Executive Summary: Although Spain’s current microeconomic situation is still critical, the macroeconomic framework is more stable; it appears that Spain is once again becoming regarded as a safe jurisdiction for investors. This stability, together with a steep fall in valuations, is reinvigorating the market, and investors have begun looking at future investment opportunities. This article, … Continued
Executive Summary: The Hungarian Competition Authority (“GVH”) amended the documents – including the merger filing form – related to merger control proceedings in the summer of 2013, with the declared aim of further decreasing the administrative burdens placed on market players. Further to the amendments of the merger documents, amendments to Hungary’s Competition Act (“CA”) … Continued
Executive Summary: Recently, public interest considerations (with particular reference to employment) in merger proceedings have become a focus area such that it is now common practice that the competition authorities are required to consider the effect which a proposed transaction will have on (i) a particular industrial sector or region, (ii) employment, (iii) the ability … Continued
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
