In This Issue:

- Transactions Involving Digital Media in Europe: Know the Source

- New Framework on Market Abuse in the European Union

- Current Developments

..“Made in Germany” Attracts Foreign Investors

.. Eurozone Faces Disinflation

- Noteworthy Deals

..ZF Friedrichshafen to Merge with TRW Automotive Holdings

..Qualcomm to Acquire British CSR

..Siemens to Take Over Dresser-Rand

..United Internet to Acquire Fiber- Optic Network Provider Versatel

..Bayer Successfully Acquired Consumer Care Business of Merck

..Novartis and GlaxoSmithKline Enter into Major Three-Part Transaction

..Pfizer Fails to Acquire British- Swedish Rival Astra-Zeneca

- Excerpt from Transactions Involving Digital Media in Europe: Know the Source:

The market in Europe for resale of software and other digital media is growing, and this represents an opportunity and a threat for companies involved in M&A activities.

The resale market for used software and other forms of media is increasingly attractive for small and mid-sized enterprises to acquire the digital assets upon which their business operations rely. From software downloads to e-books, online platforms have been created to facilitate the second-hand trade in different forms of digital media. While there may be obvious short-term benefits of such resales–not least in cost terms– the existence of resold digital media may cause issues in planned M&A transactions in Europe.