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With CMS’s recently published European M&A Outlook report taking the temperature of the M&A activity across the continent, CMS Romania Managing Partner Horea Popescu and CMS Vienna Partner Alexander Rakosi share their insights on M&A trends in the CEE region.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal lists) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Reed Smith Partner Kevin-Paul Deveau.

The statutory right to vacation originally arose from the employer’s duty of care for its employees. The Austrian Vacation Act of 1976 is a manifestation of this duty of care. It provides for five – with some seniority six – weeks of vacation for each working year. The law also expressly states that vacation should be used up, if possible, by the end of the year in which it was accrued. However, the employer and employee must agree on the specific leave days. In general, this means that neither the employee can take off for vacation unilaterally, nor can the employer impose it. Therefore, if there is no agreement on the actual use of vacation, this leads to an accumulation of vacation days.

Baker McKenzie has successfully represented Google before the Court of Justice of the European Union in challenging the Austrian Communication Platforms Act, which it describes as "far-reaching content moderation legislation" aiming to regulate "large online platforms established in other EU member states."

Wolf Theiss has advised the Vienna Insurance Group on the increase of its stake in Hungarian holding company VIG Magyarorszag from 55% to 90%, by acquiring the extra stake from Hungarian state holding company Corvinus. PK & Partners reportedly advised Corvinus.

Herbst Kinsky and WKB Lawyers have advised TX Logistik in the merger control proceedings before the Austrian and Polish competition authorities for its acquisition of Exploris Deutschland Holding, with Orrick Herrington & Sutcliffe reportedly advising on the proceedings in Germany.

A new legal company form and the reduction of the minimum share capital of limited liability companies is expected to make Austria more attractive in the international corporate landscape, particularly for start-ups and venture capital companies.

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