As part of the funding round, Isar Aerospace secured funding of up to EUR 270 million. In particular, the funding is intended to support the expansion of production capacities and the further scaling of launch vehicle production. The aim is to set up highly automated series production with a capacity of up to 40 Spectrum launch vehicles per year. In addition, the funding strengthens the development of independent European launch capacities for government and commercial satellite missions.

The capital increase was driven by strong interest from international investors. Previous funding rounds have already been supported by the NATO Innovation Fund, Eldridge Industries and Porsche SE, among others.

Island Green Capital (IGC) is a discrete, inflection focused venture capital firm that invests broadly across focus sectors for the US and Allied Nations. These include Aerospace & Defense, AI, Specialty Manufacturing & Robotics, Financial Services, and Software. With a flexible investment approach, IGC evaluates companies from Series A through pre-IPO.  Aside from being true partners at the board and company level, IGC helps with the less visible but often critical work such as structuring non-dilutive debt, employee liquidity programs, and resolving cap table complexity. With its commitment to Isar Aerospace, its first in Germany, IGC underlines its interest in European technology leaders and the increasing importance of the space industry as a key sector for economic and geopolitical sovereignty.

ADVANT Beiten advised Island Green Capital on all legal aspects of the transaction, including the negotiation and review of the relevant transaction documentation as well as the structuring and implementation of the investment. The retention was based on the recommendation of the US law firm Massumi + Consoli, with which ADVANT Beiten advised on the transaction in close coordination. The successful cooperation underlines the law firm's international network as well as its special expertise in complex cross-border venture capital and growth funding. At the same time, the retention confirms ADVANT Beiten's strong position in advising international investors on investments in German and European technology companies, especially in innovation-driven industries of the future such as SpaceTech, DeepTech and DefenceTech.

Advisors to Island Green Capital:

ADVANT Beiten: Dr Dominik Moser, Tassilo Klesen (both Venture Capital/Private Equity, Berlin), Dr Marion Frotscher (Taxes, Hamburg).

Public Relations

Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

M&A deals impacting the EU that are not caught by standard merger control thresholds can still be reviewed under general competition law rules. But how does this work?

Listen to the episode to discuss the implications of the 2023 European Court of Justice judgment in the "Towercast" case and to learn more about the practical implications of this judgment for those doing M&A that touches the EU. 

welcome to the March issue of ADVANT Beiten's International Briefing.

To understand what drives business success in Europe and what general counsel expect from in-house teams, external advisers, and European policymakers, ADVANT recently launched a research project to create “ADVANT Special Report: Europe’s opportunity outlook”. We surveyed 800 GCs across France, Germany, Italy, and the US, supported by interviews with senior legal leaders. The findings reveal companies’ views on Europe’s key opportunities and challenges in today’s complex economic and geopolitical climate and offer candid insights into what works well in the European legal and regulatory framework, and where improvement is needed. The results are clear: Europe remains highly attractive for investment, with 87% of US GCs viewing it as a key market for growth. If you or your clients are looking to follow this trend and take advantage of the opportunities Europe offers, ADVANT stands ready as your one‑stop shop for all Europe‑related projects.

In this issue we will also highlight interesting developments in the European and German legal landscape, invite you to meet us at international events, and tell you about our recent deals.

You can find the newsletter by following this LINK

Kind regards,

Dr Barbara Mayer
Prof Dr Hans-Josef Vogel
Dr Christian von Wistinghausen
Moritz Kopp

By combining their production, processing, and marketing capabilities, the new organization is ideally positioned to strengthen the supply of French-grown frozen vegetables, while reinforcing the economic and agricultural weight of the Brittany region.

This transaction was successfully completed after clearance was obtained from the antitrust authorities. 

Key figures:

• 900 employees

• 4 sites in Brittany, France

• Marketed products: frozen vegetables, gratins, ready meals, soups, purées, fruit…

• Markets: retail, food service, freezer centers, export

• Sales in the Frozen Division 80 countries (EU, USA, Canada….)

This transaction, which involved many different aspects, was made supporting a very long-standing client of our firm, and illustrates of ADVANT Altana’s ability to manage complex issues in a cross-border environment.

The ADVANT Altana team was led by Jean-Nicolas Soret (partner), Alexandra Ferrier and Victoire Denis Madelin (associates).

The tax aspects of the transaction were handled by Hélène Leclère, partner at Mamou & Boccara, who advised the sellers from structuring through to completion of the sale.

The buyer, Kereis, is a leading European insurance brokerage group, with an extensive partner network and a diversified offering covering several key market segments.

Moncey Avocats acted as legal counsel to the buyer.

Finassur has a very strong presence in the North of France, an economically strategic region for Marsh. 

Marsh, a Marsh McLennan (NYSE: MMC) company, is the #1 insurance broker and risk advisor worldwide, advising clients in 130 countries through four companies: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. With annual revenues of more than $24 billion and more than 90,000 employees, Marsh McLennan helps clients build confidence to succeed through the power of perspective.

This acquisition will enable Finassur’s clients and employees to benefit from Marsh McLennan's global capabilities, solutions, and expertise in the areas of insurance, risk management, and strategy consulting expertise to help them achieve their growth and development goals.

This transaction is an illustration of ADVANT Altana’s ability to manage complex cross-border transactions for US clients investing in Europe and requiring the involvement of numerous areas of the law. 

The ADVANT team headed by Dr Christof Aha had already advised LUEHR FILTER GmbH in 2021 on the sale of its 50% stake in EWK Umwelttechnik GmbH to the Swedish Valmet Group.

LUEHR FILTER GmbH has been successfully operating in the field of air and gas purification for 85 years and specialises in dry flue gas cleaning systems in particular.As a third-generation family-run business, it combines flexibility with technical expertise and, with more than 300 employees and a large number of references, is now a globally respected partner for gas purification systems in almost all branches of industry.

MARTIN GmbH für Umwelt- und Energietechnik is one of the world's leading suppliers of thermal waste treatment plants. Following the integration of LAB SA in 2022, the MARTIN Group is gaining another renowned supplier with the acquisition of LUEHR, consolidating its role as an innovative full-service provider in the field of flue gas cleaning.
 

Advisor to LUEHR Filter GmbH:
ADVANT Beiten: Dr Christof Aha, Dr Markus Ley (both lead), Mark Thönißen (all Corporate/M&A) and Christoph Heinrich (Antitrust Law).

Advisor to MARTIN GmbH:
Rödl & Partner: Patrick Satzinger and Frederic Wolff

PR
Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

The Büter Group comprises German and Dutch (production) companies and is one of Europe's leading companies in the hydraulics industry. Founded in 1965, the family-owned company is headquartered in Emmen (NL) and has production facilities in Haren and Meppen (DE). It employs around 550 people. Over the past six decades, the family-owned company has developed numerous patents and utility models in cylinder and lifting technology and is now one of the technological market leaders in the industry.

NPM Capital, part of the family-owned SHV Group, is an investment partner based in the Benelux countries that focuses on long-term partnerships with family-owned and entrepreneurially managed companies. As part of the transaction, NPM Capital is acquiring the entire group of companies, including the two German subsidiaries Büter Hebetechnik GmbH and Büter Maschinenfabrik GmbH.

By joining forces with NPM Capital, Büter Group is well positioned to accelerate its growth strategy and continue to invest in technological innovation and international expansion. Under the new ownership, Büter Group will continue to operate independently.

Regarding the sale of the Dutch entities, the international law firm Houthoff acted on ADVANT Beiten's recommendation. Taurus Corporate was involved as an M&A advisor. The acquisition is still subject to the usual regulatory and antitrust approvals. The parties have agreed not to disclose the transaction volume. 

Advisors to the shareholders of Büter Group:
ADVANT Beiten: Dr Guido Krüger (Corporate Succession/Taxes), Prof Dr Hans-Josef Vogel (M&A, both lead partners), Julian Krause (Corporate Succession/M&A), Dr Magdalena Rindermann-Haugwitz (Corporate/M&A), Volker Küpper (Taxes), Thomas Herten (Real Estate), Dr Andreas Imping, Anna Kubitz (both Labour Law, all Dusseldorf), Christoph Heinrich (Antitrust Law, Munich) and Maximilian Steffen (Taxes, Hamburg).

PR
Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

ADVANT Beiten's interdisciplinary team supported Zoot throughout the entire acquisition process - from the legal and tax due diligence to the structuring and negotiation of the transaction agreements through to the successful closing.

Zoot Sports was founded in 1983 in Kona, Hawaii - the birthplace of the Iron Man triathlon. The company specializes in innovative clothing, shoes and equipment for triathletes and endurance athletes and is one of the world's leading brands in this segment. Zoot stands for technical precision, high quality and athlete orientation and sells its products in over 25 countries. Since 2023, Zoot has been part of the Italian MVC Group, an international sporting goods company based in Italy.

Tailwind Brands is a company based in Bönen, which specializes in the distribution and brand management of premium sports and lifestyle brands. The company has an established distribution network in the DACH region as well as long-standing partnerships with leading sports retailers and online platforms. Tailwind has made a name for itself as a competent partner for the development and expansion of international brands in the European market.

With the acquisition of Tailwind Brands, Zoot Sports is laying the foundation for accelerated expansion in Europe. The combination of Zoot's international brand strength with Tailwind's regional market and sales expertise offers considerable growth potential in the coming years.

Advisor Zoot Sports:
ADVANT Beiten: Dr Markus Ley (Corporate/M&A, Munich), Dr. Erik Schmid, Virginia Mäurer (both Employment Law, Munich), Susanne Klein, Jason Komninos (both IP/IT, Frankfurt), Markus Linnartz (Tax, Dusseldorf), Petra Fendt (Banking & Finance, Munich), Anja Fischer (Real Estate, Munich).

Public Relations
Frauke Reuther
Communications Manager
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

Dr Dominik Moser specialises in national and international corporate transactions, particularly in the areas of M&A, private equity, joint ventures and venture capital, with a particular focus on the IT, technology, biotechnology and pharmaceutical industries. Beyond that, he has extensive experience in the area of search fund transactions. Dominik Moser also regularly advises on general company law (in particular limited liability company and stock corporation law), corporate governance, compliance, and national and international transformation processes. In addition to his legal training in Germany, Spain, England (Oxford) and Singapore, he also holds a degree in business administration.

"The Corporate/M&A practice, with a particular focus on private equity, is a key growth area for our firm. In Dominik Moser, we are not only gaining an outstanding lawyer, but also a strong entrepreneurial personality. His in-depth industry knowledge and strategic vision are an excellent addition to our partnership," says Dr Guido Krüger, Managing Partner of ADVANT Beiten.

As recently as early September, ADVANT Beiten expanded its visibility on the European market and its advisory services for cross-border transactions by opening a new office in London with Sebastian Diehl. The addition of Dominik Moser is a further step in the consistent implementation of ADVANT Beiten's growth strategy, namely to invest specifically in future-oriented areas of consulting and to strengthen the partnership with proven market personalities.

Dominik Moser on his transfer: "I am looking forward to further expanding the M&A practice, with a particular focus on private equity and search fund transactions, and to working with my colleagues to deepen ADVANT Beiten's international advisory services. In my view, the excellent professional environment and broad expertise offer an ideal starting point for these goals."

PR

Frauke Reuther
Manager Communication
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

Sebastian Diehl joins from Standard Chartered Bank in London where he led the legal coverage on multiple of the group’s M&A and venture capital transactions, including in Europe, Asia and North America. Prior to Standard Chartered, Sebastian Diehl spent several years in the London office of a leading German law firm, most recently as Associated Partner. There he regularly advised strategic clients and financial investors on cross-border M&A projects and PE/VC transactions with a focus on Germany.

With London, ADVANT Beiten is opening its tenth office and its fourth international presence outside of Germany. The new office will be based in Mayfair within the premises of its alliance partner ADVANT Nctm, whose London office has been established since 2008. With this expansion, the firm strengthens its visibility on the European market, expands its advisory services for cross-border transactions and further intensifies the co-operation within the alliance. A cross-practice team of ADVANT Beiten partners will be regularly present in London.

"In Sebastian Diehl, we have found an experienced partner for our new location who has an excellent network. Specialising in cross-border transactions and private equity, he brings in many years of experience in all areas of transaction advisory services and will work closely with our teams in Germany and worldwide," comments Dr Guido Krüger, Managing Partner of ADVANT Beiten.

"London is one of the world's leading financial and economic centres with a broad infrastructure for capital markets, asset management and private equity," says Dr Barbara Mayer, member of the Steering Committee at ADVANT Beiten, adding: "The city connects entrepreneurs, fund managers, banks and institutional investors. Together with our local colleagues from ADVANT Nctm and the addition of Sebastian Diehl, we are further expanding our transaction-orientated advisory services."

With London as one of the most active cross-border transaction markets in Europe, the city plays a key role in many German investments – particularly in the upper German SME segment which is facing the challenge of company succession. ADVANT Beiten is taking account of this multifaceted market environment with the opening of the new office – both locally and across borders. 

For more information, see our Spotlight London.

Public Relations
Frauke Reuther
Communications Manager
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

Beyond broader trade issues, the Joint Statement specifically addresses tariffs, in line with a new protectionist US trade policy. 

Following months of what the EU expected to be a negotiation on an agreement on customs duties and related issues, the EU and the USA have published the Joint Statement, which is not a legally binding instrument, but a political document outlining the commitments of both parties on the new parameters of their trade relationships.

With specific respect to tariffs, the US will apply to the majority of EU products the higher between:

• the current US Most Favoured Nation (MFN) tariff rate; and 

• a tariff rate of 15%.

This entails that EU products already subject to MFN tariffs equal or higher than 15% will not be subject to the new tariffs announced by the US administration. This a better outcome than what the UK achieved

In addition, as from 1 September 2025, the US commits to apply only the MFN tariff to the following EU products: unavailable natural resources, aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors. The parties will consider other sectors and products for inclusion in the list of products for which only the MFN tariffs would apply.

For other products – those subject to US Section 232 of the of the Trade Expansion of 1962 (including cars, pharmaceuticals, semiconductors and lumber) – the total tariffs will be capped at 15% (after the EU eliminates its own tariffs on US industrial goods and provide preferential market access for a wide range of US seafood and agricultural goods); this may result in a reduction, for these products, of the overall tariffs currently in place.

As for steel and aluminium, the framework remains undefined. The parties agreed in principle to cooperate on protective measures against global overcapacity and to develop secure supply chains, possibly through Tariff Rate Quota (TRQ) solutions. However, previous attempts to resolve tariff issues related to aluminium and steel remained futile.

Some of these tariffs may be impacted by the recent decision of the U.S. Court of Appeals for the Federal Circuit; pending appeal to the U.S. Supreme Court, the Appeals Court has left the tariffs in place until October 14. Whether the U.S. Supreme Court sides with the Administration argument, that the imposition of broad tariffs is in keeping with the powers granted through the “International Emergency Economic Powers Act” or goes beyond that authority remains to be seen.

It should also be noted that the de-minimis rule for products sold into the U.S. at up to US$ 800 via parcels has been scrapped. This has led to a halt on shipping such products by the big European logistics companies. The repercussions on Chinese direct sales enterprises, such as Shein and Temu will be considerable and also be felt with European business in the direct sales area. To put the importance of this into context: the US Customs and Border Patrol estimates that in the last fiscal year, 1.36 billion packages were shipped to the U.S.

The Italian Government, while welcoming the Joint Statement, wishes o broaden the preferential treatments to sectors currently excluded, such as food and wine and to reach an agreement on steel and aluminium.

Apart from agriculture and wine, the Italian industry (in particular in the fashion and luxury, as well as the furniture and machinery sector) emphasize that for safeguarding the “Made in Italy” supply chains, broader exemptions or mitigating measures. are necessary. 

The German government expressed a cautious but overall positive view, stating that it is a successful effort to avert a damaging trade conflict that would have severely impacted the German export-oriented economy. Needless to say, German industry leaders have warned that even the reduced 15% tariffs on EU exports to the US will have a significant negative impact on Germany's export-driven industries, from automotive to chemical to steel products.

French politicians have roundly criticized the Joint Statement without however convincingly demonstrating that they would have achieved a better result than the EU Commission, supported by the Member States. The French President has called on the EU to mobilize all of its instruments, including anti-coercion, which is a negotiation tool but also provides for severe mechanisms to be used as a retaliatory measure, to reach a satisfactory deal.

French industry representatives have also urged the French Government and the European Commission to secure broader exemptions, namely for the wine and spirits or the luxury sectors, but overall deplore the content of the Joint Statement, which they find too unbalanced. It should however be noted that the EU did not give in on reducing non-tariff barriers. Although the wording of the Joint Statement is very vague and further development should be monitored, the agreement does not seem to provide for any modification of the EU legislative framework.

The Spanish prime minister recently said that he would support the trade agreement, "but I do so without any enthusiasm". The Spanish industries, notable those producing steel, called for clarity on critical details of the Joint Statement, especially concerning the continuing 50% U.S. tariffs on steel and aluminum, pending quota arrangements. They called for temporary aid for sectors most affected, including vehicles and steel

In conclusion, considering the non-binding nature of the Joint Statement and the need for further legal implementation, future developments should be closely monitored. In the meantime, EU companies exporting to the US – particularly French, German and Italian businesses, as three of the largest European exporters to the US – are advised to proactively review their cross-border commercial agreements, paying careful attention to clauses on pricing, allocation of duties, force majeure, hardship, and supply chain resilience, in order to mitigate risks, preserve margins, and prevent disputes. Such clauses could also be reviewed to include in their definition significant changes in international trade law.

Prof. Dr Rainer Bierwagen
Filippo Federici
Simone Gaggero
Morgane Gandaubert
Paolio Gallarati
Marie Hindré
Prof. Dr Hans-Josef Vogel

ADVANT Altana advised Société du Théâtre on the acquisition of Ecole des Roches, a well-known international boarding school founded in 1899 and located in Normandy, from GEMS Education, one of the largest private education operators in the world based in Dubaï.

Moving forward, Ecole des Roches will be managed in close cooperation with its affiliate Ecole Jeannine Manuel, a French-based bilingual school with five campuses in Paris and Lille, welcoming 3,400 students representing over 80 nationalities as well as a namesake school in London, a registered British Charity welcoming 700 students.

This transaction is an illustration of ADVANT Altana’s ability to manage complex cross-border transactions requiring the involvement of numerous practice areas.

The ADVANT Altana team was led by Jean-Nicolas Soret, Olivier Carmès and Margaux Ripert (M&A) and included Amélie d'Heilly and Dany Luu (Employment), Philippe de Saint-Bauzel and Alexandre Thuau-Renaudet (Tax), Laura Morelli and Claire Borgel (IP/IT), Marie Hindré and Margaux Brunet (Contracts), Cécile Ferouelle and Alice Kremer (Public law).

ConvictionsRH employs more than 200 expert consultants in six different offices.

Mercer, a Marsh McLennan (NYSE: MMC) company, is a leading global advisor that helps clients reimagine the world of work, rethink retirement and investment strategies, and improve employee health and well-being. Marsh McLennan is a global leader in professional services in risk, strategy, and human resources, advising clients in 130 countries through four companies: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. With annual revenues of more than $24 billion and more than 90,000 employees, Marsh McLennan helps clients build confidence to succeed through the power of perspective.

Once the acquisition is complete, ConvictionsRH's clients and employees will have access to Mercer's global capabilities, solutions, and expertise in the areas of HR management, pensions, employee benefits, and investments. In addition, they will benefit from the insurance, risk management, and strategy consulting expertise of Marsh McLennan's four entities to help them achieve their growth and transformation goals.

This transaction is an illustration of ADVANT Altana’s ability to manage complex cross-border transactions for US clients investing in Europe and requiring the involvement of numerous practice areas. 

The ADVANT Altana team was led by Jean-Nicolas Soret, Eleonore Vucher-Bondet and María Bacca-Perez (M&A) and included Mickaël d’Allende and Laura Beserman (Employment), Philippe de Saint-Bauzel, Marie Darcq and Alexandre Thuau-Renaudet (Tax), Jean-Guy de Ruffray, Camille Raclet and Clémence Aladjidi (IP/IT), Frédéric Manin and Delphine Laget (Contracts), Amélie Pinçon and Alexandre Majbruch (Real Estate).

Part 26A Restructuring Plan

Even after its exit from the European Union, the United Kingdom still strives to be an attractive location for insolvency and restructuring proceedings. In a number of high-profile cases, debtors have deliberately relocated their Centre of Main Interests (COMI) to the UK to take advantage of the comparatively debtor-friendly legal framework there. Of particular interest to debtors is a restructuring plan under Part 26A UK Companies Act 2006. This process allows for either all creditors or only certain classes of creditors to be included in the proceedings. The key advantage of this instrument, from the debtor’s perspective, is precisely that a large number of creditors can be excluded from participation in the process. The associated, significant, costs—typically running into the millions—for relocating the COMI, engaging specialised lawyers and advisors, and utilising the English courts are willingly borne by many companies in the hope of achieving more flexible debt relief.

The recent decision by the English Court of Appeal to tighten the fairness requirements for such restructuring plans (ruling dated July 1, 2025), was unlikely to significantly reduce the attractiveness of the Part 26A Restructuring Plan for debtors. However, the recent decision of 22 August 2025 from the Frankfurt am Main Regional Court changes the picture entirely: now, from the debtor’s perspective, a major obstacle has been put before them because such restructuring plans are not recognised in Germany. Although Germany is only one jurisdiction, this is of critical significance because, in principle, a cross-border restructuring plan can only be approved by an English court if there is a reasonable prospect of recognition in the other jurisdictions involved. So far, where English courts have considered the question of whether a Part 26A Restructuring Plan is capable of recognition in Germany, they have (until now) affirmed the possibility of such recognition.

Legal Assessment of Recognisability in Germany

The crucial question of how courts in Germany assess the recognisability of Part 26A Restructuring Plans has had many lawyers on tenterhooks. The opinion of the English courts on this matter is irrelevant for recognition in Germany: only German law is decisive.

The recognisability of a Part 26A Restructuring Plan under German law has been a matter of controversial debate. Possible legal bases for recognition include Section 343 of the German Insolvency Code (InsO), Section 328 of the German Code of Civil Procedure (ZPO), and Article 26(1) of the Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters (EuGVÜ). However, there have been significant reservations about applying any of these provisions, which is why the prevailing view in legal literature has so far been to fundamentally reject recognition. However, until now, no decision by German courts had addressed this question. 

The Frankfurt Regional Court decision and its significance

On August 22, 2025, the Frankfurt am Main Regional Court ruled that a Part 26A Restructuring Plan cannot be recognised in Germany. In doing so, it adopted the arguments frequently presented in legal literature and confirmed a legal position that ADVANT Beiten had already represented on behalf of creditors before the Frankfurt am Main Regional Court.

The court rejected recognition under Sect. 343 InsO, as this provision applies exclusively to insolvency proceedings. Insolvency proceedings under the German Insolvency Code are characterized by the inclusion of all creditors. Since the Part 26A Restructuring Plan does not include all creditors, the required collective nature of the proceeding is lacking.

The Regional Court also followed its previous case law by the Higher Regional Court (OLG Frankfurt am Main) rejecting the recognition of the restructuring plan under the EuGVÜ (Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters of 1968), on the basis that it was replaced in 2002 by the Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (EuGVVO). Although the EuGVVO no longer applies to the United Kingdom since Brexit, the EuGVÜ as its predecessor does not become applicable again due to Brexit. 

Regarding Sect. 328 ZPO, the Frankfurt am Main Regional Court emphasised that mutual recognition of judgments must be ensured. Accordingly, the recognition of a Part 26A Restructuring Plan in Germany depends on whether comparable decisions by German courts would also be recognised in England. According to the Frankfurt am Main Regional Court, this is a question of fact rather than law, as it depends on the actual practice of recognition. In the case at hand, evidence for the claimed recognition in England could not be provided. Therefore, the court, based on the burden of proof, denied reciprocity and thus rejected recognition under Sect. 328 ZPO. As this is a regional court ruling, the decision is not yet final. It is possible – though in our view unlikely – that evidence of reciprocity could still be submitted later in the proceedings. From our perspective, it is doubtful whether reciprocity can be proven at all. It seems unlikely that a German restructuring decision regarding a claim governed by English law would be recognised in the United Kingdom. This is particularly supported by the so-called Rule of Gibbs, recently confirmed in UK case law. According to this principle, rooted in English common law, foreign insolvency or restructuring decisions have no effect on claims governed by English law.

Conclusion 

The decision of the Frankfurt am Main Regional Court is welcome news for creditors, because it upholds the protection that German insolvency law intends to grant them. Moreover, it ensures that the choice of governing law made at the time of contract conclusion remains effective throughout the entire duration of the legal relationship. A relocation of proceedings and a flight to non-European jurisdictions aimed at circumventing the interests of specific creditor groups is no longer easily possible. Companies considering such an “insolvency relocation” must now seriously consider the lack of recognition of their restructuring measures in Germany. From the creditors’ perspective, this means that affected creditors in Germany no longer must accept the consequences of English restructurings and can continue to assert their original rights. 

If the Frankfurt court’s case law prevails, English courts will also have to take notice. They would be unable to approve Part 26A Restructuring Plan involving Germany, as the lack of recognition would be established. Whether this will happen, and the decision will become final remains to be seen. However, a clear first signal against insolvency tourism abroad has been sent. Creditors affected by a foreign restructuring should examine whether it is also recognisable in Germany and whether their claims have indeed been extinguished.

If you are affected by a foreign restructuring, we are happy to offer a consultation.

Dr Nadejda Kysel
Dr Philipp Sahm
Jessica Schneeberger

This transaction is part of a broader project to repower the plant, with the aim of increasing its electricity production capacity and meeting the territory's electricity needs.

Through this acquisition, Albioma is pursuing its strategy to strengthen its presence in overseas territories.

ADVANT Altana advised Albioma with a team led by partner Jean-Nicolas Soret, Eléonore Vucher-Bondet and Théodore Sabot on corporate matters, Louis des Cars, and Clément Balzamo on issues relating to urban planning and public law, Phillipe de Saint Bauzel and Alexandre Thuau-Renaudet on tax law. 

This transaction demonstrates ADVANT Altana's know-how in the renewable energy sector.

This transaction marks a major milestone in CFAO Healthcare's strategy to fully control the pharmaceutical value chain, from manufacturing to dispensing medicines to patients.

This acquisition, which follows an initial minority stake acquisition in 2022, consolidates CFAO Healthcare's presence and leadership in the healthcare sector in East Africa, reinforcing its commitment to ensuring access to quality medicines and medical products for all patients on the continent.

ADVANT Altana advised the CFAO group on this transaction with a team led by Gilles Gaillard, partner, and Margaux Ripert, associate, on corporate M&A aspects.

Mapei is one of the world leaders in implementation and decoration solutions for the building, public works and industrial sectors.

This transaction reflects Mapei France’s strategic objective to provide Eurosyntec with optimal conditions to pursue its growth in an environment aligned with its ambitions and market dynamics.

Groupe ST, a recognized player for nearly 20 years in the building and renovation of sports, industrial, parking, and safety flooring, intends to offer Eurosyntec new development opportunities and synergies.

The ADVANT Altana team was led by:

• Fabien Pouchot (partner), Alexandra Ferrier (associate) and Victoire Denis Madelin (associate) on corporate aspects, 

• Frédéric Manin (partner) and Delphine Laget (associate) on competition, contracts, and distribution aspects, and

• Mickaël d’Allende (partner) and Léo Laumonier (associate) on employment law aspects.

welcome to the June issue of ADVANT Beiten's International Briefing.

Germany remains one of the world’s most attractive destinations for foreign direct investments. This reputation is well-deserved, as the country offers a stable legal environment, a highly skilled workforce, and a dynamic industrial landscape, all of which create a robust foundation for successful business ventures. In ADVANT Beiten's newly released guide "Investing in Germany" our experts provide a comprehensive overview of the legal framework for foreign investments in Germany - practical, understandable and with extensive experience in the field of foreign direct investments.

This year our Beijing office proudly celebrates its 30^th anniversary. We are delighted to share with you an insightful interview with our Beijing team of Susanne Rademacher, Dr Jenna Wang-Metzner, and Lelu Li, highlighting their dedication and three decades expertise in the field of the inbound and outbound investments in China.

In this issue we will also highlight interesting developments in the European and German legal landscape, invite you to meet us at international events, and tell you about our recent deals.

You can find the newsletter by clicking here.

Kind regards,

Dr Barbara Mayer
Prof. Dr Hans-Josef Vogel
Dr Christian von Wistinghausen
Moritz Kopp

These appointments are part of the firm's internal growth strategy, aimed at enhancing its talents and building solid career paths. They represent a further step in strengthening ADVANT Nctm's competitiveness and professionalism.

Giuseppe Buono has extensive experience in banking and finance law and capital markets, with a particular focus on leveraged finance, real estate finance, project and corporate finance, as well as debt capital markets. He regularly assists banks, funds, and companies in both domestic and cross-border financing operations, overseeing their structuring and documentation. He has also managed numerous basket bond transactions in the Italian market.

Andrea Iovieno is an expert in corporate and capital markets law, with a focus on both equity and debt capital markets. He advises issuers, banks, and financial intermediaries on IPOs, capital increases, extraordinary transactions, and the issuance of debt instruments. He also provides legal assistance in public M&A transactions, as well as in matters concerning corporate governance and regulatory compliance.

Filippo Ughi has solid experience in corporate finance, M&A, private equity, and corporate law. He advises Italian and international industrial companies and investment funds in M&A, private equity, and corporate finance transactions, also offering ongoing corporate consultancy, from bylaws and governance to the operation of corporate bodies.

Eurazeo, a long-standing investor and already a majority shareholder with a 70.6% stake since 2021, has announced the acquisition of the remaining shares in Kurma Partners, a leading French management company specialising in biotechnology and medical innovation. This transaction is in line with the agreements reached when the initial stake was acquired.

With nearly €600 million in assets under management, Kurma Partners has been a key player in European healthcare since 2009, supporting the most promising companies in the sector.

ADVANT Altana advised the management of Kurma Partners with a team including Géraldine Malfait and Jean-Nicolas Soret, partners, and Margaux Ripert, associate.

Moosmann GmbH & Co. KG based in Ravensburg is a family-run company with a focus on sustainable logistics solutions and customised packaging systems for industry and trade. The Moosmann Group is pursuing a long-term growth strategy through targeted investments in innovative technologies.

Verpackungs- u. Lagertechnik Ulm GmbH is an established provider of modular storage, transport and order picking systems for industry, trade and logistics providers. The company based in Ulm has a strong market presence in the DACH region and is well known for its solutions for increasing efficiency in intralogistics. The integration into the Moosmann Group opens up new development prospects for both companies - particularly in the areas of digitalization, automation and sustainable material development.

Advisors to Moosmann GmbH & Co. KG:
ADVANT Beiten: Gerhard Manz (Freiburg), Christian Burmeister (Freiburg and Berlin, both lead partners in charge), Dr Christian Osbahr (Freiburg, all Corporate/M&A).

Public Relations

Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

CATT operates its first plant outside China in Arnstadt, Thuringia. With 1,700 employees, the plant is the largest foreign subsidiary of the battery manufacturer. Existing customers in Germany include companies such as BMW and Mercedes-Benz. In addition to the site in Germany, the expansion plans focus in particular on the sites in Hungary and Spain.

CATL has made a profit of approx. 4.6 billion dollars with the stock exchange listing in Hong Kong. The final price per share was set at 263 Hong Kong dollars, this corresponds to the maximum offer price. The scope of CATL's transaction could increase to 5.3 billion dollars, if a so-called greenshoe option results in the sale of a further 17.7 million shares. The fresh capital will be used in particular to finance CATL's further expansion into Europe. 

CATL Advisor - as a German Legal Counsel:

ADVANT Beiten: Dr Dirk Tuttlies (in charge; Capital Market Law), Dr Christian von Wistinghausen (in charge; Due Diligence), Tassilo Klesen, Danah El-Ismail, Simone Schmatz, Christian Burmeister, Lelu Li, Damien Heinrich, Robert Schmid (all Corporate/M&A), Katrin Lüdtke, Korbinian Goll (Public Law).

Public Relations

Frauke Reuther
Communications Manager
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

You can download the entire file by clicking ‘Download associate files’.

While the German export model has occasionally come under pressure, German exports to India were able to increase by EUR 5 billion in the last five years. Overall, German companies exported USD 18.3 billion worth of goods to India in 2024 - 2.6 percent more than in the previous year and a new record. The total value of German imports from India was USD 15.1 billion in 2024. India's growing role as a procurement market for electronics is striking. German imports amounted to approximately USD 1.1 billion (plus 62 percent). According to the German Federal Statistical Office, the bilateral trade in goods between the Federal Republic of Germany and India reached an overall new all-time high in 2024. 

India is pursuing ambitious economic goals. The vision of expanding its own economy to a volume of 30 trillion US dollars is ambitious, but by no means utopian. A growing domestic market, favourable demographic developments and a progressive economic liberalisation make the country an attractive target for investments. Already today, India is the world's fifth-largest economy and a key player in world trade and in global supply chains. With the exception of the coronavirus crisis year 2020, the country has recorded stable economic growth for many years.

Diljinder Singh and Markus Linnartz had the opportunity to attend the conference of the International Bar Association (IBA) in Mumbai from 3 April to 4 April 2025. Under the title "Mergers and Acquisitions in India: A Key Engine to the USD 30 Trillion Goal" more than 230 lawyers and business representatives from more than 20 countries met together - an impressive sign for the growing international importance of the Indian market.

As the M&A activities in India in the financial year 2024-25 amount to almost USD 100 billion due to private equity and structural reforms, the role of M&A as an expansion tool for India's growth trajectory was highlighted at the conference. The IBA Conference was fully booked and offered a variety of exciting insights and perspectives. The increasing importance of financial investors positioning themselves as strategic buyers in India was discussed. The impact of geopolitical developments on international transactions were also intensively discussed. At the same time, it was clear how much technological innovations were now shaping M&A processes and how corporate governance standards for listed companies in the Indian market were evolving.

A panel discussion on private equity and financial investors was of particular practical relevance. The development of transaction structures and strategies as well as current trends were debated. This showed that the Indian market continues to struggle with uncertainties despite progressive legal frameworks such as the Insolvency and Bankruptcy Code (IBC) - among other things, with regard to deadlines, access to information and evaluation criteria. This makes it even more important for activities to be professionally supported by consultants who know the market, the business and the right contacts.

A particularly interesting aspect for international investors was the discussion about the so-called "clean slate" principle. It is intended to ensure that buyers are not liable for the insolvent company's inherited liabilities in the event of a takeover. However, there is still uncertainty, especially when it comes to tax liabilities: is it really guaranteed that any tax debts will be completely waived? This is a crucial point for investors - for, unanswered questions about tax treatment can have a significant impact on the risk assessment and transaction structure in the case of takeovers.

Conclusion and Outlook

Participation in the conference was extremely enriching, instructive and impressively demonstrated: India is not only one of the most exciting growth markets worldwide, but also an increasingly regulated and professional environment for international M&A transactions.  It is still important to always consider economic opportunities in conjunction with the legal and tax framework.

We look forward to contributing our expertise to the India panel at the IHK-Außenwirtschaftstag NRW in June 2025 and to supporting the economy in NRW on its way to India and its organisation.

ADVANT Beiten provides legal and tax advice to medium-sized companies and has been supporting cross-border investments and M&A projects for many years. In recent years, India has played an increasingly important role here - for internationally operating companies or those who would like to become one.

Autor: Markus P. Linnartz
Beteiligter Experte: Diljinder Singh Walia

With its SolarMe electricity brand, Solarimo offers tenant electricity solutions for the housing industry. With this transaction, 300 photovoltaic systems with an installed capacity totalling 10.3 megawatts are to be transferred to Einhundert's operations by the end of the year. The systems are expected to supply more than 10,000 tenants across Germany with locally generated solar power. This is expected to save around 4,000 tonnes of CO2 per year.

ENGIE Deutschland GmbH is committed to accelerating the transition to a carbon-neutral economy. In Germany, the company plans, builds, operates and markets wind, photovoltaic and hydropower plants as well as pump storage and battery storage systems. Engie trades in electricity and gas and supplies end customers with energy.

The transaction was led by Dr Barbara Mayer, Christian Burmeister and Peter Meisenbacher at ADVANT Beiten. 

Einhundert Energie GmbH has been supporting real estate companies in the electrification and decarbonisation of their building portfolios since 2017. The Cologne-based company enables housing companies and their tenants to participate in the energy transition. The aim is to use 100 per cent CO2-neutral energy from local PV systems.

Consultant Solarimo:

ADVANT Beiten: Dr Barbara Mayer (Corporate/M&A, Freiburg), Christian Burmeister (Corporate/M&A, Freiburg/Berlin), Peter Meisenbacher (Public Sector/Energy, Freiburg/Berlin, all lead partners), Dr Erik Schmid, Alexander Gräßel (Labour Law, Munich/Freiburg).

Consutant Einhundert Energie:

Noerr: Dr Christoph Thiermann, Dr Christian Haagen (Munich/London)

Public Relations

Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

Dr Barbara Mayer
Rechtsanwältin
ADVANT Beiten
+49 (761) 15 09 84 - 14
Barbara.Mayer@advant-beiten.com

Christian Burmeister
Rechtsanwalt
+49 (761) 15 09 84 - 18
Christian.Burmeister@advant-beiten.com

These tariffs affect all sectors, but one of the most affected in Europe is the automobile sector, particularly in Germany: cars will now be taxed at 25%. The most affected sector in France are aeronautics, with 7.9 billion euros of exports in 2023, pharmaceuticals with 4.1 billion euros in 2023 and alcohol (especially wine) with 3,9 billion.

In addition, differentiated and higher tariff rates will apply on goods from the French overseas territories: Guadeloupe, Mayotte, Guyane and Martinique will be subject to a 10% tax in addition to the 20% levied on the rest of France, while Réunion will be subject to a total tax of 37%. Tariffs of 50% will be imposed on products from Saint-Pierre-et-Miquelon and 10% on those from French Polynesia, as these islands have not been considered part of the EU by Trump.

Commission President Ursula von der Leyen said she was ready to negotiate but was also ready for confrontation if necessary to assert the EU's interests and values. She said that the Commission is working on countermeasures. Several European heads of state are also working on measures to be adopted.

ADVANT has a team of international trade and national security attorneys, and government relations professionals ready to help European companies. Our dedicated team has decades of experience supporting clients across a range of industries – ranging from steel, chemical, rubber, mining, and agricultural products.

Prof. Dr Rainer Bierwagen
Christian Hipp
Dr Dietmar Reich
Gábor Báthory

The acquired portfolio consists of three ready-to-build solar projects. The first project is located in Saarland, the second is an innovative Agri-PV project in Mecklenburg-Western Pomerania and finally another Agri-PV initiative in Lower Saxony. These projects are expected to be completed between mid and late 2025.

The ADVANT Beiten team, led by Dr. Christof Aha, regularly advises Trinasolar.

Trinasolar ISBU is the project development arm of Trinasolar and specializes in the development, engineering, procurement, construction, operation and maintenance as well as asset management of solar and battery storage projects worldwide.

Emeren Group is a global developer and operator of solar projects. The shares of Emeren Group Ltd. are listed on the NYSE.

Trinasolar France and Emerem Group have already worked together successfully in the past. With this strategic transaction, Trinasolar strengthens its commitment to expanding renewable energy solutions and promoting sustainable developments across Europe.

Advisor Trinasolar:
ADVANT Beiten: Dr Christof Aha (lead), Mark Thönißen, Felix Busold (all Corporate/M&A), Leopold Linden (Real Estate, all Frankfurt), Katrin Lüdtke (Public Law, Munich).
Inhouse Trinasolar: Esther Muñoz Contreras (Rome)

Advisor Emerem Group:
BNK: Dr. Florian Brahms, Désirée Oberpichler (both Hamburg)
Inhouse Emerem Group: Manuel Ales, Teresa Cera Mora (both Madrid)

Press contact
Frauke Reuther
Communications Manager
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

welcome to the February issue of ADVANT Beiten's International Briefing.

Our ADVANT M&A practice is pleased to share that in 2024 Mergermarket's Global and Regional Rankings, we were ranked among the top 20 law firms in Europe by deal count. You can download the report here. This Mergermarket highlight reflects the dedication of the whole team working seamlessly across ADVANT Altana, ADVANT Beiten, and ADVANT Nctm. We wish to thank our domestic and international clients for the growing trust in our offering on the European market.

In this issue we will also highlight interesting developments in the European and German legal landscape, give you an insight into our secondment program, invite you to meet us at international events, and tell you about our recent deals.

You can find our International Briefing by clicking here.

The European Court of Justice (CJEU) ruling of September 10, 2024, marks a milestone in antitrust law: By upholding the €2.42 billion fine against Google for abusing its dominant market position through self-preferencing, the court establishes this practice as a form of abuse under Article 102 TFEU. This decision sets important precedents for future competition cases and strengthens the enforcement of the Digital Markets Act (DMA).

Our brochure provides a concise Q&A overview of the key questions and implications of this historic judgment. Download now to learn more!

All of this could be criticised as a hectic back and forth which seems to be rather far from the goals of clear and efficient guidance, predictability, and planning security. At the same time, the question is how this potential 'chopping and changing' on the part of the legislature may be perceived by the companies concerned. However, regardless of the ongoing political debate about the new ESG regulations, there are also some legal determinants for the ESG issue which can be expected to continue to be there in any scenario:

Laws already in force must of course be observed ('compliance') for as long as they will be in force. The mere possibility of a law being repealed is no justification for not abiding by it before this happens. This is true, for example, for the German Supply Chain Due Diligence Act which has been German law since 1 January 2023 (see our above-mentioned blog post). Applicable laws, however, also include the traditional general duty of care of board members and managing directors, where modifications − particularly with regard to the legal consequences of a breach of duty in the form of liability for damages - are discussed from time to time, but not their complete abolishment: 'In managing the affairs of the company, the members of the management board are to exercise the due care of a prudent manager faithfully complying with the relevant duties', section 93 (1) sentence 1 of the German Stock Corporation Act (Aktiengesetz, AktG). And sentence 2 of the provision makes it clear that entrepreneurial decisions are to be taken on the basis of adequate information and in the best interests of the company. What does this mean for entrepreneurial decisions − and especially key decisions on the corporate strategy and the business model, for which (also) ESG aspects are relevant and, therefore, part of the adequate information base? The management board should take adequate account of these ESG aspects when taking a decision (in addition to all the other relevant aspects) if it does not want to be exposed to allegations of breach of duty and liability claims later in the event of an unsatisfactory development of the company. And this regardless of CSRD, Taxonomy Regulation, CSDDD and the announced omnibus regulation (for details see Walden, NZG 2020, p 50 et seq: 'Corporate Social Responsibility: Rights, Duties and Liability of the Management Board and Supervisory Board').

Another closely related issue can be found in the field of banking supervision. Some years ago already, the supervisory bodies emphasised the relevance of ESG risks and the need to identify them in traditional risk management. Meanwhile, the minimum requirements for risk management of the German Financial Supervisory Authority (Mindestanforderungen an das Risikomanagement, MaRisk) contain numerous detailed provisions in this regard. And only on 9 January 2025, the European Banking Authority (EBA) published its 'Guidelines on the management of environmental, social and governance (ESG) risk' (Final Guidelines on the management of ESG risks.pdf). The executive summary states:

'ESG risks, in particular environmental risks through transition and physical risk drivers, pose challenges to the safety and soundness of institutions and may affect all traditional categories of financial risks to which they are exposed. To ensure the resilience of the business model and risk profile of institutions in the short, medium, and long term, the guidelines set requirements for the internal processes and ESG risk management arrangements that institutions should have in place. […] Institutions should integrate ESG risks into their regular risk management framework by considering their role as potential drivers of all traditional categories of financial risks, including credit, market, operational, reputational, liquidity, business model, and concentration risks.' (Emphasis added by the author)

This implies two things for companies in the real economy: Firstly, if ESG risks are relevant for financial institutions, then they are also relevant, and even more so, for their clients because ESG risks of the institutions often are the result of ESG risk of their clients, for instance where such a risk is passed on to the institution as a credit risk. Therefore, not only the institutions, but also the companies in the real economy do well to consider ESG risks in their traditional risk management systems (a legal requirement for listed companies under section 90 AktG since the Wirecard affair) in order to possibly avoid potential negative effects of any missing or inadequate consideration of ESG risks for the company. And secondly, regardless of the structure of the companies' own risk management, a 'trickle-down' effect can also be expected as the institutions must try to obtain relevant information from their clients for their own risk management processes and their clients are therefore confronted with corresponding requests for information. Thus, the inclusion of ESG aspects in the loan processes of institutions has already begun.

On the other hand, board members and managing directors should keep an eye on possible ESG opportunities in addition to ESG risks. For many companies, the transformation of the economy may also offer new business opportunities which need to be treated like any other business opportunities. 

All this, of course, applies primarily to the classic outside-in perspective of companies, but in some circumstances also indirectly to the inside-out perspective addressed by the CSRD from the point of double materiality, i.e. the impacts of business activities on the environment and society. This is because such negative impacts can reflect on the company if they are seen in a critical light by relevant reference groups such as (potential) customers and employees. And finally, looking into the supply chain is also nothing new, at least since the coronavirus and increasing geopolitical uncertainties.

As a result, dealing with the ESG risks and ESG opportunities relevant for the specific company appears to be appropriate with a view to the general duty of care of management board members and managing directors, even regardless of the CSRD. Interestingly, the Chief Sustainability Officers (CSOs) of more than 400 French companies who are members of the French C3D organisation have recently addressed the EU Commission regarding the EU Commission's omnibus plans and emphasised that 'ESG reporting and value chain assessment' are essential 'for resilience' as well as 'for survival, growth, and long-term competitiveness' of European companies. In addition, it would strengthen Europe's sovereignty by European norms setting global standards instead of leaving this to other, competing jurisdictions (presumably referring to what is known as the Brussels Effect). The French CSOs therefore advise the EU Commission to take practical measures to improve the clarity and effectiveness of the regulations without jeopardising their strategic goals. As has already been made clear at the beginning, there certainly are enough voices advocating the opposite view and seeing an unchanged continuation as a serious competitive disadvantage.

So, it definitely will be interesting to see how this discussion will develop. Neglecting relevant ESG aspects 'only' for this reason could prove risky for company managers. Making well-considered decisions on an adequate information basis is the be-all and end-all (also) in this respect.

Dr Daniel Walden
Dr André Depping

Amphenol is one of the world’s largest designers, manufacturers and marketers of connectors and interconnect systems, antennas solutions, sensors and high-speed cable.

Luetze International Group is active worldwide and consists of various companies in a holding structure. The group of companies has a tradition of over 60 years in automation and is one of the leading companies in the industry today. Luetze Group offers innovative solutions in the areas of highly flexible cables, cable assemblies, interfaces, power supply and monitoring as well as control cabinet wiring.

Luetze Group's range of services complements Amphenol's portfolio in various segments of the fast-growing electronics market and underlines Amphenol's future-oriented, cross-border positioning.

In this transaction, ADVANT partner firm ADVANT Altana advised on French law, Fox Williams advised on UK law, Havel & Partners advised on Czech law, Kellerhals Carrard advised on Swiss law and E+H advised on Austrian law.

ADVANT regularly advises Amphenol on European M&A projects, most recently ADVANT Altana and ADVANT Beiten jointly advised Amphenol on the acquisition of the CMR Group based in France.

Advisor Amphenol Corporation: ADVANT Beiten: Dr Christian von Wistinghausen, Tassilo Klesen (both lead partners in charge), Olga Prokopyeva (all Corporate/M&A, Berlin), Susanne Rademacher, Lelu Li, Kelly Tang, Dr Jenna Wang-Metzner (all Corporate/M&A, Beijing), Michael Riedel (Labour & Employment, Berlin), Carsten Pütger, Danah El-Ismail (both Real Estate, Berlin), Mathias Zimmer-Goertz, Christian Döpke (both IP/IT/Media, Dusseldorf), Uwe Wellmann (Antitrust Law, Berlin), Christoph Heinrich (Antitrust Law, Munich), Dr Marion Frotscher and Simon Bauer (both Tax, Hamburg). ADVANT Altana: Jean-Nicolas Soret, Fabien Pouchot, Eléonore Vucher-Bondet and Théodore Sabot (all Corporate/M&A, Paris).

Advisor Sellers of Luetze Group: Heuking Kühn Lüer Wojtek: Dr. Rainer Herschlein, LL.M., Dr. Emanuel Teichmann (both Corporate/M&A, Stuttgart), Dr. Stefan Bretthauer, Jia-Xi Liu (both Antitrust Law, Hamburg).

Public Relations
Frauke Reuther
Manager Kommunikation
ADVANT Beiten
+49 (69) 75 60 95 - 570
frauke.reuther@advant-beiten.com

welcome to the October issue of ADVANT Beiten's International Briefing.

On 15 September 2021 three independent law firms ALTANA from France, Beiten Burkhardt from Germany, and Nctm from Italy have launched their European alliance ADVANT and recently we celebrated our 3rd birthday.

ADVANT has changed and enriched our work, allowing us to rely on extensive practice and insights of our Member Firms to provide a better and seamless experience for our clients across our ADVANT jurisdictions and beyond. We have achieved a lot, and we strive for more.

In this issue, of course, we will highlight interesting developments in the European and German legal landscape, invite you to meet us at international events and tell you about our clients’ successes.

Enjoy the read!

You can find our International Briefing October 2024 here.

welcome to the July issue of ADVANT Beiten's International Briefing.

We are pleased to share that the ADVANT alliance has once again been recognised by the prestigious Chambers and Partners and the Legal 500 rankings. This year ADVANT lawyers ranked an impressive 43 times across 23 practice areas in the Chambers Europe Guide 2024. Additionally, the Chambers Global Guide 2024 ranked 8 departments and 13 ADVANT lawyers across multiple practice groups. In the Legal 500 EMEA 2024 rankings, ADVANT's expertise and experience was highlighted in 58 practice areas, with 38 professionals ranked individually and over 100 professionals recommended.

It has been another few busy months for the ADVANT Midwest and Northeast teams as they have travelled to the U.S. for a series of meetings with American law firms and clients to make the unique ADVANT offering known. And the next trips are already planned for September and October. Please be in touch with Barbara Mayer and Hans-Josef Vogel if you would like to meet us on one of the upcoming ADVANT's US strategy trips.

This year ADVANT's China Outbound EU Investment Forum was a great success once again. The forum began early April in Beijing, with further events in Shanghai and Guangzhou throughout the week. ADVANT delegates together with representatives from agencies and high-ranking representatives of Chinese companies discussed developments and challenges of doing business in the EU, such as greenfield investment and distressed M&A, dispute resolution, and cross border employment.

Additionally, for the enterprises registered in the People’s Republic of China (“PRC”) and their shareholders a flyer "China: Revised Company Law", prepared by the team of ADVANT Beiten in China (Susanne Rademacher, Jenna Wang-Metzner, Lelu Li, and Kelly Tang), can be of interest as it flags the issues that must be complied under the revised PRC Company Law and related regulations, which all entered into effect on 1 July 2024.

In circumstances of increasing global economic tensions and protectionism, when every cross-border M&A deal requires analysis under foreign trade law, expertise in this area is becoming more and more important. Christian von Wistinghausen (ADVANT Beiten) was ranked among the 50 leading German foreign direct investment control experts. The full piece can be read online here (subscription required).

We would like to also mention that Andreas Lober (ADVANT Beiten) was quoted in Compliance Week on the Digital Services Act and Digital Markets Act and the impact on Big Tech across the EU. The full piece can be read online here (subscription required). Please see our Privacy Ticker and Tech Law Briefing for information and updates on IT, the Law of Data, and Intellectual Property. Martin Seevers (ADVANT Beiten) wrote an article for the Yearbook "Perspectives 2024" of the Association of Foreign Banks in Germany, where he talks about changes in requirements for tax compliance in the financial sector as a result of current measures and legislative initiatives in the area of tax transparency and to combat tax evasion and tax fraud.

Among ADVANT publications in this issue we would like to highlight:

ADVANT M&A Deal Point Study. We looked into more than 4,000 data points of our M&A deals from 2023 to keep record of our performance and to be on the lookout of M&A industry trends to provide our clients with the best services. If you wish to read our Deal Point Study, you may request a free copy here.

Overview Q&A: The VAT Group regime in France, Germany and Italy. Philippe de Saint-Bauzel, Marie Darcq (both ADVANT Altana), Markus P. Linnartz, Helmut König (both ADVANT Beiten), Andrea Mantellini, Barbara Aloisi (both ADVANT Nctm) provide an overview of VAT policy requirements and modalities for introducing the VAT Group regime in France, Germany and Italy, as well as covering the advantages and implications.

Despite our busy schedules and work commitment, to foster better connections our teams meet in person as well. Members from the Corporate / M&A practice group from across ADVANT Altana, ADVANT Beiten and ADVANT Nctm met in Freiburg in June for a productive day of workshops and talks, including from ADVANT Beiten practice group coordinators Barbara Mayer and Hans-Josef Vogel as well as Bruno Nogueiro, Lucia Corradi, and Gerhard Manz. It was great to get everyone together for a day of collaboration and fun, and to end the meeting together with a dinner party at the Rieger winery.

In the "local" news: ADVANT Beiten is further expanding its tax practice by welcoming Heiko Wunderlich as equity partner in Munich office from 1 July 2024. We are delighted to have gained another highly experienced and established expert in the market like Heiko Wunderlich, whose tax expertise, particularly in the areas of succession, restructuring and transactions, is an excellent addition to our advisory portfolio both at our Munich office and throughout the firm.

In this edition, of course, we highlight interesting developments in the European and German legal landscape as well.

You can find our briefing here.

welcome to the first issue of ADVANT Beiten's International Briefing in 2024.

We are vigorously working on ADVANT-wide synergy to provide our clients and friends with the "best of both worlds": deep local market expertise combined with international vision and reach.

The recent example when the European ADVANT Alliance with its three law firms ADVANT Nctm (Italy), ADVANT Beiten (Germany) and ADVANT Altana (France) joined their forces to ensure the smooth European legal experience is a comprehensive legal advice to Cogne Acciai Speciali S.p.A. (CAS) on the acquisition of all shares in Mannesmann Stainless Tubes GmbH (MST) in a cross-border transaction. CAS, based in Aosta (Italy), is a 70% subsidiary of Walsin Lihwa Corporation (Walsin) from Taiwan. The ADVANT law firms advised CAS under the leadership of Italian partner Vittorio Noseda comprehensively across multiple jurisdictions and locations. ADVANT Beiten, led by partners Christian von Wistinghausen, Marion Frotscher and Tassilo Klesen, advised on all matters of German law. Please see our other deals in the respective section below.

Also, in this edition we would like to highlight publications created by the ADVANT law firms together, relying on our extensive joint matter experience to assist you or your clients with navigating complex and nuanced legal and commercial landscape of Europe.

• In European M&A Outlook Partners of the ADVANT firms discuss the 2024 forecast for European M&A activity to compare notes on what awaits European dealmakers this year.
• Please assess how prepared you are for a litigation dispute in China or Russia with the help of our overview of key issues a party to litigation in China and Russia is likely to face.
• Our ADVANT-wide Restructuring and Insolvency team explores how company directors react to financial distress and risk in our publication "Company Directors Facing Financial Distress: A Cross-Border Perspective".
• Additionally, for an overview of the European Tech Law regulation that applies to all companies doing business in the European Union, whether they are registered within the EU or not, please read ADVANT Beiten's Tech Law Briefing.

To deliver our message across the Atlantic in January, February and March 2024 partners of the ADVANT firms visited New York, Boston, San Francisco, and Miami where they met representatives of the American law firms and corporates to establish new connections and explore business opportunities. Please connect with Gildas Robert (ADVANT Altana), Markus Ley, Hans-Josef Vogel (ADVANT Beiten) and Guido Fauda (ADVANT Nctm) during their ADVANT's Midwest US Roadshow of 15 – 19 April 2024 and see our other events in the respective section below.

We are also delighted to share some "local" news. On 16 March 2024 ADVANT Beiten has elected its new Management Committee to lead the firm for the next three years. In addition to re-elected Dusseldorf office Partner Guido Krüger, the partners have elected Munich office Partner Martin Fink, and Freiburg office Partner Barbara Mayer. Our fellow editor Barbara will be in particular responsible for international relationships of the firm. The Management Committee remains loyal to creating lasting value for our clients and teams and to continuing ADVANT efforts to solidify its position as a European legal industry leader.

At the turn of the year ADVANT Beiten's Corporate / M&A practice group grew by winning two Equity Partners: Eva Kreibohm (Berlin office) and Jan Eltzschig (Dusseldorf office). Eva's partnership is an important step towards strengthening and succession planning for our notary's office in Berlin. With Jan, we are gaining an established expert in the market who will work closely with our ADVANT partner law firms in this area.

Our Hamburg office has grown its team as well. We are welcoming Oliver Korte as a highly experienced colleague in the area of commercial and distribution law. Trade and distribution are firmly anchored in the Hanseatic city and Mr Korte is sharpening our profile in this area in particular. We are also delighted to have Martin Seevers and his team on board as experts who can provide comprehensive advice to both companies and private individuals in all areas of corporate and tax criminal law.

With these new additions, ADVANT Beiten's Corporate/M&A practice group comprises a total of 78 professionals, including 26 Equity Partners, 2 Of Counsels, 28 Non-Equity Partners, and 22 Associates.

In this edition, of course, we highlight interesting developments in the European and German legal landscape as well.

You can find the newsletter here.

CAS, based in Aosta (Italy), is a 70% subsidiary of Walsin Lihwa Corporation (Walsin) from Taiwan. The strategic acquisition strengthens CAS' position in Europe as a single-source provider of stainless steel and nickel alloy solutions and reinforces Walsin's strategy to expand into high-value, fast-growing market segments. The transaction is subject to the approval of the relevant regulatory authorities.

The ADVANT law firms advised Cogne Acciai Speciali under the leadership of Italian partner Vittorio Noseda comprehensively across multiple jurisdictions and locations. ADVANT Beiten, led by partners Dr Christian von Wistinghausen, Dr Marion Frotscher and Tassilo Klesen, advised on all matters of German law.

CAS is an international group of companies and has production facilities on three continents as well as sales offices in all economically important regions of the world. CAS processes austenites, martensites, ferrites, duplex and duplex materials through to nickel-based alloys for the automotive industry, the energy industry, in particular the oil and gas industry, medical technology, the food industry, chemical and plant engineering and general mechanical engi-neering.

MST joined Salzgitter AG in 2000 together with Mannesmannröhren-Werke. The MST company and its subsidiaries have around 1,000 employees world-wide, 260 of whom work at the two German sites in Remscheid and Mülheim in North Rhine-Westphalia. There are further sites in France, Italy and the USA. MST supplies leading global companies in the energy, aerospace, chemical, petrochemical and other markets that require pipe solutions that can withstand extreme pressure and temperature conditions.

CAS offers MST and the employees in the new organisation an outstanding entrepreneurial future. MST will benefit directly from the material supplies from CAS and will therefore be even better equipped to face the competition. At the same time, CAS will be able to utilize its melting capacities and expand its product portfolio along the value chain. The inclusion of MST in the Walsin/CAS family completes the strategy of forming a vertically integrated steel company.

The CAS parent company Walsin was founded in 1966 and has been listed on the Taiwan Stock Exchange since 1972. Walsin is an industrial conglomerate operating in the wire and cable, stainless steel and renewable energy sectors. With more than 40 production and sales locations in China, Europe, Southeast Asia and the USA, Walsin products are used in the aerospace, oil and gas, new energy, automotive, industrial and consumer goods industries. Walsin's headquarters are located in Taipei, Taiwan.

Advisor Cogne Acciai Speciali:
 

ADVANT Nctm: Vittorio Noseda (lead partner in charge), Lucilla Casati, Martina da Re (all Corporate/M&A), Francesco Mazzocchi (Antitrust department).

ADVANT Beiten: Dr Christian von Wistinghausen, Tassilo Klesen (both lead partners in charge), Christian Burmeister, Lelu Li, Olga Prokopyeva, Dr Eva Kreibohm, Damien Heinrich (all Corporate/M&A), Danah El-Ismail (Real Estate), Dr Marion Frotscher, Simon Bauer (both Tax), Christian Frederik Döpke, Mathias Zimmer-Goertz (both IP/IT/Media), Michael Riedel (Labour Law), Katrin Lüdtke (Public Law).

ADVANT Altana: Bruno Nogueiro (lead partner in charge), Arthur Boutemy, Théodore Sabot (all Corporate/M&A).

Public Relations ADVANT Beiten
 

Frauke Reuther
 

Manager Kommunikation
 

ADVANT Beiten
 

+49 (69) 75 60 95 - 570
 

frauke.reuther@advant-beiten.com