- Home
- News & Insights
Search by
Latest
A sector under the spotlight: what recent cases in Romania and at the EU level signal for pharma compliance
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council (“RCC”) announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Kinstellar advises the investment-holding company AJFH on the acquisition of Imlek, a leading dairy producer in Southeast Europe
Kinstellar has successfully advised AJFH (the family office of experienced entrepreneur and investor Andrej Jovanović) on the acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals and completion conditions. Imlek is headquartered in Belgrade, Serbia, and operates production facilities (dairies) in North Macedonia and Bosnia & Herzegovina. Our team provided full-scope legal advice, including transaction structuring, negotiation of the transaction documents, financing, and regulatory/competition support. The project was led by Partner Hugh Owen, supported by Associate James
Regional Competition Law Update – Q3 2025
Kinstellar’s Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new “call-in” powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
Corporate and M&A: Key Bulgarian legal developments
Over the past months, Bulgaria has adopted and implemented several important legislative changes affecting foreign investment screening, merger control, corporate reorganisations, and company transparency. In addition, the country is preparing for euro adoption on 1 January 2026, which will bring adjustments to corporate governance and registration procedures. Courts have also issued significant rulings clarifying directors’ duties in insolvency, the validity of detrimental transactions, and shareholder rights. Our overview provides detailed information about these updates and outlines their implications for businesses and transactions. Update on Bulgarian legislation 1. Foreign Direct Investment
Bulgaria’s Merger Control Update: Below the thresholds but not below the radar
On 23 October 2025, Bulgaria adopted changes to its Competition Protection Act, introducing below-threshold merger filings. The legislator and the competition protection authority cited the following reasons for the changes: fast-paced technology developments and innovation, a growing number of “killer acquisitions”, as well as more legal certainty for investors. The changes become effective on the day of their promulgation – expected in first week of November. 1. Background Following the ECJ judgment in the Illumina/Grail case in 2024, it became clear that EU Member States may not refer below-threshold transactions to the European Commission if none of the EU Member States has jurisdiction
Competition Law Update in Romania: Q3 2025
The Romanian Competition Council (“RCC”) remained highly active throughout the third quarter of 2025, advancing its enforcement and policy agenda across multiple fronts. Highlights include the adoption of Romania’s first foreign direct investment (“FDI”) guidelines, the launch of a public consultation on urban utility approvals, and intensified merger control and antitrust activity across the telecom, retail and agribusiness sectors. These efforts are reinforcing the RCC’s commitment to safeguarding competition in strategically important markets. I. Latest Updates FDI Guidelines On the FDI screening front, Romania adopted its first set of investment screening guidelines (“FDI Guidelines”)
Kinstellar announces new promotions in the Budapest office
Kinstellar Budapest is pleased to announce that Ákos Nagy has been appointed as Partner and Head of the local Competition, Dispute Resolution, Risk & Investigations, and ESG Service Lines, and Zsuzsa Andrékó and Máté Nagy have both been promoted to Of Counsels. Ákos has been with the Firm since its launch in 2008 and has been a key pillar in the development of the Budapest Office. He brings more than 20 years of experience in corporate, M&A, commercial, regulatory, and compliance matters, with a strong focus on the automotive, battery and defence sectors. He has supported numerous strategic investors on their greenfield investments in Hungary and across the CEE region, including leading players in the electric
Three new state aid schemes are driving Romania’s move toward zero-emission transport
The Ministry of Transport and Infrastructure (MTI) in Romania has recently launched three state aid schemes, financed through the Modernisation Fund, to accelerate the transition to zero-emission transport: Zero-emission vehicle acquisition (EUR 299 million); e-MOVE RO (EUR 250 million); e-Mobility RO (EUR 299 million). All schemes are managed by MTI and awarded through a competitive selection process. Click on the image below or use the following link to read our detailed overview of the schemes in English.
DR-23: New non-reimbursable funding opportunity in Romania for companies in the food industry through European Funds
A new funding opportunity in Romania—the DR-23 Investments for the Processing of Agricultural Products Aid Scheme—has been launched following its publication in the Official Gazette, offering significant financial support to businesses operating in the agri-food sector. With a total budget of approximately EUR 165 million, this scheme is designed to support a wide range of companies operating in the food industry in Romania, including but not limited to bakeries, milling units, biscuit and pasta producers, chocolate and cocoa manufacturers, ice cream producers, and even beer makers. Who can apply? The funding scheme is open to a variety of Romanian enterprises in the agri-food sector, including:
Romania: Mid-year Competition Law Update
The second quarter of 2025 marked a dynamic period for competition law in Romania, driven by significant legislative developments, a surge in merger activity, and the launch of several new investigations. In this Competition Law Update, we highlight the key developments and explore their potential implications for the remainder of the year. Latest Updates Legal privilege-related amendments to Romanian Competition Law As of 26 June 2025, the Romanian Competition Council (“RCC”) operates under updated procedural rules concerning the treatment of communications claimed to be protected by legal professional privilege (“LPP”) during dawn raids. These changes stem from the enactment of Law No. 111/2025
Romania fine tunes procedure on treating allegedly privileged communication during dawn raids
The Romanian Parliament has amended Competition Law no. 21/1996 (the "Competition Law") through Law No. 111/2025 approving Government Emergency Ordinance No. 99/2024, amending and supplementing certain legislative acts in the field of competition ("Law 111/2025"). Effective 26 June 2025, the Romanian Competition Council (the "RCC") has received refined procedural guidance for handling communications claimed to be protected by legal professional privilege ("LPP") during dawn raids. Law 111/2025 amends, among others, Art. 38 paras. (9) and (11) of the Competition Law, replacing the July 2024 version, itself introduced to fix a highly questionable earlier formulation which had controversially allowed RCC inspectors to read
Kinstellar, with Noerr as lead counsel, advises STRABAG on the Romanian, Croatian, Czech, and Montenegrin law aspects of its acquisition of WTE Wassertechnik
Kinstellar is pleased to announce that, together with Noerr acting as lead counsel, it has advised STRABAG, one of Europe’s leading technology groups for construction services, on the Romanian, Croatian, Czech, and Montenegrin law aspects of its acquisition of WTE Wassertechnik, a provider of municipal and industrial water management solutions. The purchase price for the shares in WTE Wassertechnik is EUR 100 million. STRABAG is also taking over existing shareholder loans. The transaction supports STRABAG’s Strategy 2030 and is expected to significantly expand its existing water technology capabilities into the field of integrated water management. Completion of the transaction is subject to regulatory and antitrust