Bostina and Associates assisted Comvex Constanţa in the action brought against Expert Placement Ltd, the subsidiary of ArcelorMittal. The action was filed by the steel-prodcuer group, against the cancellation of the shares it had subscribed in connection with the port operator’s capital increase in the year 2008. Consequently, the takeover bid has been stopped. The court decision is irrevocable.

The High Court of Cassation and Justice decided in favor of Comvex SA in the lawsuit over the year 2008 capital increase, when ArcelorMittal failed to submit its takeover offer in due time and therefore the shares subscribed by it were cancelled. However, CNVM (Romanian National Securities Commission) forced Comvex’s management to accept ArcelorMittal’s subscriptions and later approved the takeover offer initiated by the steel-producer group. Thus, CNVM indirectly influenced the result of the legal action.

Andrei Şărban, Senior Associate and coordinator of Boştină and Associates’ team of lawyers that assisted on the matter: “It is a victory for us and for all the other lawyers involved in this case”.

In the wake of the dispute, the steel-producer group, which is Comvex’s most important client, stopped working with Comvex on the import of raw materials for Sidex Galaţi. Moreover, in the wake of the disputes, the capital increase in Comvex has yet to be registered.