A glimpse at legal challenges in mergers and acquisitions within an uncertain business environment.

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.

Orrick has advised Ellia on its USD 1.5 million seed funding. Wolf Theiss reportedly advised Bulgarian Eleven Ventures on leading the funding round.

Radovanovic, Stojanovic & Partners, working with Gianni & Origoni and Schindler Attorneys, has advised the shareholders of SKS365 Group on the sale of SKS365, including its Serbian subsidiaries, to the Italian Lottomatica Group. Sidley advised the Lottomatica Group.

The landscape of cross-border reorganisations in Poland has undergone significant changes with the amendments to the Code of Commercial Companies, effective as of 15 September 2023. The revisions introduce a pivotal element – the requirement for a certificate of compliance with Polish law for cross-border reorganisations.

Wolf Theiss has advised Switzerland-based generic medicines company Sandoz on its long-term office lease agreement with RSJ Investments for business premises in Prague. Wilsons advised landlord RSJ Investments.

The recent amendments to the Code of Commercial Companies (CCC) introduced on September 15, 2023, have prompted a review of the Polish Tax Ordinance System Act, stemming from concerns raised by tax advisers regarding potential discrepancies in the tax laws that may lead to interpretational disputes between taxpayers and authorities.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

WKB Lawyers, working alongside Norway-based Advokatfirmaet Wiersholm, has advised Orkla on the sale of a 40% stake in Orkla Food Ingredients to Rhone. Norway's Thommessen reportedly advised Rhone.

The new provisions of the Code of Commercial Companies, which came into force on 15 September 2023, include a number of changes regarding cross-border and domestic mergers, divisions and conversions of commercial law companies. This is yet another major amendment to the Act, introduced less than a year after a significant amendment specifically concerning the formation and operation of capital groups, as well as changes to the rules of operation of company bodies, came into force.

The amendment to the Code of Commercial Companies (CCC), which came into force on 15 September 2023, introduced the possibility of dividing commercial companies by separation – that is, in essence, the creation of subsidiaries within which property can be transferred using the principle of general succession. A number of changes have also been introduced with regard to international and domestic mergers.

The latest amendment to the Labour Code implemented, among other things, the EU Directives on Work-life Balance and on Transparent and Predictable Working Conditions into Czech law. The amendment was enacted by the President of the Czech Republic on 17 September 2023 and entered into force shortly thereafter, on 1 October 2023. The deadline for transposing these directives had already passed, so it is a case of better late than never.

Wolf Theiss has advised joint lead managers Erste Group Bank, Hypo-Bank Burgenland, Hypo Noe Landesbank fur Niederoesterreich and Wien, Raiffeisen Bank International, and UniCredit Bank on the Federal State of Lower Austria’s EUR 500 million issuance of 3.625% 2023-2033 bearer bonds. Fellner Wratzfeld & Partner reportedly advised the issuer.

Wolf Theiss has advised Ballingslov International on the acquisition of Dan-Kuechen. Binder Groesswang advised Dan-Kuechen on the sale.

Did You Know that the ten firms that have worked on the most client matters reported by CEE Legal Matters through Q3 of 2023 are equally divided between international and regional powerhouses? According to the Activity Rankings function of the CEELMDirect website, Magic Circle-member Clifford Chance, which has worked on a remarkable 66 deals reported by CEE Legal Matters in the first nine months of 2023, leads the pack, but Vienna-based Schoenherr is close behind with 64.

Schoenherr has advised Wienerberger on its EUR 350 million issuance of 4.875% sustainability-linked 2023-2028 bonds. Wolf Theiss advised joint lead managers and bookrunners Commerzbank, Danske Bank, Erste Group Bank, and UniCredit Bank.

Despite concerns over automotive suppliers relocating due to geopolitical tensions, the automotive sector in Slovakia has remained resilient. The sector continues to be the backbone of the economy, with tax revenues and employment surpassing other industries, although challenges do exist. Ruzicka & Partners Managing Partner Jaroslav Ruzicka, Wolf Theiss Counsel and Head of Corporate/M&A Bruno Stefanik, and Cechova & Partners Head of Automotive Practice Michal Simunic take a closer look at the status of the sector.

WKB Lawyers has advised PGE Energia Odnawialna on its acquisition of the 24.85-megawatt Zalesie wind farm. Wolf Theiss advised the LongWing Energy Group on the sale.