Executive Summary/Highlights: Global M&A volume in Q3 was ~US$820 billion, consistent with Q2 levels. Cross-border transactions continued to account for approximately 38% of both overall deal activity and of the largest deals. Deal volume involving an emerging economy acquirer and a developed economy target grew nearly 12% relative to Q2 and continued to substantially outpace … Continued
Executive Summary: Recent legislative measures affecting private and public M&A include: Effective November 2017, the scope of the Austrian merger control regime will be broadened. Effective January 3, 2018, public M&A will be affected by a change in takeover procedures as well as new delisting rules allowing voluntary de-listings from the Vienna Stock Exchange in … Continued
The Panel has today (19 September 2017) published its consultation paper PCP 2017/2 on statements of intention. The Panel has been concerned for some time that the disclosures by a bidder in relation to its intentions for the target business (required to be made in the offer document) have been bland and generic, and therefore … Continued
Main Article: This week witnessed two very significant developments in the new paradigm for corporate governance, one in the U.S. and one in the U.K. Both will have cross-border impact. Both have the purpose of promoting investment to achieve sustainable long-term investment and growth. In the U.K., government proposals for corporate governance reform center on … Continued
Executive Summary/Highlights: Global M&A volume in Q2 was ~US$823 billion, ~6% higher than Q1. European M&A continued its strong trend in Q2, accounting for ~30% of deal volume, up substantially from prior years. Aggregate inbound M&A volume into all BRIC countries reached nearly US$33 billion, marking the strongest Q2 in recent years, contributing to the … Continued
Executive Summary: The guide has been updated to reflect legal and regulatory changes made to the national takeover regimes since it was last published in April 2013. The Takeover Directive has been implemented in all of the countries which are covered. Its aim is to provide equivalent protection throughout the EU for minority shareholders of companies listed on an … Continued
The Enterprise Chamber has ruled that a company’s response to an unsolicited takeover proposal falls within the board’s authority to determine the company’s strategy. The board does not have to consult with shareholders first, but remains accountable to shareholders for the company’s actions. The ruling sets out important viewpoints for board conduct and other aspects … Continued
Background: Lava Jato reaches Peru Corruption has always been a sensitive issue when doing business in Latin America. In recent years, the Brazilian “Lava Jato” investigation has been in the spotlight for its implications throughout the continent. Brazilian construction giants such as Odebrecht, OAS, Camargo Correa, Andrade Gutierrez and Quieroz Galvao, among others, were indicted … Continued
Executive Summary/Highlights: Global M&A volume in Q1 totaled approximately US$778 billion, approximately 10% higher than Q1 2016, marking the second highest Q1 since 2011. Cross-border M&A activity accounted for 43% of global deal volume in Q1, above 2016 levels, and led by activity in the Materials and Healthcare sectors. Five of the 10 largest deals … Continued
Highlights: The Cyberspace Administration of China (“CAC”) released a draft of the Measures on Security Assessment of the Cross-Border Transfer of Personal Information and Important Data (the “Draft”) on April 11, 2017 allowing for one month of public comments to be offered. Security assessments on the cross-border transfer of personal information and important data was … Continued
