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newsletter

EU Listing Act - Significant changes to the market abuse regime

The EU Listing Act, which is part of the European agenda to make public capital markets in the EU more attractive, was published in the Official Journal of the European Union on 14 November 2024. This initiative seeks to increase the number of company listings in the EU and simplify compliance with capital markets regulations under the Market Abuse Regulation (MAR). The legislative package includes amendments to the Prospectus Regulation and MAR, which will enter into force on 5 December 2024. Several provisions will be applicable at later stages, i.e. from 5 March 2026 or 5 June 2026.

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press release

Austria: Schoenherr advises dealer managers on successful issuance of EUR 500m subordinated notes (Tier 2) by VOLKSBANK WIEN AG and tender offer

Schoenherr advised the dealer managers, among others Danske Bank, Erste Group, ING, NATIXIS and UBS, in the course of VOLKSBANK WIEN AG's invitation to existing holders of their outstanding EUR 400m 2.75 % fixed to fixed Tier 2 notes with an interest rate reset date on 6 October 2022 to tender their notes for purchase by the company for cash. The firm also advised the joint lead managers, among others Danske Bank, Erste Group, ING, NATIXIS and UBS, on the successful issuance of EUR 500m 5.5 % fixed to fixed 11.25NC6.25 subordinated notes (Tier 2) by VOLKSBANK WIEN AG.

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event

17 September 2024

romania

N.Oprea

Preparing a company for listing

17 September 2024 | 9:30 am – 12:30 pm EET

Schoenherr Romania office | 30 Dacia Boulevard, 7th floor, 2nd District, Bucharest

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press release

Austria: Schoenherr advises OMV on successful issue of EUR 1bln corporate bonds

Schoenherr advised OMV Aktiengesellschaft, an international integrated oil, natural gas and chemicals company headquartered in Vienna, as issuer's counsel in connection with the successful, oversubscribed issue of corporate bonds in an aggregate volume of EUR 1bln.

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press release

Austria: Schoenherr advises Erste Group on successful issuance of EUR 80m Breiteneder Immobilien Parking bond and exchange offer

Schoenherr advised Erste Group Bank AG in its capacity as dealer manager and exchange agent in the course of Breiteneder Immobilien Parking Konzernfinanzierungs GmbH's invitation to existing holders to exchange their notes issued in 2018 for the recently issued Breiteneder Immobilien Parking 4.875 % Notes 2024-2030.

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press release

Austria: Schoenherr advises bookrunners on successful issuance of EUR 500m green bonds by VERBUND

Schoenherr advised Barclays and J.P. Morgan in their capacities as joint ESG structuring agents and joint bookrunners, as well as BofA Securities, Raiffeisen Bank International and Santander Corporate & Investment Banking as joint bookrunners, on the Austrian law aspects of the successful issuance of EUR 500 million 3.250 per cent. Green Bonds due 2031 by VERBUND AG ("VERBUND").

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press release

Austria: Schoenherr advises Erste Group on 300m share buyback and capital reduction

Schoenherr advised Erste Group Bank AG ("Erste Group") on its EUR 300m share buyback followed by a cancellation of treasury shares and the reduction of its share capital.

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roadmap

Austria's sustainability-linked bond market: a snapshot

In 2023 we advised a client in connection with the issuance of the first sustainability-linked bond by an Austrian corporation placed among international institutional investors as well as Austrian retail investors. Its main feature is that the coupon for the last year of the term will increase if one or both predefined step-up events linked to the issuer's sustainability targets occur.

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roadmap

Multiple voting: a tool to attract investors?

One-share one-vote has long been the European Commission's mantra in establishing a level playing field for investors. The conventional wisdom was that a shareholder's influence should be aligned with their economic investment in and exposure to the company. But the success of the "FANG" stocks and the US governance model of giving ultimate control to founders while also selling shares and bringing in new investors has led to a rethink. In response, the European Commission recently proposed a draft directive on the issuance of shares with multiple voting rights in an IPO.

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event

01 November 2023

romania

N.Oprea

RBL Romanian Capital Markets Conference 2023

1 November 2023 | JW Marriott Grand Hotel Bucharest

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publication

CEELM Comparative Legal Guide to Capital Markets in Austria 2023

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press release

Austria: Schoenherr wins Equity Deal of the Year at IFLR Europe Awards 2023 for Porsche IPO

Schoenherr has won the "Deal of the Year" award by renowned legal publisher International Financial Law Review ("IFLR").

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press release

Austria: Schoenherr advises Joint Bookrunners on the successful issue of EUR 250m convertible bonds by voestalpine AG

Schoenherr advised BNP PARIBAS and Citigroup Global Markets Europe AG (Joint Global Coordinators and Joint Bookrunners) as well as UniCredit Bank AG (Joint Bookrunner) as to Austrian law in connection with the successful, oversubscribed issue of convertible bonds by voestalpine AG.

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press release

Austria: Schoenherr again wins Deal of the Year Award from CEE Legal Matters for Austria

Schoenherr has won the CEE Legal Matters Deal of the Year Award for Austria once again.

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press release

17 March 2023

austria

C.Moser

Austria: Schoenherr advises Joint Lead Managers on issuance of EUR 500m Green Ordinary Senior Eligible Notes by VOLKSBANK WIEN AG

Schoenherr advised Joint Lead Managers Danske Bank A/S, DekaBank Deutsche Girozentrale, Erste Group Bank AG, NATIXIS, Raiffeisen Bank International AG and UniCredit Bank AG on the successful issuance of EUR 500m 4.750% Green Ordinary Senior Eligible Notes – due 15 March 2027 – by VOLKSBANK WIEN AG.

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publication

to the point: finance l Q1/2023

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roadmap

Market and legal update on green bonds on the EU and Austrian level: how to finance the energy transition (even in times of crisis)

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roadmap

Bulgaria: Materialised bonds: a cheap and simple method for financing corporate projects

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newsletter

12 January 2023

bulgaria

T.Krumov

Bulgaria: Practical problems of repurchase and securities lending transactions

"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."

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event

12 December 2022

moldova

N.Oprea

Assessing International Capital Markets Forum

12 December 2022 | 10:30 am (Moldova time) | Courtyard by Marriott Chisinau | hybrid (in-person/virtual) event

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press release

26 September 2022

austria

C.Moser A.Fischer

Austria: Schoenherr advises Managers on issue of EUR 750m Mortgage Pfandbriefe by Erste Group

Schoenherr advised the Managers on the successful issue of EUR 750m 2.500 % Mortgage Pfandbriefe (Hypothekenpfandbriefe) due 2030 by Erste Group Bank AG.

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press release

11 August 2022

austria

CEE team led by C. Moser

Austria/CEE: Schoenherr advises on the sale of significant parts of Kontron Group’s IT services business in eleven countries for EUR 400m

Schoenherr advised stock exchange listed technology group Kontron AG (formerly S&T AG) on the sale of significant parts of Kontron Group’s IT services business to VINCI Energies S.A. in the course of a competitive auction process for a purchase price of approx. EUR 400m.

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press release

Austria: Schoenherr advises S&T AG on voluntary partial public takeover offer

Schoenherr advised S&T AG, an Austrian company listed on the Frankfurt Stock Exchange, in connection with the voluntary partial public takeover offer by grosso tec AG (Germany) on issues of Austrian law. Hogan Lovells advised S&T AG on German law issues.

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newsletter

21 February 2022

hungary

Hungarian National Bank issues green bond guideline

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press release

12 January 2022

austria

C.Moser A.Fischer

Austria: Schoenherr advises Managers on issue of EUR 1.5bln Mortgage Pfandbriefe by Erste Group

Schoenherr advised the Managers on the successful issue of EUR 750m 0.01 % Mortgage Pfandbriefe due 2028 (AT0000A2UXM1) and EUR 750m 0.50 % Mortgage Pfandbriefe due 2037 (AT0000A2UXN9) by Erste Group Bank AG.

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press release

18 November 2021

romania

N.Oprea

Romania: Schoenherr advises Aquila Part Prod Com on successful IPO worth EUR 74m

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publication

03 November 2021

poland

K.Pawlak P.Halwa

The International Comparative Legal Guide to: Private Equity 2021

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press release

14 October 2021

austria

U.Rath C.Moser

Austria: Schoenherr advises Nice & Green S.A. on innovative convertible notes funding programme with Marinomed Biotech AG

Schoenherr advised Swiss investment firm Nice & Green S.A. on an innovative convertible notes funding programme (CNFP) with Vienna Stock Exchange listed Marinomed Biotech AG.

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press release

05 October 2021

austria

C.Moser A.Fischer

Austria: Schoenherr advises Joint Lead Managers on issue of EUR 250m covered bank bonds by Kommunalkredit Austria AG

Schoenherr advised the Joint Lead Managers on the successful issue of EUR 250m 0.01 % covered bank bonds due 2028 by Kommunalkredit Austria AG.

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press release

06 September 2021

austria

C.Moser U.Rath S.Schulz

Austria: Schoenherr advises Wienerberger AG on the successful placement of 2.5 million treasury shares through accelerated bookbuilding

Schoenherr advised Vienna Stock Exchange listed Wienerberger AG, a leading international supplier of building materials and infrastructure solutions, on the EUR 81.25m placement of treasury shares with institutional investors.

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press release

Austria: Schoenherr advises Joint Lead Managers on issue of EUR 250m green mortgage covered bonds by Oberbank AG

Schoenherr advised the Joint Lead Managers Crédit Agricole Corporate and Investment Bank, DekaBank, Erste Group and Raiffeisen Bank International on the successful green mortgage covered bank bond issue by Oberbank AG.

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press release

Romania: Schoenherr advises on successful IPO of TTS shares worth EUR 58.5m

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press release

Austria: Schoenherr advises the Joint Lead Managers on the issue of EUR 500 million Mortgage Covered Notes by Raiffeisen-Landesbank Steiermark AG

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newsletter

25 May 2021

turkey

D.Kara

Non-payment of capital contribution in joint-stock companies: the forfeiture procedure under Turkish law

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press release

17 May 2021

austria

C.Moser

Austria: Schoenherr advises managers on issue of EUR 300m Ordinary Senior Eligible Notes by Kommunalkredit Austria AG

Schoenherr advised the Joint Lead Managers and the Co-Lead Manager on the successful issue of EUR 300m 0.25 % Ordinary Senior Eligible (fixed rate) Notes due 2024 by Kommunalkredit Austria AG.

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media coverage

13 April 2021

türkiye

L.Çelepçi

Turkey: New Instruments in Debt Capital Markets – Secured Debt Instruments and The Security Agent

2020 was a busy year for the legislator in relation to the Turkish Capital Markets. An amendment made in the Turkish Capital Markets Law (CML) at the beginning of 2020 introduced several elements, including a Security Agent, into Turkish law. And then the pandemic hit, making the trust factor in regard to assets even more crucial than it was before. In times of uncertainty, the Security Agent may be invited to play a greater role.

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press release

Austria: Schoenherr advises bookrunners on the successful issue of EUR 500 million Green and Sustainability-Linked Notes by VERBUND AG

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press release

Austria: Schoenherr advises the Joint Lead Managers on the issue of EUR 500 million Senior Non-Preferred Eligible Notes by VOLKSBANK WIEN AG

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press release

Austria: Schoenherr advises Joint Lead Managers on the issue of EUR 300 million Mortgage Covered Notes by Raiffeisenlandesbank Vorarlberg

Schoenherr advised the Joint Lead Managers DekaBank, DZ BANK, Erste Group, Raiffeisen Bank International and UniCredit in connection with the successful issue of covered notes by Raiffeisenlandesbank Vorarlberg Waren- und Revisionsverband registrierte Genossenschaft mit beschränkter Haftung.

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media coverage

08 March 2021

romania

N.Oprea

Narcisa Oprea: "Investors, intermediaries and issuers speak the same language"

Financial Intelligence

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blog

05 March 2021

romania

S.Lazăr N.Oprea

Remuneration Policy – Implementation guidelines launched in Romania

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press release

05 February 2021

romania

N.Oprea

Romania: Schoenherr advises Agricover on EUR 40m corporate bonds issuance

Schoenherr Romania advised Agricover on the issuance of corporate bonds worth EUR 40m, which will be admitted to trading on the regulated market of the Bucharest Stock Exchange ("BSE"). This is the first time that the group has attracted financing on the BSE, and the largest corporate bonds issuance ever to run on the BSE.

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press release

Austria: Schoenherr advises Joint Bookrunner on the successful issue of EUR 100m convertible bonds by DO & CO Aktiengesellschaft

Schoenherr advised Jefferies (Sole Global Coordinator and Joint Bookrunner), Erste Group and Hauck & Aufhäuser (each as a Joint Bookrunner) as to Austrian law in connection with the successful, oversubscribed issue of convertible bonds by DO & CO Aktiengesellschaft ("DO & CO").

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roadmap

The EU's capital markets recovery package

The severe economic repercussions of the COVID-19 pandemic call for rapid measures to facilitate investments in the real economy, to allow for a swift recapitalisation of EU companies, and to enable issuers to tap into public markets at an early stage in the recovery process and increase banks' capacity to finance the recovery.

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roadmap

Investor relations: How to build solid bridges in stormy weather

Stock market investors' trading decisions are influenced by a myriad of factors, including economic, social and political changes. Their investment behaviour changes in volatile periods to adjust to the new landscape. Yet, a constant remains: investors want timely, accurate and complete information on listed issuers. How can issuers meet this expectation even in turbulent times?

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press release

27 January 2021

austria

C.Moser A.Fischer

Austria: Schoenherr advises Joint Lead Managers on the issue of EUR 250 million Non-Preferred Senior Eligible Notes by Oberbank Aktiengesellschaft

Schoenherr successfully advised the Joint Lead Managers DZ BANK, Erste Group, Helaba, and Raiffeisen Bank International in connection with the successful issue of notes by Upper Austrian-based Oberbank Aktiengesellschaft.

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publication

20 January 2021

austria

C.Moser

BörseG 2018/MAR

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publication

19 January 2021

austria

C.Moser S.Stegbauer

Kuratorengesetz | Kuratorenergänzungsgesetz Kommentar

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media coverage

07 January 2021

bulgaria

T.Krumov

Recommended Benchmark Replacement Clauses for Credit Agreements with Bulgarian Borrowers

CEE Legal Matters | Bulgaria

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press release

01 October 2020

austria

M.Pressler M.Lagler

Another promotion at Schoenherr: Matthias Pressler becomes Counsel

Matthias Pressler, member of Schoenherr's banking, finance and capital markets practice in Vienna, was promoted to counsel as of 1 October 2020. Pressler joined Schoenherr in 2015, and is an expert in financial services regulation, covering both transactional work as well as contentious and non-contentious regulatory advisory matters and administrative (criminal) proceedings. 

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newsletter

28 September 2020

austria

M.Ebner U.Rath

Austria: Covid-19: Welche Unterstützungsleistungen der öffentlichen Hand kann ich beantragen?

Die durch die COVID-19 Pandemie verursachten wirtschaftlichen Auswirkungen betreffen eine Vielzahl von Unternehmen. Die Politik hat bereits mehrere Maßnahmen zur Erhaltung der Zahlungsfähigkeit und Überbrückung von Liquiditätsengpässen für die heimische Wirtschaft verlautbart.

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press release

03 September 2020

bulgaria

T.Krumov

Bulgaria: Schoenherr advised major multinational banks on a EUR 90m syndicated credit facility to leading Bulgarian agribusiness company Oliva

Schoenherr advised BNP PARIBAS (Suisse) S.A. ("BNP") as a facility agent and lender; Citibank NA, London Branch as a lender; and Black Sea Trade and Development Bank as a lender, on the Bulgarian legal aspects of a EUR 90m syndicated credit facility extended to Oliva AD ("Oliva") and Buildcom EOOD ("Buildcom"), as well as on the establishment of a Bulgarian security package for the facility.

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press release

26 August 2020

austria

M.Lagler C.Moser

Austria: Schoenherr strengthens capital markets practice with Christoph Moser as new equity partner

Capital markets law expert Christoph Moser, will join Schoenherr as an equity partner at the beginning of 2021.

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newsletter

EU Level Covid-19 support measures in banking and capital markets

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roadmap

cee overview - banking, finance & capital markets

Balancing opportunities and challenges together

The CEE/SEE banking & finance market was quite busy in 2019 and we expect continued strength in 2020, with several areas standing out.

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roadmap

Making things easier for issuers on capital markets: Turning points in prospectus rules

To facilitate company access to financial markets, the European Commission completed its action plan for a gradual building of the capital markets union in 2019. Most actions focused on breaking down barriers blocking cross-border investments. As part of these measures, starting mid-2019, new rules governing prospectus drafting became effective. Among others, the new paradigm lays the groundwork for easier access for issuers and improved investor protection.

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media coverage

07 November 2019

romania

C.Tudoraș

Analiză: ASF anunţă măsuri mai stricte de cunoaştere a clientelei

First published on Ziarul Financiar, 25.10.2019

După BNR, şi ASF vine cu măsuri mai stricte de cunoaştere a clientelei, de formalizare a procedurilor interne şi de derulare a evaluării riscului de spălare a banilor şi finanţare a terorismului, arată o analiză.  

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media coverage

22 July 2019

romania

N.Oprea

Interview with Narcisa Oprea from Schoenherr Bucharest

First published on BizLawyer, 17.07.2019

Directiva europeană privind drepturile acționarilor trebuia transpusă în legislația românească până la jumătatea lunii iunie 2019 | Narcisa Oprea, Partener Schoenherr: Chiar dacă directiva nu a fost transpusă încă, existând doar un proiect de lege în acest sens, clienții noștri se pregătesc din vreme pentru conformare, dată fiind anvergura schimbărilor

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publication

17 May 2019

austria

U.Rath

LEXOLOGY Getting the Deal Through: Equity Capital Markets

Find the full comparative guide on Secured Lending on the LexGTDT tool. Here you can find the answers for Austria.

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press release

25 February 2019

romania

M.Florea S.Guţiu

Schoenherr announces new firm-wide heads of banking, finance & capital markets and real estate practice groups

Schoenherr promotes Sebastian Gutiu (managing partner, Romania) and Matei Florea (partner, Romania) to new firm-wide heads for real estate, and banking, finance & capital markets, respectively.

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newsletter

22 February 2019

austria

P.Feyl U.Rath

Austria: Vienna Stock Exchange: quarterly reports for equity issuers no longer mandatory

Following some other European stock exchanges, the Vienna Stock Exchange (VSE) announced today, 22 February 2019, that it will no longer require issuers, the shares of which are admitted to trading on its regulated market, to publish quarterly reports.

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press release

17 October 2018

austria

U.Rath P.Feyl

Austria: Schoenherr advises listed German Aves One AG on financing of NACCO/CIT acquisition

Schoenherr, acting as lead counsel for the financing, successfully advised Aves One AG ("Aves") on the financing of the acquisition of the NACCO/CIT Group. 

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press release

02 October 2018

romania

S.Guţiu

Romania: Schoenherr awarded by leading business journal Ziarul Financiar

choenherr si Asociatii was recognised for its outstanding transaction advice in the financial services sector in 2017 by Romania's leading business journal Ziarul Financiar. 

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press release

11 September 2018

austria

P.Feyl U.Rath

Austria: Schoenherr advises listed German Aves One AG on a EUR 155 million senior facility refinancing

Schoenherr successfully advised Aves One AG ("Aves One") on its EUR 155m senior facility refinancing by entering into a new facility agreement with significantly improved commercial terms arranged by a consortium of leading German banks. 

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press release

07 June 2018

austria

R.Bachner

Schoenherr advises UniCredit on strategic Bancassurance partnerships with Allianz and Generali in CEE

Schoenherr has advised the UniCredit Group on establishing two exclusive strategic partnerships with Allianz and Generali for the distribution of insurance products for individuals and small-businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, and Slovenia announced on 5 June 2018 (see here)

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press release

Schoenherr advises EVO Payments on strategic payments partnership with MONETA Money Bank

Schoenherr's financial services team in Prague advised EVO Payments International ("EVO") on the creation of a long-term strategic alliance with MONETA Money Bank ("MONETA") for payment acceptance services to the bank's retail customers.

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press release

27 April 2018

austria

C.Herbst

Austria: Schoenherr represents Austrian Core Shareholders on sale of majority shareholding in listed C-QUADRAT to HNA

Schoenherr has advised and represented the core shareholders of Cubic (London) Limited ("Cubic"), including San Gabriel Privatstiftung, and T.R. Privatstiftung, as indirect controlling stockholders in C-QUADRAT Investment AG ("C-QUADRAT"), on the sale of the majority shareholding in Cubic, and thus C-QUADRAT, to the HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). HNA is part of the HNA Group, a leading Chinese diversified industrial group. C-QUADRAT is an independent asset management company listed on the Vienna stock exchange.

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newsletter

18 April 2018

austria

U.Rath

Begutachtungsentwurf zu Harmonisierung und Vereinfachung des Prospektrechts veröffentlicht

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press release

23 March 2018

slovenia

B.Brežan

Schoenherr advises Slovenian ENI subsidiary on acquisition of Mestni Plinovodi

Schoenherr has advised Adriaplin d.o.o. ("Adriaplin"), the Slovenian subsidiary of Eni S.p.A., on the acquisition of Mestni Plinovodi d.o.o. ("Mestni Plinovodi"), a local natural gas distribution network operator and gas supplier, from a consortium of sellers consisting of gas distributors Ireti and ACSM-AGAM from Italy and Istrabenz Plini from Slovenia.

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press release

08 February 2018

romania

S.Guţiu

Schoenherr Bucharest scoops 5 ILO Client Choice Awards 2018

Schoenherr Bucharest received five out of nine Client Choice Awards from the International Law Office ("ILO") in 2018. 

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roadmap

Interview with Karel Smerak: Secrecy and portfolio transactions. A journey that doesn't end with closing the deal

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press release

20 December 2017

austria

P.Feyl

Schönherr berät B&C bei Gewährung einer Hybridkapital-Linie an Semperit AG Holding

Schönherr hat die B&C Holding GmbH ("B&C") bei der Gewährung einer Hybridkapital-Linie an die börsenotierte Semperit AG Holding ("Semperit") von bis zu EUR 150 Mio beraten. 

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press release

Schoenherr advises Deutsche Private Equity on acquisition of Euro-Druckservice

Schoenherr advised Deutsche Private Equity Management III ("DPE") on its acquisition of leaflet printing business Euro-Druckservice ("EDS") from a consortium of three company shareholders. 

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press release

03 October 2017

romania

S.Guţiu

Romania: Schoenherr wins three awards from leading financial journal Ziarul Financiar

Schoenherr si Asociatii was honoured by Romania's leading financial journal Ziarul Financiar with three awards during the eight edition of the Business Lawyers' Gala organised by the newspaper on 27 September in Bucharest. 

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press release

19 July 2017

austria

U.Rath

Österreich: Schönherr berät EVN bei Verkauf ihrer Pensionskasse an VBV-Gruppe

Schönherr hat die börsennotierte EVN AG ("EVN") beim Verkauf ihrer betrieblichen Pensionskasse, der EVN Pensionskasse AG ("EVN Pensionskasse"), an die VBV-Betriebliche Altersvorsorge AG ("VBV") beraten.

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newsletter

03 July 2017

austria

U.Rath

The EU Capital Markets Union – New Prospectus Regulation Finally Published in Official Journal

On 30 June 2017, Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market – the new Prospectus Regulation (the "Prospectus Regulation") – was published in the Official Journal of the European Union. 

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newsletter

14 June 2017

austria

U.Rath

The EU Capital Markets Union - Mid-term Review of the Capital Markets Union Action Plan

In September 2015 the European Commission ("Commission") adopted an action plan on building a capital markets union (the "CMU") (the "CMU Action Plan"). 

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press release

Czech Republic/Hungary/Poland/Slovakia: Schoenherr advises AG FOODS and Coöperatief Avallon on settlement of minority shareholders' disputes and management buyout

Schoenherr advised AG FOODS Group ("AG FOODS") and Coöperatief Avallon MBO U.A. ("Coöperatief Avallon") on the settlement of minority shareholders' disputes and on a subsequent management buyout.

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press release

18 May 2017

austria

M.Ebner

Austria: Schoenherr advises Erste Group on Frauscher Sensortechnik leveraged buyout financing

Schoenherr has advised Erste Group Bank AG ("Erste Group"), one of the leading financial service providers in Central and Eastern Europe, on the financing of the leveraged buyout of Austrian sensor technology manufacturer Frauscher Sensortechnik GmbH ("Frauscher Sensortechnik") by New York-based Greenbriar Equity Group LLC ("Greenbriar").

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press release

Austria: Schoenherr advises RBI on merger with RZB - one of the largest corporate reorganisations in the Austrian banking sector

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press release

23 February 2017

austria

U.Rath

Austria: Schoenherr advises on first Austrian Equity Capital Markets transaction in 2017

Schoenherr has advised publicly traded, global sugar, starch and fruit processor AGRANA Beteiligungsverwaltungs-Aktiengesellschaft ("AGRANA") as issuer on its successful rights offering of 1,420,204 new shares, combined with a secondary offering of 500,000 existing AGRANA shares held by Südzucker AG, one of AGRANA's core shareholders. 
This is the first equity capital market ("ECM") transaction in the Austrian market in 2017, and the first deal of its kind in Austria following the entry into force of the European Market Abuse Regulation. The transaction had an overall deal volume of approximately EUR 192m.
 

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newsletter

22 February 2017

austria

U.Rath

The EU Capital Markets Union - Recent developments on Venture Capital

On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017. 

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press release

Slovakia/Hungary/Poland: Schoenherr strengthens its CEE capabilities with three promotions

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roadmap

Hungary: Hungary Amends its Civil Code to Help Deal with NPLs

According to the government, the primary aim of the amendment, which entered into force on 1 July 2016, was to correct the Civil Code’s legislative and conceptual shortcomings.

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roadmap

Bulgaria: Developments in Financial Documentation used in Bulgaria

The documentation of credit facilities and hedging agreements under Bulgarian law has in recent years become increasingly aligned with international market standards.

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roadmap

Austria: New Court Decisions on Banks' Own Funds Instruments

A bank suffering losses (and which may even be in the process of wind-down) may not be in a position to repay loss absorbing instruments in full, which it has issued in the past. Court decisions handed down in 2016 (one by the European Court of Justice and three by the Austrian Supreme Court) provide insight into questions of calculation of loss sharing, and how holders of certain loss absorbing instruments shall be treated in the event of a merger or demerger (which is often also a restructuring measure in the course of a wind-down)

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roadmap

Austria: Limitation Periods in Financial Services Litigation: A Shift in Austrian Jurisprudence?

In a recent judgment, the Austrian Supreme Court softened its settled case law on the uniform beginning of the limitation period for damages incurred by investors.

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roadmap

Austria: The EU Capital Markets Union – What Lies Ahead

In the European Commission’s recently published Communication regarding the Capital Markets Union (“CMU”), it urges other institutions to accelerate completion of a true single market for capital across all EU Member States, and announces its work programme for 2017.

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roadmap

Slovakia: Bank vs. Consumer - Latest Legal Developments on Consumer Protection of Bank Clients

Slovak Banks are currently subject to legislative restrictions and consumer claims, mainly for charges and arbitration clauses.

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Holding Security Interests under Syndicate Lending in Bulgaria

Structures where an agent holds security in favour of multiple lenders have been regarded as problematic so far, and as a result lenders have commonly taken security in their own names.

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Stepping forward: Hungary Starts Dealing with Non-Performing Loans

The sale of NPLs has always been difficult in Hungary as purchasing of loan receivables is considered as lending activity; therefore, a prospective buyer is expected to have a valid Hungarian banking licence.

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Austria: Bad Bank and Own Funds Instruments

What is the situation regarding own funds instruments issued by a bank, if such institution is converted into a wind-down company or becomes a bad bank? May investors who subscribed to instruments issued by a bank terminate those instruments (for good cause or due to changed circumstances) and request repayment? What happens with participation capital in the event of a reduction of share capital? In the aftermath of the financial crisis, the Austrian Supreme Court has answered some of these questions in recent decisions.

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Austria: Structural Innovation in Secured Syndicated Lending

This article explains novel structures that allow persons who are not members of a lending syndicate to hold security for the lenders who provide the financing.

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New Draft Polish Law on Bonds

The Polish parliament is working on a new law on bonds that could make obtaining capital market financing in Poland easier.

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Will Securing Syndicated Loans be Easier in Hungary?

From 15 March 2014, Hungarian law will recognise the concept of trust, and the problems with securing syndicated loans under Hungarian law seem to be solved.

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Austria: New Disclosure Requirements for Shareholdings in Listed Companies – Five Things Investors Should Know

The Austrian Stock Exchange Act (Börsegesetz; BoerseG) has recently been amended to significantly extend disclosure obligations for shareholdings in listed companies. The main objective is to capture arrangements, in particular derivatives, which previously escaped major shareholding disclosure rules, even though they could – and were – used for stake building purposes in Austrian listed companies. The changes are effective from 1 January 2013 and are expected to create challenges for investors, fund managers, credit institutions and securities firms.

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State Aid Schemes and EU Funds – Instruments for Financing Projects in Romania

Over the past years, banks operating in the Romanian market have been approached with an increasing number of financing projects that aim to benefit from financial support from either state aid schemes or EU financing programmes.

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2013

montenegro

N.Babić

The Montenegrin Financial Collaterals Act: Carving Out a New System for Banks and Financial Institutions

The Montenegrin Parliament enacted the Financial Collaterals Act (FCA) in July 2012, as part of the EU integration process. The FCA was drafted using the EU Directive 2002/47/EC of 6 June 2002 on Financial Collateral arrangements (Directive) as its basis. Its greatest contribution is providing a high-quality legal basis for establishing and realising collateral more easily – which also contributes to the stability of the financial system in Montenegro.

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New Capital Requirements for European Banks – Grandfathering for Existing Equity Instruments

As recent developments have shown, it is highly unlikely that the EU Capital Requirements Regulation (CRR) on credit institutions and investment firms, which aims to put in place a comprehensive and risk-oriented regulatory framework throughout the EU, will enter into force on 1 January 2013 in the whole European Union (even though some EU Member States would be ready to implement Basel III as at 1 January 2013). Still, the implementation of Basel III is imminent. The goal is a sounder and safer European financial system. As the global financial crisis revealed the shortcomings of the current regulatory environment as to the prudent operation of the European credit institutions, the CRR envisages stricter rules for institutions’ own funds, liquidity and leverage.

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