In an eagerly awaited development, Romania has taken a step forward in fostering more clarity on essential concepts relevant for foreign direct investment (FDI) screening, by publishing draft guidelines (the "Guidelines"), anticipated to enter into force in March 2025. While the Guidelines may not bring major surprises for practitioners who have been working in the FDI trenches since the regime came into force in April 2022, the formal codification of the authority's practice is a welcome step toward greater transparency and predictability.

As part of the EU Gas and Hydrogen Package, Directive (EU) 2024/1788 of 13 June 2024 ("Internal Gas Market Directive; IGMD") makes provisions for the first time on the phase-out of gas by network operators through the decommissioning of gas networks. Article 57 IGMD stipulates that gas distribution system operators ("DSO") must develop network decommissioning plans ("NDP") if a reduction in natural gas demand is foreseeable. The competent national authorities assess whether the NDP for the distribution network meets the principles set out in the IGMD.

Gecic Law, working with Clifford Chance, has advised Telekom Srbija on its acquisition of Eon TV International from United Group as part of a deal that also saw United Group sell SBB Belgrade to e& PPF Telecom Group. Kinstellar, working with Sullivan & Cromwell, advised e& PPF Telecom Group. Moravcevic Vojnovic and partners in cooperation with Schoenherr, working with Kirkland & Ellis, advised United Group.

Kinstellar has advised TSH Investment on the acquisition of the Park Center shopping mall in Sofia from Revetas Capital Advisors. Schoenherr advised Revetas on the deal.

Schoenherr, working with Argo, has advised Group Vandamme on the sale of its Hungarian activities to ADM. Baker McKenzie advised the buyer.

The Export Credit Insurance Corporation (Korporacja Ubezpieczeń Kredytów Eksportowych; "KUKE") is the only export credit agency in Poland providing export insurance for trade security in high-risk markets guaranteed by the Polish State Treasury, regulated by the Polish Act of 7 July 1994 on Insurance Guaranteed by the State Treasury.

Captive insurance has experienced significant growth globally in recent years, driven by hard market conditions, emerging risks and increased volatility. Statistics reveal a steady increase in the number of captives over the past four years, rising from 5,879 in 2020 to 6,181 by the end of 2023, according to the Captive Managers and Domiciles Rankings + Directory 2024 published by Business Insurance.[1] Captive insurance companies are also increasingly used by Forbes 1000 and Fortune 500 companies to manage complex and emerging risks.

A&O Shearman has advised LaSalle Investment Management on the sale of the Wronia 31 office building in Warsaw’s Central Business District to UNIQA Real Estate Management. Koda reportedly advised UNIQA. Schoenherr reportedly advised on the deal as well.

On 17 December 2024, in a lawsuit brought by a tenant against his landlord for repayment of operating costs and rent increases based on indexation, the Supreme Court ruled (10 Ob 54/24z) that the landlord was obliged to repay the operating costs, but confirmed the validity of the value retention clause and provided some clarification on points that had previously been controversial.

Former Protopopescu & Partners Founding Partner Tiberiu Protopopescu has joined Schoenherr as a Senior Attorney at Law.

Schoenherr has advised Connectis on the acquisition of SpeedApp. Crido reportedly advised the sellers.

White & Case has advised the lenders on the financing for the acquisition of Cellnex's business in Austria. Binder Groesswang reportedly advised the lenders as well. Schoenherr, working with Hogan Lovells, reportedly advised the sponsors.

Schoenherr has advised ImWind and Bloch3 on obtaining an environmental impact assessment permit in Austria for the Rustenfeld wind farm.

On 21 January 2025, the Serbian Commission for Protection of Competition submitted draft proposals to the Government for four new regulations concerning the exemption of certain categories of agreements from the prohibition of restrictive agreements.

In M&A transactions, there is often a transfer of activities and a subsequent transfer of rights and obligations under employment law within the meaning of European Directive 2001/23/EC on the approximation of the laws of the Member States on safeguarding employees’ rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (TUPE transfer). As a result, the seller’s employees who worked in the transferred establishment will transfer to the buyer. If the buyer has existing employees, the working conditions of the original and new employees may differ. These differences can pertain to salaries and benefits. Are they permissible?

TGS Baltic, working with Vinge, has advised Bergs Timber on the sale of its Latvian sawmill business Vika Wood to Nextwood One, part of the Austrian HS Timber group. Schoenherr advised HS Timber on the deal. Cobalt reportedly advised HS Timber as well.

Moravcevic, Vojnovic and Partners in cooperation with Schoenherr has advised RP Global on the sale of 100 % of the share capital in a portfolio comprising a 200-megawatt onshore wind power project located east of Belgrade and a 768-megawatt pipeline of wind and solar projects in Serbia to Alcazar Energy Partners.

The Croatian Government is preparing to establish a comprehensive system for screening foreign direct investments (FDIs) by adopting the new Act on the Screening of Foreign Direct Investments (the "Act").