Issues

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2016

Published on: April 14 2016
Contributed by: Raaj Narayan, Editor, XBMA Review

Executive Summary/Highlights: Global M&A volume in Q1 exceeded US$700 billion, the second highest start to the year since 2011, but lower than the quarterly volume of the record-setting levels of 2015. Europe accounted for one quarter of Q1 deal activity, relative to a near-term historical average of only 15%. China was another strong performer in … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the Review has utilized consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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INDIAN UPDATE – An Analysis of the Union Budget FY 2016-17

Published on: April 14 2016
Contributed by: Cyril Shroff, Cyril Amarchand Mangaldas (Mumbai)

Highlights:  The latest issue of the Cyril Amarchand Mangaldas Budget Assayer, a comprehensive analysis of the Union Budget for FY 2016-17, takes a close look at the provisions of the Budget with special emphasis on “Startup India” and “Make in India” initiatives of the Indian Central Government. Despite a slowdown in global growth from 3.4% … Continued

Editors’ Note: Cyril Shroff is the Managing Partner of Cyril Amarchand Mangaldas and a member of XBMA’s Legal Roundtable.  Mr. Shroff is one of the deans of the Indian corporate bar and a leading authority on Indian M&A, with extensive experience handling many of the largest and most complex domestic and cross-border M&A, takeover, banking and project finance transactions in India. This article was authored by Mr. Shroff, SR Patnaik (Partner and National Tax Leader) and Mekhla Anand (Partner) of Cyril Amarchand Mangaldas.

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AFRICAN UPDATE: The Global Briefing For Africa: Interview with Stephen Karangizi

Published on: March 23 2016
Contributed by: Nigel Boardman, Slaughter and May (London)

Main Article:  The following is a 5 minute interview with Stephen Karangizi, CEO and Director of the African Legal Support Facility. The African Legal Support Facility, hosted by the African Development Bank, has been supporting African governments in the negotiation of complex commercial transactions since 2010.  To find out more about the ALSF, please click … Continued

Editors’ Note:  Contributed by Nigel Boardman, a partner at Slaughter and May and a founding director of XBMA.  Mr. Boardman is one of the leading M&A lawyers in the UK with broad experience in a wide range of cross-border transactions.

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INDIAN UPDATE – Controlling ‘Control’ under Indian Takeover Regulations

Published on: March 17 2016
Contributed by: Cyril Shroff and Anshuman Jaiswal, Cyril Amarchand Mangaldas (Mumbai)

Executive summary: The following article discusses recent developments around the definition and interpretation of the term ‘control’ under Indian Takeover Regulations and the impact it may have on investments in publicly listed entities in India, including the risk of classification of investment in a publicly listed entity as the acquisition of ‘control’ of such entity. … Continued

Editors’ Note: Cyril Shroff is the Managing Partner of Cyril Amarchand Mangaldas and a member of XBMA’s Legal Roundtable.  Mr. Shroff is one of the deans of the Indian corporate bar and a leading authority on Indian M&A, with extensive experience handling many of the largest and most complex domestic and cross-border M&A, takeover, banking and project finance transactions in India.  Anshuman Jaiswal is a Partner with the M&A and corporate advisory practice of Cyril Amarchand Mangaldas with experience of over 12 years.  He has advised various entities across diverse sectors on their corporate transactional and advisory matters.

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AUSTRALIAN UPDATE: Changes to Australia’s Foreign Investment Regime

Published on: March 10 2016
Contributed by: Philip Podzebenko, Herbert Smith Freehills (Sydney)

Highlights A new foreign investment regulatory regime applies from 1 December 2015. The ‘substantial interest’ threshold above foreign investors must notify Australia’s Foreign Investment Review Board (FIRB), has increased from 15% to 20%. Specific rules now apply to foreign investments in the agricultural sector, following the introduction of the concepts of ‘agribusiness’ and ‘agricultural land’. … Continued

Editor’s Note: This report is contributed by Philip Podzebenko, a member of XBMA’s legal roundtable. Mr Podzebenko is a member of Herbert Smith Freehills’ Corporate Group. It is based on research conducted by other Herbert Smith Freehills employees, Tony Damian, Partner, Malika Chandrasegaran, Senior Associate, and Gila Segall, Vacation Clerk, Sydney.

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JAPANESE UPDATE – Mergers & Acquisitions 2016

Published on: February 25 2016
Contributed by: Masakazu Iwakura, Nishimura & Asahi (Tokyo)

Executive Summary:  Nishimura & Asahi has prepared a Q&A guide to public mergers and acquisitions law in Japan in The International Comparative Legal Guide to: Mergers & Acquisitions 2016.  The country-specific Q&A is an overview of current M&A legislation; the regulation of friendly and hostile bids; due diligence; stakebuilding; bidder and deal protection; defending hostile … Continued

Editors’ Note:  Masakazu Iwakura is a Senior Partner at Nishimura & Asahi and a member of XBMA's Legal Roundtable. As one of Japan's leading M&A practitioners, Mr. Iwakura has handled a variety of groundbreaking M&A transactions and serves on the boards of several public companies: COOKPAD, Imperial Hotel and GMO Internet. Mr. Iwakura is also a Professor of Law at Hitotsubashi University, Graduate School of International Corporate Strategy and was a Visiting Professor of Law at Harvard Law School in the 2007-2008 and 2013-2014 academic year. This update was produced by Mr. Iwakura and his associate Tomohiro Takagi.

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CHINESE UPDATE – PRC Authorities Tighten Review on Outbound Investment Transactions

Published on: February 17 2016
Contributed by: Fang He, JunHe LLP (Beijing)

Highlights Due to RMB depreciation and foreign exchange fluctuation, PRC authorities have tightened review on the truthfulness of outbound investment, for purposes of combating exchange arbitrage and underground private banks. SAFE launched a new system to supervise individuals’ foreign exchange activities since January 1, 2016, and will list violative individuals on a “Supervised List”. SAFE … Continued

Editors’ Note: Contributed by Ms. Fang He, a partner at JunHe and a member of XBMA’s Legal Roundtable. Ms. He has broad experience in cross-border M&A, private equity, trust and assets management. This article was authored by Ms. Fang He and Ms. Runze Li. Ms. Li is an associate at JunHe.

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BELGIAN UPDATE – M&A Outlook (2016)

Published on: February 10 2016
Contributed by: Peter Callens and Henri Nelen, Loyens & Loeff (Brussels)

Executive Summary: A review of M&A in Belgium in 2015 and outlook for 2016. Main Article: 1          Legal Environment 1.1       General The general legal environment for public and private M&A remained very stable throughout 2015. In 2014, Belgian tax payers (private individuals) feared that in the course of 2015 the tax regime with respect to … Continued

Editors’ Note:  Peter Callens is a partner with Loyens & Loeff and a member of XBMA’s Legal Roundtable.  Mr. Callens is renowned for his national and international corporate practice, with a focus on M&A and transactions in various sectors of industry. Mr. Callen authored this article along with his colleagues Natalie Reypens and Aldo Engels Steven of Loyens & Loeff’s tax department and Steve Callens, Robrecht Coppens, Mathias Hendrickx and Elke Ghesquière of Loyens & Loeff’s corporate and M&A department.

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Australian Update: Deal Landscape, Origin of Bidders and Deal Structures

Published on: February 4 2016
Contributed by: Philip Podzebenko, Herbert Smith Freehills (Sydney)

Highlights: The Australian public M&A market has seen an overall decline in deal activity in the 12 months to 30 June 2015 (FY15). Success rates have increased from FY14, with 70% of deals announced in FY15 being fully completed transactions. FY15 has seen an increase in the number of bids implemented via schemes of arrangement, … Continued

Editor’s Note: This report was contributed by Philip Podzebenko, a member of XBMA’s legal roundtable. Mr Podzebenko is a partner at Herbert Smith Freehills in the Corporate Group. This paper was based on research conducted by other Herbert Smith Freehills employees, Paul Branston, Partner, Panashi Devchand, Solicitor, and Gila Segall, Vacation Clerk.

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GLOBAL M&A STATISTICAL UPDATE – XBMA Annual Review for 2015

Published on: January 29 2016
Contributed by: Raaj S. Narayan and Francis J. Stapleton, IV, Editors, XBMA Review

Executive Summary/Highlights: Global M&A reached an all-time high in 2015, with record volume of almost US$5 trillion, beating 2007’s prior (inflation adjusted) record of US$4.7 trillion. Q4 2015 was the most active quarter ever, with more than US$1.5 trillion in deals announced, including the two largest deals of 2015 – Pfizer’s acquisition of Allergan and … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis using consistent metrics and sources of data in order to facilitate a deeper understanding of trends and developments.  We welcome feedback and suggestions for improving the Review or for interpreting the data.

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The views expressed herein are solely those of the author and have not been endorsed, confirmed, or approved by XBMA or any of the editors of XBMA Forum, nor by XBMA’s founders, members, contributors, academic partners, advisory board members, or others. No inference to the contrary should be drawn.