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 changes will expand the notification requirements for tech-related transactions significantly.
The German federal government published a draft 17th amendment to the Foreign Trade and Payment Ordinance ("AWV"), which is...more
The Development: The UK government has put before Parliament draft legislation introducing a new regime for governmental scrutiny and intervention in respect of investments that may pose a risk to national security in the...more
The lowered threshold for foreign direct investments into France will apply to non-EU and non-EEA investors or to any investor fiscally domiciled outside the European Union and European Economic Area.
On July 23, 2020,...more
7/27/2020
/ EU ,
European Economic Area (EEA) ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
French Commercial Code ,
Investors ,
National Security ,
New Regulations ,
Threshold Requirements ,
Voting Rights
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
Proposed retroactive application could expose investments made as from June 2, 2020, to ex post scrutiny.
On June 2, 2020, the Dutch Government ("Government") announced that it plans to apply a proposed comprehensive...more
The Situation: The UK Government has expanded the scope of the UK's foreign direct investment ("FDI") screening controls to include businesses responding to the COVID-19 pandemic. In addition, the UK has lowered the...more
On May 20, 2020, the German Federal government adopted the 15th amendment to the Foreign Trade and Payments Ordinance (AWV). The changes to the AWV will be effective shortly, after publication in the Federal Gazette....more
The European Commission recently issued COVID-19-related guidance, ahead of the entry into force of the new EU FDI screening mechanism in October 2020. Several member states have been tightening their national FDI regimes as...more
The new guidance encourages EU Member States to make full use of existing, and adopt new, investment screening mechanisms. Investments in the health care sector and related industries are likely to face increased scrutiny and...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
The United Kingdom is taking a careful look at potential direct investments by foreign entities. While the UK certainly works hard to attract investor interest, concerns relating to certain sectors can trigger government...more
This Jones Day Global Merger Control Update discusses developments in existing merger control regimes over the first half of 2018, as well as the emergence of new merger control regimes worldwide.
Over the past few years,...more
8/15/2018
/ Acquisitions ,
Canada ,
China ,
Competition Authorities ,
Corporate Counsel ,
Cross-Border ,
Foreign Acquisitions ,
Foreign Investment ,
Germany ,
Hart-Scott-Rodino Act ,
Italy ,
Merger Controls ,
Mergers ,
MOFCOM ,
Size of Transaction Test ,
Threshold Requirements ,
UK
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
A consultation paper on national security and investment published by the UK government advocates extensive changes to current provisions regarding foreign investment in UK businesses. In essence, the proposed changes would...more
8/3/2018
/ Acquisitions ,
CFIUS ,
Controlled Foreign Corporations ,
Critical Infrastructure Sectors ,
Cross-Border ,
EU ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Legislative Agendas ,
Mergers ,
National Security ,
Partnerships ,
Proposed Regulation ,
UK ,
UK Competition and Markets Authority (CMA)
The Situation: The UK government is introducing new protectionist measures concerning acquisitions of businesses operating in the United Kingdom.
The Impact: The government intends to expand the scope of acquisition...more