Transactions UK

  • April 02, 2024

    UBS To Launch $2B Buyback After Credit Suisse Deal Closes

    UBS said Tuesday that it will launch a share buyback program to return up to $2 billion to shareholders as the Swiss lender prepares to kickstart its capital returns after its takeover of Credit Suisse AG is finalized in June.

  • April 01, 2024

    Global Tensions Stall Cross-Border Deals As Gov'ts Regroup

    Global cross-border mergers and acquisitions activity has fallen steadily from its 2021 peak, in part due to geopolitical issues that attorneys say are causing governments across the globe to bolster foreign investment policies and could lead investors to shift their geographic focus.  

  • March 28, 2024

    Dole Drops $293M Sale Of Vegetable Biz Under DOJ Pressure

    Dole PLC said Thursday it agreed to drop the planned $293 million sale of its fresh vegetable division to Chiquita Holdings Ltd. after the U.S. Department of Justice raised concerns about the deal's effect on packaged salad prices.

  • March 28, 2024

    Investment Firm RECI To Launch £10M Share Buyback

    Real Estate Credit Investments Ltd. on Thursday said it aims to launch a new share repurchase program worth up to £10 million ($12.6 million) as its initial buyback scheme draws to a close.

  • March 28, 2024

    UK Watchdog Clears Aviva's £460M Takeover Of AIG Life

    The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.

  • March 28, 2024

    Fieldfisher-Led Molecular To Delist Shares, Pull Unit's IPO

    U.K. energy developer Molecular Energies PLC dealt a double blow to the London Stock Exchange's junior market on Thursday by announcing plans to remove its shares from trading and scrap a proposed IPO of its carbon removal subsidiary.

  • March 28, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    Disinfectant Biz Byotrol Plans To Pull London Listing

    Byotrol PLC proposed pulling its shares from the London Stock Exchange on Friday because of the expense of being a publicly listed firm and said it plans to raise up to £500,000 ($631,000) outside the exchange.

  • March 28, 2024

    Freshfields, WilmerHale-Led Keysight Bids £1.2B For UK Biz

    Telecoms-testing specialist Spirent said Thursday that it has agreed to accept a bid of approximately £1.16 billion from U.S. technology company Keysight and has rejected a previously agreed £1 billion offer from a maker of network-testing equipment.

  • March 28, 2024

    Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover

    Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.

  • March 28, 2024

    Abrdn Property Plans Wind-Down After Merger Rejected

    Abrdn Property Income Trust Ltd. has said it is planning a managed wind-down after its shareholders voted against an all-share merger with Custodian Property Income REIT PLC that valued it at £237 million ($299 million).

  • March 27, 2024

    Aviation Co. Did Not Undersell By $28M, Lessor Claims

    An aircraft lessor has denied falsely suppressing its profitability to convince an aviation business to undersell its shares in the lessor by $28 million, claiming that any estimates of possible income were genuine and honest.

  • March 27, 2024

    Bain Capital Sells £68M Of TI Fluid Shares

    Private equity and venture capital firm Bain Capital LP on Wednesday said it has sold 50 million shares of auto parts supplier London-listed TI Fluid Systems through a subsidiary and raised approximately £67.5 million ($85 million) in the process.

  • March 27, 2024

    Renault Sells More Nissan Shares For €362M

    French carmaker Renault said Wednesday that it will sell more than 100 million shares of its partner Nissan Motor Co. Ltd. back to the Japanese automaker as part of plans to reduce its Nissan shareholding.

  • March 27, 2024

    Mining Royalties Biz Ecora Launches $10M Buyback

    Ecora Resources PLC began a share repurchase program worth up to $10 million on Wednesday, citing concerns that its stock is undervalued.

  • March 27, 2024

    Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next

    High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.

  • March 27, 2024

    Diploma To Buy US Aircraft Fasteners Maker For £236M

    Specialty fastener and adhesive company Diploma said Wednesday that it has agreed to acquire U.S.-based Peerless Aerospace Fastener LLC, which makes bolts and nuts for aircrafts, for approximately £236 million ($300 million) to boost its own aerospace fastener production.

  • March 27, 2024

    Consumer Goods Giant To Launch 3rd Part Of £1B Buyback

    Reckitt Benckiser Group PLC said Wednesday it will soon launch the third and final part of its up to £1 billion ($1.3 billion) share repurchase program aimed at cutting down its outstanding share capital.

  • March 27, 2024

    Clifford Chance Helps Italy Sell 12.5% Of Monte Dei Paschi

    Italy has sold 12.5% of the shares in Monte dei Paschi for €650 million ($704 million) in total, to reduce its 2017 bail-out holding in the Italian lender said to be the world's oldest bank.

  • March 27, 2024

    Skadden Steers Int'l Paper's £5.7B Bid For DS Smith

    International Paper Co. has made a £5.72 billion ($7.22 billion) proposed offer for British rival DS Smith PLC as it seeks to compete with the earlier bid of £5.1 billion made by Mondi PLC.

  • March 26, 2024

    Pet Drug Maker Faces EU Probe For Axing Pipeline Dog Med

    The European Union's antitrust authority said Tuesday it has launched a probe into whether Zoetis Inc. had illegally blocked competition by acquiring a pipeline product designed to treat pain in dogs and axing a potential rival's deal to sell it.

  • March 26, 2024

    Platinum Miner Tharisa Launches $5M Share Buyback

    Southern African-focused Tharisa PLC on Tuesday began a share repurchase program worth up to $5 million, amid concerns its stock is undervalued on the markets.

  • March 26, 2024

    Carrefour Buying €365M Of Its Shares From Store Owner

    Hypermarkets giant Carrefour said on Tuesday that it will buy back almost 3.5% of its share capital from the owner of the Galeries Lafayette department store chain for €365 million ($396 million), part of its wider €700 million share repurchase program.

  • March 26, 2024

    Insurance Execs Deny BDO Found Buyer For £18.5M Sale

    Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.

  • March 26, 2024

    Engineering Biz Smiths Kicks Off £100M Buyback Program

    Smiths Group PLC on Tuesday began the first half of a £100 million ($127 million) share repurchase program aimed at reducing its outstanding share capital, as it announced improved earnings and ushered in a new chief executive.

Expert Analysis

  • Key Points In Draft EU Foreign Subsidies Regulation

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    The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.

  • ClientEarth Claim May Expand Scope Of Directors' Duties

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    In using litigation to hold Shell’s board of directors to account for failing to properly prepare for the net-zero transition, ClientEarth’s actions represent a shift in climate change activism strategy and an unprecedented application of directors’ duties as a mechanism to drive change, say Marlene Henderson and Danielle De Val at Browne Jacobson.

  • Volatile Energy Prices Complicate Int'l Arbitration Damages

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    In the turbulent global energy market, international arbitration is a crucial tool for resolving cross-border disputes — but determining how, if at all, to account for recent energy price spikes when quantifying damages presents many challenges for tribunals, say attorneys at White & Case.

  • A Breakdown Of The SRA's Proposed New Fining Powers

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    Thanks to the Solicitors Regulation Authority's pending new fining framework, which includes guidance on unsuitable fines and a fixed penalties scheme for low-level breaches, firms can expect to see more disciplinary findings leading to an SRA fine rather than referral to the Solicitors Disciplinary Tribunal, say Graham Reid and Shanice Holder at RPC.

  • Merger Ruling Shows Risk Of Not Seeking Prior CMA Approval

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    The recent decision by the U.K. Competition and Markets Authority to unwind the acquisition by Cerelia Group of Jus-Rol demonstrates that despite the voluntary nature of the U.K. reporting regime, parties may wish to consider the potential for wider scrutiny when deciding whether to seek merger control clearance, say attorneys at Hogan Lovells.

  • Warranty & Indemnity Insurance Considerations For M&A

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    With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.

  • What The Dignity Takeover Deal Says About M&A Trends

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    While some public companies may prefer to go private to maximize company growth and shareholder returns, there are potential pitfalls and in the current uncertain economic climate pairing up between private equity and public entities is likely to increase, as evidenced by the recent Dignity takeover deal, says James Lyons at Lawrence Stephens.

  • How Geopolitical Change Is Affecting M&A Activity In Europe

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    Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.

  • Discovery Blocking Reform Better Protects French Companies

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    The 2022 reforms to France's 1968 blocking statute gives French companies more tools to resist abusive discovery requests from foreign competitors and public agencies, but France should do more to defend confidential information and assert its sovereignty, says Raphael Gauvain at Betto Perben.

  • A Look At New Vertical Laws, Their Opportunities And Pitfalls

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    Looking at trends that have gained the most traction under the new vertical laws in the EU and U.K., it is clear that brands should use the transition period wisely, ensuring that lessons have been learned on what to avoid and that go-to-market strategies are future-proof, say attorneys at K&L Gates.

  • Why 2023 Could Be The Year Of The Restructuring Plan

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    As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.

  • How Mur Ruling May Affect Force Majeure Considerations

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    The recent U.K. Court of Appeal decision in Mur Shipping v. RTI demonstrates that exercising reasonable endeavors can include payment in an alternative currency to overcome a force majeure event, and is topical for contracting parties in light of Russia-related sanctions, say attorneys at Debevoise.

  • ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law

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    The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.

  • Cos. Can Expect Intense Antitrust Enforcement This Year

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    In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.

  • Foreign Direct Investment Considerations For Buyers, Sellers

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    The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.

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