Event Report

The Legal 500, alongside highly regarded long-time partners Masouros and Partners, were delighted to be returning to Athens at the renowned Four Seasons Astir Hotel in Vouliagmeni for a wide-ranging roundtable on Mergers and Acquisitions in the current economic climate in Greece and the wider region.

Around the table were GCs and in-house counsel from some of the largest companies in Greece; the conversation also benefited enormously from the vital contributions of Prof. Dr. Pavlos E. Masouros, LL.M. (Harvard), Managing Partner of Masouros and Partners, who, over years of practice has carved a reputation as one of the most distinguished and knowledgeable names in commercial law in Greece, as well as internationally.

Looming over the conversation was the ongoing inflationary pressure that has affected M&A negotiations, but the conversation also covered how that inflationary pressure affects various sectors in Greece, from Energy/Minerals to Tech, Banking and Hotel/Real Estate, as well as what the immediate future might hold in M&A dispute resolution.

The conversation started with the Energy and Minerals sectors, where Natalie Kedikoglou, general counsel at Hellas Gold, explained why large Greek deals, even if not governed by foreign law, often involve international counsel. Argyris Economou, chief legal officer at Public Power Corporation then spoke about due diligence and ESG standards in the framework of M&A deals. As a distinguished lawyer with a background in both private practice as well as an in-house counsel, Argyris’ valuable insights provided interesting commentary on how the energy sector has evolved over the years, and what the challenges in the energy market are likely to be over the next few years.

The topic of the conversation then shifted to the Tech sector, where Yota Kremmida, associate general counsel at Hewlett Packard Enterprise covered the role of in-house counsel in M&A, and the threshold past which it might be reasonable for GCs to seek outside counsel. Yota also spoke about Greek labour law issues in M&As and issues which hold up a transaction. At this point, Kostas Argyropoulos, general counsel at Space Hellas Group, covered advances that technology has brought about which may facilitate running a deal, such as virtual hearings or AI-based solutions.

Orestis Omran, partner and head of Greece at DLA Piper spoke next about the trend that even domestic M&As between Greek partners are drafted in English, and why that might be the case. Anastasia Petsinari, head of legal and corporate governance and corporate secretary, Optima bank, then covered whether there has been any change in the banks’ attitude towards M&A financing and whether they are less willing to provide commitment letters or acquisitions funds.

Dimitris Polychronopoulos, head of legal at Trastor REIC, then covered the extent to which inflation and high-interest rates affected plans to proceed with new acquisitions, and how important ESG standards have become in the framework of M&A. The conversation then shifted to Yiota Krassakopoulou, who spoke about recent developments in M&A in the Greek shipping sector. Finally, Catherine Karaninola, general counsel at YNV Group, spoke about whether parties now design more carefully pre-deal documentation such as letters of intent, and whether or not the current economic climate makes parties more likely to adopt a rather more cautious approach at that stage.

We at The Legal 500 would like to extend our sincere thanks to Masouros and Partners for their partnership, as well as to the big audience who followed the discussion virtually.

We look forward to coming back to Athens in the future to cover these important developments once again accompanied by knowledgeable and prominent practitioners.

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