On 31 December 2018, CMVM analyzes takeover bids regime for OECD study. OECD published a report Flexibility and proportionality in corporate governance which includes a contribution by CMVM on the Portuguese takeover bids regime.Focuses on operations carried out after the transposition of Directive 2004/25/EC.Seeks to show adaptability of current regime to different realities of companies.
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India – SEBI Takeovers Amendment
On 28 December 2018, SEBI issued third amendment to the regulations, changing wording and adding in explanation, effective from publication in official gazette.
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Italy – Extended Short Selling Ban
On 2 January 2018, Consob continued to suspend Banca Carige trade on markets.
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Hong Kong – SFC Takeovers Table Updated
On 12 December 2018, the offer period for Dining Concepts Holdings Limited (StockCode: 8056) and Target Insurance (Holdings) Limited (Stock Code: 6161) were closed.
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Netherlands – EA Cooling-Off in Takeovers
On 7 December 2018, NLD EA issued bill on cooling-off in hostile takeovers. Bill to allow board of a Dutch listed company to invoke 250 day cooling off period.BackgroundFollows political debate over several hostile takeover attempts, e.g. Akzo-Nobel.Government response was published in letter dated May. 20, 2017, with 4 options.Shareholders may pressure management to change strategy,…
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Germany – BaFin Fine M. Stanley £2.4mn
On 5 December 2018, GE BaFin fined M. Stanley €2.4mn voting rights Sanction based on violations of German Securities Trading Act, sections 33, 34.Failed to submit voting rights announcements in time, firm can appeal the fine.
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