CMS has advised American International Group, Inc. on the Central European aspects of the sale of some of its insurance operations to Fairfax Financial Holdings Limited. CMS worked alongside global counsel Debevoise & Plimpton.
CMS has advised investors Michael Heinritzi and Robert Hubner on their purchase of the hotel Schloss Lebenberg in Kitzbuhel from Bank Austria. Freshfields advised Bank Austria on the deal, which is expected to close near the end of the year. The contract was signed on Friday, October 7, and the purchase price was not disclosed.
DLA Piper has announced the appointment of former CMS dispute resolution Partner Olga Vorozhbyt as Partner and Head of the firm's Ukraine Litigation & Regulatory practice.
CMS has advised Komercni Banka, a subsidiary of the Societe Generale Group, on the agreement it recently completed with Worldline — a European payment and transactional services provider — to develop product and services for Czech and Slovakian merchants. Baker & McKenzie advised Worldline on the deal.
CMS is reporting that, based on an amicable agreement with the majority shareholder of NV, which CMS advised, Uniqa and Raiffeisen-Holding NO-Wien have sold back their minority stakes in NV. Following the redemption of their shares, Uniqa and Raiffeisen-Holding NO-Wien are no longer shareholders of NV.
Schoenherr is reporting that on Friday, September 2, 2016, the Austrian Finance Minister gave the green light to finance a public offer by Karntner Ausgleichszahlungs-Fonds (KAF) to HETA creditors pursuant to § 2a of the Austrian Financial Market Stability Act. Wolf Theiss advised a number of international creditors, while many banks were advised on Austrian law and internationally by Linklaters.
According to Leonid Zubarev, Senior Partner at CMS, Russia, the economy in Russia continues to suffer from the wave of sanctions imposed on the country by the West in 2014 — an effect only exacerbated by the simultaneously plummeting price of oil and depreciation of the ruble. As a result, he reports, “clients are thinking twice,” and international law firms in Moscow are "fiercely competing" for work. The problem is especially potent, he believes, for firms without diverse practices, while those with the capacity to refocus on bankruptcy, restructuring, and other contentious practices are in a bit better position.