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Clifford Chance has advised Vseobecna Uverova Banka, a.s., a Slovak subsidiary of Intesa Sanpaolo, in connection with the update of its EUR 5 billion covered bond program and its inaugural syndicated EUR 500 million issuance listed on the Luxembourg Stock Exchange.

CMS has advised Gramercy Europe, acting through its fund Gramercy Property Europe III, on the successful acquisition of the KiK Logistics Centre near Dunajska Streda, Slovakia, from Go Asset and ECE European City Estates. Peterka & Partners advised the sellers on the deal.

“The biggest current concern in Slovakia is the non-operating Constitutional Court,” says Cechova & Partners Senior Partner Katarina Cechova, who claims that for the first time in its history the Slovak Republic faces real concerns about the future of its major judicial institution.

In its December session the Slovak parliament will decide whether to adopt a sectoral tax in the form of a 2.5% levy on net quarterly turnover of retail chains (the “retail chains levy”). The official purpose of the bill under consideration is to reach the strategic goal of food self-sufficiency, to finance the creation of mechanisms supporting Slovakia’s agricultural production and food industry, and to weaken the allegedly dominant position of large retail chains as regards their profits. The annual yield of the new tax is estimated at approximately EUR 150 million – a figure on which the Ministry of Finance relied in calculating its state budget for 2019.

At the end of 2018 long-time Allen & Overy Partner Hugh Owen announced that, after 23 years at A&O — 19 of which were spent in CEE — he was stepping away from that Magic Circle firm to start his own consulting firm, called Go2Law. A year later, we checked in on him.

Weinhold Legal has provided Czech and Slovak assistance to Henry Schein, which the firm describes as "the world's largest provider of health care solutions for office-based dental and medical professionals," in relation to the spin-off of the company's animal health business.

The Bratislava office of Glatzova & Co, working with lead counsel Hengeler Mueller, has provided legal advice on the Slovak part of the acquisition by Canadian information technology services provider Syntax and private investor Novacap of a stake in IT company Freudenberg.

RTPR Allen & Overy in Bucharest and Allen & Overy in Bratislava have advised a syndicate of banks in relation to a USD 68 million credit facility granted to Romania's Alro Slatina. Zamfirescu Racoti & Partners advised Alro on the deal. 

The Slovak Republic’s favorable environment for investors and entrepreneurship has sometimes been obscured by law enforcement issues. The country’s Act No. 307/2016 Coll. on Electronic Debt Collection (the “Act”), which became effective in the Slovak legal system on February 1, 2017, was designed to improve law enforcement, speed up debt collection for creditors, and optimize expenses related to the procedure. The Act provided for simplified court proceedings held by electronic means with less administration and a reduced burden of proof, leading to an electronic payment order issuance, providing a quicker alternative to standard payment order judicial proceedings.