On 24 April 2024, UK TO Panel issued consultation on applicability of takeover code. The Code Committee of the UK TO Panel has now published a new public consultation paper, PCP 2024/1, which proposes a new jurisdictional framework which would narrow the scope of firms to which Takeover Code (the Code) applied, in a refocusing…
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Switzerland – Gov’t Foreign Investment Screening Re: Takeovers
On 23 April 2024, SWI PRL supported the proposal to introduce investment control. By transferring the bill 23,086 to SWI PRL, the Federal Council fulfilled the parliamentary mandate of the Rieder motion 18.3021; aim is to prevent takeovers. If these takeovers of domestic companies by foreign investors threaten order/security. After discussion, the proposal was approved…
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U.K. – Activist Hedge Fund Builds Anglo American Position Before Takeover Bid
EMC has built a nearly $1 billion stake in Anglo American in recent months; did it sense a takeover opportunity? Anglo American rejected a takeover bid from larger rival BHP on Friday, 26 April. Anglo American Statement: "The Board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American…
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S Korea – FSS Plans to Thwart Illegal Short Selling
On 25 April 2024, South Korea's financial market watchdog, the FSS announced it was checking the effectiveness of a new monitoring system designed to detect illegal short selling of domestic stocks. Ban short selling continues through 30 June 2024 New system will process all short selling transactions by institutional investors; and institutional investors must have…
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Taiwan – FSC Lowers Substantial Shareholding Threshold
On 17 April 2024, TAI TPEX published the amended regulation, forms, attachments. Background On 19 March 2024, TAI FSC said disclosure threshold for substantial shareholding will be reduced from 10% to 5%; reports will shift from paper-based to electronic format. TAI EXC, TAI TPEX will handle submissions related to substantial shareholding. Lowered disclosure threshold will…
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U.K. – Takeover Panel Revises Fees and Charges
On 18 April 2024, UK TO Panel updated its fees and charges for its services. UK TO Panel published Instrument 2024/2 which makes minor amendments to the Takeover Code on fees and charges, as well as a notice on the UK PLSA role change. Fees and Charges The Document Charges Section of the Code will…
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