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Schoenherr Advises Erste Group on EUR 300 Million Share Buyback and Capital Reduction

Schoenherr Advises Erste Group on EUR 300 Million Share Buyback and Capital Reduction

Austria
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Schoenherr has advised the Erste Group Bank on a EUR 300 million share buyback followed by a cancellation of treasury shares and the reduction of its share capital.

Erste Group is a financial services provider in Central and Eastern Europe.

According to Schoenherr, "after obtaining the requisite authorization from its shareholders in March 2023 and subsequent approval from the ECB in August 2023, the Erste Group repurchased 8.89 million shares corresponding to EUR 300 million over a six-month period on the market. The company subsequently canceled the respective treasury shares and successfully completed the reduction of its share capital."

The Schoenherr team included Partners Sascha Schulz and Volker Weiss, Counsel Matthias Pressler, and Associate Roland Misic.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu