BMW 2007 Annual Report Download - page 48
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46 Group Management Report
10 Group Management Report
10 A Review of the Financial Year
13 General Economic Environment
17 Review of Operations
41 BMW Stock and Bonds
44 Disclosures relating to Takeover
Regulations and Explanatory Report
47 Financial Analysis
47 – Internal Management System
49 – Earnings Performance
51 – Financial Position
52 – Net Assets Position
55 – Subsequent Events Report
55 – Value Added Statement
57 – Key Performance Figures
58 – Comments on BMW AG
62 Risk Management
68 Outlook
that within 18 months a majority of the shareholder-
elected members of the Supervisory Board are
the nominees of the new beneficial owner as well
as certain merger transactions and the transfer of
all or substantially all of the assets involved in the
performance of the cooperation agreement.
–
BMW AG acts as the guarantor for all of the obliga-
tions arising from the joint venture agreement re-
lating to BMW Brilliance Automotive Ltd. in China.
This agreement grants an extraordinary right of
termination to either joint venture partner in the
event that, either directly or indirectly, more than
25 % of the shares of the other party are acquired
by a third party or the other party is merged with
another legal entity. The termination of the joint
venture agreement may result in the sale of the
shares to the other joint venture partner or in the
liquidation of the joint venture entity.
– Regarding the trading of derivative financial in-
struments, framework agreements are in place
with financial institutions and banks (ISDA Master
Agreements), each of which contain extraordinary
rights of termination which trigger the immediate
settlement of all current transactions, in the event
that the creditworthiness of the respective party
is materially weaker following the direct or indirect
acquisition of beneficial ownership of equity se-
curities having the power to elect a majority of the
Supervisory Board of a contractual party or any
other ownership interest enabling the acquirer to
exercise control of a contractual party or a merger
or transfer of assets.
The BMW Group has not concluded any compen-
sation agreements with members of the Board
of Management or with employees for situations in-
volving a takeover offer.