Issues

Highlights NDRC launches new regulations, which indicates further relaxation measures on PRC outbound investment. The controversial “road-pass” requirement has been removed. The NDRC approval and filing requirement has been changed from a condition for effectiveness of the acquisition contract to a condition for closing. Main Article On December 26, 2017, the National Development and Reform … Continued

Global M&A accelerated in the fourth quarter of 2017, driven in part by tech expansion and strong economies in several key markets, and there are many signals pointing to a continued strong pace of transactions, including in the U.S. Overall M&A volume in 2017 continued to be robust, reaching $3.6 trillion, approximately 35% of which … Continued

As we conclude the contested law’s first phase, its widespread impact is felt on the Israeli market Known from ancient times as a land of milk and honey, nowadays the nation of Israel is also a nation of opportunity. The law commonly referred to in Israel as the “Concentration Law,” requires investors deemed to be … Continued

The UK Government recently published its long awaited green paper on control of foreign investment (the Green Paper).1 It proposes measures to increase Government scrutiny of foreign investment but only in relation to national security and not on the broader political grounds previous public statements have hinted at. Specifically, the Green Paper sets out two … Continued

Executive summary Legal restrictions concerning companies operating in certain strategic sectors of the economy and state companies were enacted in Poland. The Polish regulations track similar limitations already functioning in some other countries in the European Union and elsewhere. Under these restrictions, the Polish authorities can object to numerous transactions involving companies deemed to be … Continued

Executive Summary/Highlights: Global M&A volume in Q3 was ~US$820 billion, consistent with Q2 levels. Cross-border transactions continued to account for approximately 38% of both overall deal activity and of the largest deals. Deal volume involving an emerging economy acquirer and a developed economy target grew nearly 12% relative to Q2 and continued to substantially outpace … Continued

Executive Summary: Recent legislative measures affecting private and public M&A include: Effective November 2017, the scope of the Austrian merger control regime will be broadened. Effective January 3, 2018, public M&A will be affected by a change in takeover procedures as well as new delisting rules allowing voluntary de-listings from the Vienna Stock Exchange in … Continued

The Panel has today (19 September 2017) published its consultation paper PCP 2017/2 on statements of intention. The Panel has been concerned for some time that the disclosures by a bidder in relation to its intentions for the target business (required to be made in the offer document) have been bland and generic, and therefore … Continued

Main Article: This week witnessed two very significant developments in the new paradigm for corporate governance, one in the U.S. and one in the U.K. Both will have cross-border impact. Both have the purpose of promoting investment to achieve sustainable long-term investment and growth. In the U.K., government proposals for corporate governance reform center on … Continued

Executive Summary/Highlights: Global M&A volume in Q2 was ~US$823 billion, ~6% higher than Q1. European M&A continued its strong trend in Q2, accounting for ~30% of deal volume, up substantially from prior years. Aggregate inbound M&A volume into all BRIC countries reached nearly US$33 billion, marking the strongest Q2 in recent years, contributing to the … Continued