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OCTOBER 2013
World Report - Europe
11
RdIF and deutsche Bank invest in Rostelecom
The Russian Direct Investment Fund (RDIF) and Deutsche Bank, one of the leading international banks, made a joint investment in Russia’s largest telecommunications company, Rostelecom. The two parties will invest a total of $237.1 million USD on a parity basis, which will be used to further develop and strengthen the company’s market
position. The
transaction has received the necessary approval from Rostelecom, as well as the governing bodies of RDIF and Deutsche Bank.
As a result of the deal, the two investors will purchase 72, 187, 366 Rostelecom ordinary its
shares from subsidiary company,
MOBITEL. The structure of the deal also contains agreements relating to call and put options, according to which Rostelecom is
entitled a portion of the profits from an increase in value of shares. As part of the same terms investors will receive protection against a decrease in the price of the shares.
The struck
agreements do not assume physical settlement.
Kirill Dmitriev, CEO of the Russian economy means demand among consumers and businesses for reliable and ultra-fast broadband will continue to increase. It is therefore the right time to
invest in the
telecommunications sector. This deal capitalizes on the recent changes Rostelecom’s governance development
in
corporate and
strategies
and will be another important step in realizing Russia’s
infrastructure potential.”
International insolvency firm launches new application
International law firm and insolvency specialist, Schultze & Braun has launched a new application for insolvency practitioners, lawyers and accountants working on cross-border
corporate
rescues and insolvencies with an interest in Germany. The application provides access to the full German insolvency code from computers, smartphones and tablets, in three languages, French, English and German.
The application is useful for professionals working on
cases that involve insolvency operations
it allows users in Germany,
such as group insolvencies spanning multiple jurisdictions, as
to
switch quickly between three different languages (German-English-French).
The application includes: • The full current German insolvency code in three languages
(German- English-French)
• Over 300 insolvency terms translated in the glossary
dLa Piper's capital Markets group advises on US $500 million bond offering of coca-cola Icecek
US, English and Turkish- qualified lawyers from DLA Piper
in London and
YükselKarkınKüçük advised Coca-Cola İçecek,
Turkey-based international Coca-Cola bottler,
in its
inaugural offering of $500 million 4.750% investment grade notes due 2018.
Coca-Cola İçecek is one of the six largest bottlers in the global Coca-Cola system (among 250 bottlers around the world). In addition to Coca-Cola beverages, the group bottles other sparkling and still beverages, including water and tea, and has operations in ten countries, including Turkey, Pakistan, Iraq,
Kazakhstan Azerbaijan.
The DLA Piper team was led by partners George Barboutis and Ekin Gokkilic and included counsel Sarah Kight, senior associate Alexander
and the
Kolmakov and associates Ceren Berispek and Hazal Korkmaz.
The offering was led by Barclays, Citigroup HSBC and JP Morgan. They were advised by Allen & Overy and Turkish firm Paksoy. The offering was one of very few Turkish corporate bonds to receive two investment grade ratings,
having
received a Baa3 rating by Moody's and a BBB by Fitch.
Partner George Barboutis, Head of
the firm's U.S.
Securities Practice for EMEA, who led the international deal
team, commented:
"We are delighted to have advised Coca-Cola İçecek on this very successful transaction.
This
international bond offering for a household name that stands out in terms of size and pricing, achieved in difficult
market conditions, and shows the continuously growing breadth and strength of the firm's capital markets practice across EMEA. Once again,
the London and
Istanbul capital markets teams
have worked
seamlessly under demanding deadlines and delivered the highest standards of service."
YKKPartner Ekkin Gokkilic, who led the Istanbul team that advised on the Turkish law aspects of
the is an
transaction commented: "This landmark transaction demonstrates the reputation and strength of Coca-Cola İçecek A.Ş. in the market. The successful international bond offering has shown again international investor appetite for Turkish corporate bonds even in difficult market conditions and their trust to Turkey's growing economy and stability."
nctM assists GcI in transfer by Immochan of portfolio of 15 RE assets for 635 million euros
NCTM Studio Legale
Associato has assisted Gallerie Commerciali Italia (GCI), a leading chain of shopping centres and retail parks, owned by
Immochan,
Auchan Group, in the transfer by Immochan of a portfolio of 15 assets in Italy to an investment fund managed by Morgan Stanley SGR.
The value of the assets amounts to 635 million euros and includes 13 shopping centres and 2 retail parks, a total surface area of nearly 200, 000 sqm.
The NCTM team who worked with Patrizia Vola, General Counsel and GCI and her
team, was coordinated by partner Luigi Croce, in matters concerning M&A and real estate law, and by partner Federico Trutalli and Andrea Mantellini for fiscal aspects, with the support of Alice Bucolo for M&A, Francesca Bonino and Katia Zulberti for environmental and urban matters.