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Chambers Europe

COMPETITION/ANTITRUST – BAND 1

THE FIRM: This competition team is widely acknowledged as a market leader. It has assisted heavyweight international clients in compliance, investigations and litigation across a range of industries. Key clients include Orange, GlaxoSmithKline and the Caroli Group. The team boasts successful compliance advisory work and representations before the Competition Council among its notable work.
KEY INDIVIDUALS: Sorin David is “an academic with a great deal of common sense, providing rigorous, pragmatic solutions,” sources affirm. Manuela Guia is known internationally as “extraordinarily knowledgeable,” and her expertise is widely admired by her peers. The “exceptional” Catalin Suliman is recognised as an emerging name in the sector.

EMPLOYMENT – BAND 2

THE FIRM: As a correspondent law firm of PwC, D&B David si Baias serves an impressive list of clients and is particularly noted for its tax-related employment advice. In addition, the employment team provides regulatory compliance advice to Romanian Commercial Bank, as well as complex restructuring and market entry work for international companies such as Omniasig, JT International and Panasonic.
Sources say: “They are very responsive, very professional lawyers and their work is of a high calibre.”
KEY INDIVIDUALS: Dan Dascalu frequently represents clients against trade unions, in addition to frequent advisory instructions. Peers note that “he is very analytic, provides good solutions and is able to combine an employment focus with tax and fiscal advice.” Carmen Medar is the employment practice leader and provides high-level restructuring and European regulatory advice to the firm’s big-name clientele.

TAX – BAND 2

This group is especially strong in litigation. The team has successfully recovered tax from the state to the amount of EUR12 million, striking down the decision of the tax authorities regarding the Steaua Romania Oil Refinery. Further clients include Caroli, Philips and Panasonic. As a correspondent law firm of PricewaterhouseCoopers, David&Baias is able to provide local legal expertise combined with the international professional services of the global PwC network. Clients appreciate the firm’s meticulous approach. One interviewee enthused: “I always get the expected professional standards and beyond.” Dan Dascalu draws praise from peers for his specialist knowledge of tax law, especially fiscal procedures.

CORPORATE/M&A – BAND 3

Corporate clients who want an integrated service appreciate this firm’s links to PwC. The outfit has seen mergers and reorganisations dominating the recent workload. It has received instruction from Mega Image, Philips, Bristol-Myers Squibb Romania and AstraZeneca. The nine lawyers assisted Caroli Foods with the negotiation and implementation of a strategic joint venture with Campofrio Food Group. Clients find working with Sorin David “a real pleasure,” and peers describe him as an “outstanding lawyer.” He has “mastered the fundamentals of the law and takes a constructive approach, delivering balanced advice,” enthused one interviewee. Anda Rojanschi is “calm and cool, but is also positive and proactive, and gains a lot with this approach.” Carmen Medar “can be fast and tough when needed.” “The two lawyers make a very good pair in negotiations,” said a client.

BANKING & FINANCE – BAND 3

This correspondent firm of PwC continues to win market recognition and regularly advises banks. The team acted for Garanti Bank in relation to the transfer of Romanian operations from GarantiBank International NV to GE Garanti Bank. Another important mandate was advising HeidelbergCement on the refinancing of a syndicated facility and a syndicated revolving letter of guarantee facility. Other key clients for the firm include EOS-KSI Romania, TBI Credit, Banca Românească and Provident Financial. Clients welcome Laura Toncescu’s “dedication to the completion of projects, her practical solutions, proactive approach and overall knowledge.” Raluca Puscas is highlighted for being “analytical, concise and results-driven.” One client was keen to give a “special mention to the team’s problem-solving attitude and ability to always offer practical advice.”

RESTRUCTURING/INSOLVENCY – BAND 3

This firm’s association with PwC means it is able to offer clients integrated legal and tax advice in relation to corporate restructuring and insolvency issues. The firm recently assisted Panasonic with a pan-European transfer of business, including the transfer of employees. Another important mandate was a post-acquisition restructuring for Mega Image, including representation in court. Clients report that “the lawyers’ response time is very fast” and that the team is “proactive in offering their opinions on the options available.” Further key clients include Delamode Group, Relad Group, Romstal Group, Philips, Omniasig and Valad Property Group.

Chambers Global

RESTRUCTURING/INSOLVENCY – BAND 3

Sorin David and Anda Rojanschi co-head this department. The group’s close working relationship with PwC not only means it has strong international connections, but that it can offer specialised tax advice in relation to corporate restructuring and insolvency issues. Clients include the Delamode Group, Philips, Panasonic, Valad Property Group and A&S International.

BANKING & FINANCE – BAND 3

Laura Toncescu is commended for her “dedication to the completion of projects, her practical solutions, proactive approach and overall knowledge.” She has worked on a number of domestic and cross-border matters for clients including the National Bank of Greece and TBI Credit IFN. She assisted EOS KSI Group in the granting by one of the group’s financial services companies of a number of cross-border loans valued at approximately EUR75 million.

DISPUTE RESOLUTION – BAND 3

Daniel Dascalu heads this firm’s dispute resolution practice. Clients include Convance Clinical and Periapproval Services, Gallaher Romania, National Institute Pasteur and the Romanian Red Cross.

CORPORATE/M&A – BAND 4

Sorin David is “an outstanding lawyer who is a pleasure to work with.” He has vast experience in competition law and M&A and is the author of a leading book on Romanian company law. “A cool negotiator who takes a calm and proactive approach,” Anda Rojanschi has broad experience of complex corporate and real estate deals, restructurings, joint ventures and employment law matters. Carmen Medar is commended for her negotiation skills, particularly her ability to be “firm and tough when necessary.” She has significant corporate law experience, particularly in relation to M&A, corporate structurings and reorganisations.

Legal 500

IT, TELECOMS AND MEDIA

TIER 2: Managing partner Sorin David is the name to note for IT work at D&B David si Baias. Clients remark on the firm’s ‘professional approach’. Competition and disputes work are areas of strength. The practice counts Orange Romania among its clients.

CORPORATE AND M&A

TIER 3: Clients rate the ‘business understanding’ of the corporate team at D&B David si Baias. The firm has particular expertise in competition matters. The practice acted for Caroli Foods, the second largest Romanian producer of cold cuts, in connection with the negotiation and implementation of a strategic joint-venture with Campofrio Food Group, one of the leading European groups. In the real estate field, the firm provided sell-side legal assistance to Avrig 35 on the disposal of Iris Shopping Centre in Pitesti. On general corporate matters, the firm’s clients include Philips and Samsung Electronics. Sorin David is ‘results oriented’.

DISPUTE RESOLUTION

TIER 3: Tax litigation and competition matters are areas in which D&B David si Baias excels. The firm acted for oil refinery Steaua Romana in irrevocably annulling a tax decision which would have adversely impacted the company to the sum of €12m, as well as in recovering this amount from the State. Dan Dascalu heads the team and is recommended.

BANKING, FINANCE AND CAPITAL MARKETS

TIER 4: Real estate finance and regulatory work are two areas of strength for D&B David si Baias as part of a broader banking and finance offering. The firm is praised for its ‘business acumen’ and ‘appropriate advice’. The practice is acting for a major EU financial services group in connection with the most suitable legal structure for establishing a shared service centre in Romania. It acted as counsel to Global Finance Real Estate – D&B in connection with the refinancing of a €75m syndicated facility. Sorin David and Laura Toncescu are recommended.

ENERGY AND NATURAL RESOURCES

TIER 4: D&B David si Baias energy practice is focused on transactional work. The firm acted for Termoelectrica in connection with a planned joint venture envisaged with E.ON and ENEL for the purposes of developing a thermal power plant in Braila. Anda Rojanschi is the main point of contact.

REAL ESTATE

TIER 4: Managing partner Sorin David heads up the real estate team at D&B David si Baias. The firm worked with Global Finance Real Estate in relation to the development of commercial and residential real estate projects in Romania. The firm also provided sell side legal assistance to the company for the disposal of part of its portfolio.

PLC Which Lawyer

COMPETITION / ANTI-TRUST

D&B David si Baias is ranked as a leading law firm.

TAX

D&B David si Baias is one of the leading law firms.

CORPORATE / M&A

D&B David si Baias is ranked as recommended law firm.

LABOUR AND EMPLOYEE BENEFITS

D&B David si Baias is one of the recognised law firms.

BANKING AND FINANCE

D&B David si Baias is one of the recognised law firms.

CONSTRUCTION

D&B David si Baias is one of the recognised law firms.

ISI Deal Watch

Legal Advisors

In the Top 10 Legal Advisors, published by ISI Deal Watch in February 2011, D&B has been ranked 8th by the value of deals (83 million EUR for 2 deals in 2010) on the Romanian market.

Legal 500

IT, TELECOM AND MEDIA

TIER 2: Within IT, telecoms and media, D&B David si Baias SCA is a second tier firm, “Sorin David heads a team of six lawyers at D&B David si Baias, which has expertise in technology issues. The firm assisted Orange Participations with the sensitive acquisition of shares in a retailer of telecom products and services, as well as working with Orange Telecom in changing the legal framework under which the company cooperates with GSM retail companies. Clients comment on the firm’s ‘professional approach’.“(2010)

CORPORATE/M&A

TIER 3: “The corporate team at D&B David si Baias is praised for its ‘good overall understanding of the M&A process’ as well as ‘high levels of responsiveness and organisation’. Two partners and 11 associates have expertise in the retail sector, as well as in corporate activity in which employment matters are at stake. The firm assisted Mega Image with its acquisition of four stores from the Romanian company Mialan Comimpex, located in Bucharest. Valued at €5m, the firm also assisted the client in notifying the Competition Council of the deal. On the restructuring side, the practice provided legal advice and assistance for the merger of five Romanian entities in the Michelin group with the purpose of optimising the management of its Romanian operations. Managing partner Sorin David is ‘a real expert on Romanian law’.”(2010)

DISPUTE RESOLUTION

TIER 3: Within Dispute resolution, D&B David si Baias is a third tier firm, “Dan Dascalu heads the dispute resolution team at D&B David si Baias which has particular strength in tax litigation within a broad offering. Clients are impressed by the way the firm provides ‘suitable solutions to very difficult and delicate issues’. The firm represented real estate developer Avrig 35 on various issues, including claims against the Land Registry, with an aggregate value of €20m. The practice is also acting for the Romanian Red Cross on the recovery of property donated at the beginning of the 20th Century by the royal family and confiscated by the Communist Regime. The value of the disputes amounts to €10m.” (2010)

ENERGY AND NATURAL RESOURCES

TIER 3: Within Energy and natural resources, D&B David si Baias is a third tier firm, “Anda Rojanschi heads the energy team at D&B David si Baias. Clients describe the firm as ‘very professional’. The practice assisted a major investment banking subsidiary with obtaining an energy license to distribute wholesale on the local market.” (2010)

BANKING, FINANCE AND CAPITAL MARKETS

TIER 4: Within Banking, finance and capital markets, tier 4 “Clients are impressed with the ‘very good technical knowledge’ of D&B David si Baias and say the banking and finance team is ‘street smart’. Laura Toncescu heads the practice. The firm assisted TBI Leasing IFN in the transfer abroad of a portfolio of defaulting lease agreements worth €3m, identifying the most suitable solutions for the transfer of the leasing portfolio and in the preparation of specific contractual documentation.” (2010)

REAL ESTATE AND CONSTRUCTION

TIER 4: “Commercial leases are an important part of the real estate practice at D&B David si Baias where the team is headed by managing partner Sorin David. On the construction side, the firm has worked with the Irish developer Mivan on large retail projects.” (2010)

PLC Which Lawyer

COMPETITION / ANTI-TRUST

D&B David si Baias is ranked as a leading law firm.

TAX

D&B David si Baias is one of the leading law firms.

CORPORATE / M&A

D&B David si Baias is ranked as recommended law firm.

PRIVATE EQUITY / VENTURE CAPITAL

D&B David si Baias is one of the recognised law firms.

BANKING AND FINANCE

D&B David si Baias is one of the recognised law firms.

CONSTRUCTION

D&B David si Baias is one of the recognised law firms.

Chambers

COMPETITION / ANTI-TRUST

BAND 1: This well-established firm maintains its reputation for top-quality work across the competition sector. The seven-lawyer team handles anti-trust and state aid matters, but has been particularly active in competition investigations on behalf of clients in the telecoms, retail and pharma sectors. For example, the team assisted Relad, a major Romanian distributor of pharmaceutical products, regarding two investigations undertaken by the competition council. Interviewees applaud the lawyers’ proactive approach, saying: “You can really count on their support.” Sorin David is regarded as a leading name for competition matters and heads the department. Clients say he “always looks at the context of a matter and provides concise advice.” Working alongside him is Manuela Guia, who is also singled out for her competition expertise.

TAX

BAND 2: David & Baias benefits from its association with PwC and provides clients with a broad spectrum of tax expertise. The practice was recently boosted by the addition of four lawyers to the tax litigation group. The outfit’s prowess in both contentious and non-contentious matters ensures its loyal following of clients including RBS Bank Romania, Michelin Group and Delamode Group. Sorin David heads the practice and is the main contact partner.

EMPLOYMENT

BAND 2: This group of three benefits from the firm’s co-operation with PwC and client referrals from its vast network. The team’s aptitude for advising on tax-related employment matters is another of its distinguishing features. Key highlights include assisting clients such as Omniasig, A&S International and Michelin Romania on dismissals, employee transfer and collective bargaining. Sources say Dan Dascalu’s extensive tax know-how has been particularly useful.

BANKING, FINANCE AND CAPITAL MARKETS

BAND 3: At this correspondent firm of PwC, the nine-strong banking and finance team wins increasing market recognition. Predominantly focused on borrowers, the group also advises a number of banks, particularly on regulatory matters. Among recent highlights, the team acted for GE Money in relation to establishing GE Garanti Bank, and for ProCredit Bank on a bonds issue, valued at approximately RON 91.3 million. Commentators describe the team as “solid, dedicated and confident in its handling of significant matters; it is both technically apt and client-focused.” Sorin David is the key contact for the practice.

CORPORATE/M&A

BAND 4: This correspondent firm of PwC acts for both international buyers and local sellers, and earns praise for its impressive track record on due diligence projects. Highlights for the 12-strong group include advising Orange Participations on the acquisition of a telecommunication services retailer, and acting for Avrig 35 on the EUR147 million sale of Iris Shopping Center Titan Bucuresti to DEGI. In addition to his academic credentials, Sorin David is recognised as an established practitioner with an “even-handed approach.”

ISI Deal Watch

In the M&A top advisors, published by ISI Deal Watch at the beginning of 2010, D&B has been ranked 6th (sixth) by the number of deals (with 4 deals at the end of 2009) on the Romanian market.

Ziarul Financiar

In 2010, Ziarul Financiar awarded D&B David si Baias the special prize “The Lawyer of the Romanian Entrepreneur” for the sell-side transactions in which D&B David si Baias assisted its clients.

In 2010, Ziarul Financiar nominated D&B David si Baias for the financial transaction of the year 2009.

In Top Romanian Transactions (2010 edition), published by Ziarul Financiar, D&B was ranked as the 6th (sixth) M&A Law firm, considering the number of accomplished transactions where it assisted its clients.

„Avocaţi de Top” (Finmedia)

In 2010, D&B David si Baias was awarded the prize “Best tax project of 2009” for an important tax litigation file.

In 2010, D&B David si Baias was awarded the prize “Best capital markets project in 2009” for a project where it assisted its client during a landmark issue of bonds.

Legal 500

IT, TELECOM AND MEDIA

TIER 2: D&B David si Baias acted for a major software provider and e-commerce service integrator on restructuring its business operations. Advice included IP rights migration and the arrangement of additional protection to maximize the value of the company’s software IP rights. The team also acted for a global mobile telephonic company in relation to an on going investigation by the competition council into national and international calls termination markets. For clients, the practice offers “great industry knowledge and a dynamic collection of lawyers”

ENERGY AND NATURAL RESOURCES

TIER 2: Legal 500 in its 2009 edition places D&B David si Baias in the 2nd Band of the recommended firms in Energy and Natural Resources pointing out that: “In 2008, D&B David si Baias provided legal advice to a large multinational energy company in relation to state aid rules and the new post-EU-accession state aid legal framework. This included assisting in negotiations with government ministries.”

BANKING, FINANCE & CAPITAL MARKETS

TIER 3: Legal 500.com places D&B in the 3rd Band of the recommended firms in Banking, finance & capital markets section, pointing out that: “D&B David si Baias’ partner Laura Toncescu leads the banking, finance and securities team, which comprises eight fee-earners. The firm has been active in arranging syndicated loans and financing and, in 2008, acted for ING Asset Management on cross-border activities. Important financial clients for the firm include BRD-Groupe Societe Generale and BNP Paribas. On the capital markets front, the firm advised Romanian brokerage divison of ABN AMRO on providing services to clients intending to access the domestic capital market through IPOs or bond issues. According to one client, the practice fields a “smart and canny banking team, who met our needs perfectly”.

DISPUTE RESOLUTION

TIER 3: Legal 500 in its 2009 edition places D&B David si Baias in the 3rd Band of the recommended firms in Dispute Resolution pointing out that “D&B David si Baias has a seven fee-earner litigation team headed by respected specialist and partner Dan Dascalu, with a well-developed client list of significant regional and international clients. In 2008, the practice acted for Bundesdruckerei on a lawsuit pertaining to a Є70m public procurement procedure; and advised the Romanian Red Cross on a series of law suits concerning claims for the recovery of former real estate properties, confiscated by the communist regime, with an aggregate value Є10m. “The advice and service were second to none, and the firm impressed us greatly with its responsiveness and customer interface” remarks one client”.

REAL ESTATE AND CONSTRUCTION

TIER 3: “Sorin David is the lead partner for Real Estate work at D&B David si Baias, heading a team of six fee-earners. In 2008, the practice acted for Irish developer Mivan on a network of ten shopping malls throughout Romania, with a combined value of Є700m; and on the building of the 650-unit New Town residential development in Bucharest with a value of €120m. The team also assisted Avrig Group on its €147m sale of the Iris Shopping Centre Titan Bucuresti to the German investment fund DEGI. Clients describe the practice as “helpful, proactive and very keen to listen to the customer, a rare quality. “

Corporate / M&A

TIER 4: Legal 500 in its 2009 edition places D&B David si Baias in the 4th Band of the recommended firms in Corporate/M&A section, pointing out that: “D&B David si Baias corporate and M&A practice comprises 14 lawyers, headed by partners Sorin David and newly promoted partner, M&A head and ‘terrific corporate lawyer’ Anda Rojanschi. The practice is the affiliate law office for accountancy firm PricewaterhouseCoopers and, consequently, has great competency in tax law and restructuring, boasting a multinational client base. In 2008, the practice acted on the buy side for Mega Image – a Romanian supermarket chain – in its acquisition of La Fourmi, a market competitor, in a transaction valued at €18.6m. On the sale side, the team acted for Dorna Lactate on the sale of its La Dorna dairy business to Lactalis for in excess of €70m”. ‘Without doubt, working with D&B David si Baias was one of the best legal experiences I have had in SEE,’ enthused one client.

PLC Which Lawyer

COMPETITION / ANTITRUST

D&B David si Baias is one of the highly recommended firms.

TAX

D&B David si Baias is one of the highly recommended law firms.

CORPORATE / M&A

D&B David si Baias is ranked as highly recommended law firms.

PRIVATE EQUITY / VENTURE CAPITAL

D&B David si Baias is one of the recognized law firms.

Chambers Europe

COMPETITION / ANTI-TRUST

BAND 1: “This stable team climbs the rankings this year following a string of recent successes. Clients benefit from a host of high-calibre individuals who are “efficient, well prepared, diligent and hard-working. We felt they were fully committed to our projects,” commentators enthuse. The group handles a broad range of matters, encompassing competition, antitrust and state aid, for clients including market leaders in the telecoms and pharmaceuticals sectors. Sorin David has been very visible over the past year, and is recommended as one of the most knowledgeable and highly specialised practitioners in this area. “

TAX

BAND 2: “With its close organisational ties with PwC, this ten-lawyer practice can deploy formidable resources on behalf of its clients; the alliance also grants the firm access to PwC’s large international customer base. Considered in isolation, the firm’s attorneys are recognised for their depth of experience and high-level training. The team is respected in advisory, transactional and litigation work, advising major pharmaceutical and industrial companies such as Cristim, Gecad Epayment and S&T System Integration. Sorin David heads the practice.”

EMPLOYMENT

BAND 3: “This team’s most significant employment instructions have come out of its corporate restructuring and litigation work, although it also handles advisory work. Its clients, which include Petrom and Carpatcement Holding, praise the firm’s capabilities with regard to complex, sensitive issues. Department head Dan Dascalu is singled out as a talented litigator in employment matters, and his advisory work attracts additional praise, with clients appreciating his “very logical mind””

BANKING, FINANCE AND CAPITAL MARKETS

BAND 4: “Sources indicate that this outfit “is catching up with the larger firms in the jurisdiction.” As the correspondent law firm of PwC in Romania, David & Baias works closely with the professionals there to provide comprehensive advice to commercial businesses, financial institutions and state-owned bodies. The group’s practice primarily consists of advising lenders seeking to finance domestic and cross-border M&A, LBOs and equity investments. The outfit recently assisted Sogecap on the EUR 7.5 million investment in the establishment of a life insurance company; other notable work includes advising Volksbank Romania on the contractual framework for the sale of derivative products to the bank’s clients. Sorin David is a key contact at the firm.”

Corporate / M&A

BAND 5: “The correspondent law firm of PwC in Romania, David & Baias advises financial institutions and commercial businesses as well as governments and state-owned bodies on a range of matters, including LBOs, joint ventures and equity investments. It recently advised Romanian developer Avrig 35 on the sale of a shopping centre to the German fund DEGI, a transaction worth more than EUR147 million; other clients include Altex Impex, Marinopoulos Holding, ThyssenKrupp and Saint-Gobain. Sorin David is “hugely respected” in the industry and recently advised Dorna Lactate on the sale of the La Dorna dairy business to Lactalis, in a transaction valued at more than EUR 70 million.”

ISI Deal Watch

M&A

In the M&ampA top advisors, published by ISI Deal Watch at the end of 2008, D&B has been ranked 4th (fourth) bu the number of deals and 10th (tenth) by the deal value.

Ziarul Financiar

According to the „Yearbook of law firms” 2009 and „Top Transactions” 2009 published by Ziarul Financiar in April 2009, D&B has been ranked 6th (sixth) by number of lawyers, 9th (nineth) by turnover in 2008 and 13th (thirteenth) by productivity top (revenue per lawyer).

M&A

In the publication “Top Transactions” 2009” edited by Ziarul Financiar, D&B David si Baias, mentioned as one of the companies specialized in M&A, is ranked 6th (sixth) by number of transactions during the reference period (with 6 transactions)

Legal 500

IT, TELECOM AND MEDIA

TIER 2: „D&B David si Baias assisted publisher De Agostini Hellas on the expansion of its Romanian business, advising on media regulations, consumer protection, copyright and trade mark protection. The firm also acted for Castel Films, providing assistance on a range of corporate and commercial services.”

ENERGY AND NATURAL RESOURCES

TIER 2: “During 2007, D&B David si Baias continued to provide regular legal advice to Petrom, part of the OMV-Group, especially on employment law and employment litigation. The firm also assisted Europa Oil&Gas, having obtained several exploration blocks in Romania.”

BANKS, FINANCE AND CAPITAL MARKETS

TIER 3: “PricewaterhouseCoopers affiliate D&B David si Baias’ banking and finance practice assisted ABN Amro Bank (Romania) and the EIB in the launching of the latter’s first issue in the Romanian domestic market, with a value of Є85m. The firm also acted for the local subsidiary of Société Generale, advising on putting in place its contractual framework for derivative products to be sold to the bank’s clients. Clients appreciate th efirm’s “swift turnaround times and responsiveness” “

DISPUTE RESOLUTION

TIER 3: “During 2007, D&B David si Baias acted for Alpha Bank, Avrig 3-5 and the Romanian Red Cross in relation to real estate lawsuits. The team also advised Carpatcement Holding Romania in a lawsuit against the Competition Council and acted for mobile operator Orange and Mittal Steel Galati. Clients praise the firm for its “quality and responsiveness”. Given its historical connection with PricewaterhouseCoopers, the firm also has particular expertise in tax litigation and dispute resolution.”

REAL ESTATE AND CONSTRUCTION

TIER 3: „D&B David si Baias has a busy real estate practice. In 2007, the firm provided due diligence, negotiation support and drafted documentation for Uk-based Mivan on the acquisition of land, and the development and financing of a Є700m network of ten shopping malls and a €120m residential projects. The team also acted for UK investment found Teesland IOG on the acquisition of the A1 Industrial Park for Є70m. Clients say the firm offers a “sharp, focused team of personnel who get the job done”. Other clients include leading real estate developers Avrig Group.”

CORPORATE / M&A

TIER 4: “Legal 500 – 2008 edition, ranked D&B in the 4th tier in Corporate/M&A section, pointing out that it was active in M&A transactions during 2007, servicing several pan-European corporations. The firm assisted maxima LT on the sale of its stake in the Romanian company holding retail chain Albinuta. Additionally, the firm advised Danish ball valve manufacturer Boren Armatur on the acquisition of its Romanian distributor SEI International and acted for leading real estate developer Avrig Group on the sale of a minority stake to a group of Australian and UK investors. Other leading clients included Akzo Nobel Coatings International, sadesa Obras y Servicios and Novo Tech. Clients appreciate the firm’s “reliable and accurate services, which makes it one of the best available.”