CMS has advised the Coalco Development real estate developer on its sale to VTB Real Estate of 90% of the Tsar Square (Tsarskaya Ploshad), Presnya City, and Basmanny 5 projects for construction of business class residential complexes in Moscow. Dentons advised VTB on the deal.
The Moscow office of Eterna Law has successfully acted for European insurance company Credimundi NVSA — a member of the Credendo group — in a dispute involving Credimundi’s claim for subrogation by JSC Southern Kuzbass Coal Company on an insurance payment related to non-payment of an amount due for the supply of goods.
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.
Egorov Puginsky Afanasiev & Partners (EPAM) has successfully represented American international paint and coatings manufacturer Valspar before the Russian Federal Antimonopoly Service (FAS) regarding Sherwin-Williams USD 11.3 billion acquisition of 100% of shares in the company. The deal is expected to be completed by the end of the first quarter of 2017.
BPV Grigorescu Stefanica is reporting that it advised the Latvian financial group 4Finance on its acquisition of the financial group TBIF Financial Services from Kardan Financial Services NV. The deal was coordinated globally for 4 Finance by the Moscow office of Akin Gump, with Ickovics Neustadter Clark Sabag & Co. (INCS) advising Kardan NV on the transaction, which closed on August 11, 2016, with various post-closing steps and procedures still pending.