CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Under the EU's Foreign Subsidies Regulation (FSR), companies must notify the European Commission in advance of certain acquisitions, mergers or large public procurement transactions if the groups of companies involved have received financial contributions from outside the EU. Compiling the notification and gathering the necessary information can be a heavy administrative burden for companies, and failure to do so can result in fines of up to 10% of the group's worldwide turnover.
Clifford Chance has advised Ceska Sporitelna on the financing for the acquisition of Sanborn by Czech Machining Holding, a direct subsidiary of the Oriens Fund III SCSp.
Hengeler Mueller has advised the Salzgitter Group on the sale of its 23% participating share in Turkiye's Borusan Mannesmann Boru Yatirim Holding to the co-owner Borusan. Paksoy reportedly advised the Salzgitter Group as well.
In order to boost corporate lending and thus increase economic competitiveness, the legislator recently implemented changes to the Hungarian Companies Act. From 1 January 2024, companies will have to provide additional information about the finances of the company in the registration or modification procedures. In this article, we summarize the new rules and the related deadlines.
Rymarz Zdort Maruta has advised an MCI Capital fund on the acquisition of Webcon. Gessel advised the sellers.
DLA Piper has advised Seattle-based Washington Dental Service on its acquisition of a 50% stake in 8 West Consulting.
Ellex Valiunas has advised E Energija group company Kogeneracija on the sale of 100% of shares in Miesto Energija and Pramones Energija and a 4,34% stake in Klaipedos Energija to Vilniaus Silumos Tinklai. TGS Baltic reportedly advised the buyer.
