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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S Korea – FSS Includes Short Selling Reporting System in English Website
On 15 April 2024, the S Korea regulator, the FSS announced inclusion of an English short selling reporting system as part of their English website upgrade. the English website now includes an English short selling reporting system where registered users may access the Reporting and Disclosure of Net Positions online portal and Reporting on Information…
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Switzerland – GVT Credit Suisse Takeover Dossier
On 15 April 2024 SWI GVT issued thematic dossier on CS takeover by UBS. SWI GVT issued comprehensive dossier documenting the takeover of Credit Suisse (CS) by UBS, including relevant information, documents and comprehensive FAQs. Follows SWI PRL Feb. 2024 updated on inquiry following Credit Suisse crisis. Main Points The dossier includes factsheets on the…
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