MAGAZINE

February 2013 Issue

Financier Worldwide Magazine


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COVER STORY

Private equity investment in Europe

As the European crisis continues with few signs of recovery on the horizon, private equity buyout activity has dropped. European investments, however, can still provide significant returns and a number of firms are taking advantage of the economic climate. With many European... 

 

FEATURES

EU regulators cause UPS to withdraw takeover bid

Following months of negotiations, United Parcel Service Inc (UPS) abandoned its attempts to purchase Dutch rival TNT Express in January, after European antitrust regulators indicated they would not approve the deal on competition grounds. The $6.8bn purchase of TNT would have represented...

Has Canada shut the door on foreign SOEs?

After months of negotiations, United Parcel Service Inc (UPS) abandoned its attempts to purchase Dutch rival TNT Express in January, after European antitrust regulators indicated they would not approve the deal on competition grounds. The $6.8bn purchase of TNT would have represented...

Private equity in South East Asia

Throughout the last decade the emerging markets (EM) have become increasingly popular destinations for many investors. While the BRIC nations have garnered the majority of headlines, and therefore the lion’s share of available investment capital, the South East Asian region has been...

Stagnant IPO market strangles Chinese private equity exits

The financial crisis that began in 2008 has had a wide ranging and lasting effect on global capital markets. Without a doubt, the markets of today are vastly different to those we saw pre-crisis. Bain and Company’s report ‘A world awash in money: capital trends through 2020’, examines...

Japan’s latest stimulus fix

As the western world persists with stringent austerity measures, Japan, under new Prime Minister Shinzo Abe, is pursuing a different strategy entirely. Almost immediately after his election, Mr Abe fulfilled a key election pledge when he announced a ¥10.3 trillion ($116bn) stimulus...

 

ROUNDTABLE

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Transfer pricing

Yariv Ben-Dov, Bar-Zvi & Ben-Dov; Marshall K Hollis, CBIZ MHM LLC; Jim Alajbegu, EisnerAmper; Sanjay Tolia, Price Waterhouse & Co.; and Nathaniel Carden, Skadden, Arps, Slate, Meagher & Flom LLP.

Transfer pricing remains one of today’s most important taxation issues. Collaboration between global tax authorities is increasing as governments seek new sources of revenue. More detailed regulations mean pricing arrangements have become more sophisticated and complex...

 

SPECIAL REPORT

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Corporate fraud & corruption

Transfer pricing remains one of today’s most important taxation issues. Collaboration between global tax authorities is increasing as governments seek new sources of revenue. More detailed regulations mean pricing arrangements have become more sophisticated and complex...

FORUM: Asset tracing and recovery

James D. Ratley of the Association of Certified Fraud Examiners (ACFE) moderates a discussion about asset tracing and recovery between Jonathan Tickner at Peters & Peters, Charlotte Haslam at RGL Forensics, and Colette Wilkins at Walkers.

Corporate whistleblowers – the front-line defence against fraud

Association of Certified Fraud Examiners The path taken by a whistleblower can be a long and difficult one. When an employee makes the decision to expose fraudulent behaviour, it often comes with many risks: alienation from one’s co-workers or superiors. Professional repercussions. Retaliation. These are some of...

Anti-bribery and anti-corruption due diligence considerations in mergers and acquisitions

Ernst & Young LLP Although there continues to be uncertainty about the global economic outlook, many companies are taking an opportunistic view towards acquisitions, with less focus on blockbuster deals and more focus on extending existing businesses and filling strategic gaps. US companies continue to...

Corporate investigations – using technology to find a smoking gun

iDiscovery Solutions, Inc (iDS) Most corporate investigations these days can be hugely complex and there may be literally millions of documents in the dataset being preserved and reviewed by the legal department. The ideal project is one that combines knowledge from legal counsel, experts, and, when appropriate,...

Contract fraud: is your organisation at risk?

CRI Group A seemingly endless stream of business fraud allegations flows continuously over our news tickers. The growing preponderance of corruption, collusion, coercion and fraud in the procurement of business contracts has thrust companies into the international limelight and forced organisations...

Anti-corruption compliance programs: how to make them work under Ukrainian law

Sayenko Kharenko For foreign companies doing business in Ukraine, it is important to consult with local external legal counsel not only on the specifics of Ukrainian anti-corruption and anti-bribery regulation, but also to seek advice on how to implement global anti-corruption and anti-bribery policies in...

The role of corporate governance in banks and micro enterprise development: an African perspective

La Paix Solicitors Legitimate businesses and investors seeking to pursue business in Africa, particularly Nigeria, must be protected. Given the instances of interest shown by foreign investors in Africa and Nigeria, it is instructive to state that due diligence in investment must reckon on compliance with...

Q&A: Fraud due diligence

FW speaks with Zafar I. Anjum at Corporate Research and Investigations LLC, Gregory E. Wolski at Ernst & Young LLP, and Ben Hobby at RGL Forensics about fraud due diligence.

 

DEALfront

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mergers & acquisitions

ArcelorMittal to sell $1.1bn Canadian stake

ArcelorMittal, the world’s biggest steelmaker, has agreed to sell a 15 percent stake in one of its key Canadian iron ore operations for $1.1bn. The sale of the stake in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure asset, to a consortium which includes...

Avis to purchase Zipcar for $500m

The highly consolidated car-sharing industry saw another high profile acquisition in early January with Avis Budget Group Inc announcing it will buy Zipcar Inc for around $500m. Avis’ cash offer of $12.25 per share represented a premium of 49 percent over Zipcar’s closing...

private equity & venture capital

CVC Capital to purchase Cerved

In a deal which bucked the recent trend of private equity (PE) firms retrenching from the Italian market, CVC Capital Partners announced in January that it had agreed to purchase Italian corporate intelligence and ratings agency Cerved Group from rivals Bain Capital and Clessidra SGR S.p...

Carlyle Group sells final stake in China Pacific

Private equity powerhouse the Carlyle Group announced in January that it had sold its remaining shares in China Pacific Insurance Group Co Ltd (CPIC) in a deal valued at around $796m. The sell off saw Carlyle dispose of its remaining 203 million shares (or 9.5 percent...

bankruptcy & corporate restructuring

UK retail bankruptcies increase for third year running

According to data held by business advisory firm Deloitte, the British high street continued to struggle in 2012 with the number of firms filing for bankruptcy increasing for the third year running. The year saw 194 retailers file for bankruptcy, with data suggesting that the majority of...

US trustee objects to Nortel incentive scheme

With the now defunct telecommunications giant Nortel Networks Inc finally entering the home straight of its prolonged bankruptcy proceedings, January saw the process encounter another setback when a US trustee objected to the company’s plan to offer $1.8m in bonuses to 10 employees....

 

PROFESSIONALinsight

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Banking & Finance

How to make your next investment Ponzi-proof

Corporate Resolutions Inc. Investors need to learn how to Ponzi-proof their money. Bernie Madoff is not the last of the scam artists. Since Madoff’s arrest in 2008 for orchestrating one of the largest, most egregious Ponzi schemes ever, we have seen many other instances where investors have been fleeced through...

Securitisation as a means to finance distributed solar projects

K&L Gates The future of solar energy in the US appears uncertain. With investment tax credits set to expire in 2016 the solar industry may lose the tax subsidies that have been one of its main engines of growth. The tax equity investor base for solar energy projects may disappear if Congress...

 

Litigation & Dispute Resolution

A defence of disclosure-based settlements in US M&A litigation

Finkelstein Thompson LLP For the past several years, mergers and acquisitions (M&A) litigation in the US has increased dramatically, both in terms of the number of suits filed and as a percentage of overall securities litigation. While there is debate about the causes of the increase, its implications are...

What plays the key role in the success of an arbitration institution?

Khrenov & Partners In the past two decades, resolving cross-border business disputes through arbitration has become standard practice. Several dozen arbitration institutions provide dispute resolution services worldwide. Yet a rather small number of those feature in the category of truly successful and...

 

SPOTlight

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A potential hiccup to cross-border insolvency cooperation

James Cowper LLP On 24 October 2012, the UK Supreme Court ruled on two foreign insolvency proceedings and their enforceability in the UK. In summary, the Court ruled that foreign insolvency judgments could not be enforced in the UK under common law, primarily, if an English defendant had not...

Achieving great results in a new role

The Results Centre Working at a senior level in the competitive world of business and finance requires certain characteristics: determination, ambition and organisation, combined with relevant knowledge and experience. However, even the most seasoned executive can struggle when promoted to a new role or...

Sweeping changes proposed to European data protection law

Hunton & Williams LLP Information is arguably the most valuable asset a business has. Businesses that think strategically about the creation and development of their information assets are able to increase their value, often by substantial amounts. However, much of the information processed within business...


CONTRIBUTORS

Association of Certified Fraud Examiners (ACFE)

Bar-Zvi & Ben-Dov

CBIZ MHM LLC

Corporate Research and Investigations LLC

Corporate Resolutions Inc.

CRI Group

EisnerAmper

Ernst & Young LLP

Finkelstein Thompson LLP

Hunton & Williams LLP

iDiscovery Solutions, Inc (iDS)

James Cowper LLP

K&L Gates

Khrenov & Partners

La Paix Solicitors

Peters & Peters

Price Waterhouse & Co.

RGL Forensics

Sayenko Kharenko

Skadden, Arps, Slate, Meagher & Flom LLP

The Results Centre

Walkers


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