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
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
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
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
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
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
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
Main Article In our annual forecast of the year ahead for Canadian competition and foreign investment review law, we evaluate how developments in 2015 will influence these areas of the law in 2016. Our top issues and trends to watch for this year include the following: The impact of the new federal government. Although foreign … Continued
Executive Summary Italy is experiencing an M&A boom that is bringing volumes closer to those of the golden years (2005, 2006 and 2007). The acquisitions wave includes deals from both strategic investors and private equity. Infrastructural funds are now investing in Italy, where they find opportunities at prices more attractive than in Northern Europe, in … Continued
Executive Summary Revised notification requirements with regard to significant shareholdings conferring voting rights in companies listed in Germany as well as with regard to (financial) instruments regarding such shares in force since 26 November 2015 Mandatory standard form for notifications to be used Scope of sanctions for breach of disclosure requirements substantially broadened One-off disclosure … Continued
