SAP AG (SAP) announced that its Supervisory Board approved the proposal of the Executive Board to prepare the conversion of the legal form of the company into a European Company.
The Executive Board and the Supervisory Board believe that the planned change of legal form reflects SAP's position as an internationally-oriented company with European roots. The legal form European Company takes into account SAP's European and international business activities, the company said.
Furthermore, this legal form offers the possibility to optimize both the corporate governance structure and work of the corporate bodies of SAP AG.
SAP AG stated that with the conversion into an SE, the shareholders of SAP AG automatically become shareholders of SAP SE. Shareholders' rights remain unchanged.
The conversion of legal form requires the approval of the shareholders and this is planned to be secured at the Annual General Meeting of Shareholders in 2014, SAP AG said.
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