Regulation (EU) 2022/2560 on Foreign Subsidies (the "FSR") aims to address distortions caused by foreign subsidies in the single market. In this part of our FSR Insight Series, we explain the fundamental notion of what constitutes a "foreign subsidy" within the meaning of the FSR. You will find a basic definition in Article 3 FSR, with some further considerations in recitals 11 to 16 of the Regulation.

CEELM: First, congratulations on winning the Deal of the Year award in Austria!

The Austrian real estate market has been characterized by steady growth over the last decade, driven by a strong economy, low-interest rates, and increasing demand from both local and foreign buyers. 

Alexey Amvrosov, Lead Counsel for IBM Consulting in CEE, based in Vienna, highlights the soft skills that will differentiate successful legal leaders from those less so.

Herbst Kinsky has advised Lifetree Asset Management – Froots – on its second financing round which saw Gregor Schlierenzauer and Ronald Holzmann join existing investors Georg Kapsch, Andreas Treichl, Gina Goess, and Reinhold Baudisch, with the company raising over one million euros. 

On May 22, 2023, CEE Legal Matters reported that Wolf Theiss, working with Milbank, had advised the initial purchasers and lenders on Salzburg-based Benteler Group’s capital market debut issuance and loans amounting to over EUR 2 billion. CEELM reached out to Wolf Theiss Partner Matthias Schimka to learn more about the matter.

E+H has advised EcoWind on the sale of the Steinberger Alpe wind farm and the Soboth wind turbine to Kelag in an international bidding process.

Taylor Wessing has advised wind energy technology company SkySpecs on the acquisition of i4SEE.

Cerha Hempel has advised OMV on the sale of its Avanti-branded service stations in Germany to PKN Orlen Group's Orlen Deutschland.

Former PwC Legal Attorney at Law Simon Baier has launched the eponymous SHB Law Office Simon Harald Baier.

Rautner Rechtsanwaelte has advised Gugelsolar GesmbH and Erste Bank on their construction and financing of the Sonnenfeld Pellendorf agri-photovoltaic system as an addition to the existing Gugelberg wind farm.

Binder Groesswang, working with Willkie Farr & Gallagher, has advised PAI Partners on its acquisition of NovaTaste – formerly the Savory Solutions Group – from International Flavors & Fragrances. Cerha Hempel, working with Cleary Gottlieb, advised the seller.

Contributed by Act Legal WMWP Rechtsanwalte.

Fieldfisher opened an office in Vienna on June 1 with former SCWP Schindhelm Partners and by integrating Meissner & Passin.

Contributed by Schoenherr.

On January 4, CEE Legal Matters reported that Dorda, working with Loyens & Loeff, had advised Croma-Pharma on entering into a business combination agreement with the European Healthcare Acquisition & Growth Company. CEE In-House Matters spoke with Andreas Prinz, Managing Director at Croma Pharma, to learn more about the deal.

On July 7, four leading lawyers from Austria, the Czech Republic, Hungary, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the increasing prominence of ESG issues and their impact on M&A transactions, due diligence procedures, and the role of the lawyers themselves.

Contributed by Schoenherr.