Issues

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2012

Executive Summary/Highlights:  Global M&A volume in Q1 2012 was US$481 billion (US$1.9 trillion on an annualized basis), down 16% from Q4 2011. Many ingredients of an M&A resurgence are present, including would-be strategic and private equity acquirers’ considerable cash stockpiles and improving balance sheets, a historically low cost of debt financing for investment grade borrowers, … Continued

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

More

BELGIAN UPDATE – New Procedure on Mergers and Demergers

Highlights: On 28 January 2012 a new law came into force relating to the merger and demerger procedure under Belgian law.  The new law simplifies the existing procedure by reducing the administrative reporting and documentation requirements to an absolute minimum while safeguarding the interests of shareholders and other parties. This simplification implements the European Directive … 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. This article was co-authored by Robrecht Coppens, senior associate with Loyens & Loeff, who specialises in corporate law, with a particular emphasis on takeovers and M&A.

More

UK UPDATE – UK Government Confirms Creation of Single UK Competition Authority: Merged Authority to Retain Voluntary Merger Regime

Executive summary: The U.K .government confirms the anticipated merger of the Competition Commission and the competition functions of the OFT into a single Competition and Markets Authority (“CMA”) to be effective by April 2014.  The U.K. government has decided to retain the current voluntary regime of merger notifications, albeit with a tightening of administrative measures. … 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.

More

SWEDISH UPDATE – Proposed Revised Swedish Takeover Rules

Highlights: A review of the Swedish Takeover Rules has resulted in a proposal to amend and update the Rules in a number of respects including, deal protection, top ups, and the put up or shut up regime. The revision has also resulted in the codification of a number of Securities Council statements including disclosure of … Continued

Editors’ Note: This paper was contributed by Biörn Riese, Chairman of the Board of Mannheimer Swartling and member of XBMA´s Legal Roundtable.  It was authored by Thomas Wallinder and Patrik Marcelius, partners at Mannheimer Swartling.  Messrs. Wallinder and Marcelius both specialise in Corporate law, with a particular emphasis on corporate finance, takeovers and mergers & acquisitions.

More

INDIAN UPDATE – Trends in Merger Control (2012 Edition)

Executive summary: The following article Trends in Merger Control analyses the principles and trends enunciated by the Competition Commission of India (“CCI”) in the merger control orders passed to date. Introduction: Legal Framework The merger control regime in India is governed by the provisions of the Competition Act, 2002 (“Act”) along with the Competition Commission … Continued

Editors’ Note:  Cyril Shroff is a member of XBMA’s Legal Roundtable and 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.

More

SINGAPOREAN UPDATE – Proposed Changes to Singapore’s Guidelines for Merger Control

Highlights: Changes have been proposed to the Competition Commission of Singapore’s Guidelines on Merger Procedures. The changes give parties greater guidance on the self-assessment of mergers, obtaining a confidential opinion, and the treatment of confidential information. MAIN ARTICLE On 20 February 2012, the Competition Commission of Singapore (“CCS”) issued a consultation paper (“Consultation Paper”) proposing … Continued

Editors’ Note:   This paper was contributed by Rachel Eng, Managing Partner of WongPartnership and a member of XBMA’s Legal Roundtable.  Ms. Eng is a leading expert in both domestic and cross-border M&A in Singapore and other jurisdictions in Southeast Asia.  The author is Ameera Ashraf, head of WongPartnership’s Competition & Regulatory Practice.

More

UAE UPDATE – Merger of Two Public Joint Stock Companies

Highlights:  This article looks at the legal processes involved in amalgamating (merging) two public joint stock companies listed on either of the main stock exchanges in the UAE. The Companies Law provides that an amalgamation can be implemented either by an “acquisition” or by a “merger”. One of the two main stock exchanges, the ADX, … Continued

Editors’ Note:  This paper was contributed by Sameer Huda, a partner at Hadef & Partners and a member of the XBMA Legal Roundtable.  A leader in M&A, private equity and restructuring, Sameer heads the corporate, M&A and private equity teams of Hadef & Partners in Dubai.

More

UK UPDATE – Overview of the Process for Making Legislation in the EU

Executive summary: The attached memorandum provides an overview of the process for making legislation in the European Union which, once made, will either apply directly to the UK or which the UK government is required to transpose into UK domestic law. Click here to read the Memorandum

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.  The paper was authored by Philip Bennett, a senior partner in Slaughter and May’s Pensions and Employment group and associates Tolek Petch and Samay Shahn.

More

GLOBAL INFRASTRUCTURE REPORT – Setting Strategic Priorities

China China’s unprecedented infrastructure building spree is stampeding ahead. The country is able to fund projects totaling trillions of dollars because it was largely unaffected by the recent global economic downturn. Infrastructure growth plans on a large scale Beijing, Shanghai and Guangzhou have some of the most sophisticated and integrated transport systems in the world. … 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 summary was produced by Ernst & Young’s Global Real Estate Center, whose leaders include Howard Roth, Global Real Estate Leader (U.S.), Malcolm Bairstow, Global Construction and Infrastructure Leader (UK), and Rick Sinkuler, Global Real Estate Markets Leader (U.S.).

More

Previous

Page 32 of 39

Next