MAGAZINE
October 2013 Issue
Financier Worldwide Magazine
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COVER STORY
Regulation reshaping the investment banking industry
The past few years have been an uncertain time for investment banks around the world. After years of prosperity and exceptional returns, the industry was sent reeling by the global financial crisis, and has suffered since. Further, with a raft of incoming regulation due, the...
FEATURES
US M&A market flat in the first half of 2013
Despite the blockbuster deals announced in Q1 2013, the first half of the year saw relatively flat levels of US M&A activity, according to data published by Mergermarket and Merrill Datasite. Their annual half year report entitled ‘Deal Drivers America’ reviews...
Boston Globe and Washington Post sold in industry shake up
Within the space of four days in August, two of the US newspaper industry’s most prominent heritage publications were sold, relatively cheaply, to newcomers to the sector. On 6 August the Washington Post Company announced it had sold its flagship newspaper to...
Originally conceived in the midst of the financial crisis, the Alternative Investment Fund Managers Directive (AIFMD) has generated years of negotiation and intense political wrangling. The AIFMD entered into force on 21 July 2011, with EU Member States given until 22 July 2013 to...
Legacy costs push communities to the brink
Increasingly, for many US communities, municipal or Chapter 9 bankruptcies are becoming a stark reality. Last year alone, 12 Chapter 9 insolvencies were filed in the US, with a further four seen in 2013 so far. While no two cases are ever the same, one of the most common...
The Indian rupee, the worst performing currency of all the emerging markets, fell dramatically throughout August, leading many to believe that the nation stands on the edge of a financial precipice. The US Federal Reserve’s announcement in May that it intends...
ROUNDTABLE
THE PANELLISTS: Marianne Rowden, American Association of Exporters and Importers; Mel Schwechter, BakerHostetler; Himanshu Tewari, BMR & Associates LLP; Renato Antonini, Jones Day; David J. Levine, McDermott Will & Emery, LLP; and Dr Ram Arvikar, Vectron International.
In the face of increasing trade-related enforcement action, multinationals have beefed up their compliance policies and procedures, though further challenges remain. Certainly among the Western economies, there has been a significant rise in trade-related disputes, including...
SPECIAL REPORT
International dispute resolution
As globalisation continues unabashed, the threat of commercial conflict grows. As a result, international organisations with disputes in overseas markets increasingly seek effective means to resolve cross-border and multi-national disputes. Not only can such disputes be highly...
FORUM: Comparing regional arbitration processes
FW moderates a discussion on regional arbitration processes between Elie Kleiman at Freshfields Bruckhaus Deringer LLP, Adrian Cole at King & Spalding, L. Santiago Soria at Marval O’Farrell & Mairal, Karam Singh Parmar at Tan Kok Quan Partnership, and Dieter Hofmann at Walder Wyss Ltd.
Getting the most out of mediation
Norton Rose Fulbright With the increase in complexity of contracts, legal disputes have become much more common in this day and age. Correspondingly, the methods adopted by parties to resolve these disputes have also increased. While litigation through the courts still remains the traditional form of...
Charles River Associates (CRA) The International Valuation Standards Council (IVSC) has recently expanded its mandate to include creating a single set of high quality, valuation standards and a globally recognised, respected valuation profession. In this article, we consider potential implications of these...
Cleary Gottlieb Steen & Hamilton This article provides an overview of the relative strengths and weaknesses of international arbitration compared to litigation. It aims to assist the reader into coming to achoice as to which dispute resolution mechanism would be more suitable in the circumstances of the particular...
Hogan Lovells In a landmark decision on 17 February 2011, the Higher Regional Court of Frankfurt (OLG Frankfurt) has strengthened the supremacy of parties’ procedural agreements over the arbitral tribunal’s procedural discretion (26 Sch 13/10). The German Supreme Court has rejected the...
Morrison & Foerster LLP The first 90 days of a suit are critical. Yet defendants and their lawyers tend to sit by passively as the early stages of litigation run their course. “Frequently”, writes Craig McEwen, “lawyers and their clients are trapped by the routines, incentives, and...
Allens Class actions have now been a part of the Australian legal landscape for over 20 years. In recent years, Australia has become the most likely jurisdiction outside of the United States in which a corporation will face significant class action litigation. The growing number of class...
Q&A: Managing and resolving class action disputes
FW moderates a discussion on managing and resolving class action disputes between Cari K. Dawson at Alston & Bird, Ross McInnes at Clayton Utz, Steven F. Napolitano at Skadden, Arps, Slate, Meagher & Flom, Wayne J. Lee at Stone Pigman Walther Wittmann, and Antonio Yanez, Jr at Willkie Farr & Gallagher.
DEALfront
mergers & acquisitions
Atlas Copco acquires Edwards Group in $1.6bn deal
Swedish engineering company Atlas Copco AB has agreed to acquire the Edwards Group Ltd in a deal worth $1.6bn. The deal, announced on 19 August, will see Atlas pay $10.50 per share for Edwards. The price includes an initial fixed payment of $9.25 per share with an additional $1.25...
Visteon sells Chinese joint venture stake for $1.2bn
Visteon Corporation announced on 13 August that it had entered into an agreement with joint venture partner Huayu Automotive Systems Company Ltd (HASCO) to sell its 50 percent stake in Chinese manufacturer Yanfeng Visteon Automotive Trim Systems Company Limited (YFV). The...
private equity & venture capital
Vista Equity to acquire Qualcomm unit in $800m deal
Mobile chipmaker Qualcomm Incorporated has agreed to sell its logistics unit Omnitracs Inc to private equity firm Vista Equity Partners in a deal worth around $800m in cash. The deal is subject to the customary closing conditions, including obtaining authorisation from relevant...
Sun Capital partners divests ASD Americas Holding
In a deal originally announced in June, Japanese company the LIXIL Corporation completed its acquisition of a 100 percent share of ASD Americas Holding Corporation, a North American manufacturer of high end kitchen and bathroom products. The deal saw LIXIL acquire ASD, the parent...
bankruptcy & corporate restructuring
Eastman Kodak finally exits bankruptcy
The former pioneer of the photography industry, Eastman Kodak, has finally won court approval for its plan to exit bankruptcy, after Judge Allan Gropper overruled the few remaining objections from the company’s US trustee and shareholders in August. The company finally emerged...
Montreal, Maine and Atlantic Railway files for bankruptcy protection
Railway operator Montreal, Maine and Atlantic Railway Ltd (MMA) was forced to file for bankruptcy protection in August due to mounting costs and potential liabilities – the result of a crude oil train explosion which killed 47 people in July. MMA filed for..
PROFESSIONALinsight
Private Equity
Phoenix rising – restructuring as a solution for zombie funds
Landmark Equity Partners Today’s fundraising landscape for private equity fund managers is challenging. Many recent fundraising attempts have failed and other managers, with marginal track records, have chosen not to go to market with a successor fund. Of the more than 700 fund managers active before...
Taking notice – notice of security to investors in a Cayman Islands fund
Walkers Much has been written on private equity fund subscription bridge financings involving Cayman Islands exempted limited partnerships, and the type of security to be granted to secure the loan obligations is fairly settled. In practice, however, it is not the security...
Fraud & Corruption
Corporate sentencing – how much could it cost?
Willkie, Farr & Gallagher LLP In recent years the fines imposed for criminal offences by corporates in England and Wales have come under criticism from many quarters, including the judiciary and the press. There has also been a focus in Parliament on making it easier to prosecute corporates for wrongdoing. This...
New developments on anti-bribery legislation in Brazil
Vella, Pugliese, Buosi e Guidoni Anti-bribery rules are not new to Brazilian legislation, but, until very recently, the country did not have an organised system or an ‘Act’ such as the US Foreign Corruption Practices Act (FCPA). The country’s legal system in particular lacked a law providing for...
CONTRIBUTORS
Allens
Alston & Bird
American Association of Exporters and Importers
BakerHostetler
BMR & Associates LLP
Charles River Associates (CRA)
Clayton Utz
Cleary Gottlieb Steen & Hamilton
Freshfields Bruckhaus Deringer LLP
Hogan Lovells
Jones Day
King & Spalding
Landmark Equity Partners
Marval O’Farrell & Mairal
McDermott Will & Emery, LLP
Morrison & Foerster LLP
Norton Rose Fulbright
Skadden, Arps, Slate, Meagher & Flom
Stone Pigman Walther Wittmann
Tan Kok Quan Partnership
Vectron International
Vella, Pugliese, Buosi e Guidoni
Walder Wyss Ltd.
Walkers
Willkie, Farr & Gallagher LLP