Budapest Local Partner Ioana Knoll-Tudor has moved to Jeantet’s Paris office to strengthen the firm’s international arbitration practice, particularly in the areas of commercial and investment arbitration.
CMS has advised NEPI Rockcastle plc on its acquisition of the Arena Plaza shopping center in Budapest by means of a EUR 275 million purchase of all the issued shares in and claims against Symmetry Arena Ingatlankezelo Korlatolt Felelossegu Tarsasag, the owner of the mall, from Lanebridge Investment Management Limited. DLA Piper advised the sellers on the deal.
Last year the Hungarian Ministry of Justice prepared a new Attorney Act that would radically re-structure the current regulatory approach to in-house counsel. GCs of leading companies in Hungary were given the opportunity to share their views in the process, giving them a rare occasion to pause and collectively consider the nature of this branch of the legal profession which in its few decades of existence has grown so much in significance.
CMS has advised Axel Johnson International, a privately owned Swedish industrial group that is part of Axel Johnson, a prominent Nordic trading group, on its acquisition of a majority stake in the IOW Group, which has a presence in Poland, Bulgaria, the Czech Republic, and the Baltic countries. The sellers were reportedly advised by DLA Piper.
4th and 5th of October 2017 in Casablanca, Morocco
CMS Budapest has advised the Belgian real estate developer Atenor on the acquisition of a 19,000 square meter plot of land on the main road corridor in Budapest connecting the city center to the airport.
Baker McKenzie has advised Luxembourg-based Corpus Sireo Real Estate investment fund on its EUR 53.8 million acquisition of the Eiffel Palace building from the National Bank of Hungary. The seller was represented by Deloitte Legal.
A number of changes to the Labor Code expected to come into force on July 1, 2017, will not do so. These amendments to the Code – which were submitted to the President of the Parliament by the head of the Economic Committee – would primarily have affected work-time scheduling provisions, making the Labor Code more sensitive to the needs of the improving economy and changing labor market. According to Parliament, the amendments would have significantly improved production for businesses over a period of six to seven years.
From 1 January 2018, a broad range of business entities, including companies limited by shares, limited liability companies, limited partnerships, trade associations, private entrepreneurs, sole corporations, branch offices, cooperatives and law firms as of today, will be obliged to carry out an expansive list of administrative procedures by means of electronic communication.
With slightly over a month to go until the first Hungary General Counsel Summit — the first ever country-specific GC Summit organized by CEE Legal Matters — on August 29, 2017, three members of the “Building the Legal Function as Integral Business Unit” panel scheduled for the event gathered at the offices of Budapest's OPL Law Firm to plan and prepare for their discussion.