Highlights: Low gearing, strong earnings and good capital availability supported an ideal environment for mergers & acquisitions (M&A) in the first half of 2011. However, jittery markets and dropping confidence caused activity to slow in the third quarter. While deal values in the first nine months of 2011 are up 67% on the same period … Continued
Executive Summary/Highlights: Susan Ning’s last post explained China’s new National Security Review Process. This post makes the case that, despite foreign investors’ fear that the new process is yet another tedious regulatory and “protectionist” hurdle to doing deals in China, the process is in fact quite similar processes in the Western world, including the United … Continued
Highlights: The calls by the Youth League of the African National Congress for the nationalisation of mines has been much talked about but on balance is very unlikely to occur. Most of the recovery and growth in global steel production is attributable to China’s phenomenal growth with non-Chinese production not yet recovering to pre-crisis levels. … Continued
Highlights: Under Section 27 of the Danish Securities Trading Act, inside information must be disclosed by an issuer at the earlier of (i) the coming into existence of the relevant circumstances or occurrence, albeit not yet formalised, (ii) the disclosure of the inside information to a third party, or (iii) a leakage of the inside … Continued
Highlights: The market for Australian public mergers & acquisitions (M&A) has seen a strong resurgence in the two financial years since the GFC, both in terms of the number of deals being done but also in terms of their value. Success rates are also on the increase, with 70% of announced deals ultimately resulting a … Continued
Executive Summary/Highlights: On November 16, 2011, President Dmitry Medvedev signed into law amendments to the Federal Statute “On the Procedure of Foreign Investment in Businesses with Strategic Importance for the Defense of the Country and the Security of the State” (Strategic Companies Statute). The amendments are expected to ease the stringent restrictions that Russia puts … Continued
Key Issues for Directors 2012 For a number of years, as the new year approached, I have prepared a one-page list of the key issues for boards of directors that are newly emerging or will be especially important in the coming year. Each year, the legal rules and aspirational best practices for corporate governance … Continued
Highlights: The Japan Fair Trade Commission (JFTC) has abolished the prior consultation procedures and revised the Guidelines to the Application of the Antimonopoly Act Concerning Revision of Business Combination in order to enhance predictability. Under the New Policies, JFTC must implement consultation upon receipt of notification, and the business combination reviews are unified in the … Continued
Executive summary: The linked memorandum is a general guide to takeovers of UK incorporated and listed companies subject to The City Code on Takeovers and Mergers. It first describes the UK bodies which regulate takeovers of such companies and then summarizes the more important legislation and rules under which they do so. Click here to … Continued
Executive Summary/Highlights: Under Polish law, which implements Directive 2005/56/WE of the European Parliament and Council dated 26 October 2005, employee participation in the bodies of an acquiring or newly founded company created through a cross-border merger can follow one of two models: first, employees may be granted the right to select a certain number of … Continued
