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Transactions UK
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April 12, 2024
Abbott Loses Bid To Nix UK Whistleblowing Case On Appeal
An appeals tribunal has rejected Abbott Laboratories' bid to escape a whistleblowing case brought by the founders of a British DNA technology business that it bought, concluding on Friday that the founders had an arguable case that U.K. judges had jurisdiction.
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April 12, 2024
French Bioscience Biz Raises €3M For New Drug Trials
NFL Biosciences said Friday it had successfully raised approximately €3.1 million ($3.3 million) by issuing shares to investors to raise cash for new drug trials.
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April 12, 2024
SocGen To Sell Moroccan Units To Investment Firm For €745M
Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.
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April 12, 2024
UK To Probe Norwegian Oil & Gas Data Mega-Merger
The U.K.'s Competition and Markets Authority said on Friday it has launched an inquiry into the proposed purchase of Norwegian seismic data specialist PGS by a subsidiary of its domestic rival TGS, which supplies data to energy companies.
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April 12, 2024
Hansa Biopharma To Raises $34.5M Through Directed Issue
Hansa Biopharma AB said Friday that it plans to raise 372 million Swedish kronor ($35 million) through selling shares to institutional investors as the company weighs listing in the U.S.
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April 11, 2024
Autonomy Became Less Transparent Before Sale, Jury Told
An ex-market analyst testifying Thursday in a California criminal trial over claims that former Autonomy CEO Michael Lynch duped HP into buying the British company for $11.7 billion told jurors that the company became less forthcoming about some of its accounting a couple of years before the sale.
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April 11, 2024
BlackRock Can't Deduct Interest On $4B, London Court Finds
Financial services firm BlackRock cannot deduct interest on $4 billion in loans it used for the 2009 purchase of Barclays Global Investors because avoiding taxes was the main reason for the way it structured the transaction, a London appeals court ruled Thursday.
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April 11, 2024
Deals Rumor Mill: US Steel, Germany's Stada, Paramount
The DOJ opens a probe into Nippon’s proposed $14.9 billion takeover of US Steel, German drugmaker Stada explores a sale, and Paramount and Skydance are hashing out potential deal terms. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 11, 2024
Kirkland, Jones Day Build $787.5M Sale Of Steris' Dental Unit
Medical device company Steris, advised by Jones Day, on Thursday announced plans to sell its dental segment to Kirkland & Ellis LLP-advised middle market private equity shop Peak Rock Capital for $787.5 million.
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April 11, 2024
Squire Patton Advises Broadstone Buy Of Credit Risk Co.
Broadstone said on Thursday it had acquired credit risk company Vestigo Partners Ltd., in a deal steered by Squire Patton Boggs and Harrison Clark Rickerbys.
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April 11, 2024
Dough-Maker Loses Fight Against Order To Reverse Merger
Dough maker Cérélia on Thursday lost its fight to avoid being forced to sell its Jus-Rol brand, with a London appeals court upholding a decision that the sale is necessary to protect retailers and shoppers from paying higher prices.
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April 11, 2024
Domino's Pizza Completes €92M Deal For Irish Franchisee
Domino's Pizza Group PLC said Thursday it has completed the purchase of an 85% holding in Shorecal Ltd., a Domino's franchise business in Ireland, after the country's antitrust regulator gave the €91.9 million ($115 million) transaction the go-ahead.
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April 11, 2024
SocGen To Sell Equipment Finance Unit To Rival For €1.1B
French banking giant Societe Generale SA said Thursday that it has agreed to sell its professional equipment financing business to rival BPCE for €1.1 billion ($1.2 billion) to streamline the business and bolster its equity capital.
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April 11, 2024
Squire Patton Steers £130M Mitsubishi Pension Deal
Insurer Just Group said Thursday it has signed off on a £130 million ($163 million) buy-in transaction for a scheme sponsored by Mitsubishi Chemical UK Ltd. in a deal guided by Squire Patton Boggs LLP.
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April 11, 2024
A&O Steers Storage Giant In £378M Bid For UK Rival
Self-storage company Shurgard said on Thursday that it has made a bid to buy Lok'nStore, a rival operator, for £378 million ($475) in an all-cash offer aimed at accelerating its growth across the country.
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April 10, 2024
No Merit To Autonomy Whistleblower Claims, Auditor Says
A Deloitte partner testifying in a California criminal trial over claims that former Autonomy CEO Michael Lynch and finance director Stephen Chamberlain duped HP into buying the British tech company for $11.7 billion said Wednesday that auditors concluded that whistleblower allegations by a finance department executive were meritless.
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April 10, 2024
Italian Airline Chairman Sued For €50M Over Joint Venture
The chairman of Aeroitalia SRL has allegedly blocked aviation magnate German Efromovich from controlling the startup Italian airline by refusing to hand over his majority stake in the project, according to a new London claim seeking €50 million ($54 million).
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April 17, 2024
McDermott Adds PE Pro From Sidley
McDermott Will & Emery LLP has hired a private equity specialist from Sidley Austin LLP as a partner as the firm continues to grow its transactions practice in London.
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April 10, 2024
Insurer Aviva Expands Bulk Purchase Pilot For Small Pensions
Insurance giant Aviva said Wednesday it has launched a streamlined bulk purchase annuity service to support smaller pension schemes with assets of less than £100 million ($126 million) to de-risk their plans.
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April 10, 2024
UK Biotech Co. Seeks To Raise £29M, Delist Shares From AIM
U.K. biotechnology group e-Therapeutics PLC said on Wednesday that it has agreed to raise £28.9 million ($36.7 million) and leave the London Stock Exchange's junior Alternative Investments Market, citing a lack of support from institutional investors in the country.
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April 10, 2024
Mining Biz Board Advises Accepting £39M Goldway Offer
Coal miner MC Mining Ltd. said Wednesday that its board has advised shareholders to accept Goldway Capital Investment Ltd.'s buyout bid of 16 Australian cents ($0.10) per share.
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April 10, 2024
EY Law Helps Alisa Bank Merge With Fintech In €10.4M Deal
Finnish digital lender Alisa Bank PLC said it plans to merge with PURO Finance Ltd. in a deal that values the invoice financing company at €10.4 million ($11.3 million).
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April 09, 2024
'You're Going To Lose These People,' Judge Tells Lynch Atty
U.S. District Judge Charles Breyer on Tuesday chided a Steptoe partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial, saying that his hourslong questioning of a Deloitte partner shouldn't go on much longer, or "you're going to lose these people."
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April 09, 2024
Tech M&A Reigns Supreme In Q1 After Rare Hiccup In Q4
The technology sector logged the greatest total value of global mergers and acquisitions in the first quarter of 2024, following a rare quarter that saw the industry fall out of the top spot and into third place, data from Dealogic shows.
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April 09, 2024
UK's Aviva Completes £453M Acquisition Of AIG's UK Biz
U.K.-based insurance giant Aviva Life Ltd. said on Tuesday it had completed the purchase of an American International Group Inc. subsidiary for £453 million ($575 million), in a deal guided by Skadden Arps Slate Meagher & Flom LLP.
Expert Analysis
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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A Look At German And French Merger Control Trends In 2023
Merger control statistics from the first half of 2023 in Germany and France — key merger control jurisdictions with strict enforcement and sophisticated analysis tools — highlight trends on the length and number of investigations by the respective authorities, say Laurence Bary and Clemens Graf York von Wartenburg at Dechert.
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UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
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EU Illumina-Grail Fine Cools Cos.' Merger Control Approach
The European Commission's recent record-breaking fine on Illumina for acquiring Grail without approval underscores its tough stance on merger control enforcement, showing that companies in Europe need to be vigilant in complying with regulatory requirements, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.
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EU Case Shows Wide Approach To Blocking Telecom Mergers
The EU court's recent judgment in Commission v. CK Telecoms may make it more challenging to secure clearance for telecom and other companies pursuing mergers, illustrating its broad approach to mergers that risk harming competition without creating a dominant position, say Dominic Long and Christopher Best at Allen & Overy.
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PR Perspectives: Getting Merger Communications Right
As the recent Allen & Overy and Shearman Sterling deal announcement demonstrates, controlling the narrative is the priority when merger discussions begin, so law firms need to consider their stakeholder base and the best communication channels for each segment, ready to adapt to the audience group's needs, say Ben Girdlestone and Bethany Durkin at Byfield.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Report On UK Investment Act Offers Welcome Insights
The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.
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Preparing For M&A Under The Foreign Subsidies Regulation
The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.
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Important Generative AI Considerations In M&A
The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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Green Loans May Be Hungary's Path To Sustainable Financing
Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.
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Tackling Global Inflation Is A Challenge For Antitrust Agencies
Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.