Obligation to publish and to make an offer

(1) Whoever directly or indirectly obtains control of a target company must publish this, stating the amount of its share of voting rights, without delay, at the latest within seven working days, in accordance with section 10(3), first and second sentences. The period begins at the time the offeror has knowledge, or should have had knowledge from the circumstances, that it has obtained control of the target company. In the publication, the voting rights attributable under section 30 must be stated separately for each ground of attribution. Section 10(2), (3), third sentence and (4) to (6) apply accordingly.
(2) The offeror must, within four weeks after publication of the obtaining of control of a target company, transmit an offer document to BaFin and publish an offer under section 14(2), first sentence. Section 14(2), second to fourth sentences, (3) and (4) apply accordingly. Exempt from the obligation under the first sentence are the target company's own shares, shares of the target company belonging to a dependent undertaking or an undertaking in which the target company holds a majority interest, and shares of the target company belonging to a third party but held for the account of the target company, a dependent undertaking, or an undertaking in which the target company holds a majority interest.
(3) Where control of the target company is acquired on the basis of a takeover offer, no obligation under subsection (1), first sentence and subsection (2), first sentence exists.