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Legal market overview

In January 2015, Lithuania amended its civil code and company law. This move fell in line with the introduction of the euro and impacted M&A deals, meaning a share purchase agreement of a private company must be approved by a Lithuanian notary if 25% or more of a company’s shares are to be sold or if the value of shares is higher than €14,500. It is hoped this legislation will prevent fraudulent transactions.

Recent corporate deals include the sale of Bank Snoras’ loan portfolio to Baltijos Kredito Sprendimai; and East Capital’s acquisition of Cgates, which enabled the company to expand its Baltic presence by later purchasing Kava through Cgates.

Gaining energy independence from Russia took priority, with Gazprom’s exit and 2014’s opening of Klaipėda’s LNG floating and regasification terminal. In light of the geopolitical strain between Russia and Ukraine, the Lithuanian government also focused on increasing its defence budget, and cemented its pro-Western foreign policy by supporting the Minsk agreement to implement a ceasefire between the countries, despite Russia’s continued embargo on Western food products.

The legal market was shaken up by January 2016’s merger between Borenius and Cobalt. Sorainen also capitalised on Borenius’ market exit by hiring Žygimantas Pacevičius and Daivis Švirinas. Cobalt gained Dalia Foigt-Norvaišienėas legal counsel and launched its transport law practice with the addition of Vaidas Mackonis.

A key trend saw senior level associates establish new firms, such as SPC Legal, which was opened by former Cobalt practitioners Giedrius Murauskas and Mindaugas Rimkus. Ex-Sorainen lawyer Raimundas Moisejevas also established Vilgerts’ Lithuanian office. Other market entrants include Ruta Pumputiene Law Firm and Ivanauskas & Partners Contextus.

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  • Law No 15 of 2016, the New HR Law

    Law No. 15 of 2016 on Civil Human Resources was issued by HH the Emir Sheikh Tamim bin Hamad Al-Thani, recently.
  • [SOUTH KOREA] Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight

    In the midst of growing public concern over the health hazards of certain household chemical products,¹ concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics.   
  • 16 February 2017: Credit Suisse successfully launched its new subsidiary Credit Suisse (Switzerland)

    Credit Suisse (Switzerland) Ltd. was incorporated with the purpose to be organized as a Swiss bank. It is a wholly owned subsidiary of Credit Suisse AG. The transfer of assets and liabilities according to Swiss merger law became effective on 20 November 2016. The transfer was aimed to evolve the legal entity structure of the Credit Suisse Group to meet regulatory requirements for systematically important banks.
  • 14 February 2017: BASF acquires Rolic Group

    BASF acquires Rolic, a Swiss based group offering innovative and forward-thinking solutions, particularly in the display and security industries as well as the optical film business.
  • Italy implements a new Directive relating to the Transfer of Workers between Countries

    With the Legislative Decree 136/2016 which implements the “Enforcement” Directive (2014/67/UE)  Italy strengthens the rights and protections afforded to workers posted between Member States and elsewhere relating to their terms of employment, remuneration and working conditions.
  • Enabling the Business of Agriculture 2017

    The World Bank Group has released Enabling the Business of Agriculture 2017. The report presents data on legal barriers for farmers, entrepreneurs and businesses operating in agriculture in 62 countries and across the topics of land, seed, fertilizer, machinery, water, livestock, finance, markets, transport, and information and communication technology (ICT). SyCipLaw's  Rose Marie M. King-Dominguez ,  Alan C. Fontanosa ,  Franco Aristotle G. Larcina  and  Ruben P. Acebedo II  contributed to the report.
  • 15 February 2017: gategroup CHF 300 mio. bond issuance

    gategroup successfully raised CHF 300 million through the issuance of a fixed rate 5-year senior bond with a final maturity on February 28, 2022. The bond with a coupon of 3% p.a. has been issued by gategroup Finance (Luxembourg) S.A. and is guaranteed by its parent company gategroup Holding AG. gategroup will apply for the listing of the new bond on the SIX Swiss Exchange.
  • Ending "Endo"

    “Endo” is the twin brother of the drug monster that also needs to be slain, so says the Duterte administration.  “Endo” is layman’s term for end of employment contract.  It is the date indicated on the employment contracts and is dreaded by employees as it means the end of his or her employment.  Read more...

    Antitrust laws, also referred to as “competition laws”, are statutes developed to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy. Competition laws regulate and prohibit several questionable business activities such as market allocation/ de facto monopoly whereby companies agree to steer clear of each other’s identified geographical market or territories; bid rigging whereby conspiring entities manipulate the market with a view of retaining current market share and price for each entity; and price fixing whereby two or three entities agree on the same selling price. Competition laws are designed to maximize consumer welfare by regulating or preventing business activities which stifle competition.  Read more...

    The latest legislative developments in the tobacco sector in Thailand are worrying the tobacco industry but also the food and beverage sectors as similar regulations may follow.

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