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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2024

Executive Summary/Highlights For the first time since 2021, global dealmaking is up year on year for the third consecutive quarter, with significant increases in volume attributable to U.S. M&A and mega deals. Global M&A volume was US$797 billion in Q1 2024, a 36% increase from Q1 2023 but an 11% decrease from Q4 2023. Global … 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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JAPANESE UPDATE – A Pioneering Unsolicited Takeover in Japan: Nidec’s 2023 Acquisition of Takisawa

*Originally distributed on February 26, 2024.  In July 2023, Nidec Corporation, the largest motor manufacturing company in the world and listed on the Tokyo Stock Exchange (“TSE”) Prime Market, proposed to acquire and take private Takisawa Machine Tool Co., Ltd., which specializes in manufacturing machine tools and is listed on the TSE Standard Market. Remarkably, … Continued

This article was authored by Masakazu Iwakura (Senior Partner), Hidenori Nakagawa (Partner) and Masanori Bito (Partner) of TMI Associates. They appreciate the valuable assistance of Vincent Tritto, a Foreign Attorney at TMI.

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JAPANESE UPDATE – Japan’s Largest M&A Transaction in 2023: The Acquisition of Toshiba Corporation

*Originally distributed on February 20, 2024.  In 2023, there was a 6.7% decline in the number of mergers and acquisitions involving Japanese companies as compared to 2022. This decrease can be attributed to a combination of macroeconomic factors, interest rate trends, regulatory changes, and geopolitical influences. Despite this overall trend, one standout deal was the … Continued

This article was authored by Masakazu Iwakura (Senior Partner), Hidenori Nakagawa (Partner) and Masanori Bito (Partner) of TMI Associates. They appreciate the valuable assistance of Vincent Tritto, a Foreign Attorney at TMI.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2023

Executive Summary/Highlights Global M&A volume in 2023 declined relative to 2022 and 2021, when it set a record. M&A activity in the second half of 2023, however, exceeded that of the second half of 2022. Global M&A volume in 2023 was US$2.9 trillion, down from US$3.6 trillion in 2022 and below the annual average of … Continued

CHINESE UPDATE: Key Considerations for Multinational Corporations in China under the New PRC Company Law

*Originally distributed on January 13, 2024.  On December 29, 2023, the National People’s Congress passed the new amendment to the Company Law of the People’s Republic of China (the “New Company Law”), which will take effect on July 1, 2024. This marks the second comprehensive revisions of the PRC Company Law since its initial promulgation … Continued

This article was authored by Daniel He (partner) at JunHe. Mr. He's current practice focuses on merger and acquisition projects, joint venture transactions, and strategic investment projects in various industries such as food & nutrition, automotive, chemistry, logistics, real property, medical device, and retail & distribution. In addition to his work in M&A, Mr. He also serves as China counsel to a number of leading companies and non-government organizations in their general corporate and regulatory compliance matters throughout China.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2023

Executive Summary/Highlights Despite signs of recovery in Q2 2023, global dealmaking slowed in Q3 2023, and annualized year-to-date M&A volume is now on pace to be the lowest total since 2003. Global M&A volume was US$655 billion in Q3 2023, a 16% decrease from Q2 2023 and an 11% decrease from Q3 2022.  If the … 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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CHINESE UPDATE: Border Crossings: Toward Mutual Recognition and Enforcement of U.S. and Chinese Civil Court Judgment

Despite frequent frictions in recent trade relations, the growing scale of the economic relationship between the world’s two largest economies—the People’s Republic of China (PRC) and the United States—has given rise to an ever-greater number of civil and commercial disputes. For decades, the common assumption among American lawyers was that enforcing a U.S. court judgment … Continued

This article was co-authored by JunHe LLP Partner Zhenyong (Allan) Ye and Frost Brown Todd Attorney-at-law Aaron M. Bernay. Summer intern Shizun Zhou from JunHe LLP and summer associate James Hardman from Frost Brown Todd also contributed.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2023

Executive Summary/Highlights Global dealmaking is showing signs of recovery: although M&A volume in H1 2023 was lower than H1 2022, deal volume in Q2 2023 was the second highest of the last four quarters. Global M&A volume was US$753 billion in Q2 2023, a 31% increase from Q1 2023, but a 33% decrease from Q2 … 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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CHINESE UPDATE: D&O Liability Insurance in the PRC

*Originally distributed on June 25, 2023 Directors’ and officers’ (D&O) liability insurance is still new to Chinese mainland. Although it was introduced to China in the late 1990s, it did not appear to be important to many Chinese companies and the uptake was rather slow. Now the D&O market is set to boom due to … Continued

This article was authored by Xin Chen (partner) and Yuan Tao (associate) at JunHe. Mr. Chen's current practice focuses on insurance, trade, finance, shipping, corporate and foreign-related commerce matters, both contentious and non-contentious. Mr. Chen has been dedicated for many years to dispute settlement for foreign-related commerce, including many major influential cases at home and abroad.

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FTC Proposes Sweeping Changes to HSR Reporting Obligations

*Originally distributed on June 29, 2023. In a notice of proposed rulemaking published this week, the Federal Trade Commission unveiled significant changes to the reporting obligations under the Hart-Scott-Rodino Act.  If adopted as final rules, those changes will materially increase filing burdens and hinder parties’ ability to file and close quickly, even in non-problematic transactions.  … Continued

This submission was contributed by Ilene Knable Gotts, Nelson O. Fitts, Damian G. Didden, and Christina C. Ma at Wachtell, Lipton, Rosen & Katz.

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