September 2012

GLOBAL UPDATE – Global Capital Confidence Barometer: Real Estate, Hospitality and Construction

Executive Summary: The Global Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted by the Economist Intelligence Unit (EIU) of Ernst & Young. This snapshot of findings gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their capital … Continued

Editors’ Note:  Franny Yao (Yao Fang), who contributed this article, is a Partner & Leader at Ernst & Young in Beijing, responsible for Key Accounts and Government Relations in China. She is a founding director of XBMA and has broad expertise in cross-border M&A, representing major Chinese companies in their global expansion and other strategic drives. This report was produced by Ernst & Young’s Real Estate, Hospitality and Construction practice group.

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U.S. UPDATE – Activist Hedge Funds and Academics Wrongly Oppose Fair Reporting of Accumulations of More Than 5% of a Company’s Shares

Highlights: Wachtell Lipton has petitioned the US Securities and Exchange Commission to modernize the blockholder reporting rules under Section 13(d) of the Securities Exchange Act of 1934 to prevent exploitation by stockholder activists and address current market conditions and practices.  Among other things, the petition proposed that the time to publicly disclose such block acquisitions … Continued

Editors’ Note:  This article was co-authored by Adam O. Emmerich, Eric S. Robinson, William Savitt and Theodore N. Mirvis of Wachtell, Lipton, Rosen & Katz.  It follows other recent posts on modernizing disclosure requirements in Germany, France, the UK and several other jurisdictions in order to address under-the-radar stakebuilding.  We invite papers from other jurisdictions on this topic.

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LATIN AMERICAN UPDATE – Outbound Investments Into Latin America – A pan-American overview for Chinese investors

This contribution is based on the Guide first published by China Law & Practice, in association with International Financial Law Review, Hong Kong, 2011.[/stextbox] Highlights: Latin American markets have put in a stellar performance in recent years and present ever-growing business opportunities to Chinese investors, as China becomes increasingly active and influential in the region. … Continued

Editors’ Note:   This paper was contributed by Juan Martín Perrotto, Managing Partner of Uría Menéndez’ Beijing office and a member of XBMA’s Legal Roundtable.  It is co-authored by Juan Martín Perrotto and Verónica Iezzi, another senior lawyer based in the Beijing office of Uría Menéndez and benefits from the contributions made by other lawyers at Uría Menéndez’ Latin American offices (Buenos Aires, Chile, Sao Paulo, Lima and Mexico City) and from the leading independent firms of the group in Argentina (Marval, O’Farrell & Mairal), Bolivia (C.R.&F. Rojas Abogados), Brazil (Dias Carneiro Advogados), Chile (Philippi, Yrarrázaval, Pulido & Brunner), Colombia (Brigard & Urrutia Abogados and prietocarrizosa), Ecuador (Pérez, Bustamante & Ponce Abogados), Mexico (Galicia Abogados), Peru (Payet, Rey, Cauvi Abogados), Uruguay (Guyer & Regules) and Venezuela (Araque Reyna Sosa Viso & Asociados).

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AUSTRALIAN UPDATE – Deal Landscape, Deal Structures and Foreign Bidders in Australian Public M&A in 2012

Highlights The Australian public M&A market has seen more restrained activity in the 12 months to 30 June 2012, in line with global trends. The energy and resources sectors continue to dominate public M&A in Australia, accounting for about 50% of transactions. Success rates for transactions increased to 81% in FY2012, while the percentage of … Continued

Editors’ Note: This report was authored by Philip Podzebenko, a member of XBMA’s Legal Roundtable, and Linda Sweeney, solicitor.  Mr. Podzebenko and Ms. Sweeney are members of Freehills’ Corporate Group, which is at the forefront of developments shaping Australia’s corporate landscape. This paper was based on research conducted by Simon Reed, Partner, and Mark Tyler, Senior Associate, at Freehills.

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