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28th November 2023 10:18
Have there been any recent regulatory changes or interesting developments in your jurisdiction?
There have been no major legislative changes in Japan over the past year. With that said, the Ministry and Economy, Trade and Industry (“METI”) issued new guidelines for the conduct of corporate takeovers (the &ldquo ... Read more...
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30th November 2022 10:01
Have there been any recent regulatory changes or interesting developments in your jurisdiction?
Three years of Covid, including the latest wave that swept across Japan in the summer of 2022, has sapped the vitality of many Japanese businesses. This has given rise to an ongoing trend among Japanese companies of selling their ancilla ... Read more...
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By Greg Huitson-Little & Rob Lockwood, Posted:
30th September 2022 08:29
Warranties, warranties, warranties. It’s the small hours and the deal teams are hammering out the final pieces of an M&A transaction. Buried in one of the schedules to the sale and purchase agreement will be a long list of warranties. Promises made by the seller that everything’s all okay. Comfort for the buyer that there are no gremlins hiding in the cupboards. In most ... Read more...
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24th December 2021 13:11
Have there been any recent regulatory changes or interesting developments?
Certain revisions to the Companies Act came into effect on March 1, 2021. Among these revisions is the introduction of a “Share Delivery” transaction structure to facilitate corporate acquisitions by way of stock ex ... Read more...
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11th December 2020 08:53
Shigeki Tatsuno is a partner at Anderson Mori & Tomotsune and specialises in the area of mergers and acquisitions, joint ventures, and cross-border investments in every field, including life-science sector. Mr Tatsuno has extensive experience in advising venture companies and advising on private equity funds. He also provides advice to foreign and domestic clients on intellectual property ... Read more...
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18th March 2019 08:50
Open Source Software (OSS) has become widespread in modern software development. Not only have projects such as Mozilla Firefox, Linux or the Apache HTTP Server become a programmer’s favorites, but nowadays even as much as 90% of a newly developed application’s source code tends to consist of OSS. This important technological development must be carefully considered when enteri ... Read more...
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By John C. Johnson, M&AMI, Posted:
17th September 2018 08:50
The old adage that “timing is everything” is never truer than when it comes to selling – or not selling – a business.
As respected mergers and acquisitions educator, Darrell Arne, notes: “owners seldom sell too soon, but very often wait too long.” He coined a simple phrase on wise strategic choices for ... Read more...
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27th July 2018 08:53
Introduction
Mergers and acquisitions (“M&A”) are primarily used by companies looking to scale up and grow their businesses. “Mergers” are generally understood as events that result in target entities ceasing to have separate corporate or legal identities and being subsumed into the ac ... Read more...
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By Mark Preen, China Briefing, Dezan Shira & Associates, Posted:
18th June 2018 08:36
Shanghai is usually considered China’s most international and economically significant city. In 2017, it had a gross domestic product (GDP) of RMB 3.01 trillion (US$475 billion) – the highest of all cities in China. The Yangtze River Delta, which centers around Shanghai, is an important international gateway and one of the major engines of China’s economy. ... Read more...
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7th June 2018 09:18
Scheidemantle Law Group’s attorneys have joined Lathrop Gage LLP, the two firms announced today. The combination continues the expansion of Lathrop Gage’s Insurance Recovery and ... Read more...
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By Rabindra Jhunjhunwala & Stuti Galiya, Khaitan & Co., Posted:
28th September 2017 09:08
2016 was a year of big-sized merger and acquisition (M&A) deals for India with data showing a record high US$72 billion worth of deals during the year, which is more than double the value of transactions last year. Out of this, around 15 M&A deals were for US$1 billion or above. There were only four deals of this size in 2015.
Th ... Read more...
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By Daphne Biliouri-Grant, Co-founder & Director of West Sands Advisory Limited , Posted:
26th July 2017 08:42
The Growing Role of SWFs in M&As At the time, this was primarily because SWFs were welcomed for their stabilising effect on the financial markets. While some of the most prominent SWFs - such as Norway’s SWF and Singapore’s Temasek Holdings – were welcomed with no restrictions, SWFs from emerging markets were viewed with suspicion. However, the scept ... Read more...
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1st June 2017 08:28
Recently, M&A activities in Vietnam have become more active than ever. Main factors that have boosted Vietnam M&A activities include, among others, development of the legal framework after Vietnam’s accession to WTO in 2007, financial distress (difficulty in obtaining capital from loans and stock exchange), and increased in the number of distressed companies and ... Read more...
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By Christian Cornett, Rudolf Haas & Xiong Jin, King & Wood Mallesons, Posted:
2nd November 2016 08:18
Introduction
2016 has started with a number of true “headline” transactions which excited the Chinese outbound M&A market: In early January, Wanda Group agreed to buy the American film studio Legendary Entertainment for US$3.5 billion; on 14 January, Chinese white goods heavyweight Haier announced its cas ... Read more...
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5th October 2016 08:18
Can you outline the regulatory framework for cross-border M&A in your jurisdiction?
Israel is open to and seeks to attract foreign investment. Accordingly, there are generally no limitations on foreign ownership of Israeli companies and assets, with the exception of those foreign entities with connections to certain hostile ... Read more...
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By Louise Kelly, Posted:
23rd September 2016 08:18
An inversion is where the parent company of a group becomes headquartered somewhere other than the U.S. Due to various anti-avoidance rules introduced in the U.S. over the years, it is generally carried out as part of an acquisition, where the target is resident outside the U.S. Due to a complex tax regime in the U.S., including their Controlled Foreign Company (CFC) rules, many previously U.S.-he ... Read more...
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By Charmaine Rose K. Haw-Lim & Mari Janine Evan D. Mesina, Posted:
13th June 2016 08:10
A number of mergers and acquisitions in the information technology (“i-Tech”) industry have been concluded in recent times. Just last year, Dell Inc. signed a $67-billion deal to acquire EMC Corporation, which was a deal that affected the Philippines as well since EMC has had presence in the Philippines for several years now.
i-Tech companie ... Read more...
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By Vladimir Penkov & Svetlin Adrianov, Posted:
10th June 2016 09:16
After the record levels of the Bulgarian M&A achieved in 2007 and 2008 there was a steep fall of the M7A transaction both in number and in volume to get in 2010 to about six times less than 2008. Unfortunately, after a feeble revival in 2010 there is a stable trend of decrease ever since, whereas in 2015 the number of transactions was even less than 2010 (50 compared to 80) and the volume ... Read more...
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By Tom Schramski, Posted:
23rd March 2016 10:30
For some time, healthcare M&A deal activity has been robust in the US and much of the international community. Despite the vagaries of world markets, especially for commodities, many verticals within the healthcare market remain quite strong. For example, the GF Data® M&A Report recently noted that in 2015 high EBITDA premiums for Total Enterprise Value (TEV) in the lower U ... Read more...
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21st September 2015 09:23
Can you talk us through the current M&A landscape in your jurisdiction?
Belgium’s strongest industrial sectors are the food and beverage industry (chocolate, beer, biscuits), manufacturing (automotive, carpet industry), transport and logistics (logistical centre of Europe, highly developed transport network and pre ... Read more...
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By Kostis Hatzitaskos, Posted:
28th August 2015 10:07
Like most other measures of economic activity, mergers and acquisitions suffered in the wake of the recession that began in late 2007, both in the United States and internationally. While the economic recovery that started in 2010 has been slow and uneven, the number of companies engaged in M&A deals has trended steadily upward. M&A activity is up significantly ... Read more...
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By Nigel Boardman & Rose Bailey, Posted:
9th June 2015 09:24
On 12 January 2015, following perceived concerns raised during Pfizer’s approach for AstraZeneca, important changes regarding statements relating to bidders’ post-offer intentions for the target were introduced to the Takeover Code (the “Code”). These are, however, only the latest in a number of changes to the Code, following high profile and polit ... Read more...
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By Stéphane Konkoly, Posted:
5th June 2015 09:28
In response to the FATF Recommendations 2012, the Swiss Parliament promulgated a new law in December 2014 which purports to combat money laundering more effectively. This law will likely enter into force on 1 July 2015 for the most part (with some provisions applying as from 1 January 2016 only) and will in particular impose new transparency requirements for non-listed Swiss companies.&l ... Read more...
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By Lorcan Tiernan, Posted:
2nd June 2015 08:48
On 23 December 2014 the President of Ireland signed the Companies Act 2014 into law. At nearly 1,500 sections it is the largest substantive piece of legislation in the history of the state and represents a significant reform of Ireland’s company law regime. The 2014 Act consolidates, reforms and amends existing company law legislation and will impact every Irish compa ... Read more...
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By Stanislav Danilov, Posted:
19th May 2015 08:52
The Russian legislators have been actively updating the civil and corporate legislation for over 18 months. The changes have concerned nearly all areas from general corporate areas and the legal capacity of the companies to such fine points as specifics of winding-up in case of lack of assets or particular responsibilities for support of unfair or unreasonable decisions of persons in the ... Read more...
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By Steven De Schrijver, Frédéric Verspreeuwen & Dieter Veestraeten , Posted:
18th May 2015 09:11
Building on the momentum of 2014, Belgium is establishing itself once more as an attractive jurisdiction for international investors. Combining its strategic and logistic value with the investment policy currently maintained by the ECB, the M&A forecasts for Belgium are quite positive.
In the first quarter of 2015, the acquisition by Perigo of ... Read more...
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By Dmytro Fedoruk & Andriy Olenyuk, Posted:
29th April 2015 09:16
Ukraine has always been regarded as a land of extensive potential and neglected opportunities. Despite having a favourable geographical location, fertile agricultural lands, low-cost but high-skilled labour and large consumer markets, Ukraine has for long been unable to build up on its strengths and develop into a sustainable economy with a comfortable business environment. Now ... Read more...
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15th January 2015 08:37
1. Can you talk us through the current M&A landscape in your jurisdiction?
2014 was an extremely busy year on the M&A front, with there being significantly more activity than the previous year. There was a concern that the Gaza conflict in the summer of 2014, might result in deals being aborted. ... Read more...
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With Jeremy Saideman, Bryan Cave, Posted:
11th December 2014 09:12
1. What are the key components for deal success?
There are a number of key components and M&A deal success is no different to any other form of transaction. Perhaps my top two are as follows. The first (and one that is becoming increasingly important) is for clients to “do their homework&rdq ... Read more...
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By Chris Devonshire-Ellis, Posted:
3rd September 2014 09:17
While many foreign companies choose to access the Indian market through direct and indirect export rather than by establishing a local business presence, developing a joint venture (JV) with an Indian partner can sometimes be both the most strategic and affordable option for market entry. Although entering into a JV with a domestic partner is required for foreign companies seeking to operate in se ... Read more...
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By Dezan Shira & Associates, Posted:
26th August 2014 08:54
Vietnam is awaiting a second wave of M&A activity, with the total value of deals expected to reach US$20 billion between 2014 and 2018.
The first wave of M&A started in 2008 and slowed down in 2013 due to economic stagnation. However, experts still believe the M&A market will be more dynamic in the next five years with strong growth in b ... Read more...
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8th August 2014 08:46
Due to the lack of specific regulation for Joint Ventures in Costa Rica it is critical that both local and multinational organisations utilise the help and support of a local expert.
Eric Scharf is one of the founding partners of Sfera Legal, which was created in 2012, based on the trajectory of its members which began more than 20 years ago. The firm ... Read more...
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By Will McIntosh, Posted:
22nd July 2014 08:48
You have made the key decision to buy a business. Your next decision will be whether to proceed by way of an asset purchase or acquiring the shares of the company. Going down the asset purchase route means you acquire only assets of your choosing, whereas a share purchase involves purchasing the company running the business, with all its assets and liabilities, including tax an ... Read more...
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Written by Maurizio Delfino, Posted:
3rd June 2014 09:03
About ten years ago the Directive 2004/25/EC on takeover bids (“TBD”) of April 21, 2004 provided EU Member States with minimum guidelines for takeover bids involving corporations listed in the European Union. TBD’s main goals were to harmonise corporate law in respect of takeover bids and favour free movement of capita ... Read more...
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By Baldvin Björn Haraldsson & Einar Baldvin Árnason , Posted:
23rd May 2014 09:09
In the fall of 2008 Iceland suffered a major economic crisis when most of its banking system collapsed within the space of a few weeks. Since the collapse of the banking system, foreign exchange transactions and cross-border movement of capital have been subject to capital controls, as further outlined below. Despite the turmoil in the financial sector in Iceland it seems that ... Read more...
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By Spencer D. Klein, Jeffery Bell & Enrico Granata, Posted:
13th May 2014 09:02
The “Pac Man” Defence Makes a Return Appearance
In November 2013, Men’s Wearhouse made an unsolicited offer to acquire Jos. A. Bank, just weeks after rejecting a hostile offer from Jos. A. Bank. Jos. A. Bank initially rejected the “Pac Man” counteroffer, but ultimately agre ... Read more...
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By Anjali Haridas & Debanjan Banerjee, Posted:
8th May 2014 08:34
With the slowing down of the Indian economy, the Indian Government has been accused of “policy paralysis” by business, media and its political opponents. To signal its intent to continue with policy reforms, certain sectors such as multi-brand retail trade, telecommunications and credit information were further liberalised for foreign direct investment, in the recent ... Read more...
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By Ms. Pallavi Dinodia, Posted:
1st May 2014 08:45
India is a country in which more than 80 per cent of businesses are family owned, run or managed. These family enterprises are often characterised by concentrated ownership and widespread use of a maze of entities performing an array of activities.
The Indian Corporate Law (Companies Act, 2013) along with disclosures of related parties (as per AS-18) ... Read more...
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By Jim Lowe, Posted:
28th April 2014 13:07
Developments in merger control around the world over the past five years increasingly affect not only strategic transactions, but routine financial transactions. It is ever more important that corporate counsel be aware of the potential impact of merger control requirements on their transactions and, particularly in strategic and multijurisdictional transactions, take in to consideration ... Read more...
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By Urs P. Gnos & Simon Kehl, Posted:
17th April 2014 08:47
On 3 March 2013, the Swiss voting public – after a long and fiercely fought public debate – approved the so-called ”rip-off initiative“ by a large majority. Given the clear message sent by the Swiss voters, the Swiss Federal Council has rapidly implemented the initiative and its key corporate governance requirements and published the ordi ... Read more...
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By Claudio Donato Monge, Marco López Volio & Claudio Donato López, Posted:
11th April 2014 09:27
One year after the date in which the legal amendment to the Competition and Consumer Defence Act (Law 7472), that introduced the legal obligation to notify certain mergers and transactions to the local Competition Commission (Costa Rican Antitrust Authority), came into effect, there are still high levels of unfamiliarity related to the application of this law. This amendment was later re ... Read more...
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By Sarah Mogford – Director RSK Environment Ltd, Posted:
4th April 2014 08:56
Recent economic and M&A deal outlook have noted that there is likely to be a continuing positive trend in the number of deals we see in the energy, power and renewable sectors internationally over the coming year. There are, as one might anticipate, a wide variety of potential environmental issues which may be encountered in in these sectors. Environmental due diligence ... Read more...
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By Chris Devonshire-Ellis, Posted:
5th February 2014 09:20
Amongst all the recent hype of Chinese outbound investment going to the United States comes the news that Lenovo have purchased Motorola from Google for US$2.9 billion. I’m not a great believer in the stories of Chinese manufacturers heading in droves to buy up struggling American or European businesses – China has emerging Asia right on its doorstep and is investing heavily in ... Read more...
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By Dezan Shira & Associates, Posted:
21st November 2013 09:04
As the proposed Apollo-Cooper Tires M&A deal continues to go south amid accusations and lawsuits, lessons can be learned from this New York-brokered deal about the perils of ignoring even minority-owned ass ... Read more...
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By Linda Evans, Elizabeth Richmond & Alexia Takis, Posted:
20th August 2013 08:38
There has been a significant downturn in the number of Australian mergers in the past few years. Investors are cautious and are looking for greater certainty of success before commencing a transaction. Recent trends in the regulatory environment in Australia have added to the uncertainty for investors and present challenges for merger parties.
& ... Read more...
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By Dezan Shira & Associates, Posted:
14th August 2013 08:04
Merger and acquisition (M&A) activity in Vietnam is expected to remain high in the coming years according to a Vietnam M&A Forum research group. Transaction activity is projected to grow at a rate of 25 to 30 percent per year over the next five years, with total value reaching US$4 billion by the end of this year.
The market for M&As in ... Read more...
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By Mohamed Idwan Ganie, Posted:
26th June 2013 08:45
Indonesia’s substantial population, whose prosperity is steadily increasing, and ample natural resources have proven to be an attractive business environment for investment. At a time of turmoil in more developed markets Indonesia presents a potentially more appealing proposition than some of its peers – an economy driven by growing domestic demand rather than exports ... Read more...
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By Vandana Shroff & Smruti Shah, Posted:
18th June 2013 08:28
The advent of globalisation in general - and a shift of economic power to the emerging economies in particular - has led to a huge spurt in cross-border activity over the past two decades. By definition, a cross-border deal will involve at least two jurisdictions. However quite often, the number may be much bigger as the companies involved may have operations all over the world ... Read more...
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By David Yuill, Posted:
13th June 2013 08:40
The South African M&A regulatory framework has undergone a significant change in recent times with the introduction of a new Companies Act on 1 May 2011. This is the first significant change to South African company law in the last three decades, with the previous Companies Act having been in place since 1973. The new Companies Act has introduced a number of new concept ... Read more...
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By Jeremy Saideman & Carol Osborne, Posted:
11th June 2013 08:32
Surprisingly, while the disclosure schedule (or disclosure letter) is one of the most significant documents in any M&A transaction, with important consequences for both the buyer and the seller, it is often prepared at the last minute and without a full understanding by the parties of its strategic and lasting importance to the deal. Whether for an asset sale or stock sale, every ... Read more...
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By Rob Faasen, Claudine Maeijer & Jan ter Horst, Posted:
6th June 2013 08:35
The current Dutch M&A market is no exception to the other markets in Europe. Although the number of M&A transactions picked up in 2012 was not so bad, it will be a long time before it reaches the levels of 2007 and earlier years.
The number of M&A transactions reduced over the years, however the deal value attributed ... Read more...
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By Tsuyoshi Shimizu & Mayuko Tsujimoto , Posted:
4th June 2013 08:31
The legislative council of the Ministry of Justice of Japan compiled an outline of the proposed amendments to the Companies Act of Japan in September 2012, and such proposed amendments include an amendment to the procedural rules on allotment of shares.
Background of Amendment
Under the existing ... Read more...
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By Dimitrinka Metodieva & Victor Gugushev, Posted:
29th May 2013 08:29
The Bulgarian economy suffered a dynamic development in recent years. Due to the low tax rates, favourable geographical location and the EU membership, Bulgaria has become a preferred destination for investment and development of new industries that were either stagnant over the last two decades, or have been lacking in resources for their development. With the accession of Bul ... Read more...
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By Jackson Shuai-Sheng Huang, Posted:
22nd May 2013 09:06
The merger and acquisition market in Taiwan has been in a growing trend during the recent years. The growing trend should continue for the years to come because of the untapped potentials in the Taiwan market. Majority of the deals in Taiwan are cross-border deals or deals with cross-border elements. Furthermore, because of the special relationship between Taiwan and ... Read more...
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3rd May 2013 09:39
Introduction
Real estate acquisitions by foreigners had been a subject matter of some restrictions for a time in Turkey. In conjunction with Articles 35 and 36 of Land Register Law dated 1935(1), it became possible for foreign real persons to gain the property right of an immovable property under the “principle o ... Read more...
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By Eunice Ku, Cory Lam and Shirley Zhang, Dezan Shira & Associates, Posted:
19th April 2013 10:16
Along with the rapid development of China’s economy in recent years, there has also been an increase in inbound and outbound investments by both domestic and foreign investors, as well as corporate restructuring transactions to improve the operational efficiencies of these investments. Prior to 2008, a special purpose vehicle (SPV) was the most common structure used by foreign companies ... Read more...
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By Rodrigo Martos Prat, Javier Gallego Larrubia & Andrés de la Quadra-Salcedo Janini, Posted:
19th December 2012 09:54
Crisis are said to be periods of great opportunities for the ones who are able to wisely identify them, in fact, the word “crisis” in Chinese shares and ideogram with the word “opportunity”.
There is no better analogy to understand the reality of the Spanish market today. It is undeniable that the global crisis ... Read more...
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By Suleyman Cengiz, Posted:
5th December 2012 10:19
As emerging economies gain strength and stability, the markets in these countries become fertile soil for lucrative international investments. The very first approach to consider is to take over a local firm, most of the time one with which the acquirer has maintained a long-standing business relationship. The advantages are manifold, and, hence, difficult to expound on.&nb ... Read more...
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By Müge Öner, Posted:
12th October 2012 08:51
As a member of Ernst & Young Global, Ernst & Young Turkey operates with more than 30 partners and 850 staff over four offices located in Istanbul, Ankara, Bursa and Izmir. Ernst & Young Turkey is very well integrated with the global organisation and enjoys easy access to EMEIA (Europe, Middle East, India and Africa) centres of excellence, as needed, which enables ... Read more...
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By Andrew Vaughan & Gavin Markham , Posted:
26th September 2012 12:21
Whether buying, selling or restructuring a business, pension schemes are likely to play a significant role within a corporate transaction. Failure to fully understand the complex pension issues could end up being very costly, result in time delays or even become a potential deal-breaker. Recent economic experience means that the vast majority of pension schemes are in a deficit ... Read more...
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By Fabio Trevisan, Posted:
19th September 2012 08:39
The negative impact of the economic downturn in 2009 and 2010 has led to a global reduction of M&A transactions. However, in the Luxembourg market, with its specific emphasis on financial activities, it is fair to say that the impact of the economic downturn has been limited, which is still true for 2012 so far.
Parties involved in M ... Read more...
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By James Drakeford , Posted:
31st August 2012 09:37
August has picked up the baton to follow the same direction as months gone by with Barclays and the Eurozone continuing to dominate column inches around the world. Throw in the mega-money court case between Apple and Samsung along with tension in the public sector in Brazil and you have got yourself an intriguing month of news. Here is a brief round up of all the bi ... Read more...
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By Mike Reeves, Posted:
26th June 2012 09:05
The global economy has changed dramatically over the past 10 years, particularly as the financial crisis slows down Western economies and emerging markets power on with double digit growth. This dramatic realignment in economic power has had a significant impact on merger and acquisition (M&A) activity and presents significant opportunities both domestically and abroa ... Read more...
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By Steven De Schrijver, Philippe Van den Broecke & Frédéric Verspreeuwen, Posted:
19th June 2012 09:24
Although 2011 started very promising in terms of M&A activity in Belgium, the market slowed down in the second half of the year. The main reason for this downturn was the general lack of confidence on the investors’ side in Europe, for which Belgium is unfortunately not immune. In addition thereto, the uncertain political situation in Belgium durin ... Read more...
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By Prof. Gbolahan Elias & Mena Eremutha, Posted:
8th June 2012 09:46
Perhaps, the most topical developments in Nigerian merger legal practice have been in the threshold for merger control and in litigation seeking to restrain mergers from going forward. The Nigerian merger control regulator, the Securities and Exchange Commission (“SEC”), has lowered the threshold for the size of transactions subject to prior merger notific ... Read more...
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By Ana Mercedes López, Posted:
5th June 2012 08:36
In El Salvador, in the decade between 1992 and 2001, positive reforms that created excellent conditions for foreign investment were promoted, such as a crisis-free dollarisation, the homogenisation of tariff norms and pension privatisation, to mention a few.
The Investments Law of 1999 created the Oficina Nacional de Inversione ... Read more...
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By Vineetha MG & Richa Roy, Posted:
1st June 2012 10:26
“2012 will be the year of mergers and acquisitions”- according to an annual survey carried out by global consulting firm, Grant Thornton.
The survey, conducted in the last quarter of 2011 among top private equity players and corporations indicates optimism for both inward and outward M&A activity by Indi ... Read more...
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By Bhavik Narsana & Ronak Ajmera , Posted:
28th May 2012 09:45
Considering the growing Indian economy and market dynamics, one can appreciate the several policy and legal changes which have been, and will be, witnessed in the near future. Some of the important recent changes in law and their effect on transactions are covered below.
FDI in Single Brand Retail Trading and the Pharmaceutical Secto ... Read more...
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By Merlin Piscitelli, Posted:
24th May 2012 10:37
It was the case, around five years ago, that analysts, bankers, lawyers and dealmakers were able to somewhat predict the financial markets and any potential growth or risks to growth on the horizon, even up to two or three years in advance. Then, in 2007, the global financial crisis hit, Lehman Brothers folded and suddenly all bets were off.
... Read more...
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By Fabio Weinberg Crocco & Luís Gustavo Haddad, Posted:
16th May 2012 09:55
On 29 May, 2012, after a long-lasting legislative process, Brazil’s New Antitrust Law (Law no. 12,529/11) will finally enter into force, resulting in a paradigm shift in the country’s competition policy. Such legal reform, on the one hand, has led to intense and interesting debates within the business community, and, on the other hand, will likel ... Read more...
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By Yuichiro Nukada, Posted:
11th May 2012 10:36
The Ministry of Justice of Japan announced a proposed amendment to the Companies Act (the "Proposed Amendment") on December 7, 2011 and invited public submissions. If the Proposed Amendment is implemented, it will be the first large amendment of the Companies Act since its renewal in 2005.
The main purpose of the Proposed Amendme ... Read more...
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By Michael R. Nall, CPA , CM&AA, Posted:
10th May 2012 09:28
While the larger publicly traded companies dwindle in number because of regulatory and other costs, the influence of the Middle Market private business sector is staggering sheer dimensions. Virtually ignored by academia and the media, the vitally important sector is one of the most important drivers of America’s economy and yet, it flies largely under the radar.&am ... Read more...
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By Eric Leung, Posted:
3rd May 2012 10:06
Chinese M&A activity remained broadly steady over 2011 with deal volumes and values holding up over the year despite wider market downturns. Indeed, over the latter six months, when the Eurozone crisis was in full swing, Chinese M&A transactions remained in line with H1 metrics in terms of volume, and actually rose in terms of cumulative deal values. ... Read more...
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By John K. Lyons and Frances Kao, Posted:
2nd March 2012 11:51
Reverse Mergers Boom and Bust
The past two years have seen the boom and bust of so-called “Chinese reverse merger” transactions. In a typical reverse merger transaction, a company operating in the People's Republic of China merges into a defunct (or nearly defunct) compan ... Read more...
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By Lukas Steinberg , Posted:
10th February 2012 10:38
Many foreign companies are expanding into China by taking over a Chinese entity, others acquire foreign businesses that have wholly-owned or joint-venture subsidiaries in China. What foreign investors often do not realize, is that this could have anti-monopoly implications in China. On 30 December 2011, the Ministry of Commerce (MOFC ... Read more...
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By Vladimir Sayenko, Posted:
31st January 2012 10:54
On 9 January 2012, the Law on Amendments to Certain Laws on the Regulation of Financial Services Markets entered into force introducing the requirement to obtain a special regulatory approval for the acquisition of shares or other interest in financial institutions. The new regulatory approval requirement covers both non-banking financial institutions (e.g., companies ... Read more...
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By Professor Bankole Sodipo* & Ms. Nkiru Okonkwo**, Posted:
30th December 2011 13:51
Background
In September 2011, the Securities and Exchange Commission SEC, published the New Consolidated SEC Rules 2011, (the Rules). The Rules made amendments to SEC rules and consolidated some of its unpublished guidelines purs ... Read more...
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By Dezan Shira & Associates , Posted:
28th November 2011 10:29
Following amendments more than five years ago to two major laws regarding investment activities in Vietnam – namely the “Competition Law” and the “Law on Investment” – the country’s mergers and acquisitions (M&A) market has increased from US$299 million in 2006 to US$1.7 billion in 2010. Furthermore, M&A ... Read more...
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By William Charnley & Connor Cahalane , Posted:
7th November 2011 09:17
New edition of the Takeover Code
A revised edition of the UK Takeover Code came into effect on 19 September 2011 bringing into force proposals made by the Takeover Panel following its review of UK takeover rules in the wake of Kraft Food Inc's hostile takeover of Cadbury plc in 2010. This article highlights the main changes t ... Read more...
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By Rachel Xuan and Eunice Ku, Posted:
1st November 2011 10:16
Teaming up with Chinese partners who have knowledge of local market contacts and conditions is seen by foreign investors as vital to gaining access to the Chinese market. At the same time, acquisition of technology motivates Chinese companies to enter into joint ventures with foreign investors.
The success rate of JVs is relatively lo ... Read more...
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By Nico Abel, Posted:
26th October 2011 10:32
For many decades, Germany has consistently experienced significant inbound investment and it is widely recognised that foreign investment has been a considerable contributor to growth and prosperity in Germany. Investment from the US has always been strong and continues to account for a large share of foreign investment. More recently, cash rich strategic investors fro ... Read more...
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By Dezan Shira & Associates, Posted:
25th October 2011 10:36
In the wake of the financial crisis and the realignment of the Chinese economy from an export-oriented model to one focused on domestic consumption, Sino-foreign joint ventures (JVs) and mergers and acquisitions (M&A) by foreign investors in China are gaining momentum.
Long considered investment structures to be entered carefu ... Read more...
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By George M. Mangion of PKF Malta, Posted:
11th October 2011 10:27
Concerns over the sovereign debt crisis in countries such as Greece, Cyprus , Spain and Ireland and growing deficits in Europe have prompted decisions for governments to cut social spending, alongside measures to raise taxes and the pursuit of significant austerity measures. For example we see how, in the UK, manufacturing growth slowed to the weakest point in nine months. & ... Read more...
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By Raymond Montero & David Wachutku, Posted:
6th October 2011 09:12
The champagne bottle is empty, and the post-acquisition giddiness of having completed the transaction has faded. Now begins the hard part - how to integrate the acquired company’s operations into your own international operations.
Issues that Prompt Restructuring
There are various factors that will ne ... Read more...
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By George M. Mangion of PKF Malta, Posted:
22nd September 2011 10:36
Mergers and acquisitions in daily news may not be major show stoppers yet but when announced some critics do question why not withstanding the hype and razzmatazz they do not always succeed as planned. Recently there was the announcement of a mega mobile deal concerning the marriage of two giants; AT & T and T-Mobile USA from Deutsche T ... Read more...
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By Christos Christodoulou , Posted:
14th September 2011 11:09
It is widely accepted that buying a property is the most secured investment, with a great potential of capital growth and a decent return on investment. Cyprus is no exception.
Since 2004, Cyprus is a full member of EU and as from January 2008 Cyprus has entered the Euro Zone and as an immediate result, the island has become ... Read more...
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By John Geraghty, Posted:
2nd June 2011 21:44
Despite a number of headwinds (including Middle East unrest and an uncertain economic recovery) M&A activity in the oil and gas sector has been relatively robust. Deal activity has been driven by strong demand from China, India and Korea in particular. In a competitive M&A environment having a good understanding of market practice and new developments i ... Read more...
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