Highlights: Global M&A volume in 2016 continued to be robust, reaching $3.7 trillion, approximately 40% of which involved cross-border deals, as compared to one-third in 2015. Five out of the ten largest deals of the year were cross-border transactions. The pace of deals grew during the second half of the year, especially in the U.S., … Continued
Main Article: During this sensitive time when capital control measures are about to come out, through an interview of officials of the State Administration of Foreign Exchange (“SAFE”), the Xinhua News Agency on December 8 revealed the details and direction of policy on the recent tightening of overseas direct investment (“ODI“). The effects on ODI … Continued
Executive Summary/Highlights: The new Dutch Corporate Governance Code, issued December 8, 2016, provides an interesting analog to The New Paradigm, A Roadmap for an Implicit Corporate Governance Partnership Between Corporations and Investors to Achieve Sustainable Long-Term Investment and Growth, issued September 2, 2016, by the International Business Council of the World Economic Forum. The new … Continued
Executive Summary/Highlights: The evolution of corporate governance over the last three decades has produced meaningful changes in the expectations of shareholders and the business policies adopted to meet those expectations. Decision-making power has shifted away from industrialists, entrepreneurs and builders of businesses, toward greater empowerment of institutional investors, hedge funds and other financial managers. As … Continued
Highlights The Australian public M&A market has seen steady activity levels, with modest growth in deal volumes (by value) in the 12 months to 30 June 2016 (FY16). Success rates have remained steady, with 73% of deals announced in FY16 being completed. The level of contested bid activity rebounded in FY16 with 6 targets attracting … Continued
Executive Summary/Highlights: October 1 saw the coming into effect of the most significant reform of French contract law since the Napoleonic code was first promulgated in 1804. We survey below some of the key takeaways for dealmakers. The reform was notably motivated by a desire to maintain the attractiveness of French law. One of the … Continued
Executive Summary/Highlights: China’s outward foreign direct investment (FDI) has increased substantially over the past decade. At US$111.5 billion in total in 2015, outbound FDI exceeded inbound FDI for the second year running. Aided by the creation of new / simplified regulatory channels, China’s outbound FDI is expected to grow more than 10% per year for … Continued
Executive Summary/Highlights: On September 28, 2016, the Canadian federal government introduced Bill C-25: An Act to amend the Canada Business Corporations Act et al. The proposed amendments are the culmination of the first substantive review of the Canada Business Corporations Act (the CBCA) in 15 years and are the result of a consultation process initiated … Continued
Executive Summary/Highlights: Global M&A volume in Q3 totaled approximately US$800 billion, approximately 10% lower than Q2, and over 10% higher than Q1. At its current rate, global M&A volume for 2016 is on pace to reach US$3.2 trillion, approximately the level reached in 2014 but considerably lower than the record levels of 2015. Q3 saw … Continued
Highlights: From October 1, 2016, a new FDI administration system will be launched in China. Under the new system, MOFCOM approval will not be required for incorporation or acquisition of a foreign invested enterprise (“FIE”), unless its business is on the Nationwide Negative List released by the State Council. This will increase efficiency for incorporation … Continued
