Expert Analysis

• Warranty & Indemnity Insurance Considerations For M&A

  

  With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.

• What The Dignity Takeover Deal Says About M&A Trends

  

  While some public companies may prefer to go private to maximize company growth and shareholder returns, there are potential pitfalls and in the current uncertain economic climate pairing up between private equity and public entities is likely to increase, as evidenced by the recent Dignity takeover deal, says James Lyons at Lawrence Stephens.

• How Geopolitical Change Is Affecting M&A Activity In Europe

  

  Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.

• Discovery Blocking Reform Better Protects French Companies

  

  The 2022 reforms to France's 1968 blocking statute gives French companies more tools to resist abusive discovery requests from foreign competitors and public agencies, but France should do more to defend confidential information and assert its sovereignty, says Raphael Gauvain at Betto Perben.

• A Look At New Vertical Laws, Their Opportunities And Pitfalls

  

  Looking at trends that have gained the most traction under the new vertical laws in the EU and U.K., it is clear that brands should use the transition period wisely, ensuring that lessons have been learned on what to avoid and that go-to-market strategies are future-proof, say attorneys at K&L Gates.

• Why 2023 Could Be The Year Of The Restructuring Plan

  

  As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.

• How Mur Ruling May Affect Force Majeure Considerations

  

  The recent U.K. Court of Appeal decision in Mur Shipping v. RTI demonstrates that exercising reasonable endeavors can include payment in an alternative currency to overcome a force majeure event, and is topical for contracting parties in light of Russia-related sanctions, say attorneys at Debevoise.

• ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law

  

  The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.

• Cos. Can Expect Intense Antitrust Enforcement This Year

  

  In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.

• Foreign Direct Investment Considerations For Buyers, Sellers

  

  The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.

• Widely Forecast UK Recession Is Likely To Reshape M&As

  

  Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.

• Czech Z-Trade Ruling Shows Benefit Of Compliance Program

  

  With its recent Z-Trade fine reduction decision, the Czech Office for the Protection of Competition has for the first time put into practice its compliance program consideration policy, providing a further incentive for companies to implement such programs and underlining the office's intention to pay attention to them, say Vojtech Chloupek and Martin Taimr at Bird & Bird.

• Lessons That May Be Learned From The Demise Of Made.com

  

  With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.

• Link Ruling Shows FCA's Wide Change-In-Control Powers

  

  The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.

• Takeaways For Transaction Parties After UK Acquisition Block

  

  The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.