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Closing: PPD and INA’s Sale of TMF to Yildirim Group Now Closed

Closing: PPD and INA’s Sale of TMF to Yildirim Group Now Closed

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On April 28, 2023, CMS announced that PPD and INA’s sale of TMF – the largest shareholder of Croatian fertilizer company Petrokemija – to the Yildirim Group (reported by CEE Legal Matters on November 22, 2022), had closed.

As previously reported, Divjak Topic Bahtijarevic & Krka advised Prvo Plinarsko Drustvo and Tus & Grzic advised INA on the sale of their stakes in joint-venture company Terra Mineral Fertilizer. CMS advised the Yildirim Group on its acquisition.

According to DTB, TMF is the largest shareholder of the only Croatian fertilizer company, Petrokemija. “The majority stake in Petrokemija has been sold to Turkish conglomerate Yildirim Group, and the completion of the transaction is subject to customary approvals of regulators in several jurisdictions.”

Prvo Plinarsko Drustvo is a subsidiary of the Croatian private company ENNA. INA is a Croatian multinational oil company, with the Hungarian Mol Group and the Croatian government as its biggest shareholders.

PPD had initially acquired a stake in Petrokemija back in 2018 (as reported by CEE Legal Matters on November 1, 2018), together with INA, through their joint-venture company TMF.

The CMS team included Croatia-based Partner Marija Zrno Prosic, Attorney at Law Mario Vrdoljak, and Senior Associate Karmen Sinozic; Istanbul-based Partners Done Yalcin and Alaz Eker Undar and Associate Taner Elmas; and Austria-based Partner Dieter Zandler.

DTB’s team included Senior Partners Damir Topic and Mario Krka, Attorneys at Law Dina Salapic, Andrej Zmikic, and Ana-Marija Sunko, and Associates Lorena Micik and Andrija Duvnjak.

The Tus & Grzic team was led by Senior Partner Tomislav Tus.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

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