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Transactions UK
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June 20, 2024
Linklaters Guides Tate & Lyle On $1.8B CP Kelco Deal
Food producer Tate & Lyle PLC said Thursday that it will buy U.S. nature-based ingredients maker CP Kelco from industrial products producer JM Huber Corp. in a cash and share deal worth $1.8 billion, to tap into the trend toward plant-based and clean ingredients.
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June 20, 2024
A&O Shearman-Led Bridgepoint Makes £626M Offer For Rival
Alpha Financial Markets Consulting Ltd. said Thursday that a company controlled by asset fund manager Bridgepoint Advisers is weighing a £578 million ($734 million) takeover and that it would recommend that to shareholders if it makes a formal bid.
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June 20, 2024
Sainsbury's To Pay NatWest £125M To Exit Bank Unit
Sainsbury's will pay NatWest approximately £125 million ($159 million) to take on most of the personal banking assets of the U.K. retail giant, the companies said Thursday, as grocers look to exit the consumer banking market.
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June 19, 2024
Trade Body Sets Up Committee For M&A Insurance Market
A trade body for underwriters said Wednesday that it has launched a committee on specialist insurance to cover risk associated with mergers and acquisitions, amid a surge in such policies being written from London.
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June 19, 2024
GE Aerospace To Quit 3 European Stock Exchanges
General Electric Co. said Wednesday that it plans to end its listing on the London, Paris and Zurich stock exchanges following an internal review after it launched after it became a standalone company.
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June 19, 2024
Investors Sell £43M Worth Of Helios Telecoms Shares
Helios Towers PLC said Wednesday that two stakeholders, private equity firm Newlight Partners LP and investment trust RIT Capital Partners PLC, have sold a total of £43.2 million ($55 million) of stock in the telecommunications company, which operates in Africa and the Middle East.
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June 19, 2024
DLA Piper, Florent Steer €30M Capital Raise For Pipeline Biz
Investor HydrogenOne Capital Growth PLC said on Wednesday that hydrogen pipeline maker Strohm Holding BV, has raised €30 million ($32 million) in new funds, in a deal advised by DLA Piper and Dutch law firm Florent.
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June 19, 2024
Vodafone Sells 18% Stake In Indian Cell Tower Biz For $1.8B
Vodafone Group PLC said on Wednesday that it has sold an 18% stake in Indus Towers Ltd. of India for 153 billion rupees ($1.83 billion) as the U.K. telecommunications giant looks to finance its debt repayments.
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June 19, 2024
Swiss Watchdog Ends UBS-Credit Suisse Merger Controls
Switzerland's financial watchdog said Wednesday that it has cleared the takeover by UBS of stricken rival Credit Suisse AG after finding that the rescue deal would not harm competition in any domestic market.
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June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal
Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
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June 19, 2024
Zurich Buys 70% Stake In Indian Insurer For $670M
Swiss insurance giant Zurich said Wednesday that it has bought a 70% stake in Kotak Mahindra General Insurance for $488 million, the largest foreign investment in India's general insurance market since 2021.
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June 18, 2024
Microsoft Says Starbucks Ruling Hurts FTC's Activision Case
Microsoft told the Ninth Circuit on Monday that the U.S. Supreme Court's recent ruling requiring labor regulators to meet a four-factor test in order to win a preliminary injunction undercuts the Federal Trade Commission's bid to halt the company's $68.7 billion acquisition of Activision Blizzard Inc.
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June 18, 2024
Ex-Yukos Oil Investors Auction Russian Vodka TMs For €1.6M
The former shareholders of Yukos Oil Co. said Monday they have auctioned the Benelux rights to trademarks for 18 Russian vodka brands, including Stolichnaya and Moskovskaya, as they continue their effort to enforce $50 billion in arbitral awards against Russia.
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June 18, 2024
Regulator Reminds Merging Firms To Put Clients First
The regulator for solicitors in England and Wales on Tuesday issued a new warning notice, reminding law firms that their clients' interests must be the top priority during legal industry mergers and acquisitions.
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June 18, 2024
Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid
The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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June 18, 2024
Frasers Group To Buy Back Up To £80M Worth Of Shares
Frasers Group PLC on Tuesday commenced a share repurchase program worth up to £80 million ($101 million), a move expected to lower the size of the retail giant's outstanding share capital.
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June 18, 2024
STG Partners' Bid For Gresham Wins Regulatory Approvals
Gresham Technologies PLC said Tuesday that an attempt by U.S. private equity firm STG Partners LLC to buy the U.K.-based software business for £146.7 million ($186 million) has received a boost by gaining regulatory clearances.
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June 18, 2024
Burges Salmon Leads London Flotation Of US Meditech Biz
AOTI Inc. said on Tuesday that it has raised £35.1 million ($45 million) on its debut on the London stock market, which the U.S. medical technology group will use to expand the company and pay back debt.
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June 18, 2024
US Power-Supply Toolmaker Pulls £571M Bid For Rival
Advanced Energy Industries Inc. said on Tuesday that it will not make a £571 million ($724 million) offer for XP Power Ltd. of Singapore, after its rival power supplies maker rejected its approach.
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June 17, 2024
Judge Axes Ex-Stobart CEO's Conspiracy Claim
Allowing Stobart Group's former chief executive to reargue that he was the victim of a conspiracy to remove him as chair would be "an abuse of process," a London court ruled Monday as it struck out his claim against the company and five of its directors.
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June 17, 2024
Hygiene Products Biz Essity Announces $285M Buyback
Hygiene and health products maker Essity kicked off a scheme to repurchase its class B shares worth up to 3 billion Swedish kroner ($285 million) on Monday in a move expected to lower its outstanding share capital.
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June 17, 2024
Investment Co. Infortar To Make €388M Offer For Shipper
AS Infortar said Monday it will bid €388 million ($415.8 million) to buy out AS Tallink, a Baltic Sea shipper, as the Estonian private investor looks to increase its stake in the company despite the northern European country's troubled economy.
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June 17, 2024
Smoke Alarm Co. Gains Control Of UK Rival In £28M Deal
FireAngel said Monday that a Singapore-based home security company owned by alarm sensor specialist Siterwell Electronics Co. Ltd. has received the required shareholder backing from FireAngel shareholders for the acquisition of the U.K. maker of smoke and carbon monoxide detectors.
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June 17, 2024
White & Case-Led Ukraine Seeks Debt Relief By Aug. Deadline
The Ukraine government, advised by White & Case LLP, appealed on Monday to bondholders to help restructure its $19.5 billion of eurobond debt before a payments freeze it agreed with international creditors expires on Aug. 1.
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June 17, 2024
Hikma Pharma To Buy Rival's Injectable Biz For $135M
Hikma said on Monday it has agreed to buy units of Xellia, a Danish provider of anti-infective treatments and critical care therapies, for up to $185 million, as the U.K. pharmaceutical giant eyes growing its range of injectable drugs.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Understanding The EU's New Foreign Subsidies Regulation
The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.