News & Analysis as of

Merger Controls European Union Foreign Investment

White & Case LLP

High anxiety or real opportunity? Distressed M&A in Europe

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The number of distressed deals reaches record highs as challenging market conditions take their toll - European M&A saw a solid uplift in value in the first half of 2024. Western Europe saw US$390 billion of deals—a rise...more

McDermott Will & Emery

Antitrust M&A Snapshot - Q1 2024

UNITED STATES - New Merger Guidelines Deployed - The 2023 Merger Guidelines are a non-binding statement that provides clarity on aspects of federal agencies’ deliberations and enforcement practices undertaken in...more

A&O Shearman

Antitrust in focus - January 2024

A&O Shearman on

This newsletter is a summary of the antitrust developments we think are most interesting to your business. Noah Brumfield, partner based in Washington, D.C. and Silicon Valley, is our editor this month. He has selected: ...more

A&O Shearman

EU FSR – the notification regime begins; what does it mean for infrastructure investors?

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The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU that could distort competition in EU markets. The Foreign Subsidies Regulation (FSR) establishes a new suspensory notification...more

Hogan Lovells

Foreign Subsidies under EU scrutiny: a revolution that will impact foreign undertakings active in the EU

Hogan Lovells on

The new EU Foreign Subsidies Regulation, which appears to mirror the substantive EU State aid principles set out in Article 107 (1) of the Treaty on the Functioning of the European Union (“TFEU”) and entered into force on 12...more

Hogan Lovells

Doing business in Poland 2022 - Ukrainian Version

Hogan Lovells on

Ведення підприємницької діяльності в Польщі регулюється так само, як і в інших країнах Європейського Союзу. Це дає змогу вести економічну діяльність підприємствам різних правових форм і на різних засадах, тобто вільно...more

Hogan Lovells

Doing business in Poland 2022 - English

Hogan Lovells on

Doing business in Poland is regulated in the same way as in other European Union countries. It allows business activities to be conducted in various legal forms and on various bases including the freedom of services, and the...more

Hogan Lovells

Italian Government’s "golden powers" of intervention in FDI now allows pre-filing of transactions

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Italian government’s so-called "golden powers" of intervention in foreign direct investments involving companies operating in sectors strategic for the national interest were originally introduced by Law Decree No. 21 of 15...more

Hogan Lovells

Regierungsentwurf zur Umsetzung der EU-Umwandlungsrichtlinie

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Die EU-Umwandlungsrichtlinie führt europaweit einheitliche Regelungen ein, die erstmals den grenzüberschreitenden Formwechsel und die grenzüberschreitende Spaltung zulassen und die Regelungen zur grenzüberschreitenden...more

White & Case LLP

Italian M&A on track to reach post-crisis high

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An increase in megadeals reveals growing dealmaker appetite within Italy’s M&A market - Dealmaking confidence appears to be returning within the Italian M&A market. A total of US$57.4 billion-worth of deals announced in...more

White & Case LLP

Broadening the scope further – Draft revision of German FDI rules published for further consultation

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On January 22, 2021, the German Federal Ministry for Economic Affairs and Energy has published the anticipated draft revision of the German Foreign Trade and Payments Ordinance to align the scope of review more closely with...more

Dechert LLP

UK Life Sciences and Healthcare Newsletter: Life Sciences - What's new in France? Foreign direct investment control in France in...

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To lower the risk of opportunistic trading resulting from the pandemic, the French government temporarily tightened its control over investments in strategic public companies. On 29 April 2020, the Ministry of Finance...more

Hogan Lovells

MORE, MORE, MORE! German government plans another far-reaching expansion of foreign investment control

Hogan Lovells on

Foreign investment control has become a key factor in M&A deals and 2020 was a particularly eventful year. A large number of countries have recently introduced foreign investment control regimes (or tightened their existing...more

BCLP

Highly impactful - UK National Security & Investment Bill introduces mandatory Government review of a wide range of transactions

BCLP on

On 11 November, the UK Government introduced to Parliament the long-awaited National Security and Investment Bill. The Bill, which is expected to be enacted in Spring 2021, is a transformative event for investors in UK...more

White & Case LLP

Foreign direct investment reviews 2020: A global perspective - European Union

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In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at...more

Hogan Lovells

Is national security a game changer for European foreign investment reviews and M&A transactions?

Hogan Lovells on

Governments all over the world are continuing to take steps to strengthen their powers to intervene in foreign direct investments ("FDI") into their countries. These changes come at a time of increased scrutiny of foreign...more

White & Case LLP

EU flexes its muscles on foreign-subsidised acquisitions and market distortions

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On 17 June 2020, the European Commission published a White Paper seeking views on three powerful new tools to control the acquisitions and activities of foreign subsidised companies in the EU:1 (i) a general ex post control...more

Hogan Lovells

COVID-19: Italy expands the scope of the Golden Power to the insurance sector

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Among the measures taken to face the emergency arising from COVID-19, the Italian Government adopted Law Decree No. 23 of 8 April 2020 (the so-called “Liquidity Decree”) which aims...more

Morgan Lewis

Towards a New EU ‘Anti-Subsidy Tool?’

Morgan Lewis on

The European Commission (EC) is currently working on legislative proposals (the White Paper) that would grant the EC new enforcement powers to address potential competition distortions caused by companies operating in or...more

Jones Day

Germany Tightens Foreign Direct Investment Control in Light of COVID-19 Pandemic - COVID-19-related amendment expands the scope of...

Jones Day on

On May 20, 2020, the German Federal government adopted the 15th amendment to the Foreign Trade and Payments Ordinance (AWV). The changes to the AWV will be effective shortly, after publication in the Federal Gazette. ...more

Hogan Lovells

New Boundaries for the Infrastructure M&A sector: German government approves draft regulation aimed at the further tightening of...

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The overall ongoing trend in major Western economies of tightening Foreign Investment Control is not being overlooked in Europe. As these new measures also particularly affect disposals and acquisitions of German "critical...more

Skadden, Arps, Slate, Meagher & Flom LLP

Crisis Prompts European Countries To Step Up Protections Against Foreign M&A

The coronavirus pandemic has weakened European economies and companies. EU and national governments have expressed concern that foreign investors may opportunistically take advantage of the crisis to acquire domestic...more

White & Case LLP

COVID-19 - Italy expands Golden Power review of foreign investments

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On April 8, 2020, in response to the COVID-19 emergency and following EU Commission guidelines issued on March 25, 2020 on the protection of European strategic assets and technologies, the Italian government issued Law Decree...more

Skadden, Arps, Slate, Meagher & Flom LLP

Europe and the UK Race To Protect Businesses Impacted by the Coronavirus Pandemic: Foreign Investment, State Aid and Antitrust...

State measures to combat the spread of COVID-19 have brought many countries across Europe to a standstill. While health care systems struggle to respond, the pandemic has also provided “a major shock for our economies.”1...more

White & Case LLP

BMWi plans further tightening of investment control in M&A transactions of foreign investors

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On January 31, 2020, the Federal Ministry for Economic Affairs and Energy (BMWi) presented a draft law amending the Foreign Trade and Payments Act (AWG-E) and forwarded it to selected trade associations for their comments....more

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