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According to the latest interpretation by the Romanian Trade Registry, all companies registered prior to 21 July 2019 (i.e. the date on which Law no. 129/2019 on the prevention of money laundering and terrorist financing (”Law no. 129/2019”) entered into force) must file an ultimate beneficial owner (”UBO”) statement by 15 days after the approval of their annual financial statements for 2019 or by 21 July 2020, whichever comes first.

Noerr and Eisenberger & Herzog Advise Coveris on Acquisition of Plasztik-Tranzit

The Budapest office of Noerr and Austria's Eisenberger & Herzog have advised Austrian packaging company Coveris on its acquisition of Plasztik-Tranzit Kft, a producer of flexible packaging solutions for the food industry. The unidentified sellers were advised by solo practitioner Tamas Reisz.

Noerr Budapest Helps Advise on Sale of Saxonia Systems to Carl Zeiss AG

The Budapest office of Noerr has joined the firm's multi-jurisdictional team advising Saxonia Systems Holding GmbH on its sale of Saxonia Systems AG to Carl Zeiss AG. P+P Pollath & Partners advised the buyers on the deal.

The Russian Migration Authority responsible for the Moscow region recently started to enforce laws requiring foreign employees to be present in Russia at regular intervals, and providing for the cancellation of a work permit if a foreign employee is not in Russia at least at certain intervals. This potential cancellation of a work permit even applies to employees classified as highly qualified specialists.

Dentons and Kirkland & Ellis have represented GIC, Singapore’s sovereign wealth fund, on the acquisition of the Maximus logistics real estate portfolio from funds managed by Apollo Global Management, a US-based private equity firm. Noerr advised the sellers on the transaction, which was signed in December 2019 and closed on January 31, 2020, and which was valued at approximately EUR 950 million.

A new era began on October 1, 2019 in the history of Hungarian investment promotion: there is no need for new job creation of VIP Cash Grant (regulated by Government Decree No. 210/2014) applicants anymore in case of classical manufacturing investments. The measure is a relief in the tight Hungarian labor market for both newcomers and those considering capacity expansion. In line with the above, the conditions of Development Tax Allowance (regulated by Government Decree No. 165/2014) were amended as of January 1, 2020; therefore, investors commit only to the maintenance of their current level of employees.

Noerr has advised NEI, an Indian bearings manufacturer and exporter that is part of the CK Birla Group, on its acquisition of international bearings producer Kinex Bearings and bearing trading company Global Supply. The sellers were reportedly advised by Ernst & Young.

2019 has been an eventful year for anti-corruption compliance in Russia with an extension of enforcement actions against companies, the strengthening of anti-corruption laws and new domestic compliance requirements. The crucial developments for companies are summarised below:

Noerr had advised Papierfabrik Adolf Jass GmbH & Co. KG on the acquisition of 100% of shares in the share capital of Convert PL sp. z o.o., owned by Ostoja I Fundusz Inwestycyjny Zamknięty Aktywow Niepublicznych, a closed-end investment fund backed by the Giermaziak family. Convert PL was advised by Deloitte Legal on the transaction, which closed on December 5, 2019.

Noerr at a Glance

Noerr stands for excellence and entrepreneurial thinking. With well-versed teams of strong characters, Noerr devises and implements solutions for the most complex and sophisticated legal matters. United by a set of shared values, the firm’s 500+ professionals are driven by one goal: the client’s success.

Listed groups and multinational companies, large and medium-sized family businesses as well as financial institutions and international investors all rely on the firm.

As one of the top European law firms, Noerr is also well established internationally with offices in eleven countries and a global network of top-ranked “best friends” law firms. In addition, Noerr is the exclusive member firm in Germany for Lex Mundi, the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide.

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