Forum

Highlights: Wachtell Lipton has petitioned the US Securities and Exchange Commission to modernize the blockholder reporting rules under Section 13(d) of the Securities Exchange Act of 1934 to prevent exploitation by stockholder activists and address current market conditions and practices.  Among other things, the petition proposed that the time to publicly disclose such block acquisitions … Continued

This contribution is based on the Guide first published by China Law & Practice, in association with International Financial Law Review, Hong Kong, 2011.[/stextbox] Highlights: Latin American markets have put in a stellar performance in recent years and present ever-growing business opportunities to Chinese investors, as China becomes increasingly active and influential in the region. … Continued

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

Highlights:  China’s two governmental regulators for anti-monopoly conducts in China announced that they will increase the transparency of their enforcement actions under the Anti-Monopoly Laws. One head of SAIC discussed its future goals: (1) to investigate those typical antitrust cases having serious impact on market competition; (2) to investigate monopoly conducts of public utility enterprises … Continued

Highlights: The Competition Commission of Singapore (“CCS”) has published its revised Guidelines on Merger Procedures 2012 and they came into effect on 1 July 2012. The changes provide further guidance to parties on determining whether a merger is likely to result in a substantial lessening of competition. They also set out a new procedure for … Continued

Executive Summary: The product of an extensive canvasing of sovereign wealth funds from around the world and a review of their respective best practices, Panama’s new National Savings Fund provides the government with a sophisticated and transparent investment vehicle to manage the country’s surpluses. Main Article: Riding off of an unprecedented period of prosperity and … Continued

Executive Summary:  Recently, as part of its foreign exchange reforms, the People’s Bank of China signed a bilateral currency swap agreement with the Reserve Bank of Australia.  This report discusses the currency swap agreement and the introduction of PRC laws relating to the internationalisation of the RMB. MAIN ARTICLE Background The currency swap agreement Major … Continued

Executive Summary: Nishimura & Asahi has prepared a Q&A guide to public mergers and acquisitions law in Japan.  The country-specific Q&A looks at current market activity; the regulation of recommended and hostile bids; pre-bid formalities, including due diligence, stakebuilding and agreements; procedures for announcing and making an offer (including documentation and mandatory offers); consideration; post-bid … Continued

Executive Summary/Highlights: The Act on simpler and more flexible laws of private limited liability companies (“BVs“) will come into force on 1 October 2012. The changes introduced by this Act will offer greater freedom in structuring BVs.  This article summarises the key changes and possibilities introduced by the new law. It also addresses a few … Continued

Executive Summary/Highlights:  Global M&A volume in Q2 was US$603 billion (US$2.2 trillion on an annualized basis), reflecting a relative rebound after a very slow first quarter (up 18% compared to Q1). The M&A environment is showing signs of improvement as strategic and private equity acquirers look to deploy their cash and take advantage of stronger … Continued