<ol>
<li>In seiner Sitzung vom 29. November 2023 hat der Bundesrat die Verordnung über die wettbewerbsrechtliche Behandlung im Kraftfahrzeugsektor (<a href="https://www.newsd.admin.ch/newsd/message/attachments/84872.pdf">KFZ-Verordnung</a>) verabschiedet. Die KFZ-Verordnung wird per 1. Januar 2024 in Kraft gesetzt. Damit wird der Auftrag der Eidgenössischen Räte gemäss <a href="https://www.parlament.ch/de/ratsbetrieb/suche-curia-vista/geschaeft?AffairId=20183898">Motion Pfister</a> («Effektiver Vollzug des Kartellgesetzes beim Kraftfahrzeughandel»; <a href="https://www.homburger.ch/de/insights/vertriebskartellrecht-im-automobilsektor-annahme-der-motion-pfister" target="_blank" rel="noopener">vgl. zur Motion unser Push vom 17. März 2022</a>) umgesetzt und die bisherige KFZ-Bekanntmachung der Wettbewerbskommission (WEKO) in eine Verordnung umgegossen.</li>
<li>Mit dem Erlass der KFZ-Bekanntmachung sollen für den Wettbewerb schädliche Abreden und eine Abschottung des schweizerischen Automobilmarktes verhindert werden. Hierfür wird die KFZ-Bekanntmachung – die Verhaltensweisen nennt, die im Automobilvertrieb qualitativ schwerwiegende Wettbewerbsbeeinträchtigungen darstellen – inhaltlich im Wesentlichen unverändert übernommen. Insbesondere ist ein Kontrahierungszwang weiterhin nicht vorgesehen. Materielle Neuerungen beschränken sich auf eine moderate Nachführung infolge technischer Entwicklungen; z.B. gelten Beschränkungen des Zugangs zu technischen Informationen und/oder Werkzeugen für moderne Fahrzeugassistenzsysteme und Batteriemanagementsysteme als qualitativ schwerwiegend.</li>
<li>Schon bisher richteten die im Automobilvertrieb tätigen Unternehmen ihre Händlerverträge an den hohen und teilweise über das europäische Kartellrecht hinausgehende Anforderungen der KFZ-Bekanntmachung aus. Durch die Überführung in eine Verordnung wird dieses Sonderkartellrecht zementiert: Die KFZ-Verordnung ist – anders als Bekanntmachungen der WEKO – auch für Gerichte verbindlich. Es ist zu erwarten, dass diese Zementierung die Anpassung der Regeln an den in hohem Tempo voranschreitenden Strukturwandel der Branche und innovative Vertriebsmodelle erschwert.</li>
</ol>
Betroffenen Unternehmen wird empfohlen, die Einhaltung der verbindlichen KFZ-Verordnung zu überprüfen, insbesondere bei Anpassungen von Vertriebsvereinbarungen.

Automobilvertrieb: Bundesrat verabschiedet KFZ-Verordnung

<h3>As of October 12, 2023, the notification obligations for transactions and public tenders under the EU Foreign Subsidies Regulation are fully applicable.</h3>
On January 12, 2023, the Foreign Subsidies Regulation of the European Parliament and the European Council (the FSR) had entered into force (cf. <a href="https://www.homburger.ch/en/insights/the-eus-new-foreign-subsidies-regulation">Homburger Bulletin of January 12, 2023</a>). On July 10, 2023, the European Commission (the Commission) had adopted the corresponding Implementing Regulation, right before the FSR started to apply with regard to ex officio reviews by the Commission as of July 12, 2023. As of today, October 12, 2023, the notification obligations for mergers and public procurement proceedings involving financial contributions from foreign (non-EU member) states (including Switzerland) under the FSR apply, and the regulation is hence fully applicable.
As compared to an earlier draft, the final Implementing Regulation in several regards limits the administrative burden for such notifications. As set out below, it nevertheless remains considerable.
<h3>1.        Notification requirements – Concentrations</h3>
Under the FSR, companies must notify the Commission of a concentration if (i) at least one of the undertakings concerned (one of the merging parties, the target or the joint venture) is established in the EU and generates annual turnover in the EU of more than EUR 500 million and (ii) the combined aggregate financial contributions of any of the undertakings concerned received from non-EU countries exceed EUR 50 million in the three years prior to notification. Undertakings may request pre-notification consultations with the Commission as to whether the thresholds for notification are met. The Commission may, however, request that concentrations that do not meet the thresholds must nevertheless be notified.
The notifying parties must provide the following information if the above thresholds are met:
<ul>
<li>In the case of financial contributions from foreign (non-EU) countries most likely to distort the internal market, as defined in the FSR (Article 5, in particular subsidies to ailing companies, support directly facilitating a merger or unlimited guarantees; also referred to as «Article 5 support»): details of all financial contributions of an individual amount of at least EUR 1 million granted to the undertakings involved in the transaction over the last three years.</li>
<li>In the case of all other non-EU financial contributions: an overview of the financial contributions granted to the notifying party/parties in the last three years of an individual amount of at least EUR 1 million and only in relation to those countries that have granted contributions of at least EUR 45 million to the undertakings concerned by the concentration in the three years preceding the concentration, subject to a number of exceptions.</li>
</ul>
<h3>2.        Notification requirements – Public Procurement</h3>
In the case of financial contributions from non-EU countries in the context of public procurement procedures, undertakings must notify the Commission if (i) the contract value exceeds EUR 250 million and (ii) the tenderer received subsidies of more than EUR 4 million from non-EU countries in the three years prior to the tender.
Undertakings must provide the following information:
<ul>
<li>In the case of foreign (non-EU financial) contributions in the form of Article 5 support: details of all individual relevant contributions of at least EUR 1 million received by the notifying undertaking(s) in the three years preceding the notification.</li>
<li>In the case of all other non-EU financial contributions: an overview of the financial contributions granted to the notifying undertaking(s) in the three years preceding the notification, of an individual amount of at least EUR 1 million and only in relation to those countries that have granted at least EUR 4 million to each of the notifying undertaking(s) in the three years preceding the notification.</li>
</ul>
<h3>3.        Analysis and Takeaways</h3>
As set out above, an important simplification compared to the previous draft of the Implementing Regulation is that the de minimis threshold for reportable financial contributions per country has been significantly increased from EUR 4 million to EUR 45 million. This means that if the total amount of such contributions is below EUR 45 million in the previous three years, they do not have to be reported.
Nevertheless, undertakings involved in mergers and public procurement proceedings that are likely to exceed the relevant turnover and value thresholds are recommended to extensively gather information on potential non-EU financial contributions, especially in the area of taxes. In addition, it is advisable to include relevant clauses into merger agreements, comparable to existing merger control clauses.
The FSR will directly affect Swiss companies with business activities in the EU, in particular if they engage in M&amp;A activities or submit public tenders in the EU, as the FSR defines foreign subsidies broadly to include any direct or indirect financial contribution from a non-EU country (including e.g. Switzerland) which confers a benefit on or more undertakings.

RZ_Preview_PB_Paragraph_Crushed_01

Foreign Subsidies Regulation now fully applicable

Homburger Bulletin Kartellrecht

Teilrevision des Kartellgesetzes: Bundesrat verabschiedet Botschaft

Gesellschaftsrecht / M&A

Steuern

Finanzierungen und Anlageprodukte

Regulierung

Wettbewerb

Woehrle-web-640x140

Homburger News

Share-Image Teamplate Deals-and-Cases

On November 30, 2023, Wöhrle Group, headquartered in Wildberg, Germany, has announced that it had acquired Oskar Rüegg Holding AG, headquartered in Jona, Switzerland, and its subsidiaries (Switzerland / Bulgaria / Mexico).
Both companies specialize in the manufacture of sophisticated stamped parts and assemblies and are established players in the industry. Both companies together have revenue of around EUR 100 m in the automotive and other industries.
Homburger advised the Wöhrle Group on this transaction. The Homburger team was led by Daniel Häusermann and included Claudine Schär and Erik Habich (all Corporate / M&amp;A), Reto Heuberger, Peter Müller and Philippe Weber (all Tax), Stefan Kramer and Fabrice Eckert (both Banking / Finance) as well as Jonas Krull (Regulatory / Competition).

Homburger advised Wöhrle Group on its acquisition of Oskar Rüegg Group

IP / IT

Arbeitsrecht und Vergütung für Führungskräfte

Homburger and Vencora and Constellation Software Inc.

On November 16, 2023, Vencora UK Limited, an indirect subsidiary of Volaris Group Inc. and Constellation Software Inc. (CSI), a Canadian-based international provider of software and services (TSX: CSU), and Crealogix Holding AG, a Swiss-based global leader in digital banking technology (SIX: CLXN), jointly announced that they have entered into a definitive transaction agreement, under which Vencora agreed to submit an all-cash public tender offer to acquire all publicly held registered shares of Crealogix for CHF 60 per share, for an aggregate equity value for Crealogix of approximately CHF 84 m. Vencora published its pre-announcement of the offer today. Certain shareholders of Crealogix have concurrently entered into a share purchase agreement with Vencora for the sale of a total of 51.66% of all shares in Crealogix to Vencora.
The offer and the share purchase agreement with the selling shareholders are conditional upon the receipt of regulatory clearances in certain jurisdictions and other customary conditions.
Homburger AG advises Vencora and CSI on the transaction. The Homburger team is led by Daniel Hasler (Corporate / M&amp;A) and comprises Micha Fankhauser, Carlo Sulser, Léonard Aeschlimann Perales, Oliver Kneubühl, Thierry Burckhardt, Héloïse De Jamblinne, Aron Belegu, Thomas Waidacher, Jana Waldvogel and Sabrina Vieli (all Corporate / M&amp;A), Manuel Baschung (Financing and Investment Products), Richard Stäuber and Christoph Grüninger (both Competition, Regulatory), Joel Fink (IP / IT) and Giulia Menegon (Employment and Executive Compensation).

Homburger advises Vencora UK Limited, an indirect subsidiary of Volaris Group Inc. and Constellation Software Inc., with respect to its announced public tender offer for all publicly held shares of Crealogix Holding AG

Immobilien

Healthcare / Life Sciences

Novartis

Homburger and Novartis

On August 22, 2023, Novartis (SIX: NOVN) announced that it had agreed to transfer its real estate and certain infrastructure-related assets and services pertaining to the Life Science Park Rhine Valley in Stein, Canton of Aargau, Switzerland, to the industrial park operator Getec. Currently, almost 2,000 employees work in pharmaceutical and biotechnology companies on the Life Science Park Rhine Valley.
Upon completion of the transaction, the management and further development of the life science park will be taken over by Getec. The transfer is expected to be completed by the end of 2023 and 25 employees will move from Novartis to Getec.
Homburger advises Novartis alongside Freshfields Bruckhaus Deringer on the Swiss law and tax aspects of the transaction. The Homburger team is led by Daniel Häusermann (Corporate / M&amp;A, Real Estate) and includes Olivier Bühlmann, Daniel Kuhn (both Corporate / M&amp;A, Real Estate), Stefan Gäumann (Real Estate), Oriana Schöni (Corporate / M&amp;A), Reto Heuberger, Peter Müller and Philippe Weber (all Tax), Jürg Frick (Financing and Investment Products), Gregor Bühler and Marc Bircher (both Employment), Andri Hess (IP / IT, Healthcare / Life Sciences), Allegra Arnold and Katharina Bratvogel (both Competition, Regulatory), as well as other professionals.

Homburger advises Novartis on the transfer of the Life Science Park Rhine Valley to Getec

Wettbewerb

Hauptkontakte

Automobilvertrieb: Bundesrat verabschiedet KFZ-Verordnung

Foreign Subsidies Regulation now fully applicable

Teilrevision des Kartellgesetzes: Bundesrat verabschiedet Botschaft

Homburger advised Wöhrle Group on its acquisition of Oskar Rüegg Group

Homburger advises Vencora UK Limited, an indirect subsidiary of Volaris Group Inc. and Constellation Software Inc., with respect to its announced public tender offer for all publicly held shares of Crealogix Holding AG

Homburger advises Novartis on the transfer of the Life Science Park Rhine Valley to Getec

Teilrevision des Schweizer Kartellgesetzes - Der bundesrätliche Entwurf im Kaleidoskop kartellrechtlicher Prinzipien

Merger Control 2023

Merger Control 2023: Switzerland