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Deals March 2024

Kinstellar advises Nestlé on the sale of BOCI chocolate brand in Hungary

Kinstellar has successfully advised the world-leading food company Nestlé on the sale of the iconic Hungarian chocolate brand 'BOCI,' with a heritage spanning nearly a century, to Cerbona, a prominent Hungarian food manufacturing company.  Closing is scheduled to take place in May 2024. Kinstellar advised on transactional, commercial law, competition law as well as intellectual property matters. Notably, the transaction involved intricate intellectual property assets, adding complexity and challenge to the process.  Kinstellar team was led by Gábor Gelencsér, Partner, supported by Gergely Simon Lipták, Associate. The team also included Dániel Nagy, Managing Associate (IP law), Péter Vörös, Partner

Insights March 2024

Key milestone in corporate governance reform: Ukraine enacts long-awaited law on the further liberalisation of the SOE sector

The Law of Ukraine “Introducing Amendments to Certain Laws of Ukraine on the Enhancement of Corporate Governance” (the “Law” or the “SOE Law”) entered into force on 8 March 2024. This Law is a significant step towards the alignment of the Ukrainian legal framework for state-owned enterprises (“SOEs”) with international best practices, particularly the OECD Guidelines for Corporate Governance of SOEs. The Kinstellar team was honoured to contribute to the drafting of the Law directly, within the framework of our cooperation with the EBRD. Reflecting this first-hand experience, Kinstellar highlights the role of the adopted Law for the SOE sector, the overall business environment and the broader post-war

Deals March 2024

Kinstellar advises S IMMO AG on the sale of Zagrebtower

Kinstellar has successfully advised S IMMO AG on the sale of Zagrebtower office building to the OTP Group. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals. Kinstellar advised S IMMO AG throughout the process including on structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, the class A office building encompasses a total net area of almost 26,000 m² and has a BREEAM International In-Use Excellent certificate. Zagrebtower consists of a 22-storey, 79 metre office tower with a connected nine-storey low-rise building. The tenants include the Croatian Ministry of Economy and

Insights March 2024

Get ready for the new foreign direct investment screening regime in Bulgaria

A foreign direct investment screening mechanism entered into force in Bulgaria on 12 March 2024. The mechanism applies Regulation (EU) 2019/452, establishing a framework for the screening of foreign direct investment (“FDI“) into the Union. This is a significant development in the regulatory landscape governing foreign investments in Bulgaria, although some uncertainty remains as to its impact. Due to certain lack of clarity in the final text of the legislation, each investment should be carefully analysed on a case-by-case basis, especially during the transition period. Investments requiring an FDI approval According to the bill amending the Investment Promotion Act (“IPA”), an investment in Bulgaria is

Insights March 2024

Do you want to litigate in Slovakia? From 1 April 2024 you will pay more

At the end of last year, the National Council of the Slovak Republic adopted changes to administrative fees, court fees and fees in other areas of public administration. From 1 April 2024—just a few days from now—not only will it be necessary to pay more for various administrative matters, but court fees will also increase. Click on one of the images below or click on the following links to read the overview covering the respective changes in English or in Slovak.   Downloa d in English: Download in Slovak:

Insights March 2024

Ukraine leaps forward in its cannabis policy

A cannabis law passed by the Ukrainian parliament back in December of last year, will come into force on 16 August 2024. Developed in compliance with EU regulations, the law represents a significant overhaul of cannabis regulations in Ukraine. Secondary cannabis-related legislation is expected to be drafted by the Ukrainian government by the end of May 2024. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian.   Down load in English: Download in Ukrainian:

News March 2024

Kinstellar announces new series of promotions across multiple service lines in Bucharest, Romania

Kinstellar is delighted to announce a new series of promotions in our Bucharest office: 6 of our lawyers, active across multiple service lines, have been promoted to the positions of Senior and Managing Associate. These promotions reflect the office’s commitment to put the right team in place to provide comprehensive legal solutions in a wide range of practices, including corporate M&A, employment, dispute resolution, energy, or real estate.   Lidia Zărnescu, Cătălin Roman and Mihai Stan have been promoted to Managing Associate, bolstering their contribution to the office’s employment, dispute resolution and corporate and M&A recent accomplishments. Lidia Zărnescu is a senior lawyer who boasts

Deals March 2024

Kinstellar advises Genesis Capital on the acquisition of a majority stake in GAF

Kinstellar’s Prague office has successfully advised Genesis Private Equity Fund IV (GPEF IV), from the established private equity group Genesis Capital, on the acquisition of a majority stake in GAF, a Czech manufacturer of specialised metal products. GAF is a major player in metal fabrication, focusing on the complex custom processing of steel, stainless steel and aluminium. The company's products are subject to strict certification and have a wide market application in the food, healthcare, textile, and railway transport industries, among others. The founder and current 100% owner, Mr. Luděk Fofoňka, will retain a significant stake in the company. At the same time, key managers who are also investing in the

Insights March 2024

CfD Scheme soon to be launched in Romania

On 14 March 2024, the Romanian Ministry of Energy launched for public consultations the draft Government decision on the approval of the general legal framework for the implementation and functioning of the Contracts for Difference support scheme for low carbon technologies ("CfD Scheme"). There is a short deadline for public consultations: 25 March 2024. In early March, Romania received the green light from the European Commission to launch a EUR 3 billion state aid programme to promote the deployment of wind and solar photovoltaic (PV) capacity to meet its energy transition goals. The support scheme foresees two auction rounds, in 2024, the first auction of 2 GW, consisting of 1 GW solar and 1 GW wind; and in 2025

News March 2024

Kinstellar announces launch of sister law firm in Southeast Asia

Kinstellar is delighted to announce that it has joined forces with Asia Counsel (www.asia-counsel.com), a prominent law firm in Vietnam. Our sister law firm in Vietnam will continue to operate under the existing “Asia Counsel” brand, now in association with Kinstellar Southeast Asia. Our strategy is to continue to develop a first-class group of law firms in jurisdictions where the major international law firms are not focussed, thereby positioning ourselves as the leading innovator and powerhouse in those jurisdictions. This strategic move marks a significant milestone and a launchpad for our group’s expansion plans in the emerging markets of Southeast Asia. By combining our strengths, resources and expertise

Insights March 2024

Coffee industry leaders face EUR 2 million fine and secure a conditional merger before Serbian Competition Authority

On 29 February 2024, the Serbian Competition Authority (the “SCA”) published two detailed decisions involving two largest undertakings on the Serbian coffee market. The first one relates to concerted practices that resulted in a joint fine of approximately EUR 2 million, while the other one relates to the conditional approval of the acquisition of Strauss Adriatic by Atlantic Group. As per data released by the SCA, these two enterprises collectively h approximately 70% to 80% of the coffee market in Serbia, boasting a portfolio that includes the most significant coffee brands in the region. In 2021, the SCA conducted a sectorial analysis encompassing various food markets, including a specific focus on the ground coffee

Insights March 2024

The AI Act is adopted, what to do now?

On March 13th the EU Parliament adopted the AI Act, marking a significant milestone in shaping the region's AI landscape. The Act will be published in the Official Journal of the European Union, and 20 days after publication, the AI Act will enter into force. Although it will take two full years until the grace period passes and almost all provisions will be applicable, AI providers should be aware of the detailed schedule of applicability. In addition, as the AI Act has extraterritorial scope, it does not only concern the 27 Member States of the European Union, but any AI provider worldwide whose AI systems are placed on the market or put into service in the EU. The first deadline expires in six months, as the rules