• 08:45

    Log in & networking

  • 09:00

    Welcome remarks

  • 09:05

    Keynote: Macro-economic outlook for Germany

    In this keynote a speaker will provide a macro-political outlook on the German economy considering the impact of the coronavirus pandemic and its affect of businesses. They will review foreign direct investment, political risk and the recovery from the economic downturn.

  • 09:25

    Live virtual panel: Cross-border deal activity

    European M&A looks set to remain at historically low levels until mid-2021 as the world continues to grapple with the consequences of the coronavirus pandemic and its economic consequences. However, there are early indications that deal activity could pick up in certain sectors such as healthcare and tech.  Panellists will discuss:

    • How are firms evaluating supply chain and re-purposing products and services to meet demand?
    • How are corporates using divestitures and carve-outs to align strategy?
    • How are valuations likely to change and how can alternative firms explore alternative transaction structures?
    Bora Kulac
    Bora Kulac
    Senior Manager Corporate M&A, Henkel
  • 10:00

    Q&A and networking

  • 10:20

    Break

  • 10:30

    Live virtual panel: Distressed M&A

    Corporate insolvency rates in developed markets rose 2.8% in 2019 and will increase globally by a further 1.2% in 2020. In particular, the banking sector is facing high competition leading to insufficient profiles to satisfy shareholders. This panel will discuss:

    • What consolidation strategies are companies using in the face of stretched liquidity considering the impact of COVID-19?
    • Which investors are showing interest in distressed debt and asset investments?
    • What turnaround strategies are expected to prove most successful?
  • 11:05

    Q&A and networking

  • 11:25

    Live virtual panel: Take-private/de-listings

    The slowdown in global economies following the coronavirus pandemic could lead to a convergence in valuations for public and private companies. In 2019, buyout EV/EBITDA multiples stood at 10.9x, while public companies saw a 2.7x decrease in the same period. Short-term earnings pressure and share price volatility could shift business and investor sentiment in favour of private placement. Meanwhile, private equity has dry powder to deploy.

    • 2019 was a record year for de-listings, will 2020 follow suit or has the impact of coronavirus cautioned private equity dealmakers away from public companies?
    • How is investor sentiment and activism forcing businesses towards private placements?
    • What will happen to valuations in different sectors following the impact of coronavirus on global markets?
  • 12:00

    Q&A and networking

  • 12:20

    Closing remarks

  • 08:45

    Log in & networking

  • 09:00

    Welcome remarks

  • 09:05

    Presentation: Deal valuations

    The crisis has made it a much more challenging environment for deals to go ahead – there's a lack of clarity on valuations, the economic outlook is weak, and industries are likely to emerge totally transformed. This presentation will review the current climate for deal valuations in Germany. 

  • 09:25

    Live virtual panel: What is the role of private equity in the new deals landscape?

    Private equity buyouts declined during 2020 reaching €57.5bn, but funds could move quickly to deploy dry powder once the economic situation improves. At the same time, funds face scrutiny over accepting government aid whilst snapping up companies in sectors negatively affected by coronavirus such as hospitality, retail and travel. 

    • When will funds deploy dry powder? What are their expectations for economic recovery?
    • Which sectors will private equity funds focus on? Are funds looking more at ‘core+’ assets?
    • What is the outlook for funds expanding into special situations funds?
  • 10:00

    Q&A and networking

  • 10:20

    Break

  • 10:30

    Live virtual panel: Evolution of debt financing

    A shift away from bank loans towards private equity and private debt funds, as well as international financiers and FinTechs, has added complexity to the financing process in Germany. German direct lending is no longer about fringe players raising funds on the promise of yield. Although, competition has increased resulting in deterioration of documentation and tighter returns, but investors remain optimistic about German direct lending’s growth. This panel will discuss:

    • What opportunities are there for sponsor-less lending for mid-cap companies?
    • How has documentation deteriorated with increased competition?
    • What returns are direct lending for private equity and private debt funds yielding?
    • How are banks responding to competition with covenant-light and covenant loose documentation?
    • Which sectors are LPs optimistic about given the senior secured nature and, so far, low default rates of direct lending? 
    Theo Weber
    Theo Weber
    Managing Director - Head of Private Debt, BlackRock
  • 11:05

    Q&A and networking

  • 11:25

    Live virtual panel: Activism

    In this panel, activist funds, corporates and advisors will discuss the trend of activism in Germany and the impact of Covid-19 on activism.   

    • What is driving the rise in European shareholder activism? How has activism been affected by Coronavirus? 
    • What are the trends in key board changes that activists are seeking? 
    • Which successful tactics are activists utilising in their pursuit of board change?  
    • How can companies employ effective PR strategies to manage the potential reputational damage of activism campaigns? 
  • 08:45

    Log in & networking

  • 09:00

    Welcome remarks

  • 09:05

    Keynote: Macro-economic outlook for Germany

    In this keynote a speaker will provide a macro-political outlook on the German economy considering the impact of the coronavirus pandemic and its affect of businesses. They will review foreign direct investment, political risk and the recovery from the economic downturn.

  • 09:25

    Live virtual panel: Cross-border deal activity

    European M&A looks set to remain at historically low levels until mid-2021 as the world continues to grapple with the consequences of the coronavirus pandemic and its economic consequences. However, there are early indications that deal activity could pick up in certain sectors such as healthcare and tech.  Panellists will discuss:

    • How are firms evaluating supply chain and re-purposing products and services to meet demand?
    • How are corporates using divestitures and carve-outs to align strategy?
    • How are valuations likely to change and how can alternative firms explore alternative transaction structures?
    Bora Kulac
    Bora Kulac
    Senior Manager Corporate M&A, Henkel
  • 10:00

    Q&A and networking

  • 10:20

    Break

  • 10:30

    Live virtual panel: Distressed M&A

    Corporate insolvency rates in developed markets rose 2.8% in 2019 and will increase globally by a further 1.2% in 2020. In particular, the banking sector is facing high competition leading to insufficient profiles to satisfy shareholders. This panel will discuss:

    • What consolidation strategies are companies using in the face of stretched liquidity considering the impact of COVID-19?
    • Which investors are showing interest in distressed debt and asset investments?
    • What turnaround strategies are expected to prove most successful?
  • 11:05

    Q&A and networking

  • 11:25

    Live virtual panel: Take-private/de-listings

    The slowdown in global economies following the coronavirus pandemic could lead to a convergence in valuations for public and private companies. In 2019, buyout EV/EBITDA multiples stood at 10.9x, while public companies saw a 2.7x decrease in the same period. Short-term earnings pressure and share price volatility could shift business and investor sentiment in favour of private placement. Meanwhile, private equity has dry powder to deploy.

    • 2019 was a record year for de-listings, will 2020 follow suit or has the impact of coronavirus cautioned private equity dealmakers away from public companies?
    • How is investor sentiment and activism forcing businesses towards private placements?
    • What will happen to valuations in different sectors following the impact of coronavirus on global markets?
  • 12:00

    Q&A and networking

  • 12:20

    Closing remarks

  • 08:45

    Log in & networking

  • 09:00

    Welcome remarks

  • 09:05

    Presentation: Deal valuations

    The crisis has made it a much more challenging environment for deals to go ahead – there's a lack of clarity on valuations, the economic outlook is weak, and industries are likely to emerge totally transformed. This presentation will review the current climate for deal valuations in Germany. 

  • 09:25

    Live virtual panel: What is the role of private equity in the new deals landscape?

    Private equity buyouts declined during 2020 reaching €57.5bn, but funds could move quickly to deploy dry powder once the economic situation improves. At the same time, funds face scrutiny over accepting government aid whilst snapping up companies in sectors negatively affected by coronavirus such as hospitality, retail and travel. 

    • When will funds deploy dry powder? What are their expectations for economic recovery?
    • Which sectors will private equity funds focus on? Are funds looking more at ‘core+’ assets?
    • What is the outlook for funds expanding into special situations funds?
  • 10:00

    Q&A and networking

  • 10:20

    Break

  • 10:30

    Live virtual panel: Evolution of debt financing

    A shift away from bank loans towards private equity and private debt funds, as well as international financiers and FinTechs, has added complexity to the financing process in Germany. German direct lending is no longer about fringe players raising funds on the promise of yield. Although, competition has increased resulting in deterioration of documentation and tighter returns, but investors remain optimistic about German direct lending’s growth. This panel will discuss:

    • What opportunities are there for sponsor-less lending for mid-cap companies?
    • How has documentation deteriorated with increased competition?
    • What returns are direct lending for private equity and private debt funds yielding?
    • How are banks responding to competition with covenant-light and covenant loose documentation?
    • Which sectors are LPs optimistic about given the senior secured nature and, so far, low default rates of direct lending? 
    Theo Weber
    Theo Weber
    Managing Director - Head of Private Debt, BlackRock
  • 11:05

    Q&A and networking

  • 11:25

    Live virtual panel: Activism

    In this panel, activist funds, corporates and advisors will discuss the trend of activism in Germany and the impact of Covid-19 on activism.   

    • What is driving the rise in European shareholder activism? How has activism been affected by Coronavirus? 
    • What are the trends in key board changes that activists are seeking? 
    • Which successful tactics are activists utilising in their pursuit of board change?  
    • How can companies employ effective PR strategies to manage the potential reputational damage of activism campaigns?