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Transactions UK
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May 02, 2024
Insurers Don't Have To Cover Deal Soured Over Bribery Woes
A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.
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May 02, 2024
Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants
Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 02, 2024
Freshfields-Led Novartis Inks $1.75B Cancer Drug Co. Buyout
Novartis AG said Thursday it has agreed to buy U.S. radiopharmaceutical company Mariana Oncology in a transaction worth up to $1.75 billion, as the Swiss pharmaceutical giant moves to bolster its precision nuclear medicine portfolio.
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May 02, 2024
Shell To Buy Back $3.5B Worth Of Shares
Shell PLC said Thursday it will reward its shareholders with $3.5 billion in share buybacks over the next three months, as the energy giant reported a rise in profits to $7.7 billion for the first quarter of the year.
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May 02, 2024
ING Kicks Off €2.5B Share Buyback With Q1 Results
Dutch multinational bank ING said Thursday that it will buy back up to €2.5 billion ($2.7 billion) of its shares to streamline its capital-to-stock ratio, as it announced strong financial results for the first quarter of the year.
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May 02, 2024
Adhesives Biz Diploma Buys Sealings Specialist For £38M
Diploma PLC, a specialty fasteners and adhesives company, said Thursday it has acquired sealings firm PAR Group for approximately £38 million ($47.6 million).
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May 02, 2024
DLA Piper Leads Bar Group On Sale Talks With Rival Chain
Revolution Bars Group PLC said on Thursday that it has held discussions for a potential takeover by U.K. rival Nightcap PLC.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
BBVA Makes €12B Offer For TSB Parent Sabadell
Banking giant BBVA on Wednesday said it has proposed to buy Banco de Sabadell for approximately €12 billion ($12.8 billion) in an all-share deal to create one of Europe's largest financial bodies with more than €1 trillion in assets.
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May 01, 2024
CMA Worries DJs Might Pay More If Equipment Makers Merge
The antitrust regulator of the U.K. on Wednesday said that DJ equipment maker AlphaTheta's proposed acquisition of audio technology company Serato could increase costs for DJs in the country to keep partygoers entertained.
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May 01, 2024
Gov't To Pay £19K For Worker Status Error
An employment tribunal has ruled that the government owes a company director £19,522 ($24,371) after the Insolvency Service rejected his redundancy payment claims and mistakenly concluded that he wasn't an employee.
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May 01, 2024
Norton Rose-Led Touchstone Bids £24.1M For Rival
Touchstone Exploration said Wednesday that it has agreed to acquire a rival oil and gas company for approximately £24.1 million ($30 million) in a bid to scale its business in Trinidad and Tobago, with guidance from Norton Rose and Pinsent Masons.
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May 01, 2024
UK Safety Biz Halma Acquires Testing Tech Firm For £44M
Halma PLC said on Wednesday that it has snapped up MK Test Systems Ltd., an electrical testing technology company, for £44 million ($55 million) as it continues to splurge cash on mergers and acquisitions.
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill
An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.
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April 30, 2024
Morrisons, MFG Close £2.5B Petrol Station Deal
Morrisons said Tuesday it has closed the sale of its 337 petrol station forecourts and 400 electric vehicle charging points to an independent forecourt operator in a £2.5 billion ($3.18 billion) transaction advised by five law firms including Pinsent Masons LLP.
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April 30, 2024
Garrigues-Led BBVA Eyes Deal For Rival Spanish Bank
Spanish banking giant BBVA confirmed Tuesday it is eyeing a merger with Banco de Sabadell SA for an undisclosed amount.
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April 30, 2024
Backing For Concord's $1.5B Hipgnosis Bid Falls
Support for music rights company Concord Chorus' $1.5 billion bid for rival Hipgnosis Songs Fund Ltd. dropped among the latter's shareholders on Tuesday, after private equity giant Blackstone swooped in with an improved $1.6 billion offer.
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April 30, 2024
UAE-Backed Firm Walks Away From Telegraph Deal, Eyes Sale
RedBird IMI said Tuesday that it will ditch its takeover of Telegraph Media Group and sell the business as the Abu Dhabi-backed private equity firm added that its plans are "no longer feasible," citing a push to ban foreign ownership of British media groups.
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April 30, 2024
HSBC To Return Another $3B To Shareholders After Strong Q1
British banking giant HSBC said Tuesday that it plans to initiate a buyback program of up to $3 billion to reward its shareholders after having a profitable first quarter, following the $2 billion buyback it completed earlier in the year.
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April 30, 2024
UK Pension Deal Market Sees Surge In Smaller Transactions
The number of pension deals worth less than £100 million ($125 million) rose 10% in 2023, according to data released on Tuesday by Aon PLC, as doubts grow over the need for a state-backed consolidator of retirement savings plans.
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April 30, 2024
Medical Device Biz Hologic To Buy UK Rival For $310M
Hologic Inc. has agreed to buy Endomagnetics Ltd., a developer of breast cancer surgery technology, for approximately $310 million, as the U.S. medical company moves to expand its presence in the women's health sector.
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April 30, 2024
Satellites Biz SES To Buy Rival Intelsat For $3.1B
SES SA said Tuesday that it will buy rival operator Intelsat SA for $3.1 billion to create a European satellite giant to compete with Elon Musk and Jeff Bezos.
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April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
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April 29, 2024
Conglomerate Aspo To Pay $43M For Swedish Chemical Biz
Aspo PLC said on Monday a subsidiary has agreed to buy Swed Handling AB, a chemical distributor based in Sweden, for approximately 473 million Swedish kronor ($43.3 million or £34.5 million) up front, as the Finnish conglomerate seeks to expand its presence across the Nordic region.
Expert Analysis
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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The Dangers Of Providing Misleading Info In A Merger Review
Although Kingspan's recent proposed acquisition of Trimo, brought before the European Commission, was abandoned following investigation for an alleged breach of EU Merger Regulation requirements, it has brought to light the importance of submitting accurate and complete information in merger reviews to avoid incurring a substantial fine, say lawyers at Steptoe.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Vodafone Decision Highlights Wide Scope Of UK's FDI Rules
The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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Due Diligence Pointers After Entain Deferred Prosecution Deal
The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.