Fusions & acquisitions

eAlerts Récentes

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  17.03.2023

  EU

  Mer­ger con­trol re­view be­low fi­ling thre­sholds – the ECJ To­wer­cast judg­ment adds one more ar­row to the qui­ver

  On 16 March 2023, the ECJ decided that a M&A transaction, which was not subject to ex-ante EU merger control, can be reviewed – from an ex post perspective – as to whether the acquirer (through the acquisition) abused its dominant position within the meaning of Article 102 TFEU (prohibition of the abuse of a dominant position). This allows national competition authorities to apply Art. 102 TFEU to non-notifiable mergers. The judgment therefore provides competition authorities in the EU with a significant additional tool for their scrutiny of transactions, which are not reportable...

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  14.03.2023

  Chine

  China has ac­ce­ded to the Hague Con­ven­tion of 5 Oc­to­ber 1961 Abo­li­shing the Re­qui­re­ment of Le­ga­li­sa­tion for Fo­reign Pu­blic Do­cu­ments

  On 8 March 2023, the People's Republic of China (the "PRC") has (finally!) acceded to the Hague Convention of 5 October 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents (the "Convention").The Convention between the PRC, as the acceding state, and other member states (which will not have raised an objection; see below) will enter into force as of 7 November 2023.This constitutes a long-awaited and very positive development.Please click here to read the full article.

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  21.02.2023

  Europe

  UK re­gu­la­tor joins the glo­bal en­for­ce­ment trend and warns em­ployers to avoid no-poa­ching agree­ments

  The overlap between employees’ rights and competition law has long been predicted by competition specialists. Cartel enforcement in labour market agreements became a fledgling activity of competition watchdogs but it is increasingly picking up.ContextAt EU level, the Competition Commissioner highlighted at the end of 20211 that no-poaching agreements are “an indicated way to keep wages down, restricting talent from moving where it serves the economy best”.Competition authorities across Europe have also started targeting no-poaching agreements between competitors. The Portuguese...

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  07.02.2023

  Europe

  New M&A Re­port is now avai­lable

  The Emerging Europe M&A Report 2022/23, published by CMS  in cooperation with EMIS, presents in detail M&A deal statistics from 15 countries in the region and looks at trends and investment activity across key sectors and markets. The key findings of the CMS Emerging Europe M&A Report include the following:M&A activity across Emerging Europe rose by 5.6% in volume to 1,229 deals, as compared to 2021. In contrast, the total deal value fell by 20%, to EUR 32.93bnCross-border deal activity was a strongpoint, up from 743 to 815 deals, although values fell from EUR 38.2bn to...

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  27.01.2023

  Ukraine

  Ukraine tem­po­ra­rily can­cels elec­tro­nic auc­tions in Pro­Zorro e-pro­cu­re­ment sys­tem

  The Cabinet of Ministers of Ukraine temporarily cancelled electronic auctions in the ProZorro system through Resolution No. 1495 of 30 December 2022 because of the constant shelling of nation's energy infrastructure and resulting blackouts, which was interfering with the electronic auction process. Electronic auctions for open tenders are not expected to take place for the next six months beginning 3 January 2023. During this period, the system is automatically able to determine the most efficient tender offer based on the criteria and methods established by the contracting authority. It is temporarily...

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  12.01.2023

  Allemagne

  Ger­man Mi­nis­try of Fi­nance is­sues draft let­ter on the in­come tax treat­ment of pro­fit par­ti­ci­pa­tion rights

  In November 2022, the German Ministry of Finance (BMF) issued a letter on the income tax treatment of profit participation rights and their classification as equity or debt, which is intended to provide clarity and investment security after previous uncertainties regarding the tax treatment of profit participation rights. Practical relevance The use of profit participation rights is becoming increasingly popular, especially among banks, for investments in renewable energy, and with a strong recent trend toward blockchain-based or tokenised investments. Depending on the structure of the profit participation...

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