Popovici Nitu Stoica & Asociatii has assisted Voestalpine AG on the acquisition of a 60% stake in Travertec Buzau from PCM RAIL.ONE AG. Tuca Zbarcea Asociatii advised RAIL.ONE on the sale.
Romania’s Competition Council is one of the country’s most active and demanding regulatory authorities, with hundreds of sector inquiries and investigations conducted in two decades of activity and significant fines being levied against offenders each year. The powers of the RCC have increased in recent years, as a result of efforts to encourage and protect whistleblowers, new developments in forensic procedures, and cross-border cooperation and action. In addition, the European Commission’s March 22, 2017 proposal to empower national competition authorities is expected to increase the RCC’s reach and efficiency.
Maravela | Asociatii has assisted Precision for Medicine in connection with Romanian law aspects of its multi-jurisdictional acquisition of contract research organization Argint International. Bird & Bird was lead counsel to Precision for Medicine on the deal. Kinstellar's advised the sellers on Romanian, Czech, and Hungarian aspects of the deal, working with lead counsel Osborne Clarke.
Wolf Theiss has assisted funds advised by Revetas Capital Advisors LLP, a real estate investment advisor focussed on the CEE market, in the acquisition of the Landmark, a premium office complex located in Bucharest’s Central Business District, from Manali Holdings Limited and Daphne Consultancy Real Estate SRL. PeliFilip reportedly advised the sellers on the deal, which closed at the end of October 2018. Financial terms were not disclosed.
Ijdelea Mihailescu has assisted Black Sea Oil & Gas throughout the performance of the open season capacity booking process and its entrance into a gas transmission contract with SNTGN Transgaz necessary for the Midia Gas Development Project, a project aimed at putting the natural gas of XV Midia Block, offshore Black Sea, into production.
At a global scale, trends in the financial sector are undoubtedly oriented towards digitalization. By employing new technologies, financial institutions are striving to meet clients’ surging demand for contracting financial services via digital channels. In other words, the spotlight is turning from branch-proximity to digital-technology, as the use of paper-based documentation and the need for clients to be present in person when contracting financial services are shrinking.
Debate is raging about the Romanian "offshore" law setting out the legal framework for oil & gas exploration and production in the Black Sea offshore perimeters (the "Offshore Law" or the "Law"), fuelling political turmoil and deterring investment. After a failed attempt to pass the Offshore Law in summer, there are signs of much needed stability.
The Romanian Parliament recently passed a piece of legislation in view of transposing Directive 2016/680 on the protection of physical persons with regard to the processing of their personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data (“Directive 2016/680”). The legislation is currently pending entry into force.