On 20 October 2023, the National Agency for Administration and Regulation in Communications (“ANCOM”) and the Ministry of Research, Innovation and Digitalization submitted for public consultation the draft law establishing the national legislative measures necessary to implement the provisions of Regulation (EU) 2022/2065 of the European Parliament and of the Council on a Single Market for Digital Services and amending Directive 2000/31/EC (“DSA Regulation”) in Romania.
SLV Legal Morphs into Lexters
Former SLV Legal Partners Alexandru Stanescu, Irina Vasile, and Tudor Velea have recently announced the rebranding of their outfit to Lexters – a Bucharest-based boutique law firm focusing on CEE tech companies and start-ups – and unveiled a new partnership with the Rubik Hub.
Clifford Chance Advises OMV Petrom on Delisting GDRs from London Stock Exchange
Clifford Chance Badea has advised Romanian oil and gas company OMV Petrom on the delisting of its global depository receipts from the London Stock Exchange.
Revnic Cristian & Associates Successful for Declic in Stopping Transylvanian Gold Mining Project
Revnic Cristian & Associates has successfully represented the Declic association before the Cluj County Court in challenging the legality of the environmental permit for a gold and copper mining project operated by Canada's Euro Sun Mining and its Samax Romania subsidiary in the Apuseni mountains in Hunedoara County.
Closing: Louis Delhaize Sale of Cora Romanian Operations to Carrefour Group Now Closed
On November 2, 2023, Act Botezatu Estrade Partners announced that Louis Delhaize’s sale of Cora's Romanian operations to the Carrefour Group (as reported by CEE Legal Matters on May 8, 2023) had closed.
Clifford Chance and RTPR Advise on JC Flowers & Co Sale of First Bank to Intesa Sanpaolo
Clifford Chance Badea has advised private investment fund JC Flowers & Co on its sale of Romania's First Bank to Intesa Sanpaolo. RTPR advised the Intesa Sanpaolo Bank.
Peli Partners Advises Mitsubishi Chemical Group on Transfer of Qualicaps Shares to Roquette Freres
Peli Partners has advised the Mitsubishi Chemical Group on the transfer of its Qualicaps shares to Roquette Freres.
White & Case, RTPR, and CMS Advise on MidEuropa's EUR 1.3 Billion Sale of Profi to Ahold Delhaize
White & Case and RTPR have advised MidEuropa on its EUR 1.3 billion sale of Romania's Profi supermarket chain to Dutch-Belgian listed retail and wholesale company Ahold Delhaize. CMS and, reportedly, GNP Guia Naghi & Partners advised Ahold Delhaize on the acquisition.
DLA Piper and Schoenherr Advise on Sale of Majority Stake in East Grain to Agrofert Group
DLA Piper has advised Romanian grain and oilseed trader East Grain on the sale of a majority stake in the company and its Hungarian subsidiary to the Czech Republic's Agrofert group. Schoenherr advised the buyer.
Wolf Theiss Advises CVI on Subscribing Entire EUR 8 Million Bond Issuance by Impact Developer & Contractor
Wolf Theiss has advised CVI on subscribing to all the bonds issued by Romania's Impact Developer & Contractor in a recent corporate note issuance worth EUR 8 million. Nestor Nestor Diculescu Kingston Petersen reportedly advised the issuer.
RTPR and LC Legal Proof Advise on IPS Solutions Acquisition of Majority Stake in Avaelgo
RTPR has advised IPS Solutions on its acquisition of a majority stake in Romania's Avaelgo. LC Legal Proof advised Avaelgo founder and owner Mihai Tataran on the sale.
Closing: Greek Public Power Corporation Acquisition of Enel Group’s Romanian Assets Now Closed
On October 30, 2023, Milbank announced that the Greek Public Power Corporation’s acquisition of the Romanian assets of the Enel Group (reported by CEE Legal Matters on March 30, 2023) had closed.
Romania: Important Fiscal Measures Published for Reducing the Budget Deficit
On 26 September, the Romanian Government approved by way of Law No. 296/2023 (the “Law”) important fiscal measures intended to reduce the budget deficit and ensure long-term financial stability. After multiple debates, the Law was published in Official Gazette No. 977 of 27 October 2023.
Filip & Company Advises Bookster on Launch of Booksprint Self-Publishing Platform
Filip & Company has advised Romanian book-borrowing company Bookster on the setup and launch of its Booksprint self-publishing platform aimed at aspiring authors.
Capital Markets Doing Well in Romania, Could Do Better: A Buzz Interview with Narcisa Oprea of Schoenherr
Despite limited summer market activity, optimism prevails in Romania, with Schoenherr Partner Narcisa Oprea citing a successful EUR 1.9 billion IPO and increased private sector interest amid quite a few likely regulatory improvements still to come.
The Fate Of Building Permits Following The Cancellation Of The Zonal Urban Plan Of The 2nd District
On 7 June 2023, Bucharest Tribunal annulled, in the first instance, the zonal urban plan („ZUP”) of the 2nd District and suspended its effects until the final resolution of the case file, noting that it reduced green spaces, allowing the construction on tens of hectares of such areas, including areas occupied by parks, lakes, sports fields, etc. The case file is currently in appeal before Bucharest Court of Appeal[1].
Romania: Who (Else) Can Claim the Nullity of a Share Transfer?
Can one or more of a company's shareholders claim that a transfer of shares to third parties by other shareholders is null, even if the claimants were not interested in acquiring those shares? And when faced with such a claim, would Romanian courts rule in favour of the claimant? A recent court ruling has answered both questions with a resounding "yes", opening new horizons in M&A-related matters in Romania.
Stratulat Albulescu Advises Mitel Group on Unify Acquisition
Stratulat Albulescu, working with Taylor Wessing, has advised the Mitel Group on its acquisition of Unify from the Atos Group. Garrigues and Mattos Filho reportedly advised Mitel as well. The French office of Baker McKenzie reportedly advised Atos.