On December 1, 2022, SMM Legal announced that MOL's acquisition of Lotos Paliwa (reported by CEE Legal Matters on February 2, 2022) had closed. Subsequently, Baker McKenzie announced that Orlen Unipetrol's acquisition of Hungarian petrol stations from MOL (reported by CEE Legal Matters on February 1, 2022) had closed as well.
Dentons has advised Belgium-based real estate developer Codic on the development of the Green Court multifunctional project in Budapest and on its EUR 77 million sale to Groupama Gan REIM. CMS reportedly advised Groupama.
Hungarian merger control is generally aligned with the relevant EU rules with only relatively minor exceptions or special rules. For example, a notable special rule – which follows similar trends in major European jurisdictions – is the existence of the soft threshold regime, which enables the Hungarian Competition Authority (the Gazdasági Versenyhivatal, “GVH”) to intervene in case the traditional/“hard” thresholds are not met, but where competition is threatened on a specific market (e.g. in case of “killer acquisitions”).
On November 10, four Banking & Finance experts from Croatia, Hungary, Romania, and Serbia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss banking consolidation, financing availability, the effects of high interest rates, bank capitalization, green financing, the specter of loan restructuring, and the other challenges the sector is facing.
Former CMS Senior Counsel Peter Szilas has joined Jalsovszky as a Senior Associate and Head of the firm's Commercial Litigation practice.
The Tax Foundation issued its annual International Tax Competitiveness Index (ITCI) of 38 OECD countries. The Index seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality. The ranking weighs variables across five categories: corporate taxes, individual taxes, consumption taxes, property taxes, and international tax rules.
Freshfields Bruckhaus Deringer and Wolf Theiss have advised a consortium of banks on the EUR 800 million revolving ESG-linked credit facility for the Vitesco Technologies Group. Creel Garcia-Cuellar Aiza y Enriquez and Yulchon reportedly advised the banks in Mexico and South Korea, respectively.
The Hungarian Government has adopted new decrees concerning household power plants and microgrids. These new legislations aim to enable economic operators to cooperate in fulfilling energy needs in times of high demand as well as to regulate small household power plants. The rules in question entered into force on 26 October 2022 and presumably will remain in force at least until the end of the state of emergency.