Publications for Corporate and M&A Law Committee

  • Subject
  • Year
Balancing sovereignty and innovation - the Doliprane deal controversy

A controversial proposed transaction in the pharma sector in France has raised questions about how to balance openness to foreign investment with the protection of national interests.

Released on Nov 6, 2024

Sandbagging in merger and acquisition transactions in India: uncovering the legal landscape

This article explores the relevance of sandbagging in M&A transactions, highlighting the implications for buyers and sellers when adopting a pro-sandbagging or anti-sandbagging approach. It examines the significance of buyer knowledge, the doctrine of caveat emptor and Indian judicial precedents, while framing the sandbagging clause. Additionally, this article advocates for clearly defined sandbagging provisions in contracts to mitigate potential disputes and ensure fair negotiations between the relevant parties.

Released on Nov 6, 2024

Family foundation: a new legal concept in Poland in the context of M&A transactions

The concept of the family foundation was introduced into Polish law based on the Family Foundations Act (FFA) of 22 May 2023. The concept of family foundation has been introduced as a new legal entity, which aims to manage property and assets in accordance with the founder’s intentions and plans, as well as providing the beneficiaries, who are often the founder’s closest family members, with benefits related to the foundation’s funds.

Released on Sep 9, 2024

Healthcare and life sciences M&A (2024)

The healthcare/life sciences sector is one of the most active for mergers and acquisitions (M&A). Panellists discussed a variety of related topics, including strategic drivers; where the opportunities and risks lie; regulatory trends; and practical aspects of getting healthcare deals done.

Released on Sep 9, 2024

Geopolitics, competition policy and M&A (2024)

This panel discussion focused on the intersections between geopolitics, competition policy and foreign direct investment, emphasising the impact of generational shifts on these fields.

Released on Aug 29, 2024

Global M&A hot topics (2024)

This IBA panel discussion on global mergers and acquisitions (M&A) hot topics involved a comprehensive examination of the current trends and future predictions in this dynamic field. The conversation covered a wide range of subjects, from regulatory changes and geopolitical developments to the growing importance of environmental, social and governance factors in deal-making.

Released on Aug 18, 2024

Developments in public company M&A and securities law (2024)

The panel offered valuable perspectives on the advancements in public company mergers and acquisitions (M&A) and securities law globally. The discussion focused on three key areas: forum shopping, public to private transaction developments and trends and hostile activity and defences. The panel explored how these topics are reshaping the public M&A landscape and securities laws across Asia, Canada, Europe and the United States.

Released on Aug 18, 2024

A review of the worldwide M&A marketplace (2024)

The topics for discussion in this conference session ranged from the worldwide electoral climate and the impact of artificial intelligence, to M&A drivers and challenges and the regulatory environment.

Released on Jul 10, 2024

Private equity today: legal issues and developments in private equity dealmaking

While deal values are down significantly in Europe, volumes are up, driven by platform deals and minority investments. Other features of the market include the prevalence of public-to-private transactions, broken deals (including for regulatory reasons), aborted auctions, restructuring deals, continuation vehicles, fund-to-fund deals and structured transactions, including earn-outs. This session at the IBA’s 21st Annual International Mergers & Acquisitions Conference 2024 examined these legal issues and developments.

Released on Jul 4, 2024

Governance, stewardship and activism (2024)

This panel, at the IBA’s 21st Annual International Mergers & Acquisitions Conference in 2024, examined the topic of ‘governance, stewardship and activism’ from the perspective of different jurisdictions and then focused on defence preparedness.

Released on Jul 4, 2024

Corporate governance news from Italy’s capital markets

This article focuses on certain new provisions regarding the governance of listed companies as recently introduced by Italy’s new Capital Markets Law. It mainly focuses on the governance of listed companies and, particularly, on the appointment of management bodies on the basis of a list presented by the outgoing board of directors; and increased-voting shares and multiple-voting shares.

Released on May 29, 2024

ESG in M&A: practical comments from the Polish perspective and an invitation to consider further

There’s still relatively little discussion about ESG in the context of mergers and acquisitions (M&A). Should there be a place for ESG in something as profit driven as an M&A transaction? Are there any junctions between ESG and M&A, and if so, should they influence transactional processes from both the buyer’s and seller’s perspective?

Released on May 20, 2024

Austrian foreign direct investment regulations continue to impact cross-border M&A deals

On 10 April 2024, the Austrian Foreign Direct Investment (FDI) authority submitted a report to the Austrian parliament indicating, among other findings, that: (1) the number of FDI filings has substantially increased, (2) that the Austrian FDI authority takes an active role in this regard (including requesting the submission of FDI filings), and (3) the authority carefully reviews cases (often Phase 2 proceedings). This article assesses FDI regulations in Austria in this context.

Released on May 20, 2024

Directive (EU) 2019/2121 on cross-border conversions, mergers and divisions: changes to Portuguese legislation

In December 2023, Portugal adopted and transposed the provisions of Directive (EU) 2019/2121 regarding cross-border conversions, mergers and divisions into Portuguese law. This article highlights such changes and possible difficulties in regard to its applicability.

Released on May 20, 2024

The use of incentive plans and compensation schemes in Portugal

The main purpose of this article is to provide a brief overview of how incentive plans and compensation schemes targeted at employees, key service providers and management teams have been shaped recently in Portugal, considering the lack of strong legal regulation (at least for unlisted companies), which has led to the increased use of hybrid products, often imported from other jurisdictions. We aim at providing insights on some of the most commonly adopted structures, the pros and cons and the rationale underlying the selection of different types of remuneration tools.

Released on May 14, 2024

Innovation drive: Chile’s leap forward in regard to the country’s venture capital dynamics

This article provides an examination of Chile’s recent initiatives and their potential impact on the venture capital industry.

Released on May 14, 2024

Navigating economic challenges: the rise of acquisitions as a strategic option for Pakistani startups

Amidst the economic slowdown, Pakistani startups are dealing with capital raising and are looking towards acquisitions as a way to cash in.

Released on May 14, 2024

Foreign direct investment: the legal framework in Poland

The new foreign direct investment regime, introduced in Poland in 2020, established a foreign investment screening mechanism enforced by the Polish Competition Authority (PCA). The new foreign direct investment regime, which supplements the investment control regime regulated by the Polish Act on the Control of Certain Investments dated 24 July 2015 (‘the Polish FDI Act’) and enforced by the relevant ministries, involves a limited number of strategic entities and is applicable regardless of the investor’s ‘nationality’. The new regime was introduced in response to the Covid-19 outbreak, for an initial period of two years. However, in mid-2022 the Polish parliament decided to extend this new regime for a further three years, ie, until July 2025.

Released on May 14, 2024

Deferred consideration by ‘foreign owned or controlled’ Indian companies – regulatory overhang

After the Reserve Bank of India issued notices to a few ‘foreign owned or controlled’ Indian companies for deferring part of the consideration payable in regard to their downstream investments in other Indian companies, Indian transaction advisors are faced with a dilemma. Structuring deals with deferred consideration for acquisitions through ‘foreign owned or controlled’ Indian companies has become a risky proposition. This article argues that a complete ban on this practice is not only commercially impractical, but also potentially misaligned with the original regulatory intent.

Released on May 14, 2024

The same, but different? The new Flexible Capital Company in Austria

The introduction of the Flexible Capital Company (Flexible Kapitalgesellschaft, FlexCo) as a new form of company, as of 1 January 2024, constitutes a landmark moment in the history of Austrian corporate law. The FlexCo has many similarities to the Gesellschaft mit beschränkter Haftung (GmbH), which is the standard domestic private limited liability company that was introduced over a century ago. In fact, the FlexCo Act contains a general reference to the provisions applicable to the GmbH for all matters not regulated therein. After five years of political negotiations over several legislative periods, Austria introduced the FlexCo to provide a dynamic, ‘flexible’ alternative to the GmbH, in particular, to address the needs of the entrepreneurial founder community. In addition, the introduction of the FlexCo has also prompted a number of changes to other Austrian regulations.

Released on May 14, 2024

Securing your stake: navigating minority shareholder rights in Spanish sociedades limitadas

This article explores the essential rights of minority shareholders in Spain’s venture capital and private equity sectors, focusing on the integration of statutory protections and negotiated contractual rights within investment agreements. By detailing both the statutory and contractual frameworks available, this paper explains how these rights safeguard investments and promote equitable participation, thereby enhancing the attractiveness of Spanish markets to foreign investors.

Released on May 14, 2024

The revenge of the ‘Russia roulette’ clause

Imported into Italy, France and Europe from the Anglo American legal practice to solve the crisis of governance in 50/50 joint ventures, after a period of slow use, the ‘Russian roulette’ clause has taken its revenge through several recent court decisions, which have confirmed its validity under Italian and French law.

Released on May 14, 2024

Unlocking corporate deadlock: controlling the gamble

Within the intricate tapestry of corporate governance, conflicts and disagreements are inevitable. However, when these tensions escalate to the point of impeding decision-making and paralysing the functioning of a company, they give rise to what is known as corporate deadlock. The manner in which shareholders choose to solve deadlocks is essential for preserving the functionality and long-term viability of companies.

Released on May 14, 2024

The importance of foreign-owned or controlled companies in India and the need for a more lucid regulatory framework to govern them

Foreign-owned or controlled companies (FOCCs) play a vital role in attracting foreign investment into India by enabling multinational corporations (MNCs) to consolidate their businesses in India, and buyout private equity funds are crucial in setting up investment platforms for making further investments in India through bolt-on merger and acquisition (M&A) activity. Yet, Indian exchange control regulations governing FOCCs continue to be riddled with ambiguity, thus creating inconsistencies and posing practical challenges, especially when structuring M&A transactions. This article sheds light on the strategic importance of FOCCs in attracting foreign investment into India and the major lacunae in India’s exchange control regulations governing FOCCs, which continue to pose challenges for investors.

Released on May 14, 2024

Cross-border M&A transactions in emerging economies: international legal harmonisation and the viability of an international corporate legal order

Thanks to globalisation, the assimilation of legal principles across jurisdictions is not uncommon. Assimilation is not a novel concept, as laws, being statutory responses to states’ socio-economic needs, cannot be perceived in isolation with international trends drifting towards globalisation. Assimilation comes with specific advantages for emerging economies, as their commercial legal systems are relatively nascent and, consequently, flexible enough to mould themselves towards garnering investments.

Released on Jan 17, 2024

The legal negotiation of corporate governance in corporate finance transactions in France

Negotiating the governance rules that are applicable post-closing in a corporate finance transaction is crucial – whether the transaction is a round of funding, an leveraged buyout operation or even an acquisition. This article assesses the process of doing so in France.

Released on Nov 29, 2023

The in-house perspective – session report from the IBA 20th Annual International Mergers & Acquisitions Conference (2023)

This session at the IBA 20th Annual International Mergers & Acquisitions Conference focused on artificial intelligence (AI). The panel discussed three sub-topics in particular: adop-tion of AI by businesses and the role of general counsel in this respect; intellectual property (IP) issues/strategies related to AI; and the adoption of AI by legal departments.

Released on Sep 17, 2023

A review of the worldwide marketplace (2023)

This session included a look at the key factors leading to the current downturn in M&A, namely availability of financing (which is at its most expensive since the global financial crisis); valuations (equity valuations reasonable on a current basis, but there is a gap in buyer/seller expectations); and boardroom/CEO confidence (decision-makers need confidence in their ability to predict the future – this is very hard now as there no consensus, and this stifles M&A activity).

Released on Aug 6, 2023

Technology M&A (2023)

Technology transactions and technology itself have been a huge factor in global M&A, and corporate law and governance, over the last few years. During this panel discussion, speakers broadly discussed technology M&A, including: the latest deals, complications and lessons learned; the impact of macro trends on tech M&A; and the impact of technology in M&A, including cybersecurity, privacy, and foreign investment reviews of technology transactions.

Released on Aug 6, 2023

Exits in private equity transactions in France: the legal negotiations

Exit strategies play a crucial role in private equity transactions, encompassing both venture capital and leveraged buyouts (LBOs). The exit phase represents the culmination of founders’ efforts and sacrifices, while investors realise the anticipated value appreciation from their initial investment. Various exit routes can be considered, including an initial public offering, sale to an industry player, or a secondary LBO where another fund invests alongside management in a holding company, facilitated by substantial debt financing.

Released on Jun 28, 2023