Highlights: A letter of intent is especially helpful in a cross-border transaction to memorialize the basic terms of a proposed deal when differences in culture, deal structuring techniques, due diligence styles, and documentation standards can add layers of challenge. Typical provisions in a letter of intent are discussed below. The default rule under Japanese law … Continued
Executive Summary/Highlights: Deal activity was relatively strong in Q3, with global M&A volume of US$717 billion, marking the second strongest quarter of the past two calendar years. Strong Q3 performance was driven in part by Verizon’s $130 billion acquisition of Vodafone’s 45% interest in Verizon Wireless, the third largest deal in history. Excluding Verizon/Vodafone, Q3 … Continued
Highlights: The establishment of a free trade area between the EU and Singapore is expected to have significant benefits for Singapore and EU companies. Annual EU exports to Singapore could rise by EUR 1.4 billion over 10 years and annual exports by Singapore companies (including EU companies based in Singapore) could rise by EUR 3.5 … Continued
Highlights: The highly anticipated China (Shanghai) Pilot Free Trade Zone (the “Zone”) was officially launched on September 27, 2013, followed by a flurry of implementing rules and measures. The central government of China expects the Zone to be the country’s testing ground for groundbreaking economic reforms to be extended nationwide in the future. The most … Continued
Executive Summary: Main Article: The opening ceremony of China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”), held on September, 29, 2013, marks the formal operation of Shanghai FTZ. Liberalization in certain media and entertainment sectors is one of the highlights of the various reforms of Shanghai FTZ. According to media reports, many listed companies operating … Continued
Executive Summary: There is a strong consensus global M&A volumes will increase as confidence in the overall economy climbs. Below are the results of Ernst & Young’s Capital Confidence Barometer April 2013 – October 2013. The Global Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted by … Continued
Executive summary: In transactions involving the sale of shares in companies in Poland, as well as agreements on sale of enterprises or significant assets, the representations and warranties of sellers are becoming more and more extensive. Main Article: The notion of representations and warranties was adopted from common law systems and has become part of … Continued
Executive summary: This article briefly examines a few key changes made to the process for court based restructurings introduced by the Companies Act, 2013. Introduction The Companies Act, 2013 (“2013 Act”), having been approved by the Lok Sabha in 2012, was approved by the Rajya Sabha on August 8, 2013 and now only awaits Presidential … Continued
Executive Summary: The European Commission approved a proposed acquisition which would create a merged entity that would be the only producer of naphthenic base and process oils in the EEA. The Commission’s investigation found that failure to approve such merger would result in a loss of refinery assets and significantly reduce production capacity in the … Continued
Highlights The Australian public M&A market has seen a significant drop in activity over the 12 months to 30 June 2013. After a number of years where the energy and resources sectors were the primary drivers of public M&A activity in Australia, in FY 2013, most activity was in the utilities, industrials, financial services and … Continued
