Merger creates top foreign law firm in Romania

British law firm CMS Cameron McKenna has concluded a merger agreement with another law firm, Hayhurst Robinson, a move that will create the largest local office of an international law firm in Romania, with nearly 40 lawyers. The number of lawyers will enable it to become one of the largest local law firms, as well, after Nestor Nestor Diculescu Kingston Petersen, Musat & Asociatii and Tuca & Asociatii. CMS Cameron McKenna is this way significantly consolidating its position on the business law market in Romania, estimate to 25-30 million euros. The two law firms have their names connected to the two phases of the privatisation of Banca Comerciala Romana (Romanian Commercial Bank – BCR), Romania”s largest bank. Hayhurst provided advice to the European Bank for Reconstruction and Development and International Finance Corporation when they bought 25% in BCR for 222 million euros in 2003. Now Cameron McKenna is providing legal advice to the Austrians at Erste, one of the two investors selected in the final round of talks for the acquisition of 61.88% in BCR. The merger contract was signed early in November and is to be finalised nearly next year. ZF