Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Global | Publication | May 2018
On 1 March, 2018, the Administrative Measures for Outbound Investment by Enterprises (NDRC Order No. 11) were formally implemented, which sets out detailed requirements for approval and filing of outbound investment projects by domestically-funded enterprises.
Our foreign clients who are doing or intending to do transactions with Chinese companies outside of China should be aware of the rules as this will significantly affect the timeline for transaction and deal certainty, including specifically CP for closing and break fee arrangement.
Projects in sensitive countries or regions, or those that fall into sensitive industry sectors, are subject to approval by the National NDRC.
Projects that are not in sensitive countries or regions, or those that are not in sensitive industry sectors. Filing responsibility falls into two categories:
Approval or filing is not required by non-sensitive projects implemented by offshore subsidiaries using their own assets/fund and who are not seeking any capital injection / financial support / guarantee from their domestic parents. However, if the investment amount reaches USD300 million, national NDRC shall be notified.
Applications for approval, filing or notification must be made prior to the project implementation (i.e. prior to the financial close of the projects), in one of two ways:
Responsibility for making an application depends on the investor type:
Within five working days, the relevant NDRC will decide whether the application is accepted or rejected or additional documents are required. Then:
The approval or the notice of filing is valid for two years. The project must be completed within that period.
Publication
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
Publication
On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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