On 2 December 2021, UK TO Panel proposed miscellaneous code amendments. UK TO Panel consulted on amendments to various provisions of the Takeover Code. Consultation Amendments include: requirement for a potential offeror to disclose an obligation to offer a minimum level, or particular form, of consideration; restriction on acquisitions of interests in shares by a…
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India – SEBI Issues Amended Takeover Rule
On 6 December 2021, IND SEBI issued (substantial acquisition of shares and takeovers) (third amendment) regulations, 2021, effective from publication in gazette.
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U.K. – Takeover Panel eDocuments Only
On 2 December 2021, UK TO Panel said documents must be in electronic form. UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only. Background Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular,…
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E.U. – Parliament Foreign Direct Investment Rule Established
On 3 December 2021, EU CMSN issued final regulation on foreign direct investments in OJ. Regulation is in force on 20th day after publication in Official Journal, 23 December 2021
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Russia – NFA Lost Shareholders Draft Law
On 1 December 2021, RUS NFA proposed changes to lost shareholders draft law. RUS NFA sent comments on draft law on amendments to law on joint stock companies and art. 8 of federal law on securities market (law on lost shareholders) to RUS ECON. The draft law will resolve issues where shareholders information is not…
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France – Extends FDI Measures Until 31 December 2022
On 29 November 2021, the Minister of Economy announced that the extension of the temporary FDI threshold of 10% (of voting rights) will be extended until 31 December 2022. The foreign direct investment extension applies from 1 January 2022. Terms are unchanged; including in respect of investment by non-European entities in listed companies operating in…
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