CMS advises Steiermärkische Sparkasse on Bank Purchase in Northern Macedonia
On 28 February 2019, Steiermärkische Sparkasse und Bank AG signed a share purchase agreement with Société Générale in order to acquire all its shares in Republic of Northern Macedonia-listed Ohridska Banka Societe Generale (OBSG), amounting to approximately 74.53 % of OBSG’s share capital. This transaction significantly strengthens Steiermärkische Sparkasse’s existing market position in Northern Macedonia. The buyer was advised by the international law firm CMS.
The bank purchase will be carried out within the framework of a mandatory offer, which covers all shares issued by OBSG, including the shares held by the remaining minority shareholders. The implementation is subject to the approval of the European Central Bank and the National Bank of the Republic of Northern Macedonia, as well as the relevant capital market supervisory authorities and the competition authorities.
“We are delighted to have successfully supported our client in this challenging transaction. The legal structuring of this bank acquisition was new territory in many respects, with our teams in Vienna and Skopje working very closely together,” said CMS Lead Partner Peter Huber, Head of Corporate Transactions in Vienna.
Teams from Vienna and Northern Macedonia participated in the transaction. Advising on Corporate M&A, the core team based in Vienna, which included Peter Huber (Lead Partner), Oliver Werner (attorney), Sixtus Ferdinand Kraus (attorney), Simon Cook (associate) and Mario Maier (associate), was augmented in Skopje by Marija Filipovska (Local Lead Partner), Ana Bozarova (associate) and Elena Miceva Stojchevska (associate). Dieter Zandler (partner, Vienna) and Raško Radovanović (partner, Belgrade) advised in the area of Competition and Günther Hanslik (partner, Vienna) in the area of Banking & Finance.
CMS in Northern Macedonia
Almost exactly one year ago, CMS opened a new office in Skopje, further expanding its leading market presence in CEE with a total of ten offices.
CMS has been present in Serbia since 2005, which has always had a Macedonian desk. Over the last ten years, CMS legal experts have been involved in some of the most important projects in Northern Macedonia and have provided high-quality legal advice to some of the region's largest players in their activities in Northern Macedonia.
A picture of Peter Huber for free use is available http://download.cms-rrh.com/presse/index.html#huber