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DEALS AND OPERATIONS

published SEPTEMBER 06, 2010, 20:15
Kromann Reumert has advised Nordea Corporate Finance, DONG Energy, Pensionskassen for Værkstedsfunktionærer i Jernet and Danske Markets

Kromann Reumert advised Nordea Corporate Finance in connection with a rights issue by TK Development A/S, a Danish based real estate developer with activities in Northern and Central Europe. The rights issue was announced in a prospectus of 5 August 2010 and is expected to be completed on 27 August 2010 yielding net proceeds to the company of approximately EUR 27 million.
Counsel to TDC on the purchase, build-out, operation and maintenance of 4G (LTE) equipment for the Scandinavian market, including advice on the tender process, the drafting and negotiation of contracts with various possible vendors, and infrastructure sharing as well as related regulatory advice
Counsel to Rejsekort A/S (a joint venture of Denmark's public transport operators) in its systems integration contract with a consortium of Thales and Accenture on the implementation and nationwide roll-out of a bDKK 1.5 contactless RFID smart card system for electronic ticketing (comparable to the London Oyster Card or Dutch OV Chipkaart).

Kromann Reumert has assisted Denmark's leading energy supplier DONG Energy in connection with the sale of its fibre communications network to TDC. After more than a year of preparations, an agreement was signed following an intensive sales process with several interested bidders. The purchase price was agreed at EUR 57 million, of which EUR 43 million will be paid in cash on closing, while the balance will depend on the future earnings of the fibre network business in the retail market.

Kromann Reumert assisted one of Denmark's oldest pension funds, Pensionskassen for Værkstedsfunktionærer i Jernet ("PVJ"), in connection with a transfer of all of the pension fund's assets and liabilities, including all pension obligations to its about 1,200 members, to PFA Pension, Denmark’s largest customer-owned pension company. Transferring pension obligations of approximately DKK 2 billion and increasing annual pension payments to members by approximately 25%, PVJ is an example of a pension fund that has succeeded in diligently and timely implementing a transfer to the benefit of its members. After the transfer to PFA Pension, Kromann Reumert will assist in the dissolution of PVJ. The transfer is expected to be finally implemented in September on expiry of the Danish Financial Supervisory Authority's three-month period for objection.

Kromann Reumert has assisted the global telecommunication provider Verizon Business in the public tender held by the Danish Foreign Ministry regarding its global communication over a single IP network covering nearly 100 countries. The advice covered public procurement issues, contract law, regulatory guidance etc.

Kromann Reumert advised the Danish Export Credit Arrangement in connection with Collgar Wind Farm, Australia, purchase of 111 Vestas wind turbines

Kromann Reumert assisted EQT Infrastructure Fund in connection with the purchase and financing of Kommune Kemi A/S, the leading Danish company for treatment of hazardous waste
Jens Rostock-Jensen and Jakob Rosing help in connection with the first class action in Denmark - the Bank Trelleborg case - about measurement of banking shares in the event of compulsory redemption and compensation claims as a result thereof.

Morten Kofmann and associate Mette Diget assisted Post Danmark, the incumbent post operator, in a matter concerning abuse of dominance by way of retroactive loyalty rebates.

Morten Kofmann, along with associates Bart Creve and Mandy Chilcott currently represent SAS Cargo in the European Commission’s ongoing investigation into a global airfreight cartel. Involving coordinated efforts by competition authorities from around the world (such as the U.S. Department of Justice), the case is one of the most extensive cartel investigations ever undertaken.
Scandinavian Tobacco Group’s agreement to combine its global cigar and pipe tobacco business with certain cigar and other tobacco business of Swedish Match (pending). The transaction is global in scope. The parties will establish a leading global firm in the cigar and pipe tobacco business.

Kromann Reumert advised Danske Markets, a leading full-scale investment banking branch of the Danske Bank Group, in connection with a rights issue by the Danish property company Jeudan A/S announced in a prospectus of 8 March 2010. Implemented on 30 March 2010, the rights issue generated gross proceeds of approximately EUR 132 million.

Kromann Reumert assisted the arrangers (lead by BNP Paribas and Danske Bank) on the issuance of €750 million of notes under the first collective guaranteed bond issuance involving Danish smaller and medium size banks. The transaction was followed up with a second successful transaction raising an additional €480 million

Kromann Reumert assisted property investment and development company Essex in con-nection with a reorganisation agreement for the whole Essex Group. Involving 28 banks and mortgage credit institutes and total debts of more than DKK 10 billion (approx. EUR 1,3 billion) in connection with properties in Sweden, Denmark and Germany, the agree-ment is one of the most extensive reorganisation agreements ever made in Denmark. The agreement was closed in March 2010.

Kromann Reumert assisted insurer Gjensidige Forsikring in connection with its purchase of Nykredit Forsikring A/S from Nykredit Realkredit at a price of DKK 2.5 billion, including goodwill of approximately DKK 1.5 billion. The Nykredit Group and Gjensidige Forsikring also agreed on long-term strategic cooperation, having entered into a distribution agreement under which the Nykredit Group will continue to sell general insurance products and services to private clients under Nykredit’s brand and to commercial clients, including agricultural clients, under Gjensidige’s brand.

Kromann Reumert advised a number of junior banks of Tower Group A/S, a Danish listed property company with a balance sheet total of approximately EUR 672 million consisting of German properties, in connection with a reorganisation of the company after it had faced liquidity problems in January 2009.

Kromann Reumert has assisted on the financing, structuring and acquisition of a large number of renewable energy projects, including the financing of project Belwind (Belgium 330 MW off-shore), Q7 (Dutch 120 MW off-shore), Project Te Uku (New Zealand 64,4 MW on-shore), Project Collgar (Australian 206 MW on-shore), Vader Piet (Dutch Antilles 30 MW), GPP portfolio (approx. 15 MW Spanish solar PV). Kromann Reumert has further been mandated on renewable energy projects with a total capacity exceeding 2,000 MW.

Kromann Reumert advised the Danish biopharmaceutical company Bavarian Nordic A/S in connection with a rights issue announced by the company on Friday 8 January 2010. In the offering 99.6% of the new shares were subscribed resulting in gross proceeds to Bavarian Nordic A/S of approximately EUR 42.26 million.

Kromann Reumert has through out 2009 and 2010 been advising the Danish Government through the Ministry of Economics and Business on the capital injection by the Danish state to more than 40 Danish banks and other financial institutions. The capital injection was done by way of hybrid loans and the total loan amount was more than DKK 40 billion in total

Kromann Reumert advised Europe's second-largest aircrete manufacturer H+H International A/S in connection with a rights issue underwritten by shareholders and new investors, generating net proceeds to the company of approximately EUR 58 million.

Kromann Reumert acted for a syndicate of Danish and international banks in connection with the financing of the 2009 and 2010 newbuilding programs of an international shipping company. The USD 500 million deal was closed in the first quarter of 2010.
EQT Infrastructure’s acquisition of Kommunekemi. The transaction represents one of the few P/E transactions in Denmark in 2009 and is an example of the focus on infrastructure as an investment opportunity.

Kromann Reumert assisted Danish energy company DONG Energy A/S when it entered into an agreement on 23 December 2009 with Siemens Energy Sector, strengthening the parties' existing cooperation which started in the first half of 2009. Under the new supply agreement, Siemens is to deliver wind turbines for an offshore project near Lincs in the UK North Sea. The parties' existing agreement was also changed to include more potential supplies of wind turbines for DONG Energy's North European project pipeline, and several other adjustments were made.

Kromann Reumert assisted Danish energy company DONG Energy A/S when it purchased 50% of the shares in the offshore wind farm Lincs in the UK North Sea on 23 December 2009 together with Siemens Project Venture (SPV). The seller was British energy company Centrica. The total purchase price amounted to 50% of the production costs, which are estimated at GBP 50 million (EUR 75.8 million).

Kromann Reumert assisted Danish energy company DONG Energy A/S when it sold its 25.1% stake in Walney Offshort Wind Farm to Scottish and Southern Energy plc (SSE) at a price of GBP 39 million (EUR 44 million).

Kromann Reumert assisted Danish energy company DONG Energy Power A/S when it entered into an agreement on 17 December 2009 with Vattenfall Europe Windkraft GmbH for the purchase of 49% of the shares in Borkum Riffgrund I Holding A/S, an offshore wind farm project. Kromann Reumert also advised DONG Energy Power A/S on Danish law matters when it entered into an agreement with German wind farm developer PNE Wind AG for the purchase of its 50% stake in each of the two German offshore wind farm projects Borkum Riffgrund 1 and 2. The purchase agreements with Vattenfall Europe Windkraft GmbH and PNE Wind AG made Dong Energy A/S sole proprietor of the Borkum Riffgrund 1 and 2 projects.
DONG Energy’s sale of part of its fibre communications network to TDC. The transaction is an important example of the deals within the infrastructure segment.

Kromann Reumert advised Danish biopharmaceutical company NeuroSearch in connection with a rights issue announced by the company on Monday 19 October 2009. The net proceeds from the offering amounted to EUR 55.9 million. The offering was fully subscribed

Kromann Reumert advised TDC A/S, the leading Danish telecom provider, in connection with a sale of its 64% shareholding in Hungarian and Eastern European telecommunications group Invitel Holdings A/S, including TDC's subordinated loan of approximately EUR 34 million to the Invitel group. The transaction involved a tender offer for PIK notes issued by a company in the Invitel group as well as two senior senior notes.

Kromann Reumert acts on behalf of the Saab group in a case involving termination by the Danish Defence of an agreement for the supply of an IT system for combat support. In reply to the Defence's claim for repayment of DKK 156 million, Saab has set up a counter-claim for payment of damages in the amount of DKK 30 million. The case, which has been set down for trial in February 2010 before the Danish Maritime and Commercial Court, is one among many cases pending between the Danish State and IT suppliers about projects that have failed. Partner responsible: Carsten Raasteen

Kromann Reumert advised the Danish public railway company DSB in a multi billion settlement with an Italian supplier of trains due to substantial delay in delivery and claim for compensation and liquidated damages.

Kromann Reumert has assisted state-owned bank rescuer Finansiel Stabilitet A/S in buying the Danish investment bank Gudme Raaschou Bank A/S.


 


 

 

 

 


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