The Legal 500

Portugal

Editorial

Legal market overview

The €6bn recapitalisation of Portugal’s banking system has now concluded for all institutions except Banif. Vieira de Almeida & Associados advised the Portuguese state throughout, with Morais Leitão, Galvão Teles, Soares da Silva & Associados, Cuatrecasas, Gonçalves Pereira, Garrigues and Linklaters LLP acting for banks at various points in the process.

Though very slight growth was reported in 2013, the economy remains largely unchanged, with legal work dominated by distressed transactions. This, in turn, has encouraged greater specialisation, particularly within insolvency. Wide-reaching labour and HR repercussions of corporate restructurings have also created new challenges, and CMS has demonstrated particular strength in this area.

In response to domestic market conditions, firms are increasingly focusing on foreign jurisdictions – particularly Mozambique and Angola – with Brazil and China following close behind. Benefiting from its fluid, global structure, Linklaters LLP has expanded its activity in Lusophone Africa. Morais Leitão, Galvão Teles, Soares da Silva & Associados created a specialist Africa desk in 2012, and PLMJ – A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados, Sociedade de Advogados, RL and Sérvulo & Associados have also developed their presence in the continent. Drawing on strong international foundations, SRS Advogados’ dual-qualified team has been active across Europe, Asia, the US and Latin America.

There has been a marked increase in financial regulation, and resultant litigation. Swaps-related disputes between the state and multiple institutions are close to conclusion. Pharmaceutical patent actions also remain a major trend, with Pfizer’s ongoing proceedings over Viagra being a significant example. On the public side, Portugal’s wide-reaching privatisation programme is nearing completion, with the postal service’s approaching reconstitution set to follow a similar model to the UK. Stagnating PPP activity has, once again, encouraged law firms to take their expertise into new territories, particularly in Africa, acting for public and private sector clients.

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  • P+P Pöllath + Partners berät die DATA MODUL AG, München, bei öffentlicher Übernahme durch Arrow

    Die DATA MODUL Aktiengesellschaft Produktion und Vertrieb von elektronischen Systemen mit Sitz in München („Data Modul AG“) steht vor einer öffentlichen Übernahme durch die Arrow Electronics, Inc. mit Sitz in Centennial, Colorado/USA. Deren Tochtergesellschaft Arrow Central Europe Holding Munich GmbH hat als Bieterin ein freiwilliges öffentliches Übernahmeangebot zum Erwerb sämtlicher Aktien der Data Modul AG zu einem Angebotspreis von EUR 27,50 je Aktie angekündigt. Dies entspricht einer Prämie von rund 36% auf den gewichteten durchschnittlichen Börsenkurs der Data Modul-Aktien während der letzten drei Monate.
  • VEGAS LEX continues to represent OGK-2 in its gas turbine engine quality dispute

    On January 14, 2015, the VEGAS LEX law firm won an appeal case in the Sixteenth Commercial Court of Appeals for the sake of the Second Generating Company of the Wholesale Power Market (OGK-2)* in a dispute over the quality of a gas turbine engine (GTD-110) supplied by NPO Saturn to compel the defendant to restore the equipment's operation after a breakdown. The court ordered NPO Saturn to repair the broken GTD-110, with the cost of repairs adding up to RUB1bln, which is comparable with the cost of new equipment.
  • VEGAS LEX helps collect lost profit for Khanty-Mansiysk Non-State Pension Fund

    On January 13, 2015, the VEGAS LEX Dispute Resolution Practice won a case in the Ninth Commercial Court of Appeals for the sake of the Khanty-Mansiysk Non-State Pension Fund* in a dispute over a trust management agreement with regard to the fund's pension reserves.
  • Positive Developments for the Economy of Cyprus

    Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 It has been around one year and a half since the Eurogroup decisions to recapitalise Bank of Cyprus via a bail-in on 25 th of March 2013. Cyprus has worked hard since then to exit the financial crisis and to maintain its status and reputation as an international financial centre. Within October 2014, several positive developments which took place suggest that Cyprus is on a good path. These positive developments include: /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";}
  • Avellum Partners Advised Nadezhda Group on Corporate Restructuring

    Kyiv, 29 December 2014  - Avellum Partners advised Nadezhda Group ("Group"), operating in the liquefied petroleum and gas industry, on tax planning for holding structure of the Group, all legal and tax aspects of corporate restructuring and acquisition finance issues, aimed at obtaining finance from international finance institutions ("IFIs").
  • Avellum Partners Advised on Exchange Offer of Metinvest

    Kyiv, 14 January 2015  - Avellum Partners acted as Ukrainian legal counsel to Deutsche Bank AG, London Branch and ING Bank N.V., London Branch, who acted as Dealer Managers, in connection with the exchange offer of Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies ("Metinvest") for its USD500 million 10.25% guaranteed notes due 2015, coupled with the new issue of USD289.7 million 10.5% guaranteed notes due 2017 ("Notes") under its USD1,500,000,000 Guaranteed Medium Term Note Programme and a 25% cash consideration. The Bank of New York Mellon, London Branch acted as the Exchange Agent. The Notes are listed and admitted to trading on the Global Exchange Market of the Irish Stock Exchange.
  • Gorodissky new practices

    In December 2014 the IP team of Gorodissky & Partners was joined by Valery Narezhny who will be in charge of the firm's new law practices such as taxes, customs and commercial laws. Valery graduated from Finance Academy under the Government of Russia (Moscow) majoring in "Finances and Credits" and the Academy of Law and Management (Moscow) majoring in "Civil Law", holds PhD degree in economics. He is specializing in taxes, currency, customs, labor and commercial laws and in court disputes. Valery started his carrier in the state bodies (Tax Policy Department, Ministry of Finance, and Government Administration), worked for a number of Russian and international law firms. He is author of more than 150 publications and 9 books on taxation and civil law issues. Valery Medvedev, Managing Partner, Gorodissky & Partners, commented: "It appears from our clients' enquiries that they are in the need to obtain consultations and professional advice relating not only to protection and enforcement of intellectual property rights but also to IP issues governed by taxes, labor, currency and commercial laws. Valery Narezhny having considerable experience and knowledge in these practices will no doubt enhance our team of lawyers and considerably enlarge the range of the firm's legal services"
  • HaoLiWen helps client resolve TP case with the customs

    HaoLiWen has advised a multinational client in a case of the customs challenge against import transfer pricing. Recently, this case was successfully closed. The customs has accepted the transfer pricing policies of the client.  The client has incurred no further import tax exposure, and the deposits put up with the customs for the shipments in question are to be refunded by the customs to the client.  
  • VEGAS LEX to support 2015 Jessup Moot Court Competition

    The VEGAS LEX law firm will support this year's Philip C. Jessup International Law Moot Court Competition, the largest and most prestigious law school competition, which will take place in Moscow from January 28 through February 1.
  • P+P Pöllath + Partners berät die Deutsche Bank und DN Capital bei Investitionen in Onlineportal Wi

    Der Onlinehändler Windeln.de hat seine bislang größte Finanzierungsrunde abgeschlossen. Mit einem Investitionsvolumen von insgesamt etwa EUR 45 Mio. beteiligten sich neben dem Hauptinvestor Goldman Sachs auch die bisherigen Geldgeber MCI Management, 360 Capital Partners, die Londoner Beteiligungsgesellschaft DN Capital sowie mehrere Deutsche Bank Fonds.