The Supreme Court of Cassation in Italy has recently rendered a decision that products containing Cannabidiol (CBD) shall be prohibited from being marketed on the Italian market, even if they contain less than 0.2% of the psychoactive substance Tetrahydrocannabinol (THC). The sale of such products had previously been permitted based on an amendment to the law regulating hemp production that removed the requirement to obtain a permit for “cannabis light.” This led to a “cannabis light boom.” The change was triggered based on the opinion of the Highest Italian Sanitary Council that even such “cannabis light” products could conceivably endanger human health. Following the Supreme Court of Cassation’s ruling, only products specified as medicinal products or certain agricultural varieties may be sold.
Fellner Wratzfeld & Partner, working with Linklaters, Wolf Theiss, and Gleiss Lutz, achieved the successful implementation of a "Company Voluntary Agreement," paving the way for the financial restructuring of the Steinhoff Group. Binder Groesswang and Allen & Overy advised the international creditor coordinating committee consisting of banks and funds. Latham & Watkins and Dorda advised the Secondary creditor committee, while Eisenberger & Herzog and Kirkland & Ellis advised the convertible bondholder.
DLA Piper has advised a consortium of South Korean investors working with asset manager Mastern Investment Management on the EUR 375 acquisition, made as part of a joint venture with Munich-based asset manager Wealthcore Invester Management, of the Hilton Parkview Vienna. The sellers — two Austrian family firms — were represented by Invester United Benefits and advised by Schoenherr.
In the shadow of Brexit negotiations, the European Parliament agreed on 14 February 2019 to set up an EU level tool to screen FDIs on grounds of security or public order to protect sectors. The new "Regulation (EU) 2019/452 establishing a framework for screening of foreign direct investments into the European Union" (EU-FDI Regulation) shall apply from 11 October 2020 and be binding in its entirety as well as directly applicable in all member states.
PHH has advised outside creditors Helaba and the European Investment Bank on the Educational Campuses project in Vienna, which takes the form of a public-private partnership with winning bidders HYPO NOE and Strabag. Eisenberger & Herzog advised HYPO NOE and Strabag on the deal, which is valued at over EUR 100 million.