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Germany: New tax relief gives hope to market for 2010

01 April 2010

It is reassuring that the legislature has come up with tax relief measures to support companies in managing the crisis, although the new provisions are not exhaustive, explain Michael Hartmann, Klaus Schmidt and Christian Tempich of PricewaterhouseCoopers

The year 2009 was a year of challenge and change for private equity as well as M&A in Germany. Indeed, it can be considered as a landmark year for portfolio restructuring. However, there is cautious optimism about a recovery in the European M&A market in 2010. Nevertheless, portfolio restructuring and negotiations with financiers will probably continue in the next 12 months. Besides dealing with difficult trading conditions at portfolio companies and a likely dearth of willing sellers and financiers for new transactions, private equity also needs to manage a variety of other challenges such as changes in the traditional business model, investor actions to address fund performance, increasing focus on risk management and sustainability issues. In addition, it also needs to manage the demands of increased regulation and transparency.

Recently, a new Act has been promulgated in Germany, aiming to introduce the specific tax relief measures envisaged in...



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