Ford Otosan Investment

Ford Otosan announced that a new investment of EUR 2 billion will be made within the scope of the transformation of the Kocaeli factories, which is one of Europe's largest commercial vehicle production base, to produce electric cars. Accordingly, within the strategic partnership of Ford and Volkswagen, the new generation of Volkswagen commercial vehicles model 1-ton will be produced in Turkey by Ford Otosan. With this new investment, the Kocaeli factories aim to become Turkey's first and only integrated production facility of electric vehicles. With this 10-year investment, the number of Ford…

BOYANOV & Co. Advised Credit Suisse and Morgan Stanley

BOYANOV & Co. acted as Bulgarian legal advisor to Credit Suisse and Morgan Stanley as initial purchasers on the issuance of EUR 275 million secured notes by Standard Profil Automotive GmbH .

Competition Law Developments in Turkey in 2020

The year 2020 brought along significant developments in the field of competition law, both in Turkey and worldwide.

NNDKP assists OPEL (Groupe PSA) in the transfer of its Romanian business to Trust Motors

Nestor Nestor Diculescu Kingston Petersen (NNDKP) provided legal and tax assistance to Opel (Groupe PSA) in relation to the transfer of its Romanian business to Trust Motors, an independent importer for Peugeot, Citroen and DS brands.

Tax Incentives for the Transition to Electromobility in Greece

Authors: Panagiotis Pothos, Emmanouela Vitsa, Eleana Gkotsoulia, KG Law Firm By virtue of Law 4710/2020, which was published on 23 July 2020 in the Government Gazette (Bulletin A΄ 142) in the Hellenic Republic, a number of tax related provisions and incentives for the development of the electromobility were introduced. The below summarize the most important tax related issues of the newly introduced provisions: Exemptions from the calculation of the employment income The compensation for travel expenses paid by the employer for company reasons, including the compensation for the cost of…

Volkswagen AG to Open a New Development Centre

After postponing Volkswagen AG’s final decision to open a new automobile factory in Turkey, Bulgaria sees a chance to be considered as a potential destination again. The postponement of the decision is due to Turkey’s military action in northern Syria. Possible locations for a Volkswagen factory in Bulgaria are Sofia and Plovdiv

Electric Vehicle Plant

At the end of 2019, Memorandum of Intent for building an Electric Vehicle Plant was signed by and between the Executive Director of InvestBulgaria Agency and the executive directors of the Korean-Chinese company Songuo Motors and Italian – Hadid Holding. The two companies announced their intention to invest USD 200 million in Bulgaria to build a plant for the production of electric vehicles.

Hyundai Motor Group and other South Korean Companies Interested in Investment in the Automotive Industry in Bulgaria

Bulgaria and South Korea are negotiating on the building of Automobile Factory and Autonomous Vehicles test centre of Hyundai and Battery Factory of another South Korean company (whose name was not disclosed) for Electric cars on the territory of Bulgaria. The investment in the Battery Factory shall be over EUR 1.5 billion and Bulgaria is in competition for the investment together with other two countries. Bulgaria has provided possible locations for the factories to the two South Korean companies.

Sale of 100% of the Shares in MARIBORSKA LIVARNA MARIBOR d.d.

Slovenian Bank Assets Management Company is selling MARIBORSKA LIVARNA MARIBOR d.d. is a manufacturer of different tools and mechanical treated aluminium die-castings designed for the automotive, electrical and machine industry.

Possible Sale of CIMOS d.d.

The Italian financial fund Palladio Holding Group is planning to sell Cimos (unofficially reported). Cimos is one of the names closely related to the strong automotive industry as the group and its subsidiaries supply turbo, powertrain and kinematics solutions to the main automotive producers like Ford, Volvo, PSA, BMW, Audi and VW, and their suppliers Honeywell, Bosch Mahle Turbo Systems, BorgWarner Turbo Systems and TRW.

BDK Advokati Advises on Valvoline’s Acquisition of FAM

Ellis Enterprises, the Serbian subsidiary of lubricant producer Valvoline (NYSE: VVV), closed on Monday, 1 July 2019 the acquisition of the core manufacturing assets of Serbian lubricant producer FAM, Krusevac for EUR 9.5 million. Closing occurred upon approval of the Serbian Competition Commission and the approval of the transaction terms by six banks which are major creditors of FAM. Valvoline will initially employ 115 employees of FAM and will invest more than EUR 5.7 million in the modernisation of the plant.

TAB Looking for a Buyer Again

According to the Finance newspaper, Nova Ljubljanska Banka is checking for interest for the successful Slovenian battery manufacturer Tovarna Akumulatorskih Baterij (TAB) again. It is not known to what which potential buyers the prospectus has been sent.