Trends & Statistics

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2016

Executive Summary/Highlights: Global M&A volume in Q1 exceeded US$700 billion, the second highest start to the year since 2011, but lower than the quarterly volume of the record-setting levels of 2015. Europe accounted for one quarter of Q1 deal activity, relative to a near-term historical average of only 15%. China was another strong performer 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 Review has utilized 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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INDIAN UPDATE – An Analysis of the Union Budget FY 2016-17

Highlights:  The latest issue of the Cyril Amarchand Mangaldas Budget Assayer, a comprehensive analysis of the Union Budget for FY 2016-17, takes a close look at the provisions of the Budget with special emphasis on “Startup India” and “Make in India” initiatives of the Indian Central Government. Despite a slowdown in global growth from 3.4% … Continued

Editors’ Note: Cyril Shroff is the Managing Partner of Cyril Amarchand Mangaldas and a member of XBMA’s Legal Roundtable.  Mr. Shroff is one of the deans of the Indian corporate bar and a leading authority on Indian M&A, with extensive experience handling many of the largest and most complex domestic and cross-border M&A, takeover, banking and project finance transactions in India. This article was authored by Mr. Shroff, SR Patnaik (Partner and National Tax Leader) and Mekhla Anand (Partner) of Cyril Amarchand Mangaldas.

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AFRICAN UPDATE: The Global Briefing For Africa: Interview with Stephen Karangizi

Main Article:  The following is a 5 minute interview with Stephen Karangizi, CEO and Director of the African Legal Support Facility. The African Legal Support Facility, hosted by the African Development Bank, has been supporting African governments in the negotiation of complex commercial transactions since 2010.  To find out more about the ALSF, please click … Continued

Editors’ Note:  Contributed by Nigel Boardman, a partner at Slaughter and May and a founding director of XBMA.  Mr. Boardman is one of the leading M&A lawyers in the UK with broad experience in a wide range of cross-border transactions.

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BELGIAN UPDATE – M&A Outlook (2016)

Executive Summary: A review of M&A in Belgium in 2015 and outlook for 2016. Main Article: 1          Legal Environment 1.1       General The general legal environment for public and private M&A remained very stable throughout 2015. In 2014, Belgian tax payers (private individuals) feared that in the course of 2015 the tax regime with respect to … Continued

Editors’ Note:  Peter Callens is a partner with Loyens & Loeff and a member of XBMA’s Legal Roundtable.  Mr. Callens is renowned for his national and international corporate practice, with a focus on M&A and transactions in various sectors of industry. Mr. Callen authored this article along with his colleagues Natalie Reypens and Aldo Engels Steven of Loyens & Loeff’s tax department and Steve Callens, Robrecht Coppens, Mathias Hendrickx and Elke Ghesquière of Loyens & Loeff’s corporate and M&A department.

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Australian Update: Deal Landscape, Origin of Bidders and Deal Structures

Highlights: The Australian public M&A market has seen an overall decline in deal activity in the 12 months to 30 June 2015 (FY15). Success rates have increased from FY14, with 70% of deals announced in FY15 being fully completed transactions. FY15 has seen an increase in the number of bids implemented via schemes of arrangement, … Continued

Editor’s Note: This report was contributed by Philip Podzebenko, a member of XBMA’s legal roundtable. Mr Podzebenko is a partner at Herbert Smith Freehills in the Corporate Group. This paper was based on research conducted by other Herbert Smith Freehills employees, Paul Branston, Partner, Panashi Devchand, Solicitor, and Gila Segall, Vacation Clerk.

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GLOBAL M&A STATISTICAL UPDATE – XBMA Annual Review for 2015

Executive Summary/Highlights: Global M&A reached an all-time high in 2015, with record volume of almost US$5 trillion, beating 2007’s prior (inflation adjusted) record of US$4.7 trillion. Q4 2015 was the most active quarter ever, with more than US$1.5 trillion in deals announced, including the two largest deals of 2015 – Pfizer’s acquisition of Allergan and … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis using consistent metrics and sources of data in order to facilitate a deeper understanding of trends and developments.  We welcome feedback and suggestions for improving the Review or for interpreting the data.

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CANADIAN UPDATE – Top Competition and Foreign Investment Review Trends and Issues for 2016

Main Article In our annual forecast of the year ahead for Canadian competition and foreign investment review law, we evaluate how developments in 2015 will influence these areas of the law in 2016. Our top issues and trends to watch for this year include the following: The impact of the new federal government. Although foreign … Continued

Editors’ Note:  This memo was produced by partners George Addy, John Bodrug, Charles Tingley and Jim Dinning, and associate Alysha Manji-Knight, of Davies Ward Phillips & Vineberg LLP's Competition & Foreign Investment Review practice.  It was submitted to XBMA by Davies partner Berl Nadler who is a member of XBMA’s Legal Roundtable.

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ITALIAN UPDATE: The Italian M&A Boom – Where Did We Go Right?

Executive Summary Italy is experiencing an M&A boom that is bringing volumes closer to those of the golden years (2005, 2006 and 2007). The acquisitions wave includes deals from both strategic investors and private equity. Infrastructural funds are now investing in Italy, where they find opportunities at prices more attractive than in Northern Europe, in … Continued

Editors’ Note:  Alberto Saravalle is senior partner of the Executive Committee of BonelliErede and a member of XBMA’s Legal Roundtable.  Professor Saravalle is one of Italy’s leading practitioners in corporate law, capital markets, and M&A.

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U.S. UPDATE: A New Paradigm for Corporate Governance

Main Article: Recently, there have been three important studies by prominent economists and law professors, each of which points out serious flaws in the so-called empirical evidence being put forth to justify short-termism, attacks by activist hedge funds and shareholder-centric corporate governance.  These new studies show that the so-called empirical evidence omit important control variables, … Continued

Editor’s Note:  This article was authored by Martin Lipton of Wachtell, Lipton, Rosen & Katz.

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AUSTRALIAN UPDATE – Shareholder Intention Statements: The Takeover Panel’s Proposed New Guidance

Highlights: The Takeovers Panel recently issued a draft guidance note on when shareholder intention statements to accept a bid may be unacceptable. Statements of intention from major shareholders to accept a takeover bid or vote in favour of a scheme should be qualified as being subject to no superior proposal emerging. Shareholders should allow a … Continued

Editors’ Note:  Danny Gilbert, co-founder and Managing Partner of Gilbert + Tobin, non-executive director of National Australia Bank, and a member of XBMA’s Legal Roundtable contributed this article written by his colleagues Neil Pathak, head of the firm’s Mergers and Acquisitions team in Melbourne, Sarah Turner, a partner in the firm’s Corporate Advisory group and Nirangjan Nagarajah, a lawyer also in the firm’s Corporate Advisory group.

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