Vladimir P. Penkov

Managing Partner

Phone: + 359 2 971 3935
Fax: + 359 2 971 1191
E-mail: vladimir.penkov@penkov-markov.eu

Education:

Sofia University St. Kliment Ohridski, 1976; Master in Law

Economic University, Karlshorst, September 1970 - June 1972

Practice Areas:

Banking and Financial Law, Company Law and Commercial Contracts, Competition and Antitrust, Privatizations and Foreign Investments, Investment Management, Mergers and Acquisitions, Project Development and Finance, Taxation, IT, Media and Telecommunications

Languages:

Bulgarian, German, English

Professional Experience:

• Sofia City Court, 1976 – 1977, Trainee,
• Ministry of Foreign Economic Relations, 1979 – 1987, Legal Counsel and Senior Legal Counsel,
• Technica Foreign Trade Organization, 1987 – 1989, Chief Legal Counsel
• Ministry of Foreign Economic Relations, 1989 – 1990, Chief Legal Counsel,
• Penkov, Markov & Partners, 1990, Founder and Managing Partner

Publications:

• The Promotion and Protection of Foreign Investments in Bulgaria: Some Legal Aspects, International Relationships Magazine; Publications in “Foreign Trade”, “Bulgarisches Wirtschaftsblatt” and “Business Opportunities in Bulgaria” (edition of the Bulgarian Chamber of Commerce and Industry);
• Rechtliche Grundlagen für ausländische Investoren in Bulgarien, Südeuropa Mitteilungen;
• Legal Aspects, Euromoney Publication, International Privatization Review;
• Legal Privatization Issues in Bulgaria, Euromoney Publication, International Privatization Review;
• The New Privatisation and Post-privatisation Control Act, Lega InterConsult News (2002)
• Granting Concession without Tender or Competitive Bid Process, Lega InterConsult News (2002)
• Important Economical and Legal Conditions fort he Investment Climate in Bulgaria, 10 Yaers CD – ROM, Publication of the German business group in Bulgaria (2003);
• Harmonization of the Bulgarian lagislation in the light of the forthcoming accession to the European Union, Germen - Bulgarian, Wirtschaftspartner in Europa;
• Business Environment and the Credit Market, Interview in Sega Newspaper (September 2004);
• Policy of Bulgaria with regard to the small and middle size enterprises and some aspects of the taxation regime, Interview for Wirtschaftsblatt Newspaper (November 2004);
• The Investment – Taxation Council with the Bulgarian Chamber of Commerce and Industry and some current developments in the tax legislation”, Interviews for Pari and Dnevnik Newspaper, (November, December 2004);
• Forbes Insight Publications, IFLR 1000;
• Promotional Campaigns and the Legal Protection of Competition – the New Practices of the Competition Protection Commission co-authored with Svetlin Adrianov, Lega InterConsult News (2004)
• Report on Small and Middle Size Enterprises – a standout or dvelopment” – Workshop Deutsch - Bulgarische Mittelstandskooperation, Berlin (February 2005);
• Report on Small and Middle Size Enterprises in Bulgaria from the view point of the foreign investors, Vienna (May 2005)
• Introduction of Private Enforcement in Bulgaria, Interview for Radio New Europe (March 2005);
• Private Enforcement Will Be Introduced, Lega InterConsult News (2005);
• The Importance of the Latest Changes of Taxation and Social Security Arrangements, Lega InterConsult News, (2005);
• Commercial Register Outside the Courts, Lega InterConsult News, (2006);
• Is the New Value Added Tax Act “European, Lega InterConsult News, (2007);
• Legal Guarantees and the Encouragement of Foreign Investments by the State, Interview for Wirtschaftsblatt Newspaper, (February 2007);
• European Legal Framework for the Bulgarian Economy, Report for the Conference „Bulgaria – 180 days after the accession – chances and challenges”, Berlin ( July 9-10, 2007)
• The Practical Realization of the Transportability Also Responsibility of the State, Interview in the Utilities Magazine (October, 2007)

Community Activities:

• Mamber of the Managing Board of the Bulgarian Chamber of Commerce and Industry, 1993 –
• Vice President , Bulgarian Chamber of Commerce and Industry, 1996 – 2006
• Chairman of the Investment – Taxation Council with the Bulgarian Chamber of Commerce and Industry, 2004 – 2006
• Arbitrator with the Arbitration Court at the Bulgarian Chamber of Commerce and Industry, 1999;
• Former Member of the Bulgarian National Group with the International Association for Intellectual Property Protection;
• Former Member of the Managing Board of BIBA (Bulgarian International Business Association);
• Founder and former President of the first Lions Club in Bulgaria – Lions Club, Sofia
• Listed in the following rankings:
  • Who’s Who, 1999-2000 Global Edition, Barons 500, Leaders for the New Century, 2000 Commemorative edition;
  • Barons 500, Leaders for the New Century, 2000 Commemorative Edition;
  • Honorary Member, Who’s Who Historical Society for the year 2005, publication 2005-2006 of Who’s Who of Professionals;
• Awards:
  • The Highest Award of the Bulgarian Chamber of Commerce and Industry – Hermes for the activity in developing the transparency of the Bulgarian commercial legislation (2002).
  • The Second Key of the Lions International for his contribution in expanding the movement in Bulgaria

Transactional Experience:
PRIVATIZATION

Conduct of negotiations, legal consultations, preparation of documentation and legal representation of:

• Heineken and Athenian Brewery in connection with the acquisition of the largest brewery in Bulgaria - Zagorka;
• Glassinvest (Yioula Glassworks) in connection with the acquisition of Stind AD;
• Glassinvest (Yioula Glassworks) in the privatization of the largest producer of glass products on the Balkans - Drujba AD;
• Cargill and Tria Epsylon in connection with the participation in the first privatization ever in Bulgaria;
• KNAUF in the acquisition of the company for plaster sheets – Gipsfazer;
• Luxcraft Trading Ltd. in the acquisition of the largest producer of canned foods in the food-processing industry – Storko AD;
• Titan Cement SA in the acquisition of Pleven Cement;
• TBI in the acquisition of the insurance company Bulstrad – the first privatization of an insurance company, as well as in the negotiations for the acquisition of DZI;
• EBRD and Oppenheimer & Co. in the acquisition of shares in the United Bulgarian Bank – the first privatization of a bank in Bulgaria;
• Telefonica InterContinental, Spain in connection with the negotiations for the acquisition of the Bulgarian Telecommunications Company;
• Advent International in the acquisition of majority stake of the shares in the Bulgarian Telecommunications Company AD;
• Gallaher Limited, U.K., in the negotiations for the acquisition of shares of Bulgartabac Holding Company;
• National Bank of Greece in the tender for privatization of the Bulgarian Post Bank;
• Ealing Studios in the privatization of Boyana Films;
• LAUFEN, Swisstzerland, in the acquisition of majority stake in Fayans, Kaspichan;
• Trierina Trading Ltd., Cyprus, in the acquisition of majority stake of the company for production of plastic products “IPOMA”;
• IEG Solingen in the acquisition together with Vanto Trade of the majority stake of the shares of Bulgarreklama Agency;

Leader of the working team in:

• the two international consortia with the participation of Roland Berger & Partner and Res & Co. U.K. under the PHARE (PATA) in connection with the preparation of ten leading Bulgarian enterprises for privatization operating in the areas of electronics, machine-building, chemical industry, ceramics, fibers and textile;
• the preparation and drafting of legal analysis of 15 construction and mining enterprises within the preparation for privatization;
• the legal consultation of the Bulgarian government (the Privatization Agency) in connection with the preparation for privatization of the Bulgarian River Fleet, the Bulgarian Maritime Fleet, including legal analysis and privatization strategy;

MERGERS AND ACQUISITIONS, RESTRUCTURINGS

Legal advice and representation of:

• Strabag AG in the acquisition of majority stake of the shares of Ingstroy Sofia AD;
• Titan Cement SA in connection to the restructuring comprising of the acquisition of Zlatna Panega Cement and the sale of Pleven Cement to Holcim Group;
• The National Bank of Greece in the acquisition of shares of the United Bulgarian Bank following the privatization;
• CCHBC in connection to the acquisition of Bankya – commercial enterprise for production of mineral waters, including legal representation with the antitrust regulatory body;
• Pireus Bank in the acquisition of Eurobank;
• AIG Capital in the acquisition of the Bulgarian Telecommunications Company following the privatization, the largest ever deal in Bulgaria;
• Coca Cola Hellenic Bottling Company in the merger of its nine subsidiaries, with the Competition Protection Commission and in the incorporation of CCHBC Bulgaria AD;
• Heineken Group in the acquisition of the majority stake in Ariana AD and in the subsequent merger with Zagorka AD, including before the antitrust regulatory body;
• Chipita International in connection to the acquisition of the commercial activity of Royal Foods Bulgaria, including before the Competition Protection Commission;
• Legal due diligence and legal consultations to EQUEST in the acquisition of Bulvaria (import of vehicles), Vitosha Insurance, etc.;
• Carrefour Group in the acquisition and the subsequent development of a real estate project;
• BASF in the merger with American Cyanamid Company, including before the Competition Protection Commission;

COMPANY LAW, INVESTMENTS AND CONCESSIONS

Conduct of negotiations, representation and consulting of:

• Clarina Holding S.A, Luxemburg and Softbul Investments Limited, Cyprus in connection with the establishment of a joint venture with the Central Cooperative Union with majority participation of Coca-Cola;
• The incorporation of Coca-Cola EOOD;
• Cable & Wireless legal consultation and participation in the negotiations in the establishment of the first mobile operator Mobikom;
• Establishment of a joint venture with the participation of Oiltanking GmbH, Germany and the subsequent concession procedure related to the activity of a storage terminal at the Port of Varna – West;
• O.TEL.O GmbH, Germany, in connection with privatization procedure connected to the program of Global Mobile Telecommunication System IRIDIUM, including negotiations with the Competition Protection Commission;
• Chimco in the participation in the a joint venture Messer Griesheim, Germany;
• Vodafone in the participation in the negotiations for the purchase of Mobiltel;
• KHS and preparation of the full documentation in connection with the establishment of a joint venture with Holding Zagora, Stara Zagora and its operations;
• Saint Gobain Weber in connection to the establishment of the company on the Bulgarian market, including the first commercial representation and the establishment of the first local company. Expansion of the activity through the acquisition of additional activities of local producers of construction materials;

FINANCE PROJECTS, TENDER PROCEDURES, TRANSACTION STRUCTURING

• Legal consultations to EBRD in connection with debt financing of Cellhart AD, debt financing of Balkanpharma Holding AD and the debt financing of Astera Holding AD and Aroma AD;
• Legal consultations, participation in negotiations and the preparation of the business and legal scheme in connection with the extension of large credit amount to Domain Boyar AD by EBRD;
• Legal consultations and participation in the negotiations for Daimler Chrysler Corporation for the delivery and maintenance of motor vehicles for the Bulgarian army;
• Legal consultations and participation in the negotiations for the International Expo Center, as well as in the financing and construction;
• Negotiations and preparation of tender documentation for the participation of Alenia Aeronautica in the tender for delivery of transport airplanes;
• Legal consultations to Immoeast and participation in the negotiations related to the acquisition of the shares of Stokov Bazar Ilyanci, one of the largest commercial retail centers;
• Negotiations and representation of Bayer AG in connection to reaching agreement for the discontinuation of the infringements of the trademark Aspirin by more than 10 local producers and merchants;
• Representation of Bayer AG with the Competition Protection Commission for the protection of the trademark Aspirin from unloyal competition;
• Negotiations and legal representation of IFA Hotel & Touristic in financing projects and projects for managements of hotels and hotel complexes;
• General consultations to Global Finance in connection to the due diligence and the negotiations for the acquisition of Business Park Sofia;
• Legal consultations to Nokia Siemens Networks in connection with participation in public procurement procedures;
• Negotiations and legal consultations to KHS AG and the structuring of the deal for performance of joint activity with Impuls AD, Gabrovo;
• Conduct of negotiations and representation of the Austrian banking consortia, led by Bank Austria, in the successful negotiation of the terms with the Minister of Finance, on the repayment of the extended credit, through the Economic Bank (which has been later declared into bankruptcy) for the modernization of Kremikovtzi AD;