Regions

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2022

Executive Summary/Highlights After a record-breaking 2021 in which global M&A volume surged to a new peak, global dealmaking slowed in the first quarter of 2022. Global M&A volume was approximately US$1.0 trillion in Q1 2022, less than any of the prior six quarters. Despite a decline in M&A activity relative to the record-breaking volumes of … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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CANADIAN UPDATE – Foreign Investment Review in Canada: Top Trends and Developments for 2022

The past year generated substantial interest in the operation of the Investment Canada Act (ICA), especially the national security review process, against the backdrop of changes in government policy that purport to articulate a more expansive view of Canada’s national security interests. We expect foreign investment review to remain an issue of public and political concern in … Continued

This article was authored by Davies partners John Bodrug, Anita Banicevic, Mark Katz and Charles Tingley of the Davies Competition, Antitrust & Foreign Investment group.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2021

Executive Summary/Highlights Global M&A volume was more than US$5.8 trillion in 2021, the highest annual volume on record. Each of the four quarters of 2021 was one of the top six most active quarters by dollar volume since the beginning of 2010. In addition to a legion of private equity funded transactions, including such major … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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U.S. UPDATE – White-Collar and Regulatory Enforcement: What Mattered in 2021 and What to Expect in 2022

Introduction The Biden administration has just completed its first full year in office, and the talk has been tough.  New leadership at DOJ, the SEC, the FTC, the CFTC, and other regulatory and law enforcement agencies have issued statements and policy revisions signaling their intention to train more focus on white-collar and regulatory enforcement.  We … Continued

Editor’s Note: This article was co-authored by John F. Savarese, Ralph M. Levene, Wayne M. Carlin, David B. Anders, Sarah K. Eddy and Carol Miller of Wachtell, Lipton, Rosen & Katz

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CHINESE UPDATE: A Christmas Gift from the CSRC – thoughts on the CSRC Rules Regarding Overseas Listings

*Originally distributed on December 31, 2021 The second half of 2021 was an extraordinary time for Chinese companies seeking to list overseas, as well as for other relevant market participants. The Didi incident further deepened the anxiety and “mistrust” by US securities regulators on the risks associated with investing in China-based companies or that have … Continued

This article was authored by Wang Yi and Xiaojia Sun, partners at JunHe. Mr. Wang is the head of capital market department at JunHe and has been practicing for more than 20 years with leading PRC firms and international firms in Beijing, Hong Kong and Shanghai. Ms. Sun is a partner in the capital markets practice area of JunHe’s Beijing office and is dedicated to providing diversified service in the area of securities law including reorganization, pre-IPO private placements, and initial public offerings on domestic and international stock exchanges.

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New York Rejects Effort to Extend the Reach of U.S. Fiduciary Litigation

Since early 2020, a consortium of well-funded plaintiffs’ law firms have pursued an aggressive campaign of derivative litigation in the New York courts against major European companies, including Deutsche Bank, UBS, Volkswagen, Barclays, Novartis, and Bayer (represented by this Firm).  While the lawsuits differed in detail, they shared a strategic purpose: to drag international companies … Continued

This memo was authored by William D. Savitt, Noah B. Yavitz and Emily R. Barreca at Wachtell, Lipton, Rosen & Katz

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2021

Executive Summary/Highlights The boom in global M&A activity reached new heights in the third quarter of 2021, resulting in a record volume of global M&A through the first three quarters. M&A activity has surged on the back of pent-up demand for deals following the Covid-19 shutdown in the early part of 2020 and the subsequent … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2021

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

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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ESG – ACTIVISM – GOVERNANCE UPDATE: Carbon, Caremark, and Corporate Governance

*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

Editors’ Note: This memo was authored by William D. Savitt, Sabastian V. Niles and Sarah K. Eddy at Wachtell, Lipton, Rosen & Katz

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CHINESE UPDATE: Some key points in the first abuse case on China online retail platform players

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.

Editors’ Note: Contributed by Fang He and Adam Li, both partners at JunHe and members of XBMA’s Legal Roundtable. Ms. He has broad experience in M&A, outbound investment, foreign direct investment and private equity. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies.

Authored by Ms. Yingling Wei, Ms. Xuefei Bai, and Ms. Yuhang Ding. Ms. Wei, a partner at JunHe LLP, is the head of JunHe’s antitrust practice group and has extensive experience in merger control filings, antitrust compliance advice, antitrust government investigations and antitrust private enforcement litigations. Ms. Xuefei Bai, a partner at JunHe’s antitrust practice group, has rich experience in antitrust law, and has assisted many well-known domestic and foreign companies in merger filings and antitrust government investigations. Ms. Yuhang Ding is an associate at JunHe’s antitrust practice group.

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