ARTICLE
10 February 2026

Public M&A Trends In Germany 2025

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
We are pleased to present our latest analysis on the public M&A market in Germany for 2025. This comprehensive report, prepared by A&O Shearman, provides an in-depth overview of the market developments and key trends that have shaped the landscape of public mergers and acquisitions in Germany over the past year, as well as an outlook for the German takeover market in 2026.
Germany Corporate/Commercial Law
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We are pleased to present our latest analysis on the public M&A market in Germany for 2025. This comprehensive report, prepared by A&OShearman, provides an in-depth overview of the market developments and key trends that have shaped the landscape of public mergers and acquisitions in Germany over the past year, as well as an outlook for the German takeover market in 2026.

Key highlights include:

  • Decline in Public M&A Activity: With 20 offers (volume: EUR17bn), the 2025 public M&A market declined by approx. 37.5% compared to the previous year.
  • Focus on delisting, limited IPO activity: The trend towards going private persisted in 2025, coinciding with limited IPO activity.
  • Reduced significance of MACs: Only 27% of acquisition or takeover offers were subject to material adverse change conditions.
  • Rising premiums: The average premium in takeover and acquisition offers has increased significantly.

For further insights and detailed analysis, we invite you to read the full report. Should you have any questions or require further information, please do not hesitate to contact our public M&A experts.

To view the full article please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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