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ECJ Proceedings: Clifford Chance Lodges Appeal Against Decision of the General Court in Connection with the Urban Wastewater Treatment Directive

Thu, 21 May 2026 08:50:00 GMT

By bringing the appeal before the European Court of Justice (Case C‑411/26 P), Clifford Chance is continuing its efforts to help the industry achieve a proportionate and fair allocation of costs in connection with the introduction of a quaternary stage of wastewater treatment. This quaternary treatment is an important measure to filter out certain micropollutants that enter municipal wastewater treatment plants as a result of the use of medicines, cosmetic products or other goods by patients and consumers. By contrast, the UWWTD does not concern industrial wastewater from manufacturing plants as this is already strictly regulated. Even though the sources of micropollutants are diverse and the resulting purification ultimately benefits society as a whole and other industry sectors, the European legislator provides in the UWWTD that essentially only the pharmaceutical and cosmetics industries must bear the construction and operating costs of the quaternary treatment at the municipal wastewater treatment plants.

In the appellants' view, this blanket allocation of costs is based on a questionable legal basis as well as on a flawed impact and cost assessment. In addition, the companies also consider it to be potentially inconsistent with the “polluter pays” principle applicable under environmental law, as well as with fundamental principles of non‑discrimination and proportionality. If implemented, there is a risk that supply‑critical medicines will no longer be marketable on a cost‑covering basis in Germany or Europe, potentially leading to further shortages of important medicines.

Even though the UWWTD does not yet apply directly and must first be transposed into national law, the pharmaceutical companies are dependent on an immediate and timely judicial review. Even at this stage - regardless of how individual EU Member States ultimately implement the Directive - it is already foreseeable that the proposed blanket cost allocation, which is not linked to actual causation, could impair the companies’ ability to ensure affordable and sustainable patient access to essential medicines. Not least because it requires pharmaceutical and cosmetics manufacturers to cover at least 80% of all the above mentioned costs.

Thomas Voland, partner and co‑head of Clifford Chance’s Global ESG Board, comments: “With the appeal proceedings before the ECJ, we seek to ensure that pharmaceutical companies can effectively take action against impending breaches of the law in order to prevent negative effects on the supply of important medicines at an early stage. At this point in time, legal action in Luxembourg is the only effective means of legal protection available to the affected pharmaceutical companies and the only one securing consistent results across all EU Member States.”

Ulrich Reese, of counsel in the Healthcare practice at Clifford Chance, adds: “The present proceedings are by no means directed against the objective of improving water quality. Rather, the aim is solely to achieve a fair and non‑discriminatory allocation of costs, while at the same time ensuring that pharmaceutical companies can continue to fulfil their responsibility to supply high‑quality and affordable medicines. As these aspects were insufficiently taken into account during the legislative process, they must now be addressed through judicial proceedings.”

The Clifford Chance team is led by partner Thomas Voland (Corporate) and of counsel Ulrich Reese (Corporate/Healthcare, both Düsseldorf). The team also includes of counsel Michel Petite, senior associates Manuela Steininger and Laura‑Isabell Dietz, and associate Pauline Leven (all Corporate, Düsseldorf).

Press Contact: Nadja Fersch

Clifford Chance He Ping advises LB Group on global regulatory filings for acquisition of Venator's titanium dioxide assets in the UK

Thu, 21 May 2026 04:00:00 GMT

The regulatory filings involved complex and detailed market and competition analyses across multiple jurisdictions. The reviews required close collaboration with industry experts and economists, as well as careful consideration of both competition and non‑competition factors, including the assessment of novel theories of harm. The antitrust teams across Clifford Chance and Shanghai He Ping Law Firm provided effective, sophisticated and seamless support throughout the process, helping LB Group manage its regulatory strategy, navigate extensive engagement with competition authorities, and progress the reviews to timely clearance.

Lead partner Yong Bai said, "We are delighted to have assisted the client in navigating a complex regulatory environment to complete this important transaction. This sends a strong and timely positive signal for Chinese companies pursuing investment opportunities in Europe."

The core team includes counsel Xiang Li⁺ in Shanghai and associate Ziwen Wang in Beijing. The cross-jurisdiction transaction also involved many other Clifford Chance offices and local counsel, including:

Beijing: Michael Yan and Yiyang Wang;
London: Jennifer Storey, Michael Rueter, Greg Hayes, Eloise Robson, Rob Fitzgerald-Crisp, Cecilla Moore, Charlie McCann and Aishwarya Vydianathan;
Brussels: Anastasios Tomtsis;
Dusseldorf: Dimitri Slobodenjuk and Simon Wattenberg;
Paris: Katrin Schallenberg, Lina Kefi, Hendrik Coppoolse and Myriam Mally;
Warsaw: Iwona Terlecka, Marie Terrillon, Aleksandra Mielcarek, Krzysztof Rot and Slawomir Nawrocki;
Madrid: Miguel Odriozola, Begoña Barrantes, Diego Doménech and Daniel Hernández;
Riyadh: Majid Alsheikh, Sultana Aljomaih and Bader Alasmi (A&SH Clifford Chance);
Istanbul: Itır Çiftçi, Ekin Öner, Goktug Polat and Zeki Ozturk (CE Partners in association with Clifford Chance);
Dubai: Sabra Ferhat;
Casablanca: Salma Chaouni.

Compass Lexecon acted as the economist on the transaction.

LB Group is a leading manufacturer of high‑performance TiO₂ pigments. With more than 35 years of experience in TiO₂ pigment manufacturing, LB Group produces a broad range of pigments for all major applications using both the sulfate and chloride processes.

The acquisition includes assets relating to the TiO₂ business held by Venator UK, a subsidiary of Venator Materials PLC, including real estate, machinery, spare parts, business records, intellectual property, inventory and other related assets.

* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.

+ From Shanghai He Ping Law Firm.

Clifford Chance advises on SYNLAB's €400 million debt refinancing

Wed, 20 May 2026 13:32:00 GMT

The transaction involved a €370 million Senior Secured PIK Toggle Notes offering and the incurrence of €30 million of additional amended and repriced debt, the proceeds of which were used to redeem the issuer's existing PIK facility notes.

SYNLAB is a leading provider of clinical laboratory and medical diagnostic services, operating a network of more than 300 laboratories and over 1,800 blood collection points across more than 20 countries. The group benefits from a diversified business model across geographies, customer segments and payers and is backed by Cinven, alongside other key minority shareholders.

Drew Rundus, partner, commented: “We are pleased to have supported Cinven and SYNLAB on this important refinancing, which enhances the group’s capital structure and provides financing flexibility to support its long-term strategy.”

Clifford Chance’s cross-practice team was led by leveraged finance partners Drew Rundus (Capital Markets) and Richard Day (Debt Finance) and involved lawyers from across the firm’s global platform, including London, Luxembourg, Frankfurt, Düsseldorf, Paris, Milan and New York.

The team drew on Clifford Chance’s market-leading leveraged finance and capital markets expertise to deliver the transaction within a complex, multi-jurisdictional financing structure. Key transaction support was provided by senior associates Garo Yaghsezian and Raad Gorji and associates Tara Kade, Aritra Saha, Isabelle Woodcock and Carolin Talver. Luxembourg advice was provided by counsel, Antonio Arenas Torres, associate Kenza Yaici and trainee solicitor Mykyta Prorok. Healthcare sector specialists involved include partners, Gunnar Sachs, Stephen Reese, senior associates, Marlene Kießling, Katrin Schroeder-Finckh, Andrea Andolina and avocat Bastien Pavec.

Clifford Chance has a longstanding relationship advising Cinven and SYNLAB, having advised them on M&A and debt and equity financing matters regularly since 2015.

Press Contact: Emma Cessford

Clifford Chance advises TRATON on inaugural Green Bond

Thu, 21 May 2026 09:47:11 GMT

The issuance underscores TRATON GROUP’s commitment to sustainable financing and to the transformation of the transport sector towards low-emission and zero-emission drive solutions. In line with the Green Finance Framework, the net proceeds will be used to finance or refinance new or existing Eligible Green Projects and Assets. These include, in particular, investments in projects, assets, research and development activities, financing and leasing structures as well as operating expenditures that are exclusively attributable to battery-electric vehicles and that enhance their value or useful life.

The banking syndicate for the issuance comprised Crédit Agricole Corporate and Investment Bank, Mizuho Bank Europe N.V. and Skandinaviska Enskilda Banken AB (publ).

The Clifford Chance team was led by partner Cristina Freudenberger and included transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt) as well as partner Marc Mehlen, senior associate Marie-Elise Gueble and trainee lawyer Victor Hilbertz (all Structured Finance, Luxembourg).

Press Contact: Nadja Fersch

Clifford Chance advises managers on Arcadis’ €300 million Eurobond issuance

Wed, 20 May 2026 08:35:00 GMT

Arcadis is a leading global company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets. Read more about this transaction here.

BNP PARIBAS, BofA Securities, HSBC and Rabobank acted as joint lead managers, and IMI - Intesa Sanpaolo and UniCredit acted as the passive bookrunners on this transaction.

The Clifford Chance team advising on this transaction was led by Dewi Walian and included Mark van Brest, Rody Mettler, Nolan Groenland, Robin Houtveen and Johan Anton Niesten.

Press Contact: Iva Celic

Clifford Chance advises Bladex on credit facility supporting Dominican Republic power project

Tue, 19 May 2026 15:46:00 GMT

The standby letters of credit issued under the facility will serve to backstop certain payment obligations of Manzanillo Gas & Power Holdco, Inc. under project documents related to the development of the 840MW Manzanillo combined-cycle power plant in the Dominican Republic.

The transaction supports the continued development of critical energy infrastructure in the region and highlights Bladex’s role in financing key projects across Latin America.

The deal team included Alberto Haito (Washington, DC), David Rondon (New York) and Genevieve McCarthy (Washington, DC).

Clifford Chance advises SWEN Capital Partners and APF on the sale of APF Energy to Schroders Greencoat

Tue, 19 May 2026 15:00:40 GMT

The platform comprises six assets, including three fully operational sites and three at pre‑construction stage, as well as a late‑stage pipeline. Read more about this transaction here.

The Clifford Chance team was led by Tim Heerschop and Liesbeth Buiter and included Femke Buijs, Sebastiaan van Steenbergen, Sabine van den Heuvel, Johanneke Butijn, Niels Kuil, Dolyne Munyampeta, Jorrit Ponjee, Lidwien Stegeman, Sietse Vogt, Stern Flik and Cile Arnoldy.

Press Contact: Iva Celic

Clifford Chance advises Aldar and Mubadala joint venture on acquisition of The Link at Masdar City, Abu Dhabi

Mon, 18 May 2026 08:07:00 GMT

The Link comprises approximately 32,000 square metres of net leasable area across five commercial and residential buildings and is fully leased. Tenants include Masdar and the Mohamed bin Zayed University of Artificial Intelligence.

Its focal point is the Co-Lab building, a net-zero shared working and living space – the first building of its kind in the region. The Link also includes Grade A LEED Platinum office space, residential units and a multi-use hall.

The joint venture is a strategic partnership between Aldar and Mubadala with respect to Masdar City, established in 2024, which Clifford Chance advised Aldar on.

The Clifford Chance team was led by Tariq Imam, Partner and Head of Real Estate, Middle East, and included Inaamul Laher, Partner and Head of Construction, Middle East, Sher Khan, Senior Associate (Real Estate) and Matthew Judkins, Senior Associate (Construction).

Press Contact: Lynn Basel

Clifford Chance advises on Estado Plurinacional de Bolivia's US$1 billion notes issuance

Fri, 15 May 2026 16:56:31 GMT

The cross-border team was led by partners Deborah Zandstra in London and Hugo Triaca in New York, supported by senior associates Lucia Ferrer and Azam Taiyeb in London and foreign lawyer Juan Andrés Bosch in Madrid.

Clifford Chance advises on reopening of US$1 billion bonds for the Republic of Ecuador

Wed, 13 May 2026 16:42:00 GMT

The Clifford Chance team advising on the transaction comprised partners Deborah Zandstra and Jonathan Zonis, associate Alexandra Machado, and foreign law clerk Natalie Jana Deradi.

Clifford Chance advises on a US$268 million financing for Grenergy’s Central Oasis platform in Chile

Wed, 13 May 2026 14:32:00 GMT

The project has an installed capacity of 342 MW of solar energy and 1,034 MWh of storage, and forms part of the Central Oasis platform, one of the company’s most significant developments in the country.

The financing has been granted by BNP Paribas as coordinating bank, with the participation of KfW IPEX-Bank, Coöperatieve Rabobank, Natixis and The Bank of Nova Scotia.

The cross-border Clifford Chance team advising on the transaction was led from Madrid by Project Development & Finance partner José Guardo, supported by counsel Eduardo Sánchez, senior associate Ángel Muñoz, associate Alejandro Cubillo, and junior associates Yago López and Asier Vivanco. From the Washington, D.C. office, the team included partner Fabricio Longhin, with the support of associate Douglas Mulliken.

Press Contact: Ingrid Cabrera

Clifford Chance advises the lenders to Synthomer plc on their refinancing of over €800 million of revolving and term facilities

Wed, 13 May 2026 12:10:22 GMT

The transaction was implemented through a wholly owned subsidiary of Synthomer plc, pursuant to which a new €300 million revolving credit facility and new UKEF‑backed debt facilities of €288 million and US$230 million were made available. The refinancing is supported by a comprehensive security and guarantee package and, as a part of the refinancing, certain of Synthomer’s subsidiaries holding the Group’s US operations have become “unrestricted subsidiaries” under Synthomer’s senior unsecured notes.

The cross-practice Clifford Chance team was led by restructuring partner Tim Lees, with debt finance partners Jim MacHale, Emma Folds and Ross Howard, US capital markets partner Jill Concannon and restructuring partner Iain White. Senior associates include Robert Davey, Rebecca Shepherd, Charlotte Holt, June Ng, Will Martin and associates Nicole Georgiou, Rachel Lodge, Nourhan Marouf, Trey Oxendine and Sam Goh. The wider team included colleagues advising across restructuring, finance, high yield, tax, IP, real estate and pensions.

Press Contact: Emma Cessford

Clifford Chance advises INSITE DC on launch of data centre investment platform with Alceon

Wed, 13 May 2026 04:11:00 GMT

The transaction provides INSITE DC with a scalable source of capital to support its development pipeline in a sector experiencing sustained demand.

Reuben van Werkum, Partner, said: “We’re proud to have supported INSITE DC on this landmark transaction, which demonstrates how private capital is increasingly being deployed through platform structures to support the development of critical digital infrastructure across Australia and APAC. As demand for data centres continues to accelerate, investors and operators are looking for scalable, long‑term funding models that can support growth across multiple jurisdictions.”

Reuben van Werkum and Partner Robert Tang led the Clifford Chance team, supported by counsel Naomi Kora and senior associate Tegan Kelly and associate Kate Procter. Partner Chad Bochan and counsel Julian Brun also advised on the transaction.

The mandate builds on Clifford Chance’s ongoing work advising on some of the largest and most significant digital infrastructure transactions across Asia‑Pacific and globally, including advising Partners Group on its acquisition of GreenSquareDC, Yondr Group on its US$900 million project financing for landmark hyperscale data centre in Malaysia and the AU$2.12 billion sale of Global Switch Australia.

Clifford Chance advises Oxford Finance on US$600 million Senior Notes Offering

Tue, 12 May 2026 21:00:00 GMT

Partner Gary Brooks and associate Jarek Peterson led the transaction with support from associate Jed Tifft. They were further assisted by partner Avrohom Gelber and associate Sharon Yu on tax matters, partner Paul Koppel and associate Ebony Williams on ERISA matters, and law clerks Jake Hewitt and Kayla He.

Clifford Chance advises on EDENOR's new notes issuance and concurrent tender offer

Mon, 11 May 2026 18:32:00 GMT

The cross-border team was led by partner Hugo Triaca in New York and included associate Cristian Ragucci in São Paulo, and foreign lawyer Juan Andres Bosch in Madrid. Partner Avrohom Gelber provided tax advice.

Clifford Chance advises on many transactions in the Latin America market, including on EDENOR's senior notes reopenings in 2025 and 2026 and EDEMSA's inaugural notes issuance in 2025.

Clifford Chance advises ABS on its acquisition of RMC Global

Fri, 08 May 2026 14:30:00 GMT

Partner Alex Wilde and associate David Smith led the multi-practice team with support from associates Pardis Baha and Luis Sierra Garriga. The wider team included partners Todd Lowther supporting on tax, Reuven Falik on employee compensation and benefits, Karalyn Mildorf, Megan Gordon and Renee Latour on regulatory, Ty’Meka Reeves-Sobers on environmental, and Jason Ewart on financial markets matters.

Clifford Chance advises Apis Partners on the US$1.2 billion combined closing of Apis Growth Markets Fund III and Apis Global Growth Fund III.

Thu, 07 May 2026 16:05:00 GMT

The Clifford Chance team was led by Funds Partner Patrick Meniru, with Partners Gerard Saviola, Maren Stadler‑Tjan, Laura Underhill and Paul Ellison. Senior Associates Blair Munro, Jonas Vogelberg, Joseph Paddon and Federico Lombardi and Associate Arez Hassan also advised across London, Luxembourg and New York.

Clifford Chance advises funds managed by IFM Investors on the agreement to acquire full ownership of Nala Renewables

Thu, 07 May 2026 13:26:00 GMT

The Clifford Chance team was led by Co-Head of Infrastructure Charlotte Madden with Senior Associate Alistair Goble and Associate Kush Popat. Partner Edward Page and Associate Archie Zverev advised on tax.

Press Contact: Sonia Malhotra-Denny

Clifford Chance advises Levant Capital on preferred equity investment backing acquisition of stake in Country Hill International

Thu, 07 May 2026 13:04:00 GMT

Founded in 1999, Country Hill has established itself as a leading distributor of premium proteins, serving luxury hotels, restaurants, catering operators and food retailers across the UAE. The company also owns and operates more than 14 retail locations in the UAE under its Prime Gourmet and The Fishmonger by Prime Gourmet banners, offering meat, seafood and gourmet products to consumers both in-store and online.

Levant Capital developed an innovative and flexible capital solution for Katana and will bring its track record and experience in the food and retail sectors to support Country Hill's continued growth.

The cross-practice UAE team was led by Deniz Tas (Partner, M&A), Gareth Dray (Legal Director, M&A) and Ahmed Shafiek (Senior Associate, M&A), with support from Tom Lloyd (Counsel) and Nabeela Afifi (Associate) from the M&A team. As well as Tariq Imam (Partner, Real Estate), Nicholas Chan (Senior Associate, Real Estate), Sher Khan (Senior Associate, Real Estate), Kai-Niklas Schneider (Partner, Funds), Sebastian Lehman (Senior Associate, Funds), and Paul Langley (Senior Associate, Debt Finance).

Press Contact- Samantha White

Clifford Chance promotes 12 new counsel in Asia Pacific

Thu, 07 May 2026 12:05:00 GMT

Connie Heng, Regional Managing Partner for Asia Pacific said: "These appointments highlight our continued investment in building strong, collaborative teams across Asia Pacific to support the success of our clients and the firm. This is a significant moment for each of these lawyers and a reflection of the contribution they have made to clients and colleagues alike."

The promoted counsel are:

Julian Brun, Sydney
Yuanyuan Cai, Beijing
Jamie Calv, Perth
Jane Chen, Beijing
Joy Chen, Shanghai
Jonathon Leung, Hong Kong
Adriano Poncini, Sydney
Winnie Poon, Hong Kong
Tomohiro Terada, Tokyo
James Thornton, Singapore
Mercia Wang, Shanghai
Carson Wong, Hong Kong

In addition, Shanghai He Ping Law Firm also announced the promotion of Xiang Li to counsel. Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.