On 8 January 2024, DEN FSA published consultation on takeover bids notice. DEN FSA submitted a draft executive order on takeover bids for consultation. Document dated 8 January 2024, received from on 6 February 2024 due to a fixed feed. Amendments Order continues rules from executive order 636 on takeover offers, which are repealed. Changes…
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Switzerland – COMCO Takeover of Quickmail
On 19 January 2024, SWI COMCO prohibited the takeover by Swiss Post. SWI COMCO prohibited the takeover of Quickmail by Swiss Post to avoid monopoly. Main Points The Quickmail Group, with its two subsidiaries Quickmail and Quickpac, distributes letters, unaddressed mail, newspapers, magazines, parcels throughout Switzerland. Swiss Post is a competitor; for SWI COMCO, the…
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Croatia – HANFA Order on Takeover Bid
On 12 January 2024, CRO HANFA issued notice for shareholders of PIK from Rijeka. CRO HANFA informed the public that PIK-ESOP d.o.o. has submitted a new request for approval to publish a bid for the takeover of PIK dd since the first one was rejected. The price per share in the first takeover offer was…
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China – CSRC Major Shareholding / Takeover Disclosure Requirements
On 5 January 2024, CHI CSRC proposed interpretation of articles of measures. CHI CSRC drafted proposal for public feedback re interpretation, application of articles 13 and 14 of Measures for the administration of the takeover of listed companies. Interpretation Related to major shareholding disclosure requirements for investors and their concerted actors when their major shareholding…
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Mauritius – FSC Proposes Amendments to Takeover Rules
On 20 December 2023, MAU FSC consulted on proposed financial legislation. MAU FSC issued communique on draft legislation for public consultation. Legislation Proposed Securities (Amendment) Act 2023 provides various new definitions throughout the act. Financial Services (Amendment) Act 2023 provides amendments to provide license. Securities (Central Depository, Clearing and Settlement) (Amendment) Act 2023 on establishment…
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U.K. – Takeover Panel Amended Note RE: Central Counterparty
On 18 December 2023, UK TO Panel amended note re central counterparty. UK TO Panel published Instrument 2023/4, which amends note 18 on rule 9.1 of the Takeover code, re bank and central counterparty recovery and resolution. Amendment Introduces new paragraph stating that Rule 9.1 does not apply to certain transactions related to central counterparty…
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