The draft bill of the Amendment Act is an important first step to revive the private foundation, which in particular has already been severely affected by case law. This will support private foundations operating as holdings for family-run enterprises. However,it is still required to improve important points of the draft.
For the first time the delisting is regulated in Austria – as from 2018 issuers may also delist from the regulated market segment (Amtlicher Handel) of the Vienna Stock Exchange.
BAWAG P.S.K. acquired the building society and the housing bank of the Volksbanken-Group. bpv Hügel advised BAWAG P.S.K. in the transaction and the subsequent demerger of IMMO-BANK for integration into BAWAG P.S.K. Group. As of today the demerger was registered with the Commercial Register and became effective.
Corporate Governance and Gender Diversity – On 28 June 2017 the Austrian parliament resolved upon a 30% gender quota (“women’s quota”) for supervisory boards of listed corporations and corporations with more than 1.000 employees. The “Equal Treatment Act of Women and Men in Supervisory Boards” will become effective with 1 January 2018.
On 23 June 2017, Christian F. Schneider, partner at bpv Hügel Vienna, and Anna Walbert-Satek, attorney-at-law at bpv Hügel Vienna, hold a webinar on the Austrian Energy Efficiency Act as part of the lecture series “Energy Industry” at the Institute of International Research in Vienna.
The review proceedings of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ in 2010 have been settled. The settlement provides compensation to the group of former IMMOEAST shareholders of approx. 30 million additional IMMOFINANZ shares. The alternative to compensate with shares has been applied the first time in Austria in review proceedings.
Share issuance of BUWOG AG with the total gross proceeds of approx. EUR 305.6 million. bpv Hügel acted as Austrian counsel for Deutsche Bank Aktiengesellschaft, Goldman Sachs International as Global Coordinators and Joh. Berenberg, Gossler & Co. KG, Erste Group Bank AG, Kempen & Co N.V. and Société Générale Corporate & Investment Banking as Joint Bookrunners.
Michaela Pelinka, lawyer and partner at bpv Hügel in Vienna, was recently accepted as an in real estate law qualified member of Salon Real – Frauen in der österreichischen Immobilienwirtschaft –. bpv Hügel therefore benefits hereinafter from the Know-how across various sectors of this network of 150 members of different divisions.
Senior partner Hanns F. Hügel wins the third time in a row the peer-group attorney ranking of the Austrian business magazine trend (Format) with the highest number of recommendations of other Austrian attorneys. Again he also leads the categories tax law and corporate law.
On 1 May 2017, signifcant changes to Austrian competition law enter into force by means of the Cartel and Competition Law Amendment Act 2017 (Kartell- und Wettbewerbsrechtsänderungsgesetz 2017, „KaweRÄG 2017“ / „amendment“). The Amendment’s key elements as well as a short update on other recent developments, such as the extension of the criminal law provision on leniency in the Criminal Procedure Act (StPO) and the partly controversial proposal for a Directive by the European Commission to increase the powers of national competition authorities, can be found in this newsletter.