CMS teams in Austria and Croatia have advised Zagrebacka banka d.d, a member of UniCredit Group, on its sale of non-performing loan portfolios to a company controlled by APS Holding a.s. Ostermann & Partners advised APS Holding on the deal.
When asked what’s happening in Croatia, Dusko Zuric’s answer is simple: "Agrokor is happening.” Zuric, the Managing Partner of Croatia’s Zuric i Partneri, sighs at the extent of the liquidity fallout from the implosion of Agrokor’s landmark 2013 acquisition of Slovenia’s Mercator, which created one of the biggest food and retail businesses in Central and Eastern Europe, but also resulted in the accumulation of almost EUR 6 billion in debt, leading Agrokor’s president and 95% owner, Ivica Todoric, to seek protection from creditors and to hand control of the group to the emergency administration controlled by the Croatian state and court, all under a newly passed law — nicknamed Lex Agrokor — creating a form of pre-bankruptcy protection for systemic enterprises.
The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.
On May 31 and June 1, 2017, CEE Legal Matters was proud to host a rare event: A gathering of those senior lawyers from each Central and Eastern European country identified by peers as being most influential, most important, most uniquely responsible for having created the country’s modern commercial legal market.
Divjak, Topic & Bahtijarevic, working alongside Gide Loyrette Nouel, has advised BNP Paribas Cardif Insurance in the sale of its Croatian entity to Croatia Osiguranje, the largest and oldest insurance company in Croatia, making Croatia Osiguranje the sole owner of BNP Paribas Cardif Insurance in Croatia. The signing took place on May 24, 2017, although the transaction remains subject to final approval by the Croatian Financial Services Supervisory Agency. Croatia Osiguranje was advised by Praljak & Svic.
Even if you are not a lawyer, you must have heard about the so called “right to be forgotten.” You may know that it is a privacy right that allows you to demand removal of your personal information from web search results produced by a search engine and published on the Internet. The question is who is obligated to remove your personal data from the Internet upon your request. The answer is simple – the operator of that search engine, even if it is not located in your country of residence. For some mysterious reason, this simple answer does not appear to be clear to everyone.
Ostermann & Partners has assisted APS Holding with its acquisition of a Croatian portfolio of non-performing loans with a nominal value significantly exceeding EUR 100 million from Hrvatska Postanska Banka with the approval of the Croatian National Bank. The Hrvatska Postanska Bank was reportedly advised by Schoenherr.
A two-hour webinar, May 9, 2017, from 11am -1pm NYC time
Weinhold Legal, Divjak, Topic & Bahtijarevic, and Selih & partnerji have advised on the merger of entities within the Olympus group, as Croatia's Olympus d.o.o and Slovenia's OLYMPUS SLOVENIJA d.o.o. merged into the Czech entity, Olympus Czech Group, s.r.o., clen koncernu. The merger was registered on March 1, 2017.
Dorda Rechtsanwalte has advised Austrian real estate investor and developer Supernova Group in its successful acquisition of four DIY retail properties in Croatia: The Garden Mall shopping center in Zagreb, two retail parks in Koprivnica and Sisak, and one property in Pozega. For the Croatian legal aspects, Dorda collaborated with Pecarevic & Relic.
CMS has advised long-standing client OTP Group on its acquisition of Societe Generale’s Croatian bank, Splitska Banka, and its leasing and insurance subsidiaries. Jones Day Paris was lead counsel to Societe Generale, with Schoenherr Zagreb advising on Croatian matters.
In Croatia, acquiring a company’s own shares is often a useful tool for the implementation of management and employee reward plans, employee stock ownership plans (ESOP), and various bonus policies of joint stock companies. The company would normally acquire a desired number of its own shares and distribute them to selected employees according to a reward program. EU legislation describes these programs as “buy-back programs.”