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Kinstellar advises Orbico on strategic acquisition in Ukraine
Kinstellar has acted as Ukrainian legal counsel to Orbico Group on the acquisition of a controlling stake in SAV 92, a leading Ukrainian distributor of branded international and Ukrainian food and non-food products. This multi-stage transaction marks a significant step in Orbico's strategic expansion into the Ukrainian market. Orbico Group is a leading distributor of a large number of globally known brands ranging from beauty care to motor oil products. Orbico cooperates with more than 180 suppliers, manages more than 500 global and local brands, and supplies to more than 59,000 customers. Kinstellar’s advice included due diligence, securing unconditional merger control clearances for a gradual transfer of control
Consumer Law Update – CJEU rules that a price reduction announced in an advertisement must be calculated on the basis of the lowest price in the last 30 days
On 26 September, the Court of Justice of the European Union ("CJEU") issued its much anticipated decision in the case Aldi Süd (C-330/23) concerning the announcement of price reductions in an advertisement. At issue was whether a price reduction announced in an advertisement must be calculated on the basis of the lowest price in the last 30 days, or whether the price reduction can be calculated from another price, with the information on the lowest price in the last 30 days being provided together with the reference price for calculating the reduction (as an additional figure). The CJEU concluded that that a price reduction announced in an advertisement must be determined on the basis of the lowest price applied
Expanding opportunities for retail investors in Kazakhstan: AIFC's influence on the new legislative framework
According to the official website of the Government of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market is working on a new legislative proposal with the goal of broadening the participation of retail investors in collective investment schemes (the "CIS") across Kazakhstan. Currently, the CIS retail business is mainly possible within the Astana International Financial Centre (AIFC). While this could be seen as competition with the AIFC, in the long term, the adoption of such a law will help create a solid platform for the development of funds not only within the AIFC but also throughout Kazakhstan. In these proposed innovations, we see the influence of the flexible
Kinstellar, together with Rymarz Zdort Maruta, advises SMYK Group on the amendment and extension of its financing
Kinstellar has successfully advised SMYK Group and its Romanian subsidiary, SMYK All For Kids, on all Romanian law aspects concerning the amendment and extension of its group financing. The financing transaction involved an extremely tight timeline and required seamless alignment, as it was conducted simultaneously with Bridgepoint’s sale of shares in Smyk Group to Accession Capital Partners (ACP). Kinstellar was previously selected by SMYK Group as its local advisor on various iterations of this financing, and also advised Bridgepoint on the local law aspects of Smyk’s acquisition in 2016. Smyk, established in 1952, is an iconic brand and Poland’s largest chain of stores selling toys, clothing for children
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
Provisional agreement reached on the Ecodesign Regulation and its impact on the fashion sector
As of 5 December 2023, the Council and European Parliament reached a provisional political agreement regarding a „Regulation establishing a Framework for setting ecodesign requirements for sustainable products“. The upcoming EU sustainability legislation is crucial as it affects a substantial part of the Consumer & Retail sector. It is of particular importance in the field of fashion and luxury industry as the points which the provisional agreement addresses have been among the hot topics of recent years in this sector. As we are closely monitoring the legislation process, click here or on the image below to explore the overview of key points of the adopted provisional agreement.
Kinstellar advises on the CZK 530 million sale of Hair Servis
Kinstellar’s Prague office has successfully advised the owners of Hair Servis, a major distributor of hairdressing brands to the Czech market, on its sale to Bezvavlasy, the second-largest seller of hair cosmetics in the Czech Republic. The value of the transaction is CZK 530 million, with part of the purchase price to be paid by the sellers receiving newly issued shares in Bezvavlasy, traded on the Prague START market. Kinstellar advised the sellers throughout the transaction, including advising on post-closing shareholder relations and deal structuring. The Kinstellar team was led by Kamil Blažek (Partner) and Matěj Večeřa (Senior Associate), assisted by Paul Válka (Junior Associate) on corporate matters
Update on the Advertising Regulatory Landscape in Ukraine
Amendments to Law of Ukraine on Advertising No. 270/96-ВР of 3 July 1996 have recently come into force. The amendments update obsolete regulations on advertising in Ukraine, thus ensuring advertising standards correspond to current technological developments. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises Electrolux Group on the successful divestment of its Nyíregyháza factory in Hungary to Qvantum
Kinstellar is proud to announce that it has advised the Swedish appliances manufacturer Electrolux Group on the successful sale of its manufacturing facility in Nyíregyháza, Hungary, to the Swedish high-quality electric heat pumps manufacturer Qvantum for a cash consideration of EUR 38 million. The Kinstellar team was led by Barnabás Sági, Co-Head of the Budapest Real Estate service line, supported by Bertalan Ványa, Associate. The team also included Annamária Csenterics (Partner), Anna Szilágyi (Junior Associate), Judit Sós (Associate), Péter Vörös (Partner), Péter Gullai (Managing Associate), Dániel Péter (Managing Associate), and Szabolcs Szilágyi (Junior Associate).
Class actions to protect collective interests of consumers in Slovakia
The new Act on Actions for the Protection of the Collective Interests of Consumers and on Amendments and Additions to Certain Acts (the "Act") was adopted by the Slovak Parliament on 21 June 2023 and will enter into force on 25 July 2023, with the exception of some special and temporary provisions, which enter into force on the date of the Act’s publication in the Collection of Legislative Acts. The Act, which transposes the Representative Actions Directive (EU) 2020/1828, introduces a new legal proceeding—class actions—into Slovak legislation. The most significant elements of the new Act include: The introduction of two types of actions / proceedings available under the Act: a proceeding
Slovakia preparing new Consumer Protection Act: Here's what you should know
Companies operating in Slovakia are facing new compliance obligations, as the government has recently proposed a comprehensive consumer protection act (“New Law”) for parliamentary debate. One of the main reasons for introducing the New Law is to transpose the so-called New Deal for Consumers introduced by the European Commission, consisting of three directives—the Omnibus Directive[1], the Sale of Goods Directive[2] and the Digital Content Directive[3]. The New Law is expected to replace existing consumer protection legislation in Slovakia. It aims to strengthen the rights of consumers, providing them with greater protection against unfair business practices, such as deceptive advertising and hidden costs. As a result
Kinstellar successfully advises on exit from Arkady Pankrac joint venture
Kinstellar is pleased to announce the successful completion of its advisory role in facilitating the exit of KG CURA Vermögensverwaltung G.m.b.H. & Co. from a joint venture with G City Europe (formerly Atrium European Real Estate). The joint venture pertained to the ownership of Arkady Pankrac, a premium shopping centre with a focus on fashion, located in one of Prague's most prominent business and residential districts.The core team consisted of Partner Karla Rundtová and Managing Associate Adam Němec, with an essential support from Junior Associate Paul Válka.