Did You Know that a total of 15 partners have worked on multiple reported Hungarian Banking/Finance client matters in the ten years that CEE Legal Matters has been covering the market? The Banking/Finance leaderboard over the past decade is led by CMS Budapest Partner Erika Papp, who has worked on 14 reported Banking/Finance client matters in that time.

Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market (the "FSR") will become applicable this year on 12 July and 12 October (for M&A notifications) respectively.

Did You Know that a total of 11 law firm partners have worked on client matters reported by CEE Legal Matters in Bosnia & Herzegovina this year – though none has, as yet, worked on more than one?

Schoenherr has advised Nufarm Hungary on the lease for its new office headquarters in the Budapest One Office building from Futureal Prime Properties.

Starting on 22 May 2023, it will be possible to establish and register family foundations in Poland. The Polish legal system will thus be expanded by a new institution that allows assets to be accumulated and managed, and profits to be distributed to beneficiaries. The legislature wished to provide the means for family-owned businesses and their owners to engage in intergenerational wealth management and to grow their wealth over time while protecting it from dispersal to unrelated entities and persons. Hence, family foundations may serve as a means to retain and multiply a family's wealth, independent of inheritance law.

In the midst of ongoing political gridlock following Bulgaria's fifth parliamentary election in two years, industries such as energy, renewables, high-tech, and healthcare still make the country an attractive investment destination, according to Schoenherr Office Managing Partner Alexandra Doytchinova.

Contributed by Schoenherr.

While allegations of corruption continue to make headlines in Austria, the Ministry of Justice responded in January with draft legislation on the Corruption Law Amendment Act 2023.

Schoenherr, working with Luther and Hogan Lovells, has advised the Cargo-Partner Group Holding on its EUR 1.4 billion sale of Cargo-Partner GmbH and 60 other subsidiaries to Nippon Express Holdings. Freshfields Bruckhaus Deringer advised the buyer.

The Cizmovic law firm and Moravcevic, Vojnovic, and Partners in cooperation with Schoenherr have successfully represented UniCredit Bank Banja Luka in a dispute with Bitminer Factory, leading to the overturning of a EUR 131 million first instance judgment. Reportedly, the Vila law firm is representing UniCredit Bank Banja Luka in relation to the criminal charges that the bank filed against Bitminer Factory.

Schoenherr Local Partner Daniel Gera has become the firm’s new Hungarian office Managing Partner, taking over from Local Partner Kinga Hetenyi.

Schoenherr, working with Linklaters, has advised joint global coordinators and joint bookrunners BNP Paribas and Citigroup Global Markets Europe and joint bookrunner UniCredit Bank on the oversubscribed EUR 250 million issuance of convertible bonds by Voestalpine AG. Cerha Hempel advised Voestalpine.

Last Thursday the Court of Justice of the European Union ("CJEU") issued a long awaited ruling on damages resulting from a data protection infringement (C-300/21). Since the Regulation (EU) 2016/679 (General Data Protection Regulation; "GDPR") came into force on 25 May 2018, claims for damages under Art 82 GDPR due to alleged data protection violations like unlawful data processing or incompliance with the GDPR as well as in the context of data breaches or leaks have been steadily increasing. The CJEU's recent ruling clarifies essential issues but raises just as many questions.

Schoenherr has advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita. Brandl Talos advised Seven Refractories' founder and CEO Erik Zobec as well as other minority management shareholders. Cerha Hempel and Ulcar & Partnerji, working with Clifford Chance, Khaitan & Khaitan, Legance, Harneys, Eubelius, and Barnes & Thornburg, advised the buyer.

Schoenherr, working with Linklaters, has advised sole coordinator, documentation agent, bookrunner, and mandated lead arranger UniCredit Bank Austria, facility agent ING Bank, bookrunners and mandated lead arrangers Erste Group Bank, Raiffeisenbank International, and Commerzbank, as well as other banks on the EUR 1.7 billion revolving syndicated facility for Wiener Stadtwerke.

An in-depth look at Ursula Rath of Schoenherr covering her career path, education, and top projects as a lawyer as well as a few insights about her as a manager at work and as a person outside the office.

Investment activity in Austria’s technology sector remained strong in 2022, despite the global economic downturn caused by the pandemic. Cerha Hempel Partner Christoph Reiter, Schoenherr Partner Thomas Kulnigg, and Dorda Managing Partner Axel Anderl talk about where the money is coming from, where it is going, and what can be expected for 2023.

Schoenherr has advised the Lindab group on its acquisition of the ventilation business of Ventilace EU. Moore Legal CZ and Eversheds Sutherland reportedly represented the sellers.