On 10 December 2020, RUS CB issued guide for submitting document. RUS CB issued recommendations for legal entities, individuals submitting applications for acquisition of equity instruments of financial institutions and control over members. Recommendations Provide an overview of the most common mistakes and ways to eliminate them. RUS CB reminds that period for consideration of…
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Sweden – FI Fines for Late Takeover Notification
On 15 October 2020, the Swedish regulator, Finansinspektionen fined Albrektsund Förvaltningsaktiebolag for late takeover notification. Albrektsund Förvaltningsaktiebolag shall pay a penalty of SEK 200,000.
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Spain- CNMV SIX and BME Takeover Bid
On 17 June 2020, ESP CNMV issued rules for period of forced right of sale. ESP CNMV release on BME share sales orders during period of forced right of sale. Followed March 2020, ESP GVT authorized purchase of Spanish exchange. Takeover Bid Announcement On 16 June 2020, SIX Group AG (SIX) communicated, in line with…
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U.K. – Takeover Panel Moss Bros Takeover
On 26 May 2020, UK TO Panel reported that Brigadier has withdrawn its request for a review of the ruling, therefore the UK TO Panel's ruling of 19 May 2020 stands.
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U.K. – CMA Mastercard and Nets Merger
On 3 April 2020, UK CMA requested EC investigate proposed acquisition. CMA has requested the European Commission to investigate the anticipated acquisition by Mastercard Incorporated of parts of the corporate services business of Nets A/S. Followed February 2020 request by Danish Competition and Consumer Authority (DCCA). Merger is subject to clearance by the DCCA and…
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Hong Kong – SFC Magic Holdings Late Disclosure
On 25 March 2020, HK SFC found Magic Holdings violated late disclosure. Market misconduct tribunal (MMT) found Magic Holdings and its directors culpable of late disclosure of inside information on L’Oréal's proposed takeover of Magic in 2013. Failure to Disclose In April 2013, L’Oréal and Magic’s founders agreed that an offer price of not less than $5.5…
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