5.7.2021

Back to the Future

We are coming out of the pandemic, but the world is not the same. These exceptional months have permanently altered business. They have accelerated digitalisation and the green transition. They have irreversibly changed human behaviour and the way we work. They have polarised the business world into winners and losers. Global economic stimulus has reached a scale that has never been seen before, and no-one knows where this will ultimately lead.

These are not the only big changes in the air. The crisis of the pandemic highlighted the role of business owners and boards of directors, but that role has been changing for other reasons, too. The way that companies create value is changing rapidly. Steering the value of a company can no longer be successfully done using short-term financial metrics, but requires owners to have more extensive expertise, vision and an understanding of the times. Companies are expected to act sustainably, and success is more and more linked to how well a company pays attention to its stakeholders.

Stakeholder thinking is nothing new, but combined with sustainability, it forms a new kind of attitude to the basic purpose of a company: if society as a whole is considered a stakeholder, this can lead to a sustainable and responsible business. Good profits alone are no longer enough, as investors, customers, legislators and even courts demand that business owners act sustainably. If a company does not act itself in time, it might be forced to act in a way dictated by outside forces.

The market economy is once again shedding its skin and guiding companies towards change. It is important for companies to better understand their internal and external stakeholders and seek to meet their needs. As things stand, few companies are able to identify and anticipate the impacts of sustainability requirements and create added value for new stakeholder groups.

One thing remains unchanged, however. The most important task of business owners is to secure the positive development of company value. When it comes to how that value is created, however, there is no turning back. The future will call for more dialogue, new skills, vision, and above all, courage.

Latest references

We advised Gasum Oy in its acquisition of 100% of the shares in Hærup Biogas ApS, which owns and operates a biogas plant in the northern part of mainland Denmark. This acquisition marks Gasum’s first biogas plant in Denmark, expanding its biogas production portfolio. Gasum’s strategic goal is to bring seven terawatt hours of renewable gas to the Nordic market yearly by 2027. The acquisition is one step towards achieving the strategic goal. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. 
Case published 3.12.2024
We are advising Helkama-Autokauppa Oy in the acquisition of the Škoda dealerships in Helsinki and Tampere from Hedin Automotive Finland. The transaction is subject to regulatory approval. Helkama-Autokauppa Oy operates as an independent dealer in the dealer network of Helkama-Auto Oy, the Finnish importer of Škoda cars, spare parts and accessories.
Case published 3.12.2024
We advised Huhtamaki Oyj in relation to a EUR 450 million sustainability-linked syndicated multi-currency revolving credit facility loan agreement (“RCF”) with a maturity of five years. The RCF refinances an existing EUR 400 million sustainability-linked syndicated revolving credit facility signed in January 2021 and will be used for general corporate purposes of the Group. The RCF has two one-year extension options at the discretion of the lenders. The Mandated Lead Arrangers and Bookrunners of the RCF are Citi, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), BNP Paribas, Commerzbank Aktiengesellschaft, Danske Bank A/S, DBS Bank Ltd., London Branch, J.P. Morgan SE, Landesbank Hessen-Thüringen Girozentrale, OP Corporate Bank plc, Raiffeisen Bank International AG and Standard Chartered Bank AG.
Case published 28.11.2024
We represented a mutual real estate company belonging to a large Finnish group in arbitration proceedings against a construction company. The arbitral tribunal rejected the construction company’s claims in their entirety and ordered the construction company to reimburse our client for the costs of the arbitration proceedings in full. The dispute concerned the contract price under the construction contract, which was agreed to be determined on the basis of our client’s yield requirement and the rent under the lease agreement for the building in question. The parties disagreed on the indexation clause applicable to the rent adjustment and its impact on the contract price.
Case published 22.11.2024