Gecic | Law has advised Zelezara Smederevo and the Government of Serbia on EU, regulatory, and corporate matters in connection with the EUR 46 million (USD 52 million) sale of Zelezara Smederevo assets through a public tender procedure to China’s Hebei Iron and Steel Company (HBIS). As reported previously, BDK & Asociatii advised HBIS on the deal (as reported by CEE Legal Matters on April 18, 2016), working in association with China’s JT&N Law Firm.
Speaking of the transaction, Bogdan Gecic — who led his firm’s work on the deal — stated that “the investment and revitalization of the steel mill will have a huge economic impact on Serbia in terms of exports and overall GDP.” The Gecic firm reports that “Zelezara Smederevo is Serbia’s leading producer of steel and is the second largest Serbian exporter and is currently responsible for nearly 1% of Serbia’s GDP,” and says that, “the company, which was formerly owned by US Steel, having been acquired through the privatization process, was sold back to the Government of Serbia in 2012, marking the exit of US Steel from the country."
In addition to Gecic himself, the Gecic | Law team included Partner Nikola Aksic, Special Counsel Jelena Adamovic, and Senior Associate Marija Papic, who worked in close cooperation with the legal team at KPMG Serbia led by Mladen Marjanovic. Cleary Gottlieb Steen & Hamilton Brussels provided international counsel on the deal, with a team led by Till Muller-Ibold and Francesco Maria Salerno.
Gecic commented: “We wish to congratulate HBIS on this precedent setting transaction. We enjoyed the opportunity to work closely with their team, the Government of Serbia, the team at Zelezara Smederevo and our co-counsel on this transaction. This collaboration will be tremendously beneficial for Serbia and we hope will open the doors for other Chinese investors in Serbia and the region.”
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