On 16 November 2020, EC published judgment on rules limiting takeover shares. Judgment following request for a preliminary ruling from the Inalta Curte de Casatie si Justitie, SC Romenergo SA, Aris Capital SA v Autoritatea de Supraveghere Financiara. Reference for a preliminary ruling regarding the free movement of capital where national regulations limited the shareholding…
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Hong Kong – SFC Fines for Takeovers Breach
On 2 November 2020, HK SFC publicly censured Ngai Lai Ha and imposed an 18-month cold-shoulder order for breach of mandatory general offer obligation in takeovers code. Although the breach was caused by Ngai’s misunderstanding of the operation of the 2% creeper provisions in the code, her conduct merits the current disciplinary action. Denied access…
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Portugal – CMVM Efanor Takeover of Sonae
On 28 October 2020, POR CMVM issued questions and answers on Efanor Investimentos takeover bid for Sonae Indústria and on Sonae Capital, prior to finalizing the offers. Published to clarify to the market and general public, both public acquisition offers.
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U.K. – Takeover Panel Issues Proposal to Change Takeover Code
On 27 October 2020, UK TO Panel issued consultation on offers/offer timetable. Takeover Panel code committee issued a public consultation paper, setting out proposed amendments to Takeover Code regarding conditions to offers and offer timetable. Overview Offer timetable prescribed by Takeover Code is designed to strike balance between the interests of offeror(s), offeree company and…
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HK – SFC Censures for Breach of Takeovers Code
On 15 October 2020, HK SFC publicly censured So Yuk Kwan takeover breach. HK SFC has publicly censured and imposed a 24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory general offer obligation under takeovers code. They will be denied access to HK securities market, from 15 October 2020 until 14 October 2022.…
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Sweden – CDBF Public Takeover Bids
On 12 October 2020, SWI CDBF issued guidance on circular on restructuring. CDBF updated on COPA Circular No 5 on exemptions from the compulsory offer for restructuring purposes, published on 2 September 2020 by Swiss Takeover Board (COPA). Overview Circular entered into force on 1 October 2020 with main objective of clarifying to stock market…
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