This year the IBA Annual Conference takes place on 22 - 27 September in Seoul, South Korea, and more than 6,000 delegates from all over the world will attend. Kromann Reumert will be there with a team of 9 partners representing our firm and a variety of our practice areas. We look forward to meeting clients, friends and colleagues from all over the world!
Kromann Reumert has a strong global outreach through deep relations with top-tier law firms all over the world. Internationalization is a pillar of our strategy, and we invest in maintaining and building our international capabilities and networks, allowing us to work seamlessly in international contexts. Our partners play active roles in all relevant international legal organisations, including the IBA, ABA, AIPPI, IFA, and AIJA, and many of our partners are current or former members of the leadership of these organisations.
We continuously improve our international skillset, e.g. through secondments of our lawyers to law firms and companies abroad, and by staying abreast of latest international trends. A substantial part of Kromann Reumert’s work is international, and our clients benefit from high quality, multi-jurisdictional advice and easy access to the right specialists in every part of the world.
||”A substantial part of Kromann Reumert’s work is international, and over the years we have developed deep relations with top-tier law ﬁrms all over the world. Our clients benefit from high-quality, multi-jurisdictional advice and easy access to the right specialists in every part of the world. And all our treasured contacts help us stay abreast of the latest international trends.”
Head of International Committee
As the first Nordic law firm ever, we received "The European Law Firm of the Year 2018" award by The Lawyer.
In addition, The Lawyer rewarded us with the prize of "The Nordic Law Firm of the Year 2018".
Furthermore, we have received the country award "Law Firm of the Year Denmark 2019" by Who's Who Legal.
Finally, the market research firm Prospera has rated us as the best in almost all 20 legal disciplines covered in its 2019 analysis.
To add to these legal recognitions, Danish law students perceives Kromann Reumert as the most attractive workplace in Universum's annual survey 2019.
We continue to receive high rankings from all the notable international rating directories which rate law firms within a number of legal areas. And we can definitely also be proud of our ratings this year.
annual review 2018
This year, we combine our annual review with our compulsory UN Global Compact reporting.
2018 started off well for us. We were named European Law Firm of the Year by The Lawyer and topped Universum’s annual ranking of law students’ preferred future workplaces. We are immensely proud of both achievements. Also, we have never before welcomed so many new colleagues to our firm. We are looking very much forward to their contributions to our clients’ many national and international cases.
Consistent with past years, the promise we saw in the first couple of months continued in what we are pleased to say turned out to be another year of remarkable success. We will be sure to use these results in 2019 to further solidify our position as Denmark’s premier law firm. If we are to succeed, however, we must stay hardworking, knowledgeable, ever curious, and willing to invest in change for the benefit of our clients – so we will do just that!
Read the 2018 Annual Review
denmark legal update
Kromann Reumert's international newsletter provides you with insight into the latest legal news in Denmark across practice areas and industries. In this issue we bring you our legal experts' analyses and comments on the latest legal developments in Denmark within competition law, employment law, corporate and foundation/trust law, tax law, capital markets, personal data and IP.
Read Denmark Legal Update Q1 2019
RECENT Deal highlights
GIANT MERGER OF TWO OF DENMARK'S LARGEST ENERGY COOPERATIVES
On 5 November 2018, the boards of representatives of the two energy cooperatives Eniig a.m.b.a. and SE a.m.b.a. approved an agreement to merge the cooperatives to form a new cooperative with around 709,000 members under the name of Norlys a.m.b.a. On completion of the merger, the Norlys group will be among Denmark’s largest energy and utility groups, with around 2,500 employees, 709,000 members and more than one million TV and internet customers. Norlys a.m.b.a. will have an equity of app. DKK 18bn and revenues of app. DKK 8bn. However, before Norlys a.m.b.a. can become a reality, the merger must receive final stamp of approval by the Danish Competition and Consumer Authority, among others. Kromann Reumert advised Eniig a.m.b.a. throughout the process leading up to the merger agreement with SE a.m.b.a., including on the regulatory, contractual and competition-law aspects.
LOUIS POULSEN SOLD TO INVESTINDUSTRIAL
In June 2018, private equity fund Investindustrial contracted with Polaris for the purchase of internationally renowned Danish lighting company Louis Poulsen, famous for, among other Danish classics, the PH lamp. Founded in 1874, Louis Poulsen stands today as a global enterprise with showrooms in metropolises like Tokyo, Helsinki, and Los Angeles. The products of the company are exported to more than 50 countries, and its 2017 revenue was more than DKK 800 million. The transaction completed in August 2018. Kromann Reumert advised Investindustrial on the transaction, including its legal due diligence, negotiating the transfer agreement and drafting transaction documents. Following the transaction, Louis Poulsen and two of Investindustrial’s other portfolio companies, Flos and
B&B Italia, were combined in the autumn of 2018 to form a group, and at the same time The Carlyle Group stepped in as equal co-investor along with Investindustrial. The group is the largest global high-end design group with a European heritage.
EY WINS CJEU ACTION OVER ALLEGED "GUN JUMPING"
In 2015 the Danish Maritime and Commercial High Court referred to the Court of Justice of the European Union (CJEU) for preliminary ruling a number of questions, seeking to clarify whether EY and KPMG Danmark infringed competition law by implementing the merger of the two companies before it had been approved by the Danish competition authorities. Both European law and national law prohibit the implementation of a merger of two companies – if the companies are obliged to notify the authorities of the merger – before it has been approved by the competition authorities, so-called “gun jumping”. The case was decided with final effect by the CJEU in May 2018. The CJEU stated as a matter of principle that the decisive factor in a “gun jumping” assessment is whether the implementation amounted to a change of control – the Danish Competition Council, by contrast, had attached importance to three less transparent criteria. In the light of the CJEU's ruling, the Competition Council decided in September to accept EY's claim in the pending case before the Maritime and Commercial High Court. The Council's decision that EY and KPMG Denmark violated the "gun jumping" prohibition is therefore expected to be set aside.
GOVERNMENT DEFEATED IN BIGGEST DANISH TAX CASE EVER
In November 2018, the Danish Supreme Court, by a 7-0 vote, ruled against the Danish Ministry of Taxation and set aside the valuation method applied by the Danish Tax Agency in two landmark transfer pricing cases brought by two Danish companies. The Supreme Court sided with the companies, confirming that the market value of drainage and sewage discharge companies’ infrastructure assets cannot be determined using a discounted cash flow analysis, since under Danish law the companies are subject to a provision that investors in such infrastructure assets must not profit from their investment (the “principle of self-sustainability”). The cases served as pilot cases for more than 270 other actions and have been referred to more than once as the “biggest Danish tax cases ever” due to the size of the total taxable value of the bases of depreciation, a stunning DKK 36bn.
MACQUARIE, ATP, PFA AND PKA ACQUIRE TDC
In early 2018 Kromann Reumert advised TDC on a takeover bid submitted to TDC’s shareholders by a consortium consisting of Macquarie Infrastructure and Real
Assets (Europe) LTD and Danish pension funds ATP, PFA and PKA. The bid was received after TDC’s public announcement on 1 February 2018 of its plans for a merger of TDC and Modern Times Group, which is behind TV3 and Viaplay, among other things. Kromann Reumert also advised TDC on that transaction, which fell through, however, when the shareholders of TDC followed the recommendation by TDC’s board of directors to accept the bid from Macquarie and the pension funds.
KROMANN REUMERT ASSISTS FLSMIDTH IN ACQUISITION OF IMP AUTOMATION GROUP
Recently, Kromann Reumert assisted FLSmidth in their acquisition of IMP Automation Group. The transaction spans various jurisdictions including Australia, South Africa, Brazil and Canada. As IMP is the global leader in automated laboratory solutions for the mining industry the transaction represents a strong addition to FLSmidth's existing pit-to-plant mining services offering. In addition to the company itself, the acquisition includes over 130 IMP employees (including the Managing Director Boyne Hohenstein) and half of a joint venture-corporation, which provides complete operations and maintenance solutions for automated laboratories. The transaction is expected to close in Q2 2019.
TOP-TOY A/S DECLARED BANKRUPT
In December 2018, Nordic toy retailer Top-Toy (BR & ToysR'Us) went into a formal restructuring process and was subsequently declared bankrupt due to a disappointing Christmas trading. Kromann Reumert assisted the private equity sponsor throughout the process and was appointed co-restructuring officer and subsequently co-trustee in the estate. In that capacity, the team from Kromann Reumert also assisted with the disposal of the business, including all assets, stores, IP etc. throughout the Nordics. The main business in Denmark was sold to Salling Group.