Wolf Theiss has advised the owners of Kecskemeti Konzerv on the sale of the company to Granit Group's subsidiary Agrar-Finance. Jalsovszky advised Granit Group.
New Special Taxes for Companies to be Introduced in Hungary
The announcements made by the Hungarian Government on 8 July 2024 envisage a number of new and higher payment obligations, as well as other public taxes and restrictions, that will include a defence contribution, increased administrative fines, extra profit tax, changes to social contribution tax on entering the labour market, transaction and currency exchange levies
Wolf Theiss Advises Bob W on Entry into Austrian Market
Wolf Theiss has advised Bob W on its entry into the Austrian market via a long-term lease agreement with Viennese developer Peter Pilz & Partner Projektentwicklungs, reportedly advised by Puschner Spernbauer Rosenauer.
New Rules for Fleet Insurance in the Czech Republic
On 5 June 2024, the Czech government introduced a proposal to the Czech Parliament that brings fundamental changes to fleet insurance in the Czech Republic. This proposal provides additional obligations on fleet policyholders. Please see the details below.
Wolf Theiss Advises Schibsted Group on Separation of its Business Split
Wolf Theiss, working with Wiersholm, has advised the Schibsted group on the separation of its business into two companies – Schibsted Media and Schibsted Marketplaces.
Compliance Requirements under the Croatian Act on Restrictive Measures
The Act on Restrictive Measures (OG No. 133/2023, the “Act“) entered into force on 15 November 2023 (with the application of certain main provisions as of 15 May 2024). The Act establishes more effective due diligence and reporting procedures and mechanisms, which will enable the Republic of Croatia to implement new and more complex sanctions regimes from the European Union and United Nations.
New Category of Pre-Emptors Involved in the Purchase of Extra Muros Farmland?
A recent legislative amendment to Law no. 17/2014, concerning certain measures regulating the sale of extra muros agricultural land, which also amends Law no. 268/2001 on the privatisation of companies managing public and private state-owned agricultural land and the establishment of the State Domains Agency (“Law 17”), has been proposed in the Romanian Senate. This amendment aims to introduce a new category of pre-emptors: owners of land adjoining extra muros arable land, regardless of the location within or outside city limits and regardless of the land use category.
Wolf Theiss Advises Bulgarian-American Credit Bank on Subordinated Notes Issuance and Listing
Wolf Theiss has advised Bulgarian-American Credit Bank on its issuance and listing of EUR 15 million 8.00% 2024-2034 subordinated tier 2 notes.
Employment Brief: Bulgaria Switches to Electronic Labour Records
Bulgaria has outlined a procedure for electronic labour records (ELR) in a draft Ordinance published for public consultations on 21 May 2024. The switch to ELR will take effect on 1 June 2025, as stipulated by recent amendments to the Labour Code. This represents a significant step in the long-awaited digitalisation of employment records.
AP Legal Advises Raiffeisen Banka Belgrade on RSD 6 Billion Issuance and Listing on Belgrade Stock Exchange
AP Legal has advised Raiffeisen Banka Belgrade on its issuance of MREL-eligible bonds on the Serbian market and their listing on the Belgrade Stock Exchange.
Wolf Theiss Advises Deutsche Hypo – NORD/LB Real Estate Finance on Financing Greenstone’s Acquisition of Format Office Building
Wolf Theiss has advised the German bank NORD/LB on financing the purchase of the Format office building in Gdansk by Greenstone Format.
Linklaters, Freshfields, Bittera, Kohlrusz & Toth, CMS, Wolf Theiss, Kinstellar, and Orrick Advise on AviAlliance' Sale of Budapest Airport to Corvinus and Vinci Airports
Linklaters, Freshfields, Bittera, Kohlrusz & Toth, and Herbert Smith Freehills have advised AviAlliance and co-shareholders on the sale of Budapest Airport to a consortium consisting of Hungarian state-owned Corvinus Zrt and French co-investor Vinci Airports for a total purchase price of EUR 3.1 billion and net debt of EUR 1.2 billion. CMS advised Corvinus. Kinstellar, working with Orrick, advised Vinci Airports. Wolf Theiss, working with Latham & Watkins, advised the lenders on financing the transaction.
Ukrainian Capital and Commodity Markets: Enhancement to Regulator’s Powers and Other Regulatory Developments
On 27 April 2024, the Law of Ukraine, titled “On Amendments to the Law of Ukraine ‘On State Regulation of Capital Markets and Organised Commodity Markets’ and Certain Other Statutory Acts of Ukraine Concerning Regulation and Supervision of Capital Markets and Organised Commodity Markets” (the Law), came into effect.
The Debrief: June, 2024
In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.
Romanian Parliament Lends a Helping Hand to Local Authorities in the Field of Urbanism
The Romanian Parliament has recently passed a new piece of legislation (“Law 124/2024”) allowing local authorities to extend until 31 December 2026 the validity term of the general urbanism plans (in Romanian: “planuri de urbanism generale” or “PUG”), which were drawn up and approved before 2003. Law 124/2024 entered into force on 10 May 2024 and approved Government Ordinance no. 33/2023 regarding the prolongation of certain validity terms in the urbanism and construction field (“GO 33/2023”).
Employment Brief: The implementation of the EU Whistleblowing Directive in Poland is Imminent
The bill on the protection of whistleblowers in Poland is at the final stage of the legislative process and the core provisions have been set.
Poland: Finding Room for More Renewable Power Plants
Poland stands out as an EU member state with extremely high reliance on power generated from coal and lignite. In 2023, 63% of its electricity was produced from these resources. Still, this marks the lowest-ever share of coal and lignite-fired electricity in Poland’s annual production thanks to the rapid growth of wind and solar plants.
Schoenherr and Wolf Theiss Advise on Storyblok's USD 80 Million Series C Financing Round
Schoenherr has advised Storyblok on its USD 80 million Series C financing led by US investment firm Brighton Park Capital. Wolf Theiss, working with Paul, Weiss, Rifkind, Wharton & Garrison, advised Brighton Park Capital.