Department head Edith Hlawati led the firm's lead counsel mandate for ÖIAG and Austrian Airlines in the privatisation of ÖIAG's shareholding in Austrian Airlines in the form of a structured tender procedure. This was the largest privatisation of 2008 and, because of the difficulties faced by the Austrian airline industry and the onset of the global financial crisis, involved the team creating some truly innovative solutions. The firm's reputation in Vienna as specialists in equity deals left some wondering what would happen to its capital markets practice during the global downturn, with the equity market being particularly badly affected. However, the firm has been acting in some notable debt issuance programmes. Johannes Buchinger and Thomas Zivny advised Bawag on the 2008 update of its €10 billion debt issuance programme, and Volker Glas advised Strabag on its €75 million bond, which was offered to institutional and retail investors in Austria and placed at an interest rate of 5.75%. In January 2009, Glas advised Telekom Austria Group on the issue of a bond with a benchmark volume of €750 million – the first successful placement of a corporate bond in 2009.

Leading lawyers
Volker Glas
Edith Hlawati

Banking (Tier 2)

Cerha Hempel's reputation for banking mandates has increased, with the firm acting in some outstanding deals. One client, when asked why they chose Cerha Hempel for a large and complex financing deal, says: "This is what their reputation is based upon, their ability to perform in this tricky world. I'd worked with them before, so I knew that." Members of Cerha Hempel's finance team are well known on the market. Edith Hlawati led a team advising Commerzbank on its €5.1 billion purchase of, and merger with, Dresdner Bank, which involved dealing with Austrian, Hungarian and Bulgarian banking and competition law aspects. Peter Knobl advised Iceland's Kaupthing Bank in its founding of an Austrian branch in the summer of 2008. Soon after finalising the registration details, the Icelandic bank fell bankrupt, asking Cerha Hempel to stay on-side to assist in liquidation of the branch. Volker Glas advised Telekom Austria/Mobilkom Austria on a series of cross-border financings, including the re-allocation of posted collateral and the negotiation of termination agreements. Albert Birkner and Peter Knobl also represented Alon Israel Oil Company in its efforts to finance the requisition of all shares in a large specialist Austrian bank.

Leading lawyers
Volker Glas
Peter Knobl

Mergers and acquisitions (Tier 2)

Cerha Hempel's corporate department has a formidable reputation among peers and clients, particularly for its public M&A work. The firm has had a busy year, advising a range of buyers and sellers across a variety of sectors. Edith Hlawati and Thomas Trettnak advised Strabag in the acquisition from private-equity investors and management of a controlling share in leading toll service provider Efkon, utilising a complex three-tier acquisition structure. Hlawati and managing partner Albert Birkner also advised Hygiene Holding as shareholder in takeover proceedings by the AVW Group of Vienna-listed S&T. The €200 million transaction involved enforcement action by the Austrian takeover panel against AVW. At the end of Q1 2009, Clemens Hasenauer, Johannes Prinz and Peter Hiller advised OMV on the sale of its 21.2% stake in the Hungarian oil and gas company MOL to Surgutneftegas, one of the biggest producers in Russia. This was one of the largest deals of its kind in the oil and gas sector in Europe in recent times. Hasenauer and Prinz have also been advising OMV on its joint venture with Gazprom, Centrex Europe Energy & Gas and Wiener Börse, the operator of the Vienna Stock Exchange. This innovative deal involves the development of Central European Gas Hub, an Austrian hub operator, into a leading hub in continental Europe and the establishment of a central-European gas exchange for the trading of gas products on the spots and futures market.

Leading Lawyers
Albert Birkner
Clemens Hasenauer
Edith Hlawati

Source:
IFLR 1000 - The Guide to the World's Leading Financial Law Firms, 2010 Edition