technische Gase und Gasetechnik GmbH from Linde.

  • Codelco in its sale of a 40% participation in Deutsche Giessdraht GmbH to Aurubis.

  • Alstom in its €15 billion merger with Siemens’ mobility business, including its rail traction drives business.

  • General Motors on the sale of its Opel/Vauxhall subsidiary and GM Financial’s European operations to PSA Group.

  • Bayer on the sale of its global environmental science consumer business to SBM Développement, Lyon.

  • The board of M.A.X. Automation AG, a German listed specialist supplier of automation solutions, in connection with the takeover offer by Gunther Holding, Hamburg.

  • Merck in its acquisitions of:

    • The global microbiological monitoring business from listed Biotest AG. The transaction included companies and assets in Germany, Austria, Switzerland, France, the UK, Hungary, Italy, Japan and the U.S.;
    • Allergopharma Joachim Ganzer KG, a pharmaceutical company based in Reinbek;
    • The IP portfolio of the insolvent Konarka Group by way of auction, which was predominantly operating in the field of organic photovoltaics;
    • Biochrom AG, a pharmaceutical company based in Berlin; and
    • Luxembourg-based and LSE-listed AZ Electronics Materials in a GBP1.6 billion (USD2.6 billion) takeover offer.

  • Swіss OC Oerlikon on the EUR486 million sale of its vacuum business Leybold to Atlas Copco.

  • Saudi Aramco on the establishment of a EUR2.75 billion joint venture in the synthetic rubber segment with Lanxess.

  • Lei Shing Hong Limited, Hong Kong, on the acquisition of the East German Mercedes sales network from Daimler Group.

  • Berkshire Hathaway Inc., on its EUR400 million acquisition of Detlev Louis Motorrad-Vertriebsgesellschaft mbH, Hamburg, one of the leading European specialists for motorcycle clothing and equipment.

  • Alliance Boots on the takeover offer for the leading European pharmaceutical wholesale company Andreae-Noris Zahn AG and the following squeeze-out of minorities.

  • M.A.X. Automation AG on the sale of Euroroll Dipl. Ing. K.-H. Beckmann GmbH & Co. KG, a German manufacturer of undriven roller conveyers based in Ascheberg.

  • Allergopharma GmbH & Co. KG, a member of the German pharmaceutical and chemical Merck Group, on the formation of a joint venture for developing mobile environmental exposure chambers.

  • The shareholders of Entelios AG, Munich, on the sale of all shares to EnerNOC, Inc., a NASDAQ listed provider of energy intelligence.

  • Masdar Group on the sale of its 11.7 megawatt solar park in Gotha, Germany, by Masdar PV GmbH to the investment fund CEE, based in Hamburg.

  • Saudi Arabian solar company Sun & Life LLC, a subsidiary of ACWA Holding, on the acquisition of the insolvent solar division of the Flabeg Group.

  • M.A.X. Automation AG, Düsseldorf, on the acquisition of the AIM Group from Günther Holding GmbH.

  • ALBA Group, Berlin, on the sale of INTERSEROH NRW GmbH to TSR Recycling GmbH & Co. KG, Bottrop.

  • DIH Deutsche Industrie-Holding GmbH, Frankfurt am Main, on the sale of Hagen-based SinnLeffers GmbH to Wöhrl, a Nuremberg-based fashion retailer group.

  • Deutsche Telekom on an investment in and a cooperation with Spanish WLAN services provider Fon.

  • INTERSEROH SE on the reorganization of the INTERSEROH Group’s activities in the field of scrap metals.

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Publications

  • Shareholder Activism Is Here to Stay,” Financier Worldwide, June 2018

  • Comment: BGH, Urteil v. 7.11.2017, II ZR 37/16, Frankfurt a. M., WuB 2018, 235

  • “Industrial Policy and Increasing Protectionism Add Complexity to M&A Transactions in Europe”, Financier Worldwide, March 2018

  • Comment: EuGH, Urteil v. 10.11.2016, Rs. C-156/15, WuB 2018, 11

  • “Secondary Buyouts Dominate PE Exits,” Financier Worldwide, September 2017, co-author with Mirko von Bieberstein
  • M&A – Deutschland im Spannungsfeld zwischen USA, China und einer zunehmend aktiven Industriepolitik, M&A Review 1-2/2017, 20 (together with O. Schröder)
  • Review: Meyer-Sparenberg/Jäckle (Hrsg.): Beck`sches M&A-Handbuch, München, 2017, WM 2017, 1823
  • Comment: EuGH, Urteil v. 21.12.2016, Rs. C-154/15, WuB 2017, 252
  • Comment: OLG Düsseldorf, Urteil v. 27.3.2015, I-16 U 108/14, WuB 2016, 754
  • Comment: EuGH, Urteil v. 3.12.2015, Rs. C-312/14, WuB 2016, 318
  • Comment: OLG Stuttgart, Urteil v. 27.4.2015, 5 U 120/14, WuB 2016, 126
  • Comment: BGH, Urteil v. 12.4.2011, XI ZR 101/09, Düsseldorf, WuB IV A. § 826 BGB 10.11
  • Comment: BGH, Urteil v. 12.10.2010, XI ZR 394/08, Düsseldorf, WuB IV A. § 826 BGB 1.11
  • Comment: BGH, Urteil v. 12.7.2010, II ZR 292/06, München, WuB I G 5. Immobilienanlagen 1.11
  • Comment: BGH, Urteil v. 9.3.2010, XI ZR 93/09, Düsseldorf, WuB IV A. § 826 BGB 2.10
  • Comment: BGH, Urteil v. 5.7.2007, IX ZR 256/06, Jena, WuB II C. § 30 GmbHG 1.08
  • Comment: OLG Jena, Urteil v. 30.11.2005, 6 U 906/04, WuB II C. § 30 GmbHG 3.06
  • Review: Kästle/Oberbracht: Unternehmenskauf - Share Purchase Agreement, Beck’sche Musterverträge, Band 49, München 2005, WM 2005, 1728
  • Review: Doyé/Neuhaus: Gesellschaftsvertrag der GmbH, RWS-Vertragsmuster 37, Köln 2004, DNotZ 2005, 235
  • Review: Hirte/v. Bülow (Hrsg.): Kölner Kommentar zum WpÜG mit AngebVO und §§ 327a – 327f AktG, Köln/Berlin/Bonn/München, 2003, WM 2003, 751
  • Review: Semler/Volhard (Hrsg.): Arbeitshandbuch für Unternehmensübernahmen, Bd. 1, München, 2001, WM 2002, 463
  • Comment: OLG Naumburg, Urteil v. 15.6.2000, 2 U 130/99, WuB I E 1. 5.01
  • Review: Witte, Der US-amerikanische RICO-Act und deutsche Unternehmen, Heidelberg, 1998, WM 1999, 1300
  • Comment: EuGH, Urteil v. 12.5.1998, Rs. C-367/96, WuB II N. Art. 25 Zweite RL 77/91/EWG 1.99
  • La culture juridique comme limite à l’harmonisation, in: Juristische Fakultät der Universität Heidelberg (Hrsg.): Coutume et tradition – l’identité culturelle face au droit communautaire, Heidelberg, 1999
  • Harmonisierungsschranken des Aktienrechts, Heidelberg, 1998 (Cf.: Großfeld, WM 1999, 1644; vc, Banca Borsa e Titoli di Credito, 1999, 831; as, AG 2000, R 260; Kieninger, ZEuP 2001, 202)
  • Comment: EuGH, Urteil v. 9.7.1997, Rs. C-222/95, WuB I L 6. Art. 59 EGV 2.98
  • Comment: EuGH, Urteil v. 16.12.1997, Rs. C-104/96, WuB II N. Erste RL 68/151/EWG 1.98
  • Einpersonengesellschaften in der EU – Die Umsetzung der zwölften gesellschaftsrechtlichen Richtlinie in nationales Recht, ZEuP 1997, 87
  • Comment: EuGH, Urteil v. 12.3.1996, Rs. C-441/93, WuB II A. Art. 25 RL 77/91 1.96
  • Stiftungsrecht im Wandel, Wissenschaftsrecht 29 (1996) 178
  • Gesellschaftsformen deutschen Rechts – Vergleich mit der Rechtslage in Polen, Przeglad Sadowy 1996, 85 (translated by A. Kidyba)
  • Die Anerkennung US-amerikanischer Gesellschaften in Deutschland, IPRax 1996, 100
  • Neue Tendenzen bei der Auslegung des Art. 16 Nr. 1 EuGVÜ, IPRax 1995, 72
  • IPR-Kurs an der Hague Academy of International Law, Jura 1993, 50