In 2022, the Parliament of Ukraine passed legislation introducing an alternative method for recording and holding shares in limited liability companies (LLCs) and additional liability companies (ALCs). This development allows LLC and ALC shareholders (participants) to transfer recording of their shares from the State Register of Legal Entities, Private Entrepreneurs and Civic Associations (“State Register“) to the PJSC “National Depository of Ukraine” acting as the Central Securities Depository (“CSD“). This shift promises enhanced transparency, security and efficiency in share ownership, marking a new chapter for businesses and investors alike.

CMS' Croatian affiliate Bardek, Lisac, Musec, Skoko, and Partners has advised Privredna Banka Zagreb as the leading mandated arranger, coordinator, and agent on a EUR 283 million club loan, which also included Erste & Steiermaerkische Bank, Zagrebacka Banka, and OTP Banka, for Podravka's acquisition of companies from the Fortenova Group. Podravka also received a EUR 50 million equity investment from the EBRD, following the acquisition. Miskovic & Miskovic, BDK Advokati, and Gugic, Kovacic & Krivic advised Podravka. Mamic, Peric, Reberski, Rimac advised Fortenova Group. Wolf Theiss advised the EBRD. DLA Piper reportedly advised Podravka as well.

RTPR has advised the Integral Capital Group private equity fund on the acquisition of a majority stake in Embryos from the three founders of the business. Wolf Theiss advised the sellers.

Brandl Talos has advised Highland Europe on its investment in SmaXtec as part of a round led by KKR. Dechert's Munich-based office advised the shareholders of SmaXtec. Gibson Dunn and Wolf Theiss reportedly advised KKR. 

Wolf Theiss, working with Arqis, has advised Constellation Capital on its acquisition of Exportverpackung Sehnde Group, including the Polish entity Export Pack Polska.

Wolf Theiss, working alongside Goodwin Procter, has advised McWin Capital Partners on its partnership with Austrian scale-up ElephantSkin.

The Polish competition authority – Urzad Ochrony Konkurencji i Konsumentow (UOKiK) – is actively investigating potential collusion in the labor market.

Stratulat Albulescu has advised Catalyst Romania Fund II on leading a EUR 5 million investment round for DotLumen, with the participation of the European Innovation Council Fund, Tigrim Capital, and SeedBlink. Magureanu, Bourdenet & Associates advised DotLumen. Wolf Theiss reportedly advised the European Innovation Council.

Schoenherr has advised the managers involved on the Erste Group Bank’s issuance of EUR 1 billion 3% mortgage Pfandbriefe due 2032. Wolf Theiss advised the Erste Group Bank.

Kinstellar, working with Luxembourg-based Brouxel & Rabia, has advised Genesis Growth Equity Fund I on the acquisition of a majority stake in LLP Group from Adam Bager, Tim Smulders, Barbara Dreska, and Jiri Stiller. Wolf Theiss, working with Ashurst, advised the sellers.

The Austrian Supreme Court (6 Ob 224/23v) recently determined the requirements for a partial transfer of a share if the articles of association expressly stipulate that shares cannot be divided.

Wolf Theiss has advised Nokian Tyres on a virtual power purchase agreement with Enery. Schoenherr advised Enery.

Several amendments to pharmaceutical promotional laws in Hungary came into effect on 1 January 2025, with others following on 1 February 2025. Some of these amendments have long been urged by the pharmaceutical industry.

Wolf Theiss has advised Erste Group Bank on the successful issuance of EUR 750 million fixed to floating rate green preferred senior notes due 2033. CMS, working with Linklaters, advised the international banking syndicate working on the issuance including Danske Bank, Erste Group, Landesbank Baden-Wuerttemberg, Landesbank Hessen-Thueringen, Societe Generale, and TD Global Finance.

SSW Pragmatic Solutions has advised Eika Asset Management on an agreement with Panattoni for the planned development of a 28,000-square-meter logistics building in Sochaczew, Poland. Wolf Theiss reportedly advised Panattoni.

With the amendments to the Companies Act (the “Act”), which entered into force on 5 December 2024, Croatia has implemented EU Directive (EU) 2022/2381 on gender balance on corporate boards of listed companies (the “Directive”). The so called “Women on Boards” Directive aims to ensure that at least 40% of non-executive board seats or 33% of all board seats for listed companies are occupied by the “underrepresented sex” by the end of June 2026.

Employers often find themselves contemplating whether they should disclose the reasons for an employee’s termination to the entire workforce. While the motivations behind this consideration can be well-intentioned – such as educating remaining employees about unacceptable behaviors, promoting transparency, and preventing the spread of misinformation, there are legal implications to take into account.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.