Category: Austria

  • Wolf Theiss and Rautner Advise on Volksbank Wien Covered Bank Bond Issuance

    Wolf Theiss and Rautner Advise on Volksbank Wien Covered Bank Bond Issuance

    Wolf Theiss has advised Volksbank Wien AG on the issuance of EUR 500 million covered bank bonds 2019-2029. The bonds with a denomination of EUR 100,000, each, are listed on the Vienna Stock Exchange. Rautner advised the joint lead managers, Commerzbank Aktiengesellschaft, Deutsche Bank Aktiengesellschaft, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, and Landesbank Baden-Wurttemberg.

    According to Wolf Theiss, “on November 19, 2019, Volksbank issued 0.125% Volksbank Wien AG EUR 500,000,000 Covered Bank Bonds 2019-2029 … as series 2 under its Debt Issuance Programme.”

    The Wolf Theiss team included Partner Alexander Haas, Associates Nikolaus Dinhof, Sebastian Prakljacic, Dominik Thill, and Legal Trainees Anna Talos and Christina Baier.

    The Rautner team was led by Partner Walter Gapp.

    Wolf Theiss advised Volksbank Wien on another covered bond and note placement, earlier this year, worth EUR 700 million (as reported by CEE Legal Matters on April 18, 2019).

  • BPV Huegel Advises Raiffeisen Informatik on SoftwareONE IPO

    BPV Huegel Advises Raiffeisen Informatik on SoftwareONE IPO

    BPV Huegel and Switzerland’s Meyerlustenberger Lachenal law firm have advised shareholder Raiffeisen Informatik on the initial public offering of SoftwareONE Holding AG and its listing on the SIX Swiss Exchange. Lenz & Staehelin and Linklaters advised SoftwareONE, while Niederer Kraft Frey and Freshfields advised joint global coordinators and joint book-runners Credit Suisse, J.P. Morgan, and UBS Investment Bank, and additional joint book-runners BNP Paribas, Citigroup, Deutsche Bank, UniCredit, and Zurcher Kantonalbank.

    According to bpv Huegel, “the offered shares were priced at CHF 18 per share, implying a total market capitalization of approximately CHF 2.9 billion. The offering consisted of 38,549,464 existing shares, corresponding to approximately 24.3% of the total share capital, with an over-allotment option of up to 5,782,419 existing shares. The shares have been offered by SoftwareONE’s existing shareholders, including the founding shareholders, KKR and Raiffeisen Informatik. The trading started on October 25, 2019.” 

    BPV Huegel describes Switzerland-based SoftwareONE as “a global provider of end-to-end software and cloud technology solutions,” and reports that “with around 5,300 employees and sales and services delivery presence in 90 countries, SoftwareONE provides around 65,000 business customers with software and cloud solutions from over 7,500 publishers.”

    The BPV Huegel team was led by Partners Thomas Lettau and Christoph Nauer and included Partner Gerald Schachner, Attorneys at Law Verena Huege, Holger Steinborn, and Roland Juill, and Associate Tamara Tomic. 

    The Meyerlustenberger Lachenal team was led by Partner Alexander Vogel.

  • Schoenherr Advises Fintech Start-Up Credi2 on Investment by Volkswagen Bank

    Schoenherr Advises Fintech Start-Up Credi2 on Investment by Volkswagen Bank

    Schoenherr has advised Credi2 GmbH on the acquisition by Volkswagen Bank of a 20% stake in the company. Volkswagen Bank was reportedly advised by Dorda.

    Credi2 is an Austrian fintech company that was founded in Vienna in 2015. According to Schoenherr, “all steps such as customer on-boarding, risk analysis, account management, and dunning processes are managed with one tool and can be adapted to individual customer needs.”  

    Schoenherr describes Volkswagen Bank as “part of Volkswagen Finanzdienstleistungen, an important branch of Volkswagen AG.” According to the firm, “Volkswagen Finanzdienstleistungen employs 16,267 individuals around the world. It has an annual balance of EUR 207.6 billion, an operative result of EUR 2.6 billion and a portfolio of about 20.3 million contracts.”

    The Schoenherr team was led by Partner Thomas Kulnigg and included Partners Peter Feyl, Markus Piuk, and Bernd Rajal, Attorneys at Law Clemens Gaugusch, Matthias Pressler, and Klaus Cavar, and Associates Maximilian Nutz, Nina Zafoschnig, and Karin Pusch.

  • Dorda and Gleiss Lutz Advise Miba on Joint Venture with Zollern

    Dorda and Gleiss Lutz Advise Miba on Joint Venture with Zollern

    Dorda and Gleiss Lutz have advised Austria’s Miba, a strategic partner of the international engine and automotive industry, on its entrance into a joint venture with German metal processor Zollern.

    Under the agreement, Miba holds 74.9 percent of the joint venture (which began operating under Miba’s leadership on October 1, 2019), and it contributes five engine bearings production sites, while Zollern holds one engine bearing plant and two industrial bearing plants.

    According to Dorda, “the aim of the new company is to expand further solutions for the use of renewable energies, such as new engine bearing technologies for wind energy, by bundling expertise in research and development.”

    The Dorda team was led by Partners Martin Brodey and Heinrich Kuhnert.

    The Gleiss Lutz team involved was led Partner Matthias Karl and Counsel Philipp Pichler, with the help of Counsels Alexandra Bruch, Rheud Gaiser and Patrick Gruner and Lawyers Johannes Hartfelder and Sebastian Kohler.

    Dorda did not reply to our inquiry on the matter.

  • CMS advises ALPLA on the Acquisition of Recycling Companies in Spain

    CMS advises ALPLA on the Acquisition of Recycling Companies in Spain

    CMS has advised ALPLA on its acquisition of Spanish recycling companies Suminco S.A. and Replacal S.L. Barcelona’s Fornesa Ceca Magan law firm advised the sellers.

    Both companies are part of a Spanish family business with more than 35 years of experience in the production of HDPE recyclates. The annual capacity of the plants is to be expanded to up to 35,000 tons. Business operations will continue as before, with the existing management. Financial details were not disclosed, and both signing and closing occurred simultaneously.

    ALPLA is an Austrian plastics manufacturer that specializes in blow-moulded bottles and caps, injection-moulded parts, preforms, and tubes.

    CMS team consisted of, in Vienna, Partners Alexander Rakosi and Dieter Zandler, Associates Florian Mayer, Ruth Bittner, Marco Selenic, and Christoph Birner, and Legal Assistant Matthias Emich; and in Spain, Partner Luis Miguel do Dios and Associates Tobias Kalnay and Elena Alcazar.

    The Fornesa Ceca Magan team was led by Partner Tomas Fornesa.

    Editor’s Note: After this article was published CMS informed CEE Legal Matters that ALPLA acquired Suminco S.A. and Replacal S.L. from Trativo S.L.

  • Graf & Pitkowitz Advise Lukoil on Hydrocarbon Extraction Project

    Graf & Pitkowitz Advise Lukoil on Hydrocarbon Extraction Project

    Graf & Pitkowitz has advised Lukoil International GmbH on its acquisition of a 5% share in the GHASHA project for the development of deposits of gas, oil and gas condensate in the United Arab Emirates.

    Lukoil International GmbH mandated Graf & Pitkowitz for the development and implementation of the corporate structure for the acquiring entity. The firm’s team was headed by Partner Ferdinand Graf and Attorney-at-Law Andreas Edlinger.

    Graf & Pitkowitz did not reply to our inquiry on the matter.

  • Binder Groesswang Advises Enact on Management Buyout of Waagner-Biro Subsidiary

    Binder Groesswang Advises Enact on Management Buyout of Waagner-Biro Subsidiary

    Binder Groesswang has advised British private equity fund Enact on backing the management team of Qualter, Hall & Company Limited in its buyout of the business from the insolvency estate of Waagner-Biro AG. Womble Bond Dickinson advised Enact on matters of English law. Kosch & Partner advised Waagner-Biro.

    The transfer of shares took place in March 2019, and the transaction has now closed, following the establishment of a new fund in England.

    As Binder Groesswang reports, “the insolvency of the Waagner-Biro group was one of the largest-scale insolvencies in Austria in recent years. Waagner-Biro, an old-established Austrian company founded in 1854, was known in particular for its participation in highly-publicized projects such as the Louvre Abu Dhabi, the dome of the Reichstag building in Berlin, the Sydney Opera House, and the Elbe Philharmonic Hall in Hamburg.” 

    Qualter, Hall & Company Limited was established in England in 1860. Its activities include projects such as the construction of the Sean O’Casey Pedestrian Bridge over the Liffey River in Dublin and the glass roof of the Great Court of the British Museum in London. 

    The Binder Groesswang team was led by Partner Gottfried Gassner and Attorney Georg Wabl and also included Associate Markus Sacherer.

    The Kosch & Partner team was led by Partner Michael Lentsch.

  • Weber & Co. and Wolf Theiss Advise on Covered Notes Issuance by Raiffeisenlandesbank Vorarlberg

    Weber & Co. and Wolf Theiss Advise on Covered Notes Issuance by Raiffeisenlandesbank Vorarlberg

    Weber & Co. has advised joint lead managers Erste Group, LBBW, RBI, and UniCredit on the successful November 13, 2019 issuance of EUR 300 million mortgage covered notes by Raiffeisenlandesbank Vorarlberg. Wolf Theiss advised Raiffeisenlandesbank Vorarlberg as the issuer.

    The notes have a term of fifteen years as well as a denomination of EUR 100,000 each and are listed on the Official Market of the Vienna Stock Exchange. 

    The Weber & Co. team included Partner Christoph Moser and Associates Angelika Fischer and Johann Gasser.

    The Wolf Theiss team was led by Partner Alexander Haas.

  • DLA Piper and Wolf Theiss Advise on UBM Development’s Issuance of New Corporate Bond

    DLA Piper and Wolf Theiss Advise on UBM Development’s Issuance of New Corporate Bond

    DLA Piper has advised European hotel developer UBM Development AG on the successful issue of a new EUR 120 million corporate bond, including an exchange offer. Wolf Theiss advised joint lead managers and book-runners Raiffeisen Bank International AG and M.M.Warburg & CO.

    “The Bond 2019 was successfully placed on the first day of the offer period,” DLA Piper explained. “The cash subscription started on the morning of November 4, 2019, and due to the extraordinarily strong demand, the books were closed again shortly after that morning. UBM has already issued numerous corporate bonds and has often combined exchange offers with new bond issues in the past. However, this time UBM is the first company in Austria to use a full capital market prospectus under the new regime of the European Prospectus Regulation when issuing a EUR 120 million bond.”

    Earlier this year DLA Piper and Wolf Theiss advised on the topping up of UBM corporate bond 2018-2023 (as reported by CEE Legal Matters on June 21, 2019).

    DLA Piper’s Vienna-based team was led by Partner Christian Temmel and included Senior Associate Christian Knauder. 

    The Wolf Theiss team was led by Partner Alexander Haas.  

  • Automated and Autonomous Driving – Austrian Legal Aspects

    The development of autonomous driving has been a recurring topic in the media in recent years. Technology in this area has progressed so much that autonomous vehicles are now ready for test drives on public roads. This development is subsequently exerting great pressure on local governments to create new laws allowing this type of testing and therefore driverless vehicles on public roads.

    This topic arrived in Austrian politics about three years ago. The government’s timid action at the time may be considered a disadvantage, yet it has allowed the authorities to consider solutions found by other countries and develop a best-practice without too many “trial and error” procedures of its own. As a result, the first Austrian legal and regulatory framework for driving with automated systems in vehicles was created in 2016 with the 33rd amendment of the Austrian Motor Vehicle Act, followed by the Automated Driving Ordinance. Test drives were regulated for the following three applications: a) Autonomous Minibus; b) Motorway Pilot with Automatic Lane Change; and c)  Self-Propelled Army Vehicle. Subsequently, in 2016, the Ministry of Transport published its Automated Driving Action Plan. Meanwhile, an amendment to the Automated Driving Ordinance was published in March 2019, significantly allowing all drivers in Austria to use two standard assistance systems.

    Liability and Criminal Law & Data Protection

    Numerous questions still remain unanswered regarding total autonomous driving in a wide range of legal areas, including whether and how liability law applies to autonomously driving vehicles. One particular question of importance that is yet to be answered is who will be liable for damages caused by driverless vehicles. An accident caused by a programming error could, logically, suggest manufacturer liability. This assumption might be justified if a machine misjudgement is considered a product defect. However, problems may arise in relation to product liability, since the Austrian Product Liability Act does not define “software” as a product yet. 

    Similar to liability law, the increasing automation of motor vehicles may lead to a shift of criminal liability from the driver to the manufacturer. Criminal law will have to provide satisfying answers in this respect and define, for instance, when a system is performing the required level of diligence – especially in situations involving unavoidable collisions. As technology progresses quickly, Austrian legislation will have to develop answers to this and other related questions.

    Terms such as “smart cars” or “connected cars” are now widely used for these data-driven cars, and indicate that a multitude of questions need to be clarified from a data protection point of view as well. To drive development forward and make vehicles safer and more intelligent, each of these cars will have to exchange data constantly with other autonomous vehicles to avoid accidents and be informed about traffic conditions in advance. 

    Clarification will be needed as to whether this transmission of data is mandatory and the vehicle owner has any opportunity to object to or block this data transmission – or decide for him-or-herself which data is to be processed. Another question in need of evaluation is whether data will be automatically transferred to authorities or the original engine manufacturers in order to facilitate the reconstruction of accidents. This issue alone raises considerable data protection concerns. The questions that arise in connection with data protection show that the Austrian legislator must find a solution that protects fundamental rights with regard to the protection of personal data in the future.

    Future Prospects

    Although the 33rd amendment of the Austrian Motor Vehicle Act – the “Automated Driving Ordinance” (which proved to be unconstitutional and incomplete) – and subsequent amendments to it created the first framework conditions for tests with automated vehicles, there is still a great need for additional legislative changes in various areas of law related to autonomous driving

    By Andreas Schutz, CEE Head of Data Protection, and Christopher Bakier, Associate, Taylor Wessing Vienna 

    This Article was originally published in Issue 6.8 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.