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.
Closing: Wirtualna Polska’s Acquisition of Szallas Group Now Closed
On November 30, 2022, the BLS-CEE Law Firm announced that Wirtualna Polska’s acquisition of the Szallas Group from Portfolion Capital Partners and private individuals (reported by CEE Legal Matters on September 16, 2022) had closed.
Stability at a Price for Hungary: A Buzz Interview with Gabor Damjanovic of Forgo, Damjanovic & Partners
Under the "heavy influence" of the current autocratic regime, Hungary might seem stable but Forgo, Damjanovic & Partners Managing Partner Gabor Damjanovic wonders if the country is prepared to tackle the challenges of the wider economic context.
Dentons Advises on Development and Sale of Green Court in Budapest
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.
Buyers Beware – New Hungarian Merger Control Rules for Acquisitions Involving JVs
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”).
The Status of CEE Banking & Finance: A CEE Legal Matters Round Table
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.
Hungary's New Integrity Authority: What Is It and How Could It Benefit Foreign Investors?
Hungary's parliament passed a package of anti-corruption laws on 3 October 2022 as part of the commitments made by the government to the European Commission.
Peter Szilas Joins Jalsovszky to Head Commercial Litigation Practice
Former CMS Senior Counsel Peter Szilas has joined Jalsovszky as a Senior Associate and Head of the firm's Commercial Litigation practice.
Baker McKenzie Advises Szechenyi Funds and Lead Ventures on Exit from aiMotive
Baker McKenzie has advised the Szechenyi Funds and Lead Ventures on the sale of their shares in aiMotive to Stellantis in a transaction that saw Stellantis acquire aiMotive. Dentons reportedly advised Stellantis.
Changes to the Labour Code: More Paternity, Parental and Carer Leave
A proposal for the modification of the Labour Code was filed to the Hungarian Parliament on 2 November 2022. The bill aims to ensure compliance with the EU Directives No. 2019/1158 on work-life balance for parents and carers and No. 2019/1152 on transparent and predictable working conditions.
Jalsovszky and Peremiczki & Turi Advise on Zambo Vagyonkezelo's Sale of Tuzallotechnika to Alba Industrial Holding
Jalsovszky has advised Zambo Vagyonkezelo on the pre-exit restructuring and the sale of Tuzallotechnika to Alba Industrial Holding. Peremiczki & Turi advised the buyer.
Does Direct Marketing Require Specific Consent?
The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.
Hungary Remains in 7th Place in the International Tax Competitiveness Ranking
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 and Wolf Theiss Advise on EUR 800 Million Credit Line for Vitesco Technologies Group
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.
Kinstellar and Dentons Advise on S Immo's Acquisition of Budapest Office Properties from CPI Property Group
Kinstellar has advised S Immo on its EUR 238.3 million acquisition of Budapest office properties and a land plot from the CPI Property Group. Dentons advised the seller.
A New Legislative Package Was Adopted to Reshape the Hungarian Energy Market
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.
Electronic Signatures, Contracts, and Archiving in Hungary
Contributed by Provaris.
RTPR and Allen & Overy Successful for Zenith Media Communications Before CJEU
Radu Taracila Padurari Retevoescu and Allen & Overy have successfully represented Romania's Zenith Media Communications before the CJEU in a dispute regarding the calculation of competition infringement-related fines.