Category: Uncategorized

NNDKP has assisted the Bucharest City Hall in a EUR 500 million municipal bond issuance. Announced on April 24, 2015, the transaction was intermediated by a consortium led by Raiffeisen Bank, which included BT Securities and was advised on the matter by Schoenherr.

The offering was structured in 4 tranches with 3, 5, 7, and 10 years maturities with 2,8%, 3.58%, 4.43%, and 5.10% fixed interest respectively. All 4 tranches were admitted to trading on the Bucharest Stock Exchange on May 5, 2015. 

According to a Bucharest Stock Exchange press release, on average, the municipal bonds were bought by about 40 institutional investors, different on each tranche. About 20% of the investors were foreigners and 80% were Romanians. Of the Romanian investors, the banks had the largest stake, nearly 40%, followed by investment funds, with a 27% stake, and pension funds with 15%. International financial institutions and insurance funds also participated in the offering.

According to Sorin Oprescu, the Bucharest General Mayor,  this is the largest financing ever obtained on the local capital markets and the first bond issue in international format, comparable with those of other European municipalities. “We are very pleased with the investors’ interest,” said Oprescu. He added: “The financial institutions have shown that they trust the power of Bucharest, in the way it is administered and managed, the vision and strategy development of the city. The average interest rate obtained by the Municipality is 3.98% in RON, which means City Hall budget savings of about RON 4 million annually. Slowly but surely, Bucharest becomes credible and performant. It is a source of satisfaction and pride to see that, through this issue, in level, approach, and posture, Bucharest joins, without complexes, other European capitals.”

Misu Negritoiu, Financial Supervisory Authority Chairman, said the bond issue of the Bucharest Municipality will remain in the capital market history and expressed his belief that the bonds market will continue to develop: “We thank Bucharest for taking this challenge, it will remain in the history of the Romanian bond market, and municipalities financing, and for us it is a new beginning. I am confident that this market will develop, and will become liquid. It is an investment that encourages citizens who have savings to invest in a market. Along with state bonds, Bucharest bonds are the safest and addresses all investors, both more and less conservative.”

Baker & McKenzie has announced that Christoph Urtz will join the firm as a new Partner for tax law, and that former Austrian senior public prosecutor Georg Krakow has been promoted from Senior Counsel to Partner in the firm’s white collar crime group.

Urtz, who joined Baker & McKenzie on May 1, studied economics and law in Vienna. Following his dissertation in tax law and the registration as attorney, he worked for the large tax consulting firm LeitnerLeitner and as a research associate at the University of Salzburg. There, he qualified as a university Professor on the topic of group taxation in 2009. Afterwards, he worked as an Associate University Professor. Three years later, he was appointed to the chair of tax law. Beginning in 2012, and until moving to Baker & McKenzie at the beginning of this month, he also practiced at Binder Groesswang. He will continue to hold the chair at the University of Salzburg’s tax law department. 

“It is an outstanding distinction to become a Partner at the law firm with the highest sales volume in the world,” Urtz said. “In addition to the firm’s international character, I was particularly attracted by the exceptional development of the Vienna office.”

Krakow advises and assists companies as regards legal risks and risks related to white collar crime, internal investigations and compliance matters. His main focus is on providing strategic advice to clients on white collar crime law and on developing and assessing compliance systems. 

Krakow headed the legal department of Mobel Lutz before beginning his judicial career in 1998. Starting in 2004 he worked as a (senior) public prosecutor for white collar crimes in Vienna. During that time, he worked on numerous significant cases, including prosecutions of Parmalat, Amis, and BBAG, and the firm claims that “he became known throughout Austria as prosecutor in the Bawag case.” Early in 2009 he became head of the cabinet in the Austrian Ministry of Justice, and in October 2011 he joined Baker & McKenzie as a Senior Counsel.   

Commenting on his appointment as Partner, Krakow said: “Thanks to the hard work over the past years, Baker & McKenzie has now been able to also establish a reputation beyond its core area of compliance and has become a renowned advisor for white collar crime law and the related internal investigations crucial for legal entities.”

Vienna office Managing Partner Gerhard Hermann believes the appointments reflects the firm’s growing strength. “The appointment of another two partners is the logical consequence of the strong growth experienced during the past years,” he said. “We are glad to have two such renowned personalities in our ranks.” 

At the request of the Estonian Technical Regulatory Authority, Sorainen, together with the Estonian Centre for Applied Research (CentAR), is analysing the effects of Rail Baltic — an environmentally-friendly high speed rail network which will connect Estonia with Latvia, Lithuania, and the rest of Europe.

Under a contract entered into last week, Sorainen and CentAR will review the legal options for compensating affected land owners and other interested parties for potential adverse effects of Rail Baltic construction. According to Miiko Peris, Project Manager of the international Rail Baltic network, this systemic legal analysis is necessitated by the scale of the Rail Baltic project. “The analysis needs to address which compensation system is legally available to affected land and home owners today and how related complex issues have been handled in other European countries,” says Peris. 

One of the purposes of the project is to involve various interest groups in the analysis and to ensure the public’s concerns about appropriate compensation mechanisms are considered and addressed. Based on the analysis, a summary opinion will be formulated about the impact of Rail Baltic construction as well as about the ways that impact can be minimized and compensated for. 

The Technical Regulatory Authority is seeking to use the outcome of the analysis in acquiring land and restricting and compensating ownership rights within other major infrastructure projects. The analysis is supported by TEN-T project No. 2007-EE-27010-S of the European Union Studies for a European gauge line for Rail Baltica. 

The Sorainen working group preparing the analysis is led by specialist Counsel Urmas Volens. 

Last year CEE Legal Matters reported both on Lawin’s representation of Lithuania in concluding the Rail Baltic shareholders’ agreement (October 29, 2014) and Triniti’s advising on the creation of the joint venture (November 06, 2014). 

Dentons has announced that Prague-based Real Estate lawyer Michal Hink has been promoted to Partner.

Hink is Co-Head of the Real Estate Practice Group in Dentons’ Prague office, where he focuses on real estate, financing, and commercial law, with a particular specialization on property and finance transactions for various clients. He began his career as a Paralegal and Junior Associate with Weil Gotshal and Manges in Prague in 1998, and then joined legacy Salans in January 2004, where he has remained. He obtained his law degree from Charles University in 2001.

Of the 48 lawyers around the world featured in the firm’s global partnership round announcement (which included a number previously announced, including Bratislava-based lawyer Peter Kubina and Warsaw-based lawyers Aldona Kowalczyk, Katarzyna Bilewska, Elzbieta Lis, and Ewa Rutkowska-Subocz (originally reported on January 23, 2015 and on February 10, 2015), Dentons Global Chief Executive Officer Elliott Portnoy said: ”I congratulate our new partners on this significant and well-deserved promotion—these highly talented lawyers further strengthen a partnership that is dedicated to meeting, and exceeding, our clients’ expectations. Dentons is committed to reflecting the unique nature of the communities in which we work and live, and these promotions are evidence of this commitment. Consistent with our polycentric approach, we believe our clients and our Firm benefit from the diversity of our partnership, which brings together women and men from a variety of backgrounds, cultures, beliefs and geographies.”

Global Chairman Joe Andrew also commented on the promotions, saying: “As a truly global firm, Dentons was formed to meet the evolving needs of clients and, as part of this, to enable our Firm to attract and retain top tier talent around the world. These accomplished lawyers represent a tremendous range of expertise and insights for our clients—this is well-deserved recognition of their many contributions and achievements, and their commitment to excellent client service.”

Following Chevron’s decision to terminate its operations in Romania due to poor exploration results and extensive protests by environmentalists, Pachiu & Associates is assisting the company in the decommissioning and abandonment of its operations in the country.

Earlier in 2015 Chevron announced that it would also be halting its projects in Poland, and terminating shale-gas agreements in Lithuania and Ukraine.   

Pachiu & Associates has advised Chevron since its entry into the Romanian market following the award of three licenses in the 10th bid round for the granting of licenses for petroleum exploration and production in Romania and the acquisition of another license for a major block. The firm has advised Chevron on regulatory matters, permitting & environment, securing of land access, commercial contracts, labor, litigation, stakeholders’ meetings, data security, etc.

Image Source: Ken Wolter / Shutterstock.com

Dentons has acted as legal counsel to Union Investment on the acquisition of the Focus Park shopping center in Rybnik, a Polish city close to the Czech border. The seller, Aviva Investors Polish Retail, was advised by Linklaters.

The shopping complex comprises approximately 74 retail units and a cinema across 17,846 square meters of space and is almost fully let following recent new lettings. It welcomes 5.5 million visitors a year and has a catchment area of approximately 640,000 people. Tenants include international and Polish chains such as C&A, Rossmann, Alma, Empik, and New Yorker.

The Dentons team was supervised by Warsaw-based Partner Tomasz Stasiak, and the transaction was led by Senior Associate Anna Garbula-Wegrzynowska, supported by Associate Dominik Gorski.

Image Source: bibiphoto / Shutterstock.com

Herguner has advised the Delivery Hero online and mobile food ordering company on the company’s acquisition of Yemeksepeti — which Herguner describes as “the largest e-commerce deal in Turkey’s history.”

The London office of Paul Weiss advised the General Atlantic private equity firm on the sale, and BASEAK (the Turkish arm of Dentons) advised on the exiting of Yemeksepeti’s founders Gokhan Akan, Cem Nufusi, Melih Odemis, and Nevzat Aydin. The deal closed on May 4, 2015, for a record value of USD 589 million. 

The acquisition was funded through cash and shares, with the former shareholders of the company, including General Atlantic, becoming shareholders in Delivery Hero. The management of Yemeksepeti will remain in place, and Nevzat Aydin, the company’s CEO and co-founder, will continue in his role for Yemeksepeti and join Delivery Hero as a senior advisor for global business.

The Berlin-based Delivery Hero company is the largest food network in the world, with more than 100,000 participating restaurant in 29 markets across five continents. Yemeksepeti, founded in 2000, is Turkey’s first and biggest online food ordering site, which customers can use to order food from their favorite restaurant through the Internet. The company operates in 58 provinces and has partnered with nearly 8,000 restaurants in providing its services. The company also operates in the Middle East (in the UAE, Oman, Qatar, Saudi Arabia, and Lebanon) and Greece.

According to a Herguner statement, the newly-issued consideration shares were a complicating element of the transaction, as lawyers in Germany, England, and Turkey “had to coordinate very closely to be perfectly aligned while aware of the different time zones for the transfer of funds and delivery of the shares.”

The Herguner team was led by Senior Partner, Umit Herguner, and included Managing Associate Deniz Tuncel, and Associates Zeynep Tor and Kerem Bener.

Editorial Note: Editorial Note: Gleiss Lutz has announced that it advised Yemeksepeti’s shareholders on the transaction, in particular founder Nevzat Aydin and General Atlantic, on all aspects of German law. The firm’s team included Partners Andreas Spahlinger, Jan Balssen, Peter Steffen Carl, Helge Kortz, and Kai Arne Birke, as well as lawyer Daniel Heck.

In addition, King & Spalding has announced that it was international counsel to Delivery Hero on the acquisition, with London-based Partner Markus Bauman, Senior Associate Ilan Kotkis, and Partner Elisabeth Baltay playing lead roles. Finally, King & Spalding noted that Luxembourg law advice on the transaction was provided by Atoz, and Competition law advice was provided by Field Fisher.

Integrites has acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) on the increase of a loan up to USD 16 million (approximately EUR 14.22 million) to Nadezhda, the Ukrainian nationwide operator of liquefied petroleum gas and petrol stations.

The loan proceeds will be utilized to finance the working capital needs associated with the purchase of oil products and LPG and acquisition or construction of one or two LPG Depots in Ukraine.

The Nadezhda Group is one of the largest liquefied gas and oil products distributors in Ukraine. The company also operates in EU and CIS markets, and employs about 1,000 people.  

Integrites ensured the compliance of the English-governed documentation with the requirements of Ukrainian law, drafted and perfected the security package, and assisted with collecting CPs to the disbursement.

The firm’s team was led by Partner, Oleksandr Aleksyeyenko, and included Yevgen Blok.

Red has successfully recovered the country-code top-level domain name pepsi.lv for the leading soft drink producer PepsiCo.

According to Red, in its ruling, the court adjudicating the matter considered trademark law, general principles of law, and by way of analogy using the provisions of the EU Regulation concerning the registration of .eu top-level domain names. Red describes the case as “remarkable” because “it was adjudicated in the absence of any substantive legal norms of Latvian domestic law for domain name dispute resolution and the registered user of the domain name was a non-for-profit entity.”

Image Source: MAHATHIR MOHD YASIN / Shutterstock.com

In addition to the addition of Corporate/M&A Partner Maria Bysiewicz (originally reported on May 5, 2015), SMM Legal has announced that new Partner Jedrzej Bujny has come on board to manage the firm’s Administrative Law department.

Bujny holds a doctoral degree in legal sciences and works as an Associate Professor at the Chair of Administrative Law and Administration Science of the Faculty of Law and Administration at Adam Mickiewicz University in Poznan. According to the firm, “he is a legal advisor with a strong background in advisory to public administration entities, and has extensive experience managing teams advising clients from the public utilities sector, such as water supply, waste management and renewable energy firms. In his academic and expert activity he focuses on local government law, particularly issues related to municipal services and environmental protection, including waste management and energy law, with special emphasis on renewable energy sources.”