CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Bulgaria has outlined a procedure for electronic labour records (ELR) in a draft Ordinance published for public consultations on 21 May 2024. The switch to ELR will take effect on 1 June 2025, as stipulated by recent amendments to the Labour Code. This represents a significant step in the long-awaited digitalisation of employment records.
AP Legal has advised Raiffeisen Banka Belgrade on its issuance of MREL-eligible bonds on the Serbian market and their listing on the Belgrade Stock Exchange.
Wolf Theiss has advised the German bank NORD/LB on financing the purchase of the Format office building in Gdansk by Greenstone Format.
Linklaters, Freshfields, Bittera, Kohlrusz & Toth, and Herbert Smith Freehills have advised AviAlliance and co-shareholders on the sale of Budapest Airport to a consortium consisting of Hungarian state-owned Corvinus Zrt and French co-investor Vinci Airports for a total purchase price of EUR 3.1 billion and net debt of EUR 1.2 billion. CMS advised Corvinus. Kinstellar, working with Orrick, advised Vinci Airports. Wolf Theiss, working with Latham & Watkins, advised the lenders on financing the transaction.
On 27 April 2024, the Law of Ukraine, titled “On Amendments to the Law of Ukraine ‘On State Regulation of Capital Markets and Organised Commodity Markets’ and Certain Other Statutory Acts of Ukraine Concerning Regulation and Supervision of Capital Markets and Organised Commodity Markets” (the Law), came into effect.
In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.
The Romanian Parliament has recently passed a new piece of legislation (“Law 124/2024”) allowing local authorities to extend until 31 December 2026 the validity term of the general urbanism plans (in Romanian: “planuri de urbanism generale” or “PUG”), which were drawn up and approved before 2003. Law 124/2024 entered into force on 10 May 2024 and approved Government Ordinance no. 33/2023 regarding the prolongation of certain validity terms in the urbanism and construction field (“GO 33/2023”).
The bill on the protection of whistleblowers in Poland is at the final stage of the legislative process and the core provisions have been set.
Poland stands out as an EU member state with extremely high reliance on power generated from coal and lignite. In 2023, 63% of its electricity was produced from these resources. Still, this marks the lowest-ever share of coal and lignite-fired electricity in Poland’s annual production thanks to the rapid growth of wind and solar plants.
Schoenherr has advised Storyblok on its USD 80 million Series C financing led by US investment firm Brighton Park Capital. Wolf Theiss, working with Paul, Weiss, Rifkind, Wharton & Garrison, advised Brighton Park Capital.
Wolf Theiss, working with Clifford Chance, has advised Raiffeisen Bank International on the securitization of Raiffeisen Leasing Group's EUR 529.4 million leasing portfolio.
Wolf Theiss has advised Addiko Bank on navigating the takeover bids submitted by Agri Europe Cyprus Limited and Nova Ljubljanska Banka. Cerha Hempel advised Agri Europe. Schoenherr advised NLB.
Wolf Theiss has advised Lion’s Head Investments on its acquisition of a significant portion of logistics company BPD in a transaction valued at EUR 71.4 million.
Wolf Theiss has advised Airsol on its acquisition of MedAir Oxygen Solutions.
In the nineties, young lawyers like me often felt annoyed by partners traveling thousands of kilometers to “new Europe” to explain to us basic concepts of real estate – back then it was a sign of a cultural gap between the leaders of globalization.
In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. Given the dynamic and ever-evolving nature of the legal profession, we asked: What is the one critical skill that you’re investing time and energy in to develop within your team, and why?
The Austrian government has recently enacted the Start-Up Promotion Act to nurture its start-up ecosystem and enhance employee participation in corporate growth. Wolf Theiss Partner Hartwig Kienast analyses how this legislation integrates with Austria’s existing legal framework and its implications for start-ups, employees, and the broader economic landscape.
Schoenherr has advised Euro Real Estate Holding on the indirect acquisition of the City Tower Vienna via United Benefits Holding from Immofinanz. Reportedly, Jank Weiler Operenyi advised Immofinanz and Wolf Theiss advised UniCredit Bank Austria.
With over 360 lawyers in 13 countries, over 80% of the firm’s work involves cross-border representation of international clients. We have concentrated our energies on a unique part of the world: the complex, fast-developing markets of the CEE/SEE region. Through our international network of offices, we work closely with our clients to develop innovate solutions that integrate legal, financial, and business know-how.
Wolf Theiss provides fully integrated corporate services in mergers and acquisitions, private equity, real estate, banking and finance, tax and insurance, employment law, competition law, energy law, privatisation, restructuring, public procurement and litigation. At Wolf Theiss, we measure our success by the success of our clients. We align our goals with yours to ensure that your needs are being met in even the most complex of cross-border matters. This means that we know how to listen to you and help you use the assets you already have while finding opportunities.
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