Highlights: Dr. Qin argues that 2010 marked a major turning point for the Chinese economy, reflecting the end of 30 years of high speed growth. China’s aging population and decelerating urbanization and the impending global rebalancing will require China to shift gears from an export dependent model to a more internally focused economy. The theme … Continued
KEY POINTS: Despite Argentina’s high inflation and a lack of certain structural reforms, there has been an increase in the M&A activity in the country during 2011. This increase has mainly been driven by strategic investors and to a lesser degree by venture capital and private equity funds attracted by Argentina’s GDP robust growth and … Continued
Executive Summary: New share- and instrument holding disclosure rules concerning German listed companies go into force on 1 February 2012. The new rules particularly intend to prevent secret stakebuilding in listed companies. The new rules are likely to have a significant impact on public takeovers. The rules may also apply, under particular circumstances, to non-German companies … Continued
Executive Summary/Highlights: MOFCOM conditionally cleared the acquisition of Savio Macchine Tessili S.p.A ofItaly by Alpha Private Equity Fund V, a European private equity firm, subject to certain disposition conditions. This is the first conditional decision relating to a private equity investor that grants conditional approval. Historically, PE firms have believed that their transactions were very … Continued
Executive Summary/Highlights: The Brazilian House of Representatives has approved a bill that substantially changes merger review procedures and antitrust investigations in Brazil. The new law is subject to Presidential approval and will likely become effective in mid-2012. The new law creates a pre-merger review system (clearance will be a condition precedent to closing) and changes … Continued
Executive Summary/Highlights: Mexico’s Retirement System National Commission recently enacted new legislation designed to facilitate the outsourcing of investment management of Mexican pension funds. One of the main goals of the new legislation is to create a competitive market that is open to international asset managers. The new legislation permits SIEFORES and their authorized Agents to … Continued
Executive Summary/Highlights: Japanese legal hurdles to cross-border exchange offers or triangular mergers have deterred Japanese acquirers from using their stock in cross-border acquisitions. A recent amendment to the Law on Special Measures for Industrial Revitalization and Innovation, which took effect on July 1, 2011, introduces a new path to facilitate exchange offers by Japanese firms … Continued
Executive Summary/Highlights: New laws provide indigenous people consultation right with respect to investment in Peruvian natural resources, but not the veto investors feared; however, they could delay projects while regulations are worked out, New mining “windfall profit tax” expected by the Peruvian Government to raise the total tax and mandatory profit sharing costs in the … Continued
Executive Summary: So far this year, about 70% of Australian announced listed company deals over $100m have involved foreign bidders. Foreigners making bids in Australia include principally acquirors from the US, UK, Canada and China. With the Asian demand for resources and agribusiness companies, Chinese and Indian bids are expected to increase. The large number … Continued
Executive Summary/Highlights: Austrian M&A during Q1 through Q3 2011 was largely driven by (1) consolidation involving intra group restructurings with disposals and exits, and (2) transactions triggered by insolvency. Consolidation of the Austrian banking sector remained a key driver for transactional activity. New 2011 law implemented Regulation 2009/109 EC, providing among other things for lesser … Continued
