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First European Company (SE) established in Estonia

21.01.2007

On January 2, 2007, the merger of Sampo Life Insurance companies in Estonia, Latvia and Lithuania into an SE (Societas Europaea) was completed. The first operating SE in the Baltics and Eastern-Europe was registered in Estonia, while in Latvia and Lithuania operations will continue through branches.

"After completing the first merger into an SE in the Baltics, I believe it is a working model for cross-border reorganisation, especially for financial institutions. Cross-border merger is going to be exploited more and more in the European Union during the next few years, especially when the new cross-border merger directive is implemented," Hannes Vallikivi, a partner at Tark & Co commented. "By merging into an SE, companies can optimise share capital, relieve reporting requirements, choose between one and two-tier management systems, move easily company's site and strengthen the image of an innovative multinational," Vallikivi added. 

SE is a new company type harmonised at the European level, offering a number of opportunities including free cross-border movement of investments. This new type of undertaking can be pursued since October 2004. Among operating SEs, Allianz, MAN Diesel and Strabag Bauholding in Germany, Alfred Berg in Sweden, Elcoteq in Finland, Graphisoft in Hungary, and Sampo Life in Estonia can be named. 

Sampo Life was assisted by the alliance of leading Baltic commercial law firms - Tark & Co in Estonia, Loze, Grunte & Cers in Latvia and Sutkiene, Pilkauskas & Partners in Lithuania. Tark & Co is one of the oldest and largest law firms in Estonia. Established in 1991, today the firm employs nearly 30 lawyers. Tark&Co's team consisted of the partner Hannes Vallikivi and the associate Kristi Kullerkup.

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