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Cobalt and Baker McKenzie have advised on the initial public offering of the shares of Estonian state-owned company AS Tallinna Sadam, the Port of Tallinn.

Schoenherr has advised the UniCredit Group on its establishment of two exclusive strategic partnerships with Allianz and Generali for the distribution of insurance products for individuals and small businesses in Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia, Slovakia, and Slovenia. Allianz was advised by Allen & Overy, and Generali was reportedly advised by Linklaters.

Vasil Kisil & Partners has advised Auchan on obtaining a lease for a new store in Dnipropetrovsk, Ukraine.

PNSA has advised Swiss grain and fertilizer trader Ameropa on the acquisition of 40% of the shares of agribusiness companies Promat Comimpex and Agroind Cauaceu, two distributors of agricultural inputs and outputs in the northern part of Romania. The sellers, Cristian Moldovan and Dan Corbut, were represented by Kinstellar.

CMS has advised Scatec Solar ASA, a Norway-based solar power producer, on securing two solar projects in the Cherkassy region of Ukraine.

Aequo has represented Kreditanstalt fur Wiederaufbau, a German government-owned development bank, on Ukrainian law matters related to a financing extension provided to OTP Leasing LLC, a Ukrainian leasing company, in an amount equal to USD 17 million.

Schoenherr has assisted AkzoNobel on its acquisition of 100% of the shares of Fabryo Corporation S.R.L., a decorative paints company. The seller, Swedish investment fund Oresa Ventures, was assisted by Popovici Nitu Stoica & Asociatii.

Fort Legal has helped Latvia's Cabinet of Ministers win in legal proceedings concerning the layout of the route of Rail Baltica in Latvia.

Orrick and Kondracki & Celej have advised Poland's Black Pearls VC on the investment of PLN 2.94 million (EUR 700,000) by its Black Pearls VC II Fund into cloud-based Insurtech Insly, part of Insly's seed round that included investments from Concentric Ventures and London Co-Investment Fund and resulted in a total of PLN 9.2 million (EUR 2.2 million).

Michal Matejka, Head of International Commercial & Trade at Baker McKenzie Prague, has been appointed Legal Director, effective July 1, 2018.

Perry Zizzi was named Managing Partner at Dentons in Romania.

Marcin Bacal, Jolanta Okoniecka, and Weronika Papucewicz, have been promoted to the CDZ Legal Advisors partnership.

Andreas Veeret has been promoted to Partner at Fort Legal in Estonia.

Former Musat & Asociatii Managing Associate Razvan Pele has joined Romania's Maravela & Asociatii as Partner.

Former Dentons Partner Milan Kohlrusz has joined forces with Csaba Bittera and Peter Toth, long-time legal advisors to Budapest Airport, to launch Budapest's new Bittera, Kohlrusz & Toth law firm.

Daryna Sydorenko has joined Sayenko Kharenko as the coordinator of its Technology and Cybersecurity Group.

Senior Counsel Edwin Tham and Counsel Peter Khokhlov have been promoted to Partner at the former Danilov & Konradi law firm in Moscow, which now changes its name to Danilov & Partners.

Andras Daniel Laszlo, a former partner at Szecskay, has teamed up with Zoltan Titusz Fekete, who previously worked at RSM Hungary and for ten years with the Hungarian tax authority, and with Gaspar Bagamery, who worked with DLA Piper and Szecskay, to establish a new boutique in Budapest under the brand of LFB.

The most popular Bulgarian security interests under credit transactions are special pledges, resembling English floating charges.

This is the first in a series of articles by Schoenherr focusing on efficiency in arbitration. In our series, we will explore various tools which serve to improve the efficiency of any given arbitration and so achieve a favourable outcome without wasting resources.

Need for Transparency

The Serbian Parliament adopted the Financial Collateral Act ("FCA") on 8 June 2018 (published in the Official Gazette of the Republic of Serbia, no. 44/2018). The FCA bill was proposed by the Serbian Central Bank (National Bank of Serbia, "NBS") on 22 May 2018 and the FCA will apply as of 1 January 2019. Financial contracts which have not been enforced by 1 January 2019 will be enforced pursuant to the existing rules that were in force before the FCA started to apply.

Communique Regarding the Amendments ("Amendment Communique") (II-26.1.b) to the Communiqué on Takeover Bids (II-26.1) (“Communique) announced by the Capital Markets Board (“CMB”) has been published in the Official Gazette dated 05.06.2018 numbered 30442 and entered into force at the date of its publication.

The Turkish Competition Board (the “Board”) has recently published its reasoned decision  with respect to its ex officio preliminary investigation on (i) the validity of the non-compete obligation in the articles of association (“AoA”) of a joint venture company, namely WKS Istanbul Tekstil Kalite Kontrol Hiz. Ltd. Şti. (“WKS Istanbul”), which is active in quality control of textiles and (ii) the parties’ request for negative clearance of the relevant non-compete obligation.

It seems not only companies but also many Member States were so busy preparing for the GDPR that they lost sight of the Trade Secrets Directive that should have been transposed into national laws by June 9. That's regrettable, because it is important legislation between "privacy", unfair competition and IP, establishing a modern and for the first time EU-wide regime for the protection of trade secrets.

The European Union’s General Data Protection Regulation is, according to the EU-hosted GDPR website, “the most important change in data privacy regulation in the past 20 years.” The Act, which was approved by the EU Parliament on April 14, 2016 and will become fully effective on May 25, 2018, was designed “to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy, and to reshape the way organizations across the region approach data privacy.”

Implementation of large-scale real estate development projects almost always requires the simultaneous development of new or upgrades to existing public infrastructure necessary for the unimpeded use of the main project. Back in the old days, real estate development projects suffered, from time to time, from slow public infrastructure development since the relevant public authorities either had no interest in or had no available funds to develop the missing infrastructure.

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“The current topics on the Romanian legal market are the GDPR’s implementation and the recent decision of the country’s Constitutional Court concerning the dismissal of the National Anticorruption Directorate's chief,” says Germin Petcu, Partner at Dobre, Tulei & Asociatii in Bucharest. “There is quite a political struggle right now in Romania,” he adds, noting that in the long term this may affect businesses and foreign investment in the country.

On January 4, 2018 CEE Legal Matters reported that Schoenherr had advised BUWOG AG and Freshfields Bruckhaus Deringer had advised Vonovia SE on Vonovia’s voluntary public takeover bid of BUWOG. The takeover offer placed the enterprise value of BUWOG at around EUR 5.2 billion. We reached out to several of the individuals involved in the deal for information: Christian Herbst, Partner, Schoenherr and Thomas Zottl, Partner, Freshfields Bruckhaus Deringer 

Jovan Velkovski is the Head of Legal at JAT (Yugoslav Airlines) Tehnika, an Aircraft Maintenance Repair & Overhaul Center in Belgrade. Prior to joining the company, he worked as a Senior Legal Advisor at Privredna Banka Beograd, where he gained professional experience in bankruptcy cases.

On October 30, 2017, CEE Legal Matters reported that South African investment fund Coast2Coast had acquired Polish soup and pate manufacturer Profi — one of several recent CEE investments. Coast2Coast's Regional Counsel CEE Anna Wawrzynczak agreed to answer our questions about the recent acquisitions.