On 22 September 2021, UK GVT issued correction slip so in article 4(b): ...ordinary course of business, course of business, no... should read ...ordinary course of business, no... Background On 7 Septemebr 2021, UK GVT issued rules on proposed Chinese takeover of firm. UK GVT issued public interest merger reference (Perpetuus Advanced Materials plc) (pre-emptive…
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SWI – GVT Foreign Investment Control
On 25 August 2021, SWI GVT issued rules on foreign investment control. SWI GVT Federal Council set parameters for monitoring investments in Switzerland. Aimed to implement motion 18.3021 Rieder Protecting Swiss economy by controlling investments; the project will probably be put for consultation at end of March 2022. The Federal Council has so far spoken…
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Canada – CSE Takeovers By Listed Issuers
On 13 July 2021, CSE issued notice on takeover disclosure requirements. CSE issued guidance, expectations on disclosing certain acquisitions by listed issuers. Exchange reviewed acquisitions of private companies by listed issuers that do not seem to meet fundamental changes criteria, yet significant number of listed securities. Cited CSE Policy 6 distributions, for acquisitions involving issuance…
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France – CMP Aema Group Takeover of Aviva
On 12 July 2021, FR CMP approved Aéma Group's takeover of Aviva France. FR AMF gave the Aéma Group (Macif) the green light for the takeover of Aviva France. Background The Aéma Group and Aviva France are two French operators in the insurance sector. Particularly active in the non-life, personal, savings and asset management markets.…
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Sweden – Nasdaq Nordic Fine Takeover Breach
On 8 July 2021, Nasdaq Nordic reported on discipline re takeover disclosure. Nasdaq Nordic (Stockholm) has fined Amasten Fastighets for breaching takeover rules. Overview Amasten Fastighets has been ordered to pay a SEK 1,000,000 fine regarding disclosure of a public takeover offer to shareholders in SSM Holding AB on 14 October 2020. Nasdaq Stockholm disciplinary…
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U.K. – Takeover Panel Publishes 13th Edition of Takeover Code
On 5 July 2021, UK TO Panel published the thirteenth edition of the Takeover Code. New version published on the Panel’s website; copies have been sent to subscribers.
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