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In the days immediately prior to the country’s elections in April 2016, Prime Minister Aleksandar Vučić’s government concluded its first major privatisation – that of steel plant Železara Smederevo, which was purchased by China’s Hebei Iron and Steel (now Hesteel); BDK Advokati/Attorneys at Law and Gecic Law advised on the deal. One of Serbia’s largest pharmaceutical companies was also privatised in 2016 and further privatisations are planned in the aviation and banking sectors. However, the privatisation of Telekom Srbija has been abandoned after bids fell short of expectations.

The country saw an uptick in M&A activity following the elections and the real estate market, in particular, has been busy. There has also been an increase in deal flow in the banking and finance sector following a change in the rules governing the sale of non-performing loans (NPLs).

Key domestic players include JPM Jankovic Popovic & Mitic, Karanovic & Nikolic and Joksovic, Stojanovic & Partners, while regional firms Moravcevic Vojnovic and Partners in cooperation with Schoenherr, Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss and Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz are also notable.

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