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On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016.

Hogan Lovells is reporting that it achieved a victory for Edenred in its ICSID arbitration against Hungary, with the Tribunal ruling in favor of Edenred and ordering Hungary to pay around EUR 23 million, plus interest. Baker & McKenzie represented Hungary in the arbitration.

The Deal:

On August 15, 2016, CEE Legal Matters reported that the Esin Attorney Partnership (a member firm of Baker & McKenzie International), Hogan Lovells, and Paksoy had advised on Burgan Bank’s USD 87 million and EUR 57 million syndicated multi-tranche term loan agreement with 13 banks from 8 countries. The banks were led by HSBC, acting as coordinator, Arab Banking Corporation (B.S.C.), acting as agent, and Commerzbank Aktiengesellschaft, Filiale Luxemburg, HSBC Bank Middle East Limited, and Mashreqbank PSC acting as initial mandated lead arrangers and bookrunners.

Allen & Overy has advised SGL Carbon SE, a leading global manufacturer of carbon-based products and materials based in Wiesbaden, Germany, on the conclusion of a syndicated revolving credit facility with a syndicate of banks advised by Freshfields. Binder Groesswang advised SGL Carbon on matters of Austrian law, with Burness Paull advising the company in Scotland, Viera de Almeida & Associados in Portugal, and Baker & McKenzie in the United States.

Baker & McKenzie has assisted Amundi Immobilier in obtaining the first license for the marketing of a foreign real estate investment fund to private investors in Austria under the Alternative Investment Funds regime. The OPCIMMO fund, managed by Amundi Immobilier, was introduced in France in 2011. Now, it will be offered to private investors in another country for the first time. 

Kinstellar has advised on the Czech aspects of the divestment of Xella, a leader in building solutions, to an affiliate of US private equity group Lone Star in a deal valued at EUR 2.2 billion. Among the many other firms working on the deal were Gibson, Dunn & Crutcher and Millbank, Tweed, Hadley & McCloy for Xella and Hengeler Mueller and Kirkland & Ellis for Lone Star.

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