The Mergers & Acquisitions Review - Edition 10

Mark Zerdin
  • Editor:
  • Mark Zerdin
  • Slaughter and May

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The past year has seen a boom in dealmaking, with many markets reaching post-crisis peaks and some recording all-time highs. Mega-deals have been at the heart of the expanding market, with companies tapping into cash piles and cheap debt to fund transformational deals. Looking behind the headline figures, however, a number of factors suggest dealmaking may not continue to grow as rapidly as it has done recently.

In Europe, the European Central Bank was forced to start a programme of quantitative easing in the wake of consistently low growth, a full seven years after the Bank of England and the Federal Reserve undertook their programmes. US interest rates have also tightened for the first time since the financial crisis, contributing, according to some commentators, to the wobbly US markets that marked the start of 2016. Yet this uncertainty has now seemingly passed, and the Federal Reserve is contemplating raising rates further. Meanwhile, eurozone and UK interest rates look likely to remain low for some time to come due to continued slow growth and low inflation in the region. How the markets react to this bifurcation of monetary policy across the Atlantic will shape dealmaking in the year to come.

Elsewhere, there have been some concerns that falling commodities prices (particularly that of oil) have been driven by a fall in market confidence. However, it seems that this view is somewhat simplistic. It is more likely that prices have fallen due to excess capacity that built up to service Chinese industrialisation and somewhat weak growth figures. The recent uptick in prices should be seen as an indicator that perhaps the market overreacted and fundamentals remain strong.

Perhaps one of the biggest factors that poses a threat to dealmaking in 2016 is the political uncertainty affecting much of the world. In the UK, the first half of the year was clouded by the referendum on the UK’s continued membership of the EU, and in the US, the presidential election result is likely to have a considerable impact on markets. It is hoped that the resolution of this uncertainty in the second half of the year will foster an environment in which markets can thrive.

About the Editor

Mark Zerdin has been a partner at Slaughter and May since 2007. He advises on a wide range of corporate and commercial transactions for both corporate and private equity clients. His principal areas of work are public takeovers, private acquisitions and disposals, private equity investment, initial and secondary public equity offerings and joint ventures.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

EU Overview

  • Mark Zerdin
  • Slaughter and May

European Private Equity

  • Benedikt von Schorlemer and Holger H Ebersberger
  • Ashurst LLP

M&A Litigation

  • Mitchell A Lowenthal and Roger A Cooper
  • Cleary Gottlieb Steen & Hamilton LLP

Private Equity: An Offshore Perspective

  • Rolf Lindsay
  • Walkers

Argentina

  • Santiago Daireaux and Fernando S Zoppi
  • Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz

Australia

  • Braddon Jolley, Sandy Mak and Jaclyn Riley-Smith
  • Corrs Chambers Westgarth

Austria

  • Clemens Philipp Schindler
  • Schindler Rechtsanwälte GmbH

Bahrain

  • Haifa Khunji and Natalia Kumar
  • KBH Kaanuun

Belgium

  • Olivier Clevenbergh, Gisèle Rosselle and Filip Jorens
  • Strelia

Brazil

  • Moacir Zilbovicius and Rodrigo Ferreira Figueiredo
  • Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

British Virgin Islands

  • Richard May and Richard Spooner
  • Maples and Calder

Canada

  • Robert Yalden, Emmanuel Pressman and Jeremy Fraiberg
  • Osler, Hoskin & Harcourt LLP

Cayman Islands

  • Suzanne Correy and Daniel Lee
  • Maples and Calder

China

  • Norman Zhong and Helen Fan
  • Fangda Partners

Colombia

  • Sergio Michelsen Jaramillo
  • Brigard & Urrutia

Costa Rica

  • John Aguilar Jr and Marco Solano
  • Aguilar Castillo Love

Denmark

  • Sebastian Ingversen and Nicholas Lerche-Gredal
  • LETT Law Firm P/S

Dominican Republic

  • María Esther Fernández A de Pou, Mónica Villafaña Aquino and Laura Fernández-Peix Perez
  • Russin, Vecchi & Heredia Bonetti

Ecuador

  • Daniel Pino Arroba and Fernanda Guzmán Amador
  • Coronel & Pérez

Finland

  • Jan Ollila, Wilhelm Eklund and Jasper Kuhlefelt
  • Dittmar & Indrenius

France

  • Didier Martin
  • Bredin Prat

Germany

  • Heinrich Knepper
  • Hengeler Mueller

Greece

  • Cleomenis G Yannikas, Sophia K Grigoriadou, Vassilis S Constantinidis and John M Papadakis
  • Dryllerakis & Associates

Hong Kong

  • Jason Webber
  • Slaughter and May

Iceland

  • Hans Henning Hoff
  • Heuking Kühn Lüer Wojtek

India

  • Justin Bharucha
  • Bharucha & Partners

Indonesia

  • Yozua Makes
  • Makes & Partners Law Firm

Israel

  • Clifford Davis and Keith Shaw
  • S Horowitz & Co

Italy

  • Maurizio Delfino
  • Delfino e Associati Willkie Farr & Gallagher LLP

Japan

  • Hiroki Kodate and Yuri Totsuka
  • Anderson Mōri & Tomotsune

Lithuania

  • Giedrius Kolesnikovas and Michail Parchimovič
  • Motieka & Audzevičius

Luxembourg

  • Marie-Béatrice Noble, Raquel Guevara and Stéphanie Antoine
  • MNKS

Malaysia

  • Rosinah Mohd Salleh and Norhisham Abd Bahrin
  • Azmi & Associates

Malta

  • James Scicluna, Ramona Azzopardi and Rachel Vella Baldacchino
  • WH Partners

Mauritius

  • Muhammad Reza Cassam Uteem and Basheema Farreedun
  • Uteem Chambers

Mexico

  • Luis Burgueño and Andrés Nieto
  • Von Wobeser y Sierra, SC

Montenegro

  • Slaven Moravčević and Dijana Grujić
  • Moravčević Vojnović i Partneri in cooperation with Schönherr

Myanmar

  • Krishna Ramachandra and Rory Lang
  • Selvam & Partners

Netherlands

  • Carlos Pita Cao and François Koppenol
  • AKD N.V.

Nigeria

  • Lawrence Fubara Anga
  • ÆLEX

Norway

  • Ole K Aabø-Evensen
  • Aabø-Evensen & Co Advokatfirma

Panama

  • Andrés N Rubinoff
  • Arias, Fábrega & Fábrega

Peru

  • Carlos Arata
  • Rubio Leguía Normand

Philippines

  • Philbert E Varona, Maria Jennifer Z Barreto, Hiyasmin H Lapitan, Patricia A Madarang and Javierose M Ramirez
  • SyCip Salazar Hernandez & Gatmaitan

Portugal

  • Francisco Brito e Abreu and Joana Torres Ereio
  • Uría Menéndez – Proença de Carvalho

Qatar

  • Michiel Visser, Charbel Abou Charaf and Eugenia Greco
  • White & Case LLP

Romania

  • Andreea Hulub, Alexandra Niculae and Vlad Ambrozie
  • Popovici Niţu & Asociaţii

Russia

  • Scott Senecal, Yulia Solomakhina and Ekaterina Abrossimova
  • Cleary Gottlieb Steen & Hamilton LLC

Serbia

  • Matija Vojnović and Luka Lopičić
  • Moravčević Vojnovići Partneri in cooperation with Schönherr

Singapore

  • Lim Mei and Lee Kee Yeng
  • Allen & Gledhill LLP

Slovenia

  • David Premelč, Bojan Šporar and Jakob Ivančič
  • Rojs, Peljhan, Prelesnik & partners

Spain

  • Christian Hoedl and Javier Ruiz-Cámara
  • Uría Menéndez

Switzerland

  • Lorenzo Olgiati, Martin Weber, Jean Jacques Ah Choon, Harun Can and David Mamane
  • Schellenberg Wittmer Ltd

Thailand

  • Pakdee Paknara and Pattraporn Poovasathien
  • Weerawong, Chinnavat & Peangpanor Ltd (WC&P)

Turkey

  • Emre Akın Sait
  • Legal Attorneys & Counselors

United Arab Emirates

  • DK Singh and Stincy Mary Joseph
  • KBH Kaanuun

United Kingdom

  • Mark Zerdin
  • Slaughter and May

USA

  • Richard Hall and Mark Greene
  • Cravath, Swaine & Moore LLP

Uzbekistan

  • Shuhrat Yunusov, Ulugbek Abdullaev, Khilola Sattarova and Diyora Abdurakhmanova
  • Avent Advokat

Venezuela

  • Guillermo de la Rosa, Juan D Alfonzo, Nelson Borjas E and Domingo Piscitelli N
  • Torres, Plaz & Araujo

Vietnam

  • Hikaru Oguchi, Taro Hirosawa and Ha Hoang Loc
  • Nishimura & Asahi

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