Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has again advised Vonovia SE (‘Vonovia’) on its sixth successful scrip dividend. Following the necessary shareholder resolution passed by the virtual annual general meeting on 29 April 2022, Vonovia offered its shareholders the right to contribute their respective (pro rata) dividend claims for the 2021 fiscal year in return for new Vonovia shares as part of a subscription rights capital increase from authorized capital. This scrip dividend gave Vonovia shareholders the opportunity to reinvest their dividends in Vonovia shares in an uncomplicated manner at an attractive price, while providing additional liquidity for Vonovia. The offer was open for shareholders in Germany, Switzerland and Canada, for institutional investors in the EU and the UK and for qualified institutional buyers in the USA. The acceptance rate was close to 50%. Settlement of the new shares took place on 1 June 2022. As in previous years, Freshfields advised Vonovia on the scrip dividend in connection with its annual support for the annual general meeting. The advice covered all legal aspects, in particular the structuring under German stock corporation law and US securities laws, the complete documentation as well as the support of the boards and the capital market communication. The Freshfields team was led by Partner Gregor von Bonin and Principal Associate Timo Piller (both Corporate Law, Düsseldorf) with support by Partner Simone Bono (London) and Counsel Kyle Miller (Frankfurt, both US Securities Laws).