On 7 November 2022, IRE GVT Minister Donohoe welcomed PTSB completion of residential mortgages and associated staff transfer under transaction with Ulster Bank in Ireland. Issued subscription shares to NatWest as partial non-cash transaction; it now holds 16.66% PTSB issued share capital/State shareholding down from 74.9% to 62.4%. Background PTSB has signed binding legal agreements…
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U.K. – GVT Royal Mail Share Acquisition
On 31 October 2022, UK GVT decided no action on the takeover / acquisition by Vesa Equity. UK GVT decided to take no further action under its national security powers on the proposed increase in shareholdings by Vesa Equity Investment in Royal Mail. Proposed acquisition of increased shareholdings in Royal Mail had been called for…
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28 October 2022 – India SEBI Fines for Takeover Reporting Failures
India SEBI Fines for Takeover Reporting Failure
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U.K. – CMA NEC Software/Capita Takeover
On 21 October 2022, UK CMA consented to derogation from 21 December 2021, initial enforcement order on takeover by NEC Software Solutions UK Limited of SSS Public Safety Limited and Secure Solutions USA LLC (previously part of Capita plc).
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Singapore – MAS Takeover / Merger Code Waiver
On 7 October 2022, SIN MAS issued takeover code waiver for unlisted public companies. SIN MAS Securities industry council issued a practice statement on the application waiver of the Singapore code on takeovers and mergers to unlisted public companies. Overview Code applies to unlisted public companies incorporated in Singapore with more than 50 shareholders and…
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Germany – GVT Takeover of Uniper Energy
On 30 September 2022, GE GVT announced the takeover of energy company Uniper. GE GVT took over energy company Uniper securing energy supply in the country. Follows GE GVT September 2022 agreed comprehensive stabilization package. Overview Uniper is largest German importer of Russian gas, currently in acute financial distress. GE GVT has taken over 99%…
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