The Kassel mining company K + S bundles its disposal activities with those of the Remondis subsidiary Remex. The joint venture called Reks will take over the disposal and processing of waste from mining in the future. The merger has yet to be approved by the cartel authorities.
Ina-Maria Böning
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Among other things, K + S will leave its disposal facilities to Reks. The Remondis subsidiary Remex in turn brings its subsidiary Aurec into the joint venture. Aurec is already processing mineral mining waste at the K + S Bernburg site to cover potash heaps. The company also has a close-knit sales network. Both partners are said to have a 50 percent stake in Reks each.
The disposal of mining waste is considered a growth market in which Reks should assert itself. The transaction will lead to a significant book profit and a cash inflow of around 90 million euros before taxes, according to K + S. The transaction also brings benefits to Remondis. The subsidiary Remex receives long-term disposal security for its mineral waste through the joint venture. The deal is expected to close in summer 2021.
The transaction also helps the K + S Group to reduce debt – a construction site that the Group has been working on for a long time. In addition to a series of smaller measures, the breakthrough came in the autumn with a sales announcement for K + S’s US salt business. The industrial holding Stone Canyon is putting 3.2 billion US dollars on the table. The deal is also expected to be completed in summer 2021.
The Remondis waste disposal group from Lünen near Dortmund has grown significantly in recent years through acquisitions and joint ventures. Most recently, it became known that the metal recycling subsidiary TCR Recycling has entered into a joint venture with the Hamburg copper group Aurubis. The planned takeover of the Dual System Deutschland (DSD) was prohibited by the Düsseldorf Higher Regional Court last year for reasons of antitrust law (Ref. VI-Kart 3/19 (V)).
Adviser to Remex Mineral
Grüter (Duisburg): Dr. Ina-Maria Böning (lead), Eugen Löffler (both Corporate / M & A), Dr. Stephan Kessen (antitrust law); Associate: Charlotte Weber (Corporate / M & A)
In-house law (Düsseldorf): Kristin Huckshold (Head of Legal), Christopher Kuhlmann (Public Commercial Law)
Quadrilog (Düsseldorf): Christoph Joußen, Simone Skornia-Schauland (both taxes) – known from the market
Boris Schilmar
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Consultant K + S
KPMG Law (Düsseldorf): Dr. Dr. Boris Schilmar, Sebastian Stöhr (both lead; both Corporate / M & A), Dr. Gerrit Rixen (antitrust law; Cologne), Dr. Martin Trayer (labor law), Dr. Ulrich Keunecke (banking and finance law; both Frankfurt), Jan-Erik Schapmann (corporate / M & A); Annette Lionnet (contract law; Nuremberg), Dr. Hannes Schwinn (Stuttgart), Alexander Roos (both antitrust law), Isabella Ries (banking and finance law; Frankfurt); Associates: Falk Hoffmann (Leipzig), Henning Klaus Wilhelm Bunte (Hamburg; both public commercial law), Nicole Bohn (contract law; Nuremberg), Anna Melikov, Franz-Jakob Schipp, Arijan Shaboviq (all corporate / M & A)
In-house law (Kassel): Dr. Jens Keuthen (General Counsel), Markus Ludwig (Corporate / M & A), Dr. Alfred Kipp (general commercial law)
PricewaterhouseCoopers (Berlin): Volker Booten, Holger Dallwitz, Lea Algermissen (taxes) – known from the market
Uses
Schmidt von der Osten & Huber (Essen): Dr. Ulf Rademacher
background: K + S relied on KPMG for the first time for a project of this kind after K + S appointed the legal arm of the Big Four company to its international panel in April 2020. According to reports, KPMG Law has already supported the mining and fertilizer group K + S in the past in its ongoing corporate business.
Remex has been using Grüter on a regular basis for several years. A team led by corporate partner Böning advised the company on the acquisition of ETH Umwelttechnik in 2019. The parent company Remondis has also sought advice from Grüter in the past, for example on the sale of Xervon Energy to Hitachi Power Europe in 2012.
In the recent past, however, Remondis has regularly sought advice from the Frankfurt law firm Greenfort, for example on the attempted takeover of DSD. Greenfort partner Gunther Weiss was recently on the side of the subsidiary TCR Recycling. In the cartel proceedings, Remondis Gleiss Lutz partner Dr. Ingo Brinker. (Johanna Heidrich, Martin Ströder; with material from dpa)
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