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
MAIN ARTICLE I. Introduction Law No. 12,529/2011 (the “New Antitrust Law”) has come into force on May 29, 2012. Several regulations were issued by the Administrative Council for Economic Defense (“CADE”), as well as by the Ministries of Justice and Finance in the last couple of days, bringing significant changes to the Brazilian merger control … Continued
Executive Summary: On 27 April 2012, a significant law was passed amending the Civil Code of the Russian Federation. The changes to the Russian Civil Code proposes to introduce new institutions and rules of the civil legislation and to amend, supplement and otherwise update many existing laws. The attached memorandum summarizes some of the most … Continued
Highlights: Following two important circulars regulating outbound investments made by central State-owned enterprises (SOEs) issued in the middle of 2011, SASAC issued a new circular on 18th March 2012 to provide further elaborations on certain specific requirements and to further enhance the supervision on SOEs’ outbound investments. Among other supervisory measures lately adopted by … Continued
Highlights: Valuation adjustment mechanisms have been often used by private equity firms in their portfolio investments in China, which had never been tested until recently ruled invalid by a Chinese local court. It remains to be seen if and how this decision will impact the investment practice of private equity firms in China. Main Article: … Continued
Highlights: On 19 March 2012 the King ratified a new act modifying the Belgian Companies’ Code with respect to the procedure for the liquidation of Belgian companies. The Act comes into force on 17 May 2012. The purpose of the Act is twofold: on the one hand, a series of procedural amendments for company liquidations … Continued
