The new EU Trade Secrets Directive will have a significant impact on Austrian law. But does it establish a new Intellectual Property right?
Czech lawyers, not known for ebullience, are nonetheless finding it hard to keep the smiles off their faces. After a decade of disappointment and struggle, if the Managing Partners at Czech firms are to be believed, the last remnants of the global financial crisis have dissipated and business is booming. As spring rolls through Central Europe, the sunshine is both meteorological and metaphoric. Prague is basking in the warmth.
As the Directive of the European Parliament and of the Council on Payment Services in the Internal Market (PSDII) introduces a number of changes to existing Czech legislation, a completely new Payment Services Act regulating the provision of payment services will be adopted in the Czech Republic. PSDII should be implemented by January 13, 2018.
As consumers conduct an ever-increasing amount of their shopping and banking on-line, the digitalization revolution is having a significant effect on both industries, and payment service providers – companies offering online services allowing merchants to accept electronic payments by, among other forms, credit cards or bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking – are working with both merchants and banks to facilitate their operations.
Schoenherr has assisted TIWAG-Tiroler Wasserkraft AG in its implementation of the "Storage Power Station Kuhtai" project in Austria by successfully gaining the approval of Austria's Federal Administrative Court.
Schoenherr has advised Bulgarian Eagle airlines, the ACMI (Aircraft, Crew, Maintenance, and Insurance) carrier recently founded by the Germania Group, on its expansion into Bulgaria and on obtaining an official air operator certificate from the Bulgarian authorities, which allows the airline to use aircraft for commercial purposes. After all the necessary licenses were issued and a demonstration flight was successfully completed, the Bulgarian aviation authority cleared the new airline for take-off.
Schoenherr has advised PSA Peugeot Citroen SA on its acquisition of General Motors' Opel Austrian subsidiary and Opel manufacturing site in Vienna. Cleary Gottlieb Steen & Hamilton advised General Motors on the deal.
Weil is representing OTP Bank on two major transactions involving its Romanian and Serbian subsidiaries and the National Bank of Greece. Karanovic and Nikolic provided local advice to OTP in Serbia, and Schoenherr provided local advice in Romania. Freshfields advised the National Bank of Greece on both deals.
Schoenherr has advised Swedish telecommunications group Tele2 on the sale of subsidiary Tele2 Austria to mobile company Hutchison Drei Austria GmbH for an enterprise value of EUR 95 million. Freshfields Bruckhaus Deringer advised the buyer on the transaction, which is expected to close following approval by the Austrian competition authority.
Fellner Wratzfeld & Partner has advised VBV-Pensionskasse Aktiengesellschaft on its acquisition of the inner-company pension fund of Austria's EVN AG energy company. Schoenherr advised EVN AG on the matter.
Schoenherr has advised Kronberg International on the acquisition of Mall Varna EAD from Raiffeisen Bank International AG. Deloitte Legal advised RBI on the deal, which closed in Q2, 2017. The purchase price was not disclosed.
Leroy si Asociatii has advised the French group Lactalis on its successful acquisition of Romania's Covalact S.A. dairy producer, from the SigmaBleyzer private equity firm. Schoenherr advised the sellers on the deal.
Schoenherr has advised real estate investment company Deka Immobilien on its acquisition of DC Tower 1 in Vienna, the tallest hotel and office building in Austria, from a UniCredit Bank Austria AG subsidiary. Sixty percent of the shares will be allocated to the Deka-ImmobilienGlobal portfolio and forty percent to the Deka-ImmobilienEuropa portfolio. Fellner Wratzfeld & Partner advised UniCredit on the deal. Closing took place on July 6, 2017 and the purchase price was not disclosed.
Schoenherr has advised Telekom Slovenije d.d. on the settlement of its contractual ties with IZI mobil d.d. ("IZI mobil").
Schoenherr has achieved an important victory on behalf of Vienna International Airport (VIE) and the province of Lower Austria in a case regarding the construction of a third runway at the airport.
In The Corner Office we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. The question this time around: Is your personal practice more or less the one you anticipated when you finished law school, or did it change somehow in the interim?