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33 New Articles

Cerha Hempel Spiegelfeld Hlawati, working in association with Gowling WLG, has advised the Convergys consumer management company on its EUR 123 million acquisition of buw, Germany’s largest service provider in the customer care industry in private ownership. Taylor Wessing advised sellers Karsten Wulf and Jens Bormannon on the deal, which remains contingent on certain adjustments and regulatory approvals.

CMS has advised MOL Plc. (“MOL”), the integrated international oil and gas company headquartered in Budapest, on a EUR 615 million revolving credit facility provided by a group of ten banks. Dentons advised the banks on the facility, which was coordinated by BNP Paribas and Erste Group Bank AG, with Erste Group Bank AG acting as the Facility Agent.

Four firms in Central and Eastern European — Pepa & Dobre from Romania, JebwabnyLegal from Poland, Krutak & Partners from Czech Republic, and DKKR Partners from Hungary – have joined forces to create Arcliffe, which they describe as "a premiere legal practice in CEE.” Together, the firm claims 40 lawyers, including 18 partners.

Rob Irving is an M&A and private equity Partner and Co-Chair of Denton’s global Private Equity group. He has worked on landmark transactions throughout Central and Eastern Europe and South-Eastern Europe as well as Turkey since 1991. He started his legal career with White & Case, where he worked until May 2015, when, together with the entire White & Case Budapest office, he joined Dentons.

Janos Miklos Jakab has been the Legal Director of Coca Cola HBC for the last two years. Prior to joining the soft drinks company, he worked as an external consultant as the Managing Partner of Island Hill Consulting, preceded by a long tenure with British American Tobacco from January 2001 to 2012, by which time he had become BAT’s Director of Legal and Security Affairs for Hungary and Austria.

A select group of prominent Hungarian lawyers gathered at Dentons’ Budapest office on April 6, 2016, for a CEE Legal Matters Round Table conversation about the state of and prospects for the Hungarian economy and the Hungarian legal market. The 90-minute conversation touched on topics including the encouraging signs of recovery, the effects of the “soft nationalization” carried out by the Hungarian government in various sectors, fee trends, and changing expectations of the new generation of lawyers.

An Employee Stock Ownership Plan (ESOP) can be established for boosting the company’s economic performance by providing the company's workforce with business interest in the company. As a result of the newly adopted Hungarian legislation on ESOP, financial institutions and insurance companies are no longer excluded from the possibility of creating an ESOP, which, nevertheless, remains an available tool for other companies as well.  

Women’s Day is behind us, but the subjects of gender equality and equal opportunity are of year-round concern. This, the first part of a special two-part CEE Legal Matters article on women in private practice in CEE, provides the numbers and percentages from leading law firms across CEE, as well as a more thorough snapshot of one representative market. Part II of the report, in the June issue, will pull back the curtain even more, providing feedback and perspectives from lawyers across the region.

Employing overqualified employees has long been a source of debate among human resources (HR) professionals. Several practical HR aspects must be addressed when employing such workers, which often give rise to legal issues. This update highlights these issues in the context of Hungarian law.

Hungary has recently provoked criticism and elicited recommendations on account of its unfriendly environment towards investors, with a report issued by the EBRD having significant impact.

On 11 January 2016, the Hungarian Competition Authority (Authority) announced the highest fine it has ever imposed on an association on account of horizontal information exchange. The fine of ca. EUR 12.7 million (HUF 4 billion) was imposed on the Hungarian Banking Association (Association) for the Association's database, which included not only strategically relevant, but also confidential data.

The use of temporary staff agencies and agency workers has increased steadily in Hungary over the past two decades. The legal relationship in this context is usually referred to as 'workforce lending', as it is understood that the agency's assignment of workers to the undertaking that uses them constitutes lending.

Dentons has advised South African integrated discount retailer Steinhoff International Holdings in its acquisition of a 50.8% majority stake in Hungarian e-commerce company Extreme Digital — with Wolf Theiss advising Extreme Digital. Neither Dentons nor Wolf Theiss was able to provide additional details on the transaction.

On October 6, 2015, the Court of Justice of the European Union (CJEU) issued its judgment on the Maximillian Schrems vs Data Commissioner case (the “CJEU Decision”). Within the week, dozens of client alerts circulated from law firms describing the impact of the decision on companies operating within EU member jurisdictions and beyond. What follows here is a review of pressing issues in various CEE jurisdictions, considering this decision and its ramifications. 

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

Firm's website: http://www.wolftheiss.com/

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