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bpv Hügel

Work +43 1 260 50 00
Fax +43 1 26 05 01 33
Brussels, Mödling, Vienna

Dr Christoph Nauer

Work +43 2236 893377 0
bpv Hügel

Work Department

Corporate/M&A, Capital markets, Banking & Finance


Partner in the practice areas corporate/M&A, capital markets and banking&finance. His practice focus on M&A, mergers/spin-offs, takeover situations, ECM (equity/equity-linked) and banking regulatory. He represented international/Austrian blue chips across various industries. Top 5 in the Individual 10 yrs. League Table of Mergermarket per value for Austria till 2018 (with total deal value of €9,286bn last 10yrs).

- €390mn strategic acquisition in listed S IMMO by IMMOFINANZ
- R-IT on its sale of global operating COMPAREX to KKR backed SoftwareONE
- €760mn sale by IMMOFINANZ of stake in listed CAI to Starwood Capital
- RZB on its merger with listed RBI (highest profile banking sector transaction in Austria/CEE in 2017)
- €1.6bn Spin-off of BUWOG (first from an ATX company)


With bpv Huegel since 2009. Prior with Cheyne Capital, London (leading Europe alternative investment fund manager).


German, English


International Bar Association


University of Vienna (1998 Mag. iur., 2002 Dr. iur.), Vienna University of Economics and Business (2006 LL.M. International Tax Law)


Capital markets

Within: Capital markets

With a particular focus on ECM, bpv Hügel regularly advises issuers and underwriters on public offerings of shares and private placements, while also handling delistings. Christoph Nauer advised Immofinanz on its reverse stock split at a ratio of 10:1, combining ten existing shares into a single share. Autobank is also a client. Elke Maria Napokoj heads the team, which works in close co-operation with its corporate group.

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Commercial, corporate and M&A

Within: Commercial, corporate and M&A

Handling the full spectrum of corporate and M&A work, bpv Hügel benefits from its strong tax practice, which it is able to call upon to advise on matters involving tax structuring and tax reorganisation issues. Christoph Nauer advised Immofinanz on the sale of its approximately 26% stake in CA Immobilien Anlagen to Starwood Capital, and Elke Maria Napokoj assisted International Airlines Group and Vueling Airlines with the intended takeover of Niki Luftfahrt; while the clients' bid was unsuccessful, it led to a follow-on mandate where the team assisted the client with the set-up of Austria-based new airline Level. Thomas Lettau, Florian Gibitz and Stefan Gaug are other key members of the team.

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Within: Tax

Companies, including several blue-chips and energy sector players, and high-net-worth individuals alike routinely instruct bpv Hügel's 'very responsive, experienced and dedicated' team to assist with corporate and transactional tax law matters alongside estate planning, private foundation and contentious matters. The 'hardworking and structured' Kornelia Wittmann, who made partner in July 2018, is a key name for contentious work. Other key individuals include Christoph Nauer and Walter Loukota, who joined the firm in May 2017 from Binder Grösswang, and jointly heads the team with the 'highly efficient' Gerald Schachner, who is 'an outstanding tax lawyer and negotiator with brilliant knowledge and a high level of commitment'.

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Legal Developments in Austria

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

    Good things come to those who wait? Finally, the main implementing regulation for the Austrian Law on Network and Information System Security ( Netz- und Informationssystemsicherheitsgesetz , " NISG ") was published last week. It serves primarily to define which companies are actually affected by the NISG. Now it is getting serious for the operators of " essential services ". What does that mean?
    - Dorda

    Black Friday is unquestionable one of the most profitable and busiest days of the year for retail, particularly online. Worldwide almost all online store do offer sales or special promotions on Black Friday or Cyber Monday. Already after this practice has established online, a trademark for " BLACK FRIDAY " was registered in Germany back in 2013. In 2016 a Chinese company acquired the trademark and then filed in 2017 for its extension to Austria. Based on the registered trademark, it granted exclusive rights to an Austrian company, which licensed usage rights to various partner stores against remuneration. Further, an exclusive " Black Friday-Cooperation Program " was established. Non-partners who used the event name or trademark were prosecuted and requested to either pay a license fee or refrain from running Black Friday promotions. Some followed the request and entered into license agreements. Some, however, did challenge the validity of the trademark. Finally, respective proceedings to check the actual protection of the trademark were initiated. Austrian courts now held that the trademark " BLACK FRIDAY " is not protected in Austria .
    - Dorda

    On 5th December 2018, the Austrian data protection authority ( Datenschutzbehörde , "DSB") issued a decision (DSB-D123.270/0009-DSB/2018) on data subject's right to data deletion according to Art 17 GDPR. In a nutshell, the DSB accepted consistent anonymisation as a valid alternative to physical and technical deletion. Beside the clear statement that anonymous data is not subject to the GDPR, the DSB provided detailed information on (technical) requirements of anonymisation methods:
    - Dorda
  • Consent or pay – a valid scheme under the GDPR?

    Media companies throughout Europe struggle with a difficult economic environment: Shrinking sales figures for print products, the digitalisation and consumer demand force publishers to offer their content also on the internet. However, generating money for online publications is not quite easy as – at least in Austria – online subscription against renumeration has not been well accepted by customers. This partially has its root in the lack of suitable micropayment means in the past and users thus getting acquainted to online information being offered for free. Thus, publishers have instead focused on financing their platforms by online marketing activities such as placement of banners. Nowadays such digital advertisement is usually targeted to the specific user. For this purpose, cookies are stored on the user's computer upon his first visit of the website, which then collect data about his location, technical equipment used and online behaviour. This finally allows to display specific, user targeted advertisements. However, such cookies may cause issues with applicable consent requirements under the telecommunication and data protection regulations:
    - Dorda
  • fwp expands know-how thanks to new junior partner

    Vienna, March 2019. Fellner Wratzfeld & Partner GmbH (fwp) adds valuable competence and expertise to the team by welcoming Pavel Bachleda in its midst as a new attorney-at-law and junior partner.
  • fwp helps find a new mega arena location

    fwp helps find a new mega arena location

    Processing operations subject to the requirement of a data protection impact assessment.
    - Dorda
  • Rien ne va plus!

    - Dorda
  • DORDA advises on the acquisition of Austrian office properties Denk Drei

    Stefan Artner , Partner and Head of the Real Estate Practice Group, and real estate attorney Klaus Pfeiffer of DORDA advised Austrian Real Estate Development GmbH ( ARE , a subsidiary of Bundesimmobilien-Gesellschaft, the Austrian privatization agency) on the acquisition of the Denk Drei office properties from IC Development . The successful closing of the forward purchase transaction took place on April 30, 2018. The parties have agreed not to disclose the purchase price.
    - Dorda
  • Austrian "White List"

    Exceptions from the OBLIGATION TO CARRY OUT A data protection impact assessment
    - Dorda