Trends & Statistics

GLOBAL M&A STATISTICAL UPDATE – XBMA Annual Review for 2012

Executive Summary/Highlights: Global M&A volume in 2012 reached US$2.6 trillion, marking the third consecutive year of steady deal volume in the US$2.6 trillion per annum range. Uncertainty and other familiar constraints held back the M&A markets for the first three quarters of 2012, but deal volume surged in Q4 which, coupled with stabilizing markets, cash … Continued

Editors’ Note:  XBMA’s 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 – Canadian Government Clarifies Policy on Foreign Investments by State-Owned Enterprises

Highlights: Revised guidelines for investments by foreign state-owned enterprises (SOEs) that are subject to a net benefit review under the Investment Canada Act (ICA) were contemporaneously announced with the approval of investments by CNOOC Limited, a Chinese SOE, to acquire Nexen Inc., and by Petronas, a Malaysian SOE, to acquire Progress Energy Resources Corp. The … Continued

Editor's Note: This update was submitted by I. Berl Nadler, a partner at Davies Ward Phillips & Vineberg LLP and a leading Canadian corporate lawyer who has been involved in numerous high-profile financing transactions and acquisitions worldwide on behalf of multinational corporate clients.  The authors, John D. Bodrug, Charles Tingley, George N. Addy, Hillel W. Rosen and Mark C. Katz, are partners in Davies Ward Phillips & Vineberg LLP’s Competition and Foreign Investment Review practice.

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GLOBAL UPDATE – China Surpasses the U.S. As Top Destination For Foreign Investment

Highlights: China overtook the U.S. as the world’s top destination for foreign direct investment (FDI) in the first half of 2012, receiving $59.1 billion in foreign direct investment versus $57.4 billion received by the U.S in the same period.  By comparison, in 2011, China attracted $116 billion while the U.S. attracted $227 billion in FDI. … Continued

Editors’ Note:   The United Nations Conference on Trade and Development released data in an October 23 report indicating that developing countries for the first time absorbed half of global FDI inflows due to the steep fall in flows to the United States and a moderate decline in flows to the EU, highlighting investors’ growing appetite for investments in faster growing developing economies.

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Canadian Update: Government Rejects Petronas-Progress Transaction: Is Rejection the New Reality for Foreign Investors?

Highlights: Recently, the Canadian federal government has been particularly solicitous of foreign investment involving state-owned enterprises (SOEs), so it was a surprise when the governmental rejected, for the first time, a proposal by an SOE in the oil and gas sector. The process for such approval is not transparent, but it would be prudent to … Continued

Editors’ Note:   This article was contributed by Christopher Murray, a partner of Osler and leader of Osler’s Asia-Pacific initiative whose practice focuses on public company M&A as well as corporate finance principally involving REIT Income Funds, mining and energy businesses.  The article was authored by Osler partners, Peter Glossop, a leading advisor on foreign investment review in Canada, and Frank Turner, National Co-Chair of Osler’s Corporate Group and an expert in advising sovereign wealth funds and state-owned enterprises all over the world on acquisitions and investments in Canada.

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Global Update: Federal Reserve Chairman Ben S. Bernanke on International Implications of U.S. Monetary Policy

Highlights: Fed Chairman Bernanke argued that the U.S. Federal Reserve’s accommodative monetary policy not only helps the U.S. economic recovery, but also helps support the global economy, including emerging economies.  The speech sought to counter arguments that the Fed’s monetary policy encourages excess capital flows into emerging market economies, which some have argued causes undesirable … Continued

Editors’ Note:   On October 14, 2012, Federal Reserve Chairman Ben S. Bernanke gave a speech at the "Challenges of the Global Financial System: Risks and Governance under Evolving Globalization," a seminar sponsored by Bank of Japan-International Monetary Fund, in Tokyo.  The speech addressed the international implications of U.S. monetary policy and sought to rebut arguments about negative effect of U.S. policy on emerging economies.

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GLOBAL UPDATE – Global Capital Confidence Barometer: Real Estate, Hospitality and Construction

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

Editors’ Note:  Franny Yao (Yao Fang), who contributed this article, is a Partner & Leader at Ernst & Young in Beijing, responsible for Key Accounts and Government Relations in China. She is a founding director of XBMA and has broad expertise in cross-border M&A, representing major Chinese companies in their global expansion and other strategic drives. This report was produced by Ernst & Young’s Real Estate, Hospitality and Construction practice group.

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AUSTRALIAN UPDATE – Deal Landscape, Deal Structures and Foreign Bidders in Australian Public M&A in 2012

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

Editors’ Note: This report was authored by Philip Podzebenko, a member of XBMA’s Legal Roundtable, and Linda Sweeney, solicitor.  Mr. Podzebenko and Ms. Sweeney are members of Freehills’ Corporate Group, which is at the forefront of developments shaping Australia’s corporate landscape. This paper was based on research conducted by Simon Reed, Partner, and Mark Tyler, Senior Associate, at Freehills.

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INDIA UPDATE – The India Board Report 2011: Board Composition, Effectiveness and Best Practices

Highlights:  Along with the global economic and financial crisis, a string of frauds resulted in the introduction of stricter corporate governance mechanisms in India, with additional requirements, including in the pending Companies Bill, under consideration. While these changes were expected to plug new holes found in the existing regulations, there was also growing realization that … Continued

Editors’ Note:  This third edition of the India Board Report is contributed by Zia Mody, founding partner of AZB & Partners and a member of XBMA’s Legal Roundtable.  Ms. Mody has led many of India’s most significant corporate transactions, been recognized by Business Today as one of the Most Powerful Women in Indian Business and received the Economic Times Award for Corporate Excellence as Businesswoman of the Year. 

The India Board Report, jointly prepared by AZB & Partners, Hunt Partners, and PWC, comprehensively surveys hundreds of leading Indian companies and independent directors on the timely topics of Board Composition, Effectiveness and Best Practices.

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UK UPDATE – Understanding and Dealing with Hedge Funds and Shareholder Activism Across Europe: The Impact of the Financial Crisis

Executive summary: The attached guide takes a pan-European look at trends and developments through the 2008 financial crisis and in the period since, focusing on: the position of hedge funds: their behaviour, performance and strategies in that period, as well as the changed regulatory landscape they now face, and activist behaviour by both hedge funds … 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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Global Technology M&A Update – Technology M&A Surges In Difficult Environment

Five disruptive technology megatrends drove the value of global technology mergers and acquisitions (M&A) up 41% in 2011, while volume increased by 13% — even as the value of global M&A in all industries fell slightly amid economic uncertainty, according to Ernst & Young’s Global technology M&A update, October — December 2011 and year in … Continued

Editors’ Note:  Franny Yao (Yao Fang), who contributed this article, is a Partner & Leader at Ernst & Young in Beijing, responsible for Key Accounts and Government Relations in China.  She is a founding director of XBMA and has broad expertise in cross-border M&A, representing major Chinese companies in their global expansion and other strategic drives.  This summary was produced by Ernst & Young’s Global Technology Center.

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