China's Global Law Office has advised a consortium consisting of China Merchants Expressway Network & Technology Holdings Co., Ltd., China Merchants Union Limited, Zhejiang Expressway Co., Ltd., Jiangsu Expressway Company Limited, Sichuan Expressway Company Limited, and Anhui Expressway Company Limited on its acquisition of 51% of the project company of Istanbul's Third Bridge and Northern Marmara Motorway project.
Recent amendments to the Turkish legislation regarding electronic marketing communications introduced a centralized management system for obtaining, exercising and tracking the opt-in/opt-out requests as well as complaints of the recipients of electronic commercial communications. Service providers sending electronic commercial communications to customers will need to register with this new centralized management system, and notify and/or process opt-in and opt-out requests and complaints regarding electronic commercial communications through this centralized management system.
The Pelister Atayilmaz Enkur Law Office has advised the Hoshizaki Corporation on its acquisition of 28.6% of shares in Oztiryakiler Madeni Esya Sanayi ve Ticaret via a share transfer from the Oztiryakiler family and the subscription of new shares following a capital increase in Ozti. The Oztiryakiler family was advised by Taboglu Attorneys at Law. Financial details of the transaction, which was cleared by the Turkish Competition Board on December 6, 2019, and closed on December 17, 2019, were not disclosed.
Paksoy and Shearman & Sterling have advised Telus International on the acquisition of Competence Call Center from European private equity firm Ardian. The transaction is expected to close within the first quarter of 2020 after regulatory approvals are obtained. CCC was reportedly advised by Latham & Watkins and Gen Temizer Ozer.
Dismissal of the board members of a joint stock company is regulated under the Turkish Commercial Code numbered 6102 (“TCC”). According to Article 408/2 of the TCC, general assembly of shareholders is granted with the sole power to appoint and dismiss board members. The scope and implementation of such power is defined under Article 364 of the TCC. Pursuant to such article, board members can be dismissed through including an item in the agenda of the general assembly meeting of shareholders for dismissal or with just cause even if the dismissal is not in the agenda of the general assembly meeting of shareholders.
Paksoy and Shearman & Sterling have advised DBAG Fund VII and Deutsche Beteiligungs AG on the acquisition of a majority stake in Cartonplast Group from London-based financial investor Stirling Square Capital Partners. The Ozbek Attorney Partnership advised Stirling Square Capital on the transaction, as well as, reportedly, Latham & Watkins, J&A Garrigues, Pinheiro Neto Advogados, and Noerr Biedecki.
The concept of financial restructuring was introduced in Turkey following the currency crisis of August 2018. Financial restructuring became the major item on the agenda of Turkish financial institutions, and regulators intervened immediately, working to create a useful legal framework for the process. The joint efforts of the Banking Regulatory and Supervisory Authority (the BRSA) and the Banks Association of Turkey (the BAT) resulted in the Framework Agreement. Nevertheless, restructurings commenced pursuant to the Framework Agreement are progressing very slowly, and in most cases have reached an impasse.
Dentons and Balcioglu Selcuk Akman Keki Avukatlik Ortakligi have advised Czech-based hydroelectricity group Energo-Pro on securing EUR 175 million in financing for the development, construction, and operation of the Alpaslan 2 dam and hydropower plant in Turkey. The financing was arranged by MUFG Securities EMEA plc and Ceska Exportni Banka, and is partially backed by the Export Guarantee and Insurance Corporation, with HSBC acting as the security agent. Allen & Overy reportedly advised MUFG and HSBC on the deal.
On 11 November 2019, the European Union adopted a legal framework for restrictive measures against Turkey. The EU is thus responding to Turkish exploratory drilling for natural gas deposits off the Cypriot coast, which Cyprus and the European Union consider illegal. The legal framework will make it possible to sanction individuals or companies responsible for or involved in drilling activities in the Eastern Mediterranean. However, no specific measures have been imposed yet.