- What is the Corporate Counsel 100?
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- Top 100: United States - Rising Stars
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- The Legal 500 United Kingdom Awards 2014
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- Frequently asked questions
- Legal market overview
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Legal market overview
Despite local reports of renewed momentum in corporate transactions, the air of uncertainty which hangs over Serbia’s economic and political stability has increased the difficulty of getting deals across the line. Headline transactions included KKR’s acquisition of leading pay-TV and broadband provider SBB from Mid Europa Partners; the privatisation of national airline Air Serbia; and Telenor’s share purchase of KBC Bank.
Serbia’s leading bracket of law firms is clearly defined by three domestic leaders: Karanovic & Nikolic; Jankovic, Popovic & Mitic o.d.; and, more latterly, BDK Advokati/Attorneys at Law. These firms compete with a small contingent of international firms for top-end work: Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz; Harrisons Solicitors; Moravcevic Vojnovic i Partneri in cooperation with Schoenherr; and Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss.
The market is also home to a large number of smaller specialist firms, in many cases the product of partners breaking away from larger counterparts. The most recent of these are Bojovic & Partners / Attorneys at Law, which was established by Marija Bojović, former senior and name partner of BDK Advokati/Attorneys at Law; DBP Advokati, formed by lead corporate partners from Karanovic & Nikolic and Jankovic, Popovic & Mitic o.d.; and, at the tail-end of 2013, Zavisin Semiz Law Office, which was opened by two partners from Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz and one from Harrisons Solicitors. These new, hungry firms will further intensify the level of competition in the legal market, in which reports of low-balling and fee-dumping are not uncommon.
Search News and Articles
In our Newsletter 17/2013 , we presented novelties introduced into Serbian transfer pricing regulations by the new Rulebook on Transfer Pricing and Arm's Length Methods Applicable to Determination of Prices in Transactions Between Related Entities (" Rulebook "), which elaborates on the statutory requirement for mandatory transfer pricing documentation for FY 2013 and onwards.
On 20 November 2013, the Bosnian Competition Council issued a decision establishing that the Serbian brewery "Apatinska" abused its dominant position on the relevant market of beer distribution in Bosnia and Herzegovina. The Council imposed a fine on the brewery in the amount of BAM 430,000 (EUR 215,000).
The High Court in Belgrade and the Appellate Court in the same city have issued a few decisions in 2013 rejecting arguments by the defendants that their use of photographs, without the authorization of the copyright owners, was lawful because the photos were used within the context of reporting about current events. While the outcome in each case was identical, the judgments differ in the interpretation of the law. A reader is left unsure as to what the Serbian copyright law actually says about the current events exception to copyright infringement.
Amendments to the Serbian Law on Protection of Competition were published in the Official Gazette on 31 October 2013 and will come into force on 8 November 2013. The adopted amendments to a large extent follow solutions from the draft which the Government submitted to the Parliament back in July this year. We devoted two earlier blog posts to various drafts of the amendments (apart from the Government's July draft , we also analyzed the initial draft published in April). Now that the amendments have ripened into law, it is worth providing an overview of the most important changes to the competition legislation.
The Serbian Commission for Protection of Competition has published its Annual Report for 2012 . Because the Commission publishes its decisions and opinions randomly, the report offers an informative scan of the authority’s activities in the course of the previous year.
The Commission for Protection of Competition has issued an opinion(1) on public procurement and consortium agreements concluded between competitors in tendering and public procurement procedures.
The Commission for Protection of Competition has issued an opinion(1) on public procurement and consortium agreements concluded between competitors in tendering and public procurement procedures. The commission views consortium agreements as restrictive agreements, as they inevitably set prices and other commercial requirements for performing specific transactions. Therefore, such agreements must be submitted to the commission for an individual exemption.
In February 2013 the Competition Authority cleared the takeover of Hellenic Sugar Industry SA by Sunoko doo, subject to structural and behavioural measures. Hellenic Sugar is the only producer of sugar in Greece which also owns two sugar production plants in Serbia. Sunoko, on the other hand, is a producer of sugar in Serbia, part of MK Group, a vertically integrated producer of agricultural products and also has various other activities related to agricultural production. The authority prohibited the takeover at first, but clearance was issued on a second attempt.
In February 2013 the Competition Authority published the results of its sector analysis of the petroleum derivatives markets in Serbia in 2011. The analysis, carried out between April and
This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of mergers and acquisitions. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Mergers & Acquisitions; published by Global Legal Group Ltd, London. www.iclg.co.uk.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.
Avellum Partners acted as the legal counsel to the owners of a leading Ukrainian FMCG producer in connection with its sale to a private investor.
KKR, a leading global investment firm, announced an investment in arago AG ("arago"). arago is a German-based high-tech company specialised in IT automation. KKR will acquire a minority stake in arago and support the global roll-out of arago's product portfolio with growth equity.
Funds Legal and Regulatory Update- Ogier
In early August 2014 „Popov & Partners" Law office was selected by the Ministry of Justice of the Republic of Bulgaria to perform public procurement named „Research and analysis of existing systems for enforcement in the EU Member States, research and exchange of the European good practices related to the construction of electronic system/portal for enforcement". The research is in the framework of „Effective and transparent enforcement, integrated with national and European electronic legal systems" implemented with the grant of the Operational Programme „Administrative Capacity", co-financed by the European Union through the European Social Fund.
In the middle of July 2014 "Popov and Partners" law office was awarded a public procurement, announced by the Ministry of Finance, with subject matter "Analysis of the structure of the Managing Authority of Operational Programme "Administrative Capacity" (OPAC) and development of an offer for structure of the Managing Authority of Operational Programme "Good Governance" (OPGG) in relation to the 2014-2020 programming period". The public procurement is part of a project for analysis of the structure of the Ministry of Finance and Operational Programme "Administrative Capacity" Directorate, realized with the financial support of Operational Programme "Administrative Capacity" (OPAC), co-funded by the European Union through the European Social Fund. The most fundamental aim of all project activities is to guarantee the effective execution of Operational Programme "Administrative Capacity" Directorate at the Ministry of Finance, in its capacity of Managing authority of the new Operational Programme "Good Governance" 2014 - 2020, which will replace Operational Programme "Administrative Capacity" and Operational Programme "Technical Assistance", implemented during the past programming period.
The international media company Bertelsmann is increasing its ownership of Gruner + Jahr to 100 percent by acquiring Jahr Holding's 25.1 percent shareholding. The transaction was agreed among Gruner + Jahr's shareholders. Bertelsmann's acquisition of the remaining shares in Gruner + Jahr will become effective on November 1, 2014. The purchase price is being paid in cash, and the parties have agreed not to disclose the amount.
Hengeler Mueller advises LEG Immobilien AG on acquisition of portfolio of around 9,600 residential uA subsidiary of LEG Immobilien AG ("LEG"), acting as the buyer, and Deutsche Annington Immobilien SE ("Deutsche Annington"), acting as the seller, yesterday signed an agreement for a portfolio transaction for around 9,600 residential units and related employees in North Rhine-Westphalia by way of share deal. The total transaction volume amounts to €484m. Following antitrust approval, the closing of the transaction is expected by the end of October 2014.