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CANADIAN UPDATE – Top Competition and Foreign Investment Review Trends and Issues for 2020

*This article was originally distributed on January 21, 2020 In our annual forecast of the year ahead for Canadian competition and foreign investment review law, we evaluate how developments in 2019 will influence these areas of the law in 2020. We discuss below the main issues and trends to watch for this year. Continued Focus … Continued

Editors’ Note: This article was co-authored by John Bodrug, Anita Banicevic and Jim Dinning, partners at Davies Ward Phillips & Vineberg LLP (Toronto).

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U.S. UPDATE – 2020 Checklist for Successful Acquisitions in the United States

Cross-Border M&A – 2020 Checklist for Successful Acquisitions in the United States M&A continued its robust pace in 2019, with nearly $3.9 trillion in global deal volume for the year, the third-highest volume of the last decade.  The U.S. market was particularly strong, making up for relative weakness in Europe and Asia.  The boom was … Continued

Editors’ Note: This submission updates a checklist co-authored by Messrs. Emmerich and Panovka, members of XBMA’s Legal Roundtable, with their colleagues at Wachtell Lipton, Jodi J. Schwartz, Scott K. Charles, David A. Katz, Andrew J. Nussbaum, Ilene Knable Gotts, Mark Gordon, Joshua R. Cammaker, William Savitt, Andrea K. Wahlquist, Karessa L. Cain, T. Eiko Stange, Joshua M. Holmes, Eric M. Rosof, Gordon S. Moodie, Emil A. Kleinhaus, Edward J. Lee, Raaj S. Narayan, Amy R. Wolf and Matthew T. Carpenter.

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CHINESE UPDATE – Foreign Investment in China has entered into the Fast Track – Interpretation of the New Implementing Regulations of the Foreign Investment Law of the People’s Republic of China (“PRC”)

On December 31, 2019, the Implementing Regulations of the Foreign Investment Law of the People’s Republic of China (the “Regulation”), an important administrative regulation facilitating the implementation of the Foreign Investment Law of the People’s Republic of China (“Foreign Investment Law”), was officially published. It came into force on January 1, 2020, together with the … Continued

Editors' Note: This article was authored by Mr. Zheng Yu, a partner at JunHe. Mr. Zheng has broad experience advising multinational companies on their business and investment projects in China, including complex foreign direct investments, cross-border M&A, dispute resolution (arbitration and litigation), corporate compliance, employment issues and tourism real estate projects in China.  Liao Yueyue (Counsel), Yu Daxing (Associate), Jia Lu (Associate) and Wang Xiao (Associate) also contributed to the article.

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CANADIAN UPDATE – Canadian Foreign Investment Review Annual Report Confirms Shift in Emphasis Toward National Security Concerns

The official Annual Report under the Investment Canada Act (ICA) for the fiscal year 2018-19 was released at the end of 2019. This document sets out various statistics and other noteworthy developments during that time frame (i.e., April 1, 2018 to March 31, 2019) relating to the two review processes under the ICA: the “net … Continued

Editors’ Note: This article was co-authored by Mark C. Katz, Charles Tingley and Anita Banicevic, partners at Davies Ward Phillips & Vineberg LLP.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2019

Executive Summary/Highlights Global M&A volume approached US$3.9 trillion in 2019, the third highest annual total in the last decade, despite increasing global economic and political headwinds. Strong economic growth, low interest rates, record amounts of private equity dry powder and the availability of corporate cash fueled global M&A in 2019. The boom was strongest in … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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CHINESE UPDATE – Cross-Border M&A and Protectionism – A Review of Laws and Practice in China

Cross-Border M&A and Protectionism – A Review of Laws and Practice in China Daniel He, JunHe LLP 1. The New PRC Foreign Investment Law On March 15, 2019, the National People’s Congress of the People’s Republic of China (“PRC” or “China”) approved the PRC Foreign Investment Law (“FIL”) which will be implemented on January 1, … Continued

This article was authored by Mr. Daniel He, a partner at JunHe.  Mr. He has broad experience advising multinational companies in merger and acquisition projects, joint venture transactions, and strategic investment projects in various industries such as food & nutrition, auto parts, logistics, real property, and retail & distribution. Mr. He also serves as China counsel to a number of leading companies and non-government organizations in their general corporate and regulatory compliance matters throughout China.

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PERUVIAN UPDATE – New Peruvian Merger Control Legislation

The Peruvian Government has enacted a new mandatory and suspensory clearance regime, which will come into force next year. Previously, Peruvian legislation only imposed mandatory pre-notification and clearance requirements for vertical or horizontal concentrations occurring in the fields of electricity generation, transmission or distribution.[1] Summary Breakdown Scope. The new merger control regime will apply to … Continued

Editors’ Note:  This article was authored by Carlos A. Patrón and David Kuroiwa H. of Payet Rey Cauvi Pérez Abogados, one of Peru’s leading firms with significant experience in foreign investment in Peru. 

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2019

Executive Summary/Highlights: In Q2 2019, global M&A volume reached US$1 trillion for the quarter and surpassed US$2 trillion for the year to date. Global M&A volume in 2019 is on pace to reach the US$4 trillion mark for the second consecutive year and only the third time in the last decade. The significant global deal … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL UPDATE – Cross-Border M&A Guide

Cross-Border M&A Guide Wachtell, Lipton, Rosen & Katz recently published the inaugural edition of their Cross-Border M&A Guide, which is available here. This new Cross-Border M&A Guide covers the key U.S. legal considerations not only for acquisitions of U.S. companies by non-U.S. companies (or “inbound” M&A transactions), but also for acquisitions of non-U.S. companies, including … Continued

Editor's Note: This submission was contributed by Adam O. Emmerich, Robin Panovka, Raaj S. Narayan and Matthew T. Carpenter.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2019

Executive Summary/Highlights: Global M&A volume, which exceeded US$4.0 trillion in 2018, continued at a similar pace in Q1 2019, reaching US$958 billion. Global M&A volume in the first quarter of the year has been primarily driven by record levels of deal activity in the United States. It was the most active first quarter for U.S. … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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