Highlights: This paper attempts to explain the tendency of foreign acquirers to choose better performing firms in emerging markets, which limits underperforming firms’ access to foreign capital. Using a simple law and finance model, the authors offer an explanation based on emerging countries’ weaker investor protection compared to acquirers’ home countries, predicting a positive relation … Continued
Highlights: Recently, the Competition Commission of India (“CCI”) has been imposing significant penalties in the range of 5% to 10% of the turnover of enterprises violating India’s Competition Act, 2002. In one cartel case, CCI imposed a penalty equivalent to 50% of the profits made by the concerned enterprises. CCI’s increasing penchant for imposing significant … Continued
Executive Summary: The Global Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted by the Economist Intelligence Unit (EIU) of Ernst & Young. This snapshot of findings gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their capital … Continued
Highlights: Wachtell Lipton has petitioned the US Securities and Exchange Commission to modernize the blockholder reporting rules under Section 13(d) of the Securities Exchange Act of 1934 to prevent exploitation by stockholder activists and address current market conditions and practices. Among other things, the petition proposed that the time to publicly disclose such block acquisitions … Continued
This contribution is based on the Guide first published by China Law & Practice, in association with International Financial Law Review, Hong Kong, 2011.[/stextbox] Highlights: Latin American markets have put in a stellar performance in recent years and present ever-growing business opportunities to Chinese investors, as China becomes increasingly active and influential in the region. … Continued
Highlights The Australian public M&A market has seen more restrained activity in the 12 months to 30 June 2012, in line with global trends. The energy and resources sectors continue to dominate public M&A in Australia, accounting for about 50% of transactions. Success rates for transactions increased to 81% in FY2012, while the percentage of … Continued
Highlights: The Competition Commission of Singapore (“CCS”) has published its revised Guidelines on Merger Procedures 2012 and they came into effect on 1 July 2012. The changes provide further guidance to parties on determining whether a merger is likely to result in a substantial lessening of competition. They also set out a new procedure for … Continued
Executive Summary: Recently, as part of its foreign exchange reforms, the People’s Bank of China signed a bilateral currency swap agreement with the Reserve Bank of Australia. This report discusses the currency swap agreement and the introduction of PRC laws relating to the internationalisation of the RMB. MAIN ARTICLE Background The currency swap agreement Major … Continued
Executive Summary: Nishimura & Asahi has prepared a Q&A guide to public mergers and acquisitions law in Japan. The country-specific Q&A looks at current market activity; the regulation of recommended and hostile bids; pre-bid formalities, including due diligence, stakebuilding and agreements; procedures for announcing and making an offer (including documentation and mandatory offers); consideration; post-bid … Continued
Executive Summary/Highlights: Global M&A volume in Q2 was US$603 billion (US$2.2 trillion on an annualized basis), reflecting a relative rebound after a very slow first quarter (up 18% compared to Q1). The M&A environment is showing signs of improvement as strategic and private equity acquirers look to deploy their cash and take advantage of stronger … Continued
