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
MAIN ARTICLE I. Introduction Law No. 12,529/2011 (the “New Antitrust Law”) has come into force on May 29, 2012. Several regulations were issued by the Administrative Council for Economic Defense (“CADE”), as well as by the Ministries of Justice and Finance in the last couple of days, bringing significant changes to the Brazilian merger control … Continued
Executive Summary: On 27 April 2012, a significant law was passed amending the Civil Code of the Russian Federation. The changes to the Russian Civil Code proposes to introduce new institutions and rules of the civil legislation and to amend, supplement and otherwise update many existing laws. The attached memorandum summarizes some of the most … Continued
Highlights: Following two important circulars regulating outbound investments made by central State-owned enterprises (SOEs) issued in the middle of 2011, SASAC issued a new circular on 18th March 2012 to provide further elaborations on certain specific requirements and to further enhance the supervision on SOEs’ outbound investments. Among other supervisory measures lately adopted by … Continued
Highlights: Valuation adjustment mechanisms have been often used by private equity firms in their portfolio investments in China, which had never been tested until recently ruled invalid by a Chinese local court. It remains to be seen if and how this decision will impact the investment practice of private equity firms in China. Main Article: … Continued
Highlights: On 19 March 2012 the King ratified a new act modifying the Belgian Companies’ Code with respect to the procedure for the liquidation of Belgian companies. The Act comes into force on 17 May 2012. The purpose of the Act is twofold: on the one hand, a series of procedural amendments for company liquidations … Continued
Highlights: The Singapore Code on Take-overs and Mergers was amended with effect from 9 April 2012. The main changes include updating the Code to incorporate current practices on the takeover of real estate investment trusts and business trusts, setting out when collective shareholder action amounts to acting in concert, and dealing with joint offers and … Continued
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
MAIN ARTICLE The Canadian government continues to propose changes to Canada’s foreign investment review regime under the Investment Canada Act (“ICA”). In its most recent announcement (available here) the government proposes to significantly increase the principal threshold used to determine whether foreign investments will be subject to review under the ICA. The government also published … Continued
Highlights: The Canadian government proposed amendments to the Investment Canada Act (the “ICA”) that would authorize the Minister of Industry (or Minister of Canadian Heritage, in respect of cultural businesses) to accept a security payment from investors in respect of any possible penalties that a court might order if the investor is subsequently held to … Continued
