This article appeared in the 3rd edition of The International Comparative Legal Guide to: Securitisation 2006; published by Global Legal Group Ltd, London (www.iclg.co.uk).
Archive for May, 2006
Reproduced with permission from Law Business Research. This article was first published in Getting the Deal Through – Mergers and Acquisitions 2006 (published in May 2006, consulting editors Rachel Brandenburger and Natasha Good). For further information please visit www.GettingTheDealThrough.com
Borislav Boyanov & Co. and the Commission on Protection of Competition Co-hosted a Seminar on Competition LawFriday, May 12th, 2006
Borislav Boyanov & Co. and the Commission on Protection of Competition (”CPC”) jointly with the international law firms Allen & Overy and Freshfields Bruckhaus Deringer organized and hosted in Sofia on May 11, 2006, a seminar under the theme “Competition in Bulgaria. Perspectives of Accession”. The seminar provided an opportunity for discussion among lawyers specialized in competition law, in-house counsel and the legal enforcers – officials of the national competition authority and the European Commission, and attracted significant interest from business circles. In the opinion of the participants, the event contributed towards the understanding of the impact of the country’s accession to the European Union in areas such as state aids, prohibited agreements, cartels, merger control and public procurement.
Borislav Boyanov & Co. advised Global Steel Holdings Limited (”GSHL”), controlled by Mr. Pramod Mittal, its fully owned Bulgarian subsidiary – Finmetals Holding EAD, and Kremikovtzi AD (the largest steel manufacturer in Bulgaria, 71% of whose shares are owned by Finmetals Holding EAD) on the financing of Kremikovtzi AD with €350 million through the issuance of 7-years fixed rate Eurobonds by a special purpose Dutch company.
The transaction completed successfully on 4 May 2006. On 5 May 2006 Kremikovtzi paid to the state budget all of its outstanding public liabilities overdue for many years to the amount of BGN 112.8 million (€57.7 million).
GSHL acquired indirect control over 71% of Kremikovtzi AD in August 2005 through a private purchase of all shares of Finmetals Holding AD. Borislav Boyanov & Co. advised GSHL on the acquisition.