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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.
Luxembourg | Publication | April 2021
In a recent publication of the Revue Pratique de Droit des Affaires (#10, March 2021), Torsten Sauer and Mathis Bredimus have analysed the fiduciary duties applicable to the directors and managers of unlisted and unregulated Luxembourg public limited liability companies (sociétés anonymes, or SAs) and private limited liability companies (sociétés à responsabilité limitée, or SARLs), in particular in the context of an acquisition regarding the company’s shares or assets.
Although not spelled out in the Luxembourg Company Law, Luxembourg company directors are subject to a broad range of fact-specific fiduciary duties. Far from being a rubber-stamping corporate body under the (perhaps undue) influence of a company’s majority shareholders, the board members should approach each and every corporate decision—especially where requested to do so by outside parties, including the company’s owners—with a critical mind and think through the ramifications of their decisions on equity and non-equity stakeholders. These considerations are of particular importance in the context of a proposed acquisition of the company, whether in the form of a share deal or an asset deal. A target company—represented by its board—will only in rare cases be a neutral player in such a transaction. Whenever the board becomes actively involved in the change of ownership, it should holistically evaluate its potential consequences on the enterprise as a whole.
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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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