Insights

In this article, we briefly discuss the impact of recent Credit Suisse events on the EEA banking landscape and signal potential trends for further consolidation to protect banks and bond holders.

In October 2019, a directive was adopted to enhance whistleblower protection across the European Union (see our previous article). To implement this directive, the Dutch Senate passed the Dutch Whistleblower Protection Act on 24 January 2023. Among other requirements, the new act amends requirements regarding reporting channels, and enhances protective and supportive measures for reporting parties. The act entered into force on 18 February 2023, except for certain provisions including those on enforcement and anonymous reporting. We highlight some changes introduced by act that may significantly impact how organisations follow up on whistleblower reports.

On 2 November 2022, a revised bill on responsible and sustainable international business conduct – the RSIBC bill – was submitted to the Dutch House of Representatives by coalition parties ChristenUnie and D66, and the SP, PvdA, GL and Volt. The original bill, published in March 2021, was amended after criticism expressed by the Dutch Council of State in its advice on the bill.

De Brauw has advised Stellantis on its EUR 1.5 billion share buyback programme. The programme's first tranche commenced on 17 March 2023 and it is expected to be completed at the latest by 19 June 2023. The first tranche will cover an amount of up to EUR 500 million. The common shares acquired will be cancelled in due course.

Alimentation Couche-Tard Inc. (“Couche-Tard”) has committed to purchase the entirety of TotalEnergies' Dutch and German petrol stations. In addition, Couche-Tard and TotalEnergies intend to cooperate in the exploitation of TotalEnergies' Belgian and Luxembourg petrol stations. The transaction value is EUR 3.1 billion.Couche-Tard is a leader in the Canadian convenience store industry and is one of the largest independent convenience store operators in the United States. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in Scandinavia and the Baltic. TotalEnergies is a multi-energy company that produces and markets energies on a global scale.De Brauw has been engaged as Dutch counsel to Couche-Tard, acting alongside Cleary Gottlieb. The De Brauw team comprises Reinier Kleipool, Yi Duan, Rick van 't Wout, Eveline de Waard, Patrick van Rutten and Nick van Dongen.

The founder and CEO Pieter Janssen of Prodrive Technologies Group B.V. and HAL Investments B.V. have acquired the Prodrive Technologies shares owned by co-founder Hans Verhagen.