Since the United Kingdom implemented the National Security and Investment Act in January 2022 ("NSI Regime"), there has been a significant increase in state intervention in, and review of, business transactions in the United...more
The 17th amendment to the German Foreign Trade and Payment Ordinance ("AWV") adopted by the federal government on April 27, 2021, included—compared to the original draft—a number of changes relevant to M&A transactions with a...more
The Development: The Bundestag, the German legislature, amended Germany's antitrust laws to include special competition rules for digital platform "companies with overwhelming importance for competition across multiple...more
One effect of the COVID-19 pandemic has been to accelerate the implementation of new or stricter controls on inward-bound foreign direct investment activity ("FDI"), particularly in the European Union. For example, in March...more
The Situation: The French government issued on December 31, 2019, new rules substantially revising the French Foreign Direct Investments ("FDI") regulation. These new provisions mostly implement the recent PACTE law and the...more
2/10/2020
/ Acquisitions ,
Critical Infrastructure Sectors ,
Dual Use Goods ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Ministry of Economy ,
National Security ,
New Regulations ,
New Rules ,
PACTE Act ,
Screening Procedures
Over the past few years, Germany has strengthened the AWV regime. In parallel, the relevance of Germany's foreign direct investment control investigations for M&A transactions involving non-EU investors has grown. Even...more
Germany has two different sets of rules for the review of foreign direct investments. The relevant ordinance, the Außenwirtschaftsverordnung, or AWV, provides for a sector-specific review process applying to the acquisition,...more
3/25/2019
/ Acquisitions ,
AWG/AWV Rules ,
Critical Infrastructure Sectors ,
Cryptocurrency ,
Defense Sector ,
EU ,
Filing Requirements ,
Foreign Corporations ,
Foreign Direct Investment ,
Foreign Investment ,
Germany ,
Investors ,
National Security ,
New Legislation ,
Regulatory Oversight ,
Safe Harbors ,
Technology Sector ,
Threshold Requirements
The German government lowered the threshold for acquisitions of German companies by non-EU and non-European Free Trade Association ("EFTA") acquirers.
Germany has expanded its powers to block takeovers of German companies...more
12/26/2018
/ Acquisitions ,
Critical Infrastructure Sectors ,
EFTA ,
EU ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Germany ,
Member State ,
Merger Controls ,
Mergers ,
Threshold Requirements
The Situation: Germany prevented State Grid Corporation of China ("SGCC") from acquiring a 20 percent minority stake in 50Hertz, one of Germany's four providers of high-voltage transmission systems, as well as the acquisition...more
8/10/2018
/ Acquisitions ,
CFIUS ,
China ,
Cross-Border ,
EU ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Mergers ,
National Security ,
UK
The Situation: Market-dominant and powerful companies in Germany are subject to a number of rules that are significantly broader and stricter than the European Union's, Article 102 AEUV, which prohibits the abuse of a...more
2/23/2018
/ Abuse of Dominance ,
Acquisitions ,
Bargaining Power ,
Cherry Picking ,
Federal Cartel Offices ,
Foreign Acquisitions ,
German Supreme Court ,
Germany ,
Reimbursements ,
Suppliers ,
Unfair or Deceptive Trade Practices