Executive Summary/Highlights Global M&A activity reached historic levels in the first half of 2021, amounting to one of the highest first-half deal volumes on record. The surge in M&A activity following the early-pandemic shutdown has continued for the last 12 months, driven by a bull market, economic stimulus, corporate priorities to adapt to changes in … Continued
*Originally distributed on May 27, 2021. Developments this week highlight the urgent imperative for boards and management teams to address climate-related challenges as part of their regular risk assessment practices: A Dutch court held Royal Dutch Shell partially responsible for global warming and ordered the company to reduce its carbon emissions. Engine No. 1, an … Continued
On April 10, 2021, the State Administration for Market Regulation (“SAMR”) imposed administrative penalties on a leading Internet company for abusing its dominance in the China online retail market by engaging in exclusive dealing conduct. This article will sort out the key points of this case from four different aspects: relevant market definition, market dominance evaluation, “either or” (exclusive dealing) conduct, and the penalty amount. It will also offer suggestions on compliance for Internet platform undertakings.
Executive Summary/Highlights Global M&A volume reached record highs in Q1 2021. As Covid-19 vaccines became more widely available and economies reopened, M&A volume reached the largest first quarter deal volume on record since records started being kept in 1980. In Q1 2021, global M&A volume was US$1.34 trillion, a 1.7% increase from Q4 2020 (US$1.32 … Continued
Global M&A activity in 2020 was a remarkable tale of two halves, with historically low M&A volume in the first half of the year, especially in the months following the initial outbreak of the coronavirus pandemic, followed by an explosion of activity in the second half of the year.
The Recent Judicial Development of “Piercing the Corporate Veil” in China 1. Summary of “Piercing the Corporate Veil” and the relevant regulations “Piercing the corporate veil” (also known as “forward disregard of corporate personality”, hereinafter referred to as the “forward disregard”), originated in the United States. The doctrine is used to prevent shareholders … Continued
Some Thoughts for Boards of Directors in 2021 Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Hannah Clark and Bita Assad Many of the challenges that corporations and their boards have encountered in 2020 will continue to be front and center in 2021, including the COVID-19 pandemic, the movement to address racial injustice and broad-based … Continued
The widely reported lawsuit against Google, brought this week by the Department of Justice and 11 state attorneys general, marks the most significant antitrust enforcement action in the United States against a major technology company in two decades. As set out briefly below, the suit warrants careful consideration, both for what it alleges and what … Continued
Executive Summary/Highlights Global M&A activity recovered in Q3 2020 as economies around the world began to reopen and dealmakers, focusing on existence-preserving activities in the first half of the year, returned their attention to M&A transactions. While global M&A volume in Q3 2020 was strong across the board, the continuing effects of the coronavirus pandemic, … Continued
P.R.C. Ministry of Commerce (“MOFCOM”) issued an order promulgating “Provisions on the Unreliable Entity List” (the “Provisions”) on September 19, 2020, effective immediately the same day. These implementing rules have been long awaited since the idea was first introduced nearly 16 months ago on May 31, 2019. The Unreliable Entity List (“UEL”) mechanism will create … Continued