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17 Februar 2021
CMS Busi­ness Bre­ak­fast | Zins­haus ak­tu­ell
Ak­tu­el­le Ent­wick­lun­gen am Zins­haus­markt­Ver­trags­ge­stal­tung beim Zins­haus-Kauf oder -Ver­kauf­Hu­dej Zins­häu­ser und CMS-Part­ner Jo­han­nes Reich-Rohr­wig freu­en sich, Ih­nen die ak­tu­el­len Ent­wick­lun­gen am Zins­haus-Markt...
18 Februar 2021
CMS Busi­ness Bre­ak­fast | Zins­haus ak­tu­ell
Ak­tu­el­le Ent­wick­lun­gen am Zins­haus­markt­Ver­trags­ge­stal­tung beim Zins­haus-Kauf oder -Ver­kauf­Hu­dej Zins­häu­ser und CMS-Part­ner Jo­han­nes Reich-Rohr­wig freu­en sich, Ih­nen die ak­tu­el­len Ent­wick­lun­gen am Zins­haus-Markt...
21 Januar 2021
Emer­ging Eu­ro­pe M&A Re­port 2020/2021
In 2020 we coun­ted 1,705 deals with a to­tal va­lue of EUR 60,80bn in emer­ging Eu­ro­pe, re­spec­tive ye­ar-on-ye­ar de­crea­ses of 12.9% and 16%. It will not co­me as a sur­pri­se that this is the lo­west num­ber of deals for the re­gi­on in the ten edi­ti­ons of this re­port that we ha­ve pu­blis­hed. Then again, af­ter a ye­ar cha­rac­te­ri­sed by the CO­VID-19 pan­de­mic, in which deals we­re protrac­ted, post­po­ned or sim­ply aban­do­ned, it is pro­bab­ly not as bad as ma­ny of us may ha­ve ima­gi­ned.Whi­le deal num­bers in Q4 re­mai­ned sub­dued, we ex­pe­ri­en­ced the hig­hest deal va­lue for the fi­nal quar­ter of the ye­ar sin­ce 2016.Af­ter ma­ny ye­ars of de­cli­ne, in re­cent ye­ars the an­nu­al deal­f­low in emer­ging Eu­ro­pe had star­ted to stea­di­ly sett­le around the 2,000 mark. In last ye­ar’s re­port, we pre­dic­ted that the re­gi­on would main­tain its attrac­tiven­ess to in­ves­tors and we had gre­at con­fi­dence in the deal pipe­line. We felt that un­cer­tain­ties around Chi­na-US tra­de re­la­ti­ons, Brex­it and the US pre­si­den­ti­al elec­tions would ha­ve litt­le im­pact on the re­gi­on’s deal­f­low. As the ye­ar show­ed, glo­bal po­li­ti­cal un­cer­tain­ties are no com­pe­ti­ti­on for a pan­de­mic when it co­mes to slo­wing down M&A ac­tivi­ty.Howe­ver, deals did con­ti­nue and com­pa­red to other glo­bal emer­ging mar­kets, such as Emer­ging Asia and La­tin Ame­ri­ca, the re­gi­on per­for­med qui­te well.The Emer­ging Eu­ro­pe M&A Re­port ta­kes a clo­ser look at the trends and da­ta on a coun­try-by-coun­try and on a sec­tor ba­sis. The im­pact of the eco­no­mic slow­down was re­la­tive­ly even­ly spre­ad across the re­gi­on, but the­re are al­ways so­me coun­tries that buck the trend. Po­land ex­pe­ri­en­ced a ye­ar-on-ye­ar in­crea­se in deal vo­lu­me whi­le wit­nessing the hig­hest deal va­lue com­pa­red to 2019.South-eas­tern Eu­ro­pe was qui­te sta­ble over­all with mar­kets such as Ro­ma­nia, Bul­ga­ria and Croa­tia all see­ing on­ly mo­dest drops in deal vo­lu­mes. From the usu­al top per­for­mers, Czech Re­pu­blic was pro­bab­ly the har­dest hit with a 24,7% de­crea­se in tran­sac­tions; howe­ver, the­se are still bet­ter num­bers than the coun­try pos­ted in 2012 in the slipst­ream of the fi­nan­ci­al cri­sis and as re­por­ted in the CMS Emer­ging Eu­ro­pe M&A Re­port at the ti­me.A gre­at deal has be­en writ­ten about win­ners and lo­sers in terms of sec­tors, ra­ther than fo­cu­sing on so­me of the­se un­fo­re­se­en de­ve­lop­ments, the ar­ti­cles in the re­port fo­cus on so­me of the trends that had set in be­fo­re the pan­de­mic hit. In fact, so­me of the­se de­ve­lop­ments we­re ac­ce­le­ra­ted by it: the ad­van­ce of Tele­coms & IT in terms of deal vo­lu­me—ta­king the top spot from Re­al Es­ta­te & Con­struc­tion—and con­ti­nued in­vest­ment in re­ne­wa­ble en­er­gy, dri­ven by cli­ma­te goals, the de­mand of cle­an en­er­gy by tech­no­lo­gy gi­ants, and the over­all dri­ve for sustaina­bi­li­ty.Two ar­ti­cles pro­vi­de a mo­re de­tai­led look in­to how spe­ci­fic com­pa­nies are fa­ring, a clo­se-up on the Croa­ti­an con­glo­me­ra­te For­te­n­o­va and whe­re it stands two ye­ars af­ter its re­struc­tu­ring, and a fire­si­de chat with Te­re­za Ber, ge­ne­ral coun­sel at Zen­ti­va, about the com­pa­ny’s take­over of the CEE busi­ness of Al­vo­gen.We al­so ta­ke a look at the re­gi­on’s IPO ac­tivi­ty. The War­saw-lis­ting of Al­le­gro is a testi­mo­ny not on­ly to the suc­cess of ecom­mer­ce in the­se new ti­mes, but al­so to the in­crea­sed in­te­rest in an exit through the stock ex­ch­an­ge. Af­ter see­ing on­ly 14 IPOs in 2019, this re­boun­ded to 26 in 2020. Through du­al-track sa­les pro­ces­ses sel­lers want to ma­ke the most of the com­pe­ti­ti­on bet­ween a tra­de sa­le and IPO, and with new re­cor­ds set on stock ex­ch­an­ges throughout the world towards the end of 2020, it will li­kely re­main an attrac­tive pro­spect.One de­ve­lop­ment that we no­ted in 2019 did re­ver­se last ye­ar. Whi­le cross-bor­der in­vest­ment in­to the re­gi­on de­crea­sed by 34.3%, do­mestic deal ac­tivi­ty pi­cked up by 18.4%, re­aching a to­tal of 764 and 941 tran­sac­tions re­spec­tive­ly. Over­all, in­ves­tors ba­sed clo­ser to the re­gi­on re­mai­ned mo­re ac­tive than tho­se fur­ther away, and in par­ti­cu­lar in­ves­tors from the US, Chi­na and Ja­pan ma­de fe­wer ac­qui­si­ti­ons in emer­ging Eu­ro­pe. We look at what keeps attrac­ting wes­tern Eu­ro­pean in­ves­tors to the re­gi­on.The re­stric­tions on our free­dom forced us to li­ve dif­fer­ent­ly: we work from ho­me, shop on­line and meet fri­ends vir­tual­ly. Alt­hough a vac­ci­ne may so­on al­low us to re­turn to “nor­mal”, the last ye­ar is li­kely to ha­ve a las­ting im­pact on our be­ha­viour. As busi­nes­ses that be­ne­fit from this new eco­no­my grow, so does in­te­rest from in­ves­tors. On the flip si­de, tho­se com­pa­nies that ha­ve had to count their los­ses may be­co­me in­te­res­ting tar­gets too. Whi­le so­me com­pa­nies will see the need for a ca­pi­tal in­jec­tion to sur­vi­ve, others will be loo­king for in­vest­ment to help it ca­pi­ta­li­se on their suc­cess. 
21 Januar 2021
Life af­ter Brex­it – Im­pli­ca­ti­ons for the upst­ream oil and gas sec­tor
Now that the de­co­ra­ti­ons are pa­cked away and the Christ­mas ca­ke crumbs swept up, we are turning our at­ten­ti­on to the out­co­me of the last mi­nu­te agree­ment of the Tra­de and Co-ope­ra­ti­on Agree­ment (TCA)...
26 Januar 2021
The Fu­ture is Now: The New World of Work
As coun­tries con­ti­nue to strugg­le with CO­VID-19 whi­le al­so try­ing to re­tain at least a sem­blan­ce of busi­ness as usu­al, the way we work has be­en chan­ged ex­ten­si­ve­ly, in so­me re­spects po­ten­ti­al­ly fo­re­ver.The...
05 Februar 2021
EU Com­pe­ti­ti­on Law Brie­fings
The EU Com­pe­ti­ti­on Law Brie­fings ha­ve be­en crea­ted to pro­vi­de a plat­form for our cli­ents and other com­pe­ti­ti­on law ex­perts to stay up to date on the de­ve­lop­ments of EU Com­pe­ti­ti­on Law.  Every month...
19 Januar 2021
CMS Ex­pert Gui­de to the trans­pa­ren­cy re­gis­ter in AML di­rec­tive
In 2015, the Fourth Mo­ney Laun­de­ring Di­rec­tive (Di­rec­tive EU 2015/849) re­qui­red EU mem­ber sta­tes to set up re­gis­ters of the ul­ti­ma­te be­ne­fi­ci­al ow­ners of le­gal en­t­i­ties. That Di­rec­tive has re­cent­ly be­en...
Comparable
19/01/2021
LUPL fi­xiert 14-Mio.-USD-Fi­nan­zie­rung und be­setzt CEO-Po­si­ti­on
Ei­ne Fi­nan­zie­rungs­run­de von 14 Mio. USD er­höht die Ge­samt­fi­nan­zie­rung von Lupl auf mehr als 25 Mio. USD, was Lupl in die­ser Ent­wick­lungs­pha­se zu ei­nem der best­aus­ge­stat­te­ten Tech­no­lo­gie-Start-ups im...
19 Januar 2021
New GD­PR stra­te­gy to tack­le new tech­no­lo­gy, da­ta se­cu­ri­ty, in­ter­na­tio­nal...
The Eu­ro­pean Da­ta Pro­tec­tion Board (ED­PB) pu­blis­hed its GD­PR Stra­te­gy 2021-2023 on 5 Ja­nu­a­ry 2021, set­ting out four main pil­lars and key ac­tions, which in­clu­de: Pil­lar 1: Ad­van­cing har­mo­ni­sa­ti­on and fa­ci­li­ta­ting...
15 Januar 2021
CMS Ex­pert Gui­de to con­tin­gen­cy plan­ning with pro­xies
An ac­ci­dent or ill­ness can ma­ke so­meo­ne (tem­pora­ri­ly) un­able to act. Through the use of pro­xies, it is pos­si­ble to not on­ly pro­tect the per­son af­fec­ted. Re­la­ti­ves can be ta­ken ca­re of and en­t­er­pri­ses...
Comparable
Erschienen am 14. Januar 2021 auf kommunal.at
Ge­mein­de­ko­ope­ra­tio­nen bei IT-Lö­sun­gen
Die Di­gi­ta­li­sie­rung von Ge­mein­den er­fasst un­ter­schied­li­che Be­rei­che. Sei es, dass für die in­ter­ne Ver­wal­tung neue di­gi­ta­le Lö­sun­gen ge­sucht oder für die Kom­mu­ni­ka­ti­on mit Bür­gern di­gi­ta­le We­ge ge­schaf­fen...
14 Januar 2021
The ri­se of the glo­bal ex­pert ser­vices prac­tice: Court of Ap­peal gui­dance...
A Court of Ap­peal de­ci­si­on ear­lier this week has upheld an in­junc­tion gran­ted by the TCC preven­ting an in­ter­na­tio­nal ex­pert ser­vices firm from ac­ting for mo­re than one par­ty to an in­ter­na­tio­nal con­struc­tion...