News & Analysis as of September 22, 2024

European Union › State-Owned Enterprises

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Court Judgment Regarding Scope of the Ownership and Control Test Under the UK Sanctions Regime

WilmerHale on 10/11/2023

On Friday, 6 October 2023 the Court of Appeal handed down judgment in the case of Mints v PJSC National Bank Trust & Anr [2023] EWCA Civ 1132. This judgment is significant and is a key, albeit non-binding, indicator of the UK...more

EU Foreign Subsidies Regime: Publication of Final Implementing Regulation

WilmerHale on 8/9/2023

The EU’s Foreign Subsidies Regulation (FSR) was adopted in late 2022. Its stated aim is to combat the effects of competitive distortions caused by foreign subsidies in the EU internal market and thereby level the playing...more

Overview of the EU’s 10th sanctions package in relation to Russia

White & Case LLP on 3/17/2023

On 25 February 2023, the EU adopted its tenth sanctions package against Russia. More industrial, high-tech and aviation goods are now banned for export to Russia, while Russian bitumen and related materials, synthetic rubber...more

Sanctions Update: EU and US Impose New Sanctions and Export Controls Relating to Russia

Latham & Watkins LLP on 10/12/2022

The EU has issued its eighth “package” of sanctions measures on Russia. Meanwhile, US agencies have issued guidance on “secondary” sanctions enforcement, designated additional SDNs, and restricted further exports to Russia —...more

EU To Step Up Enforcement Against Foreign State-Backed Companies

Skadden, Arps, Slate, Meagher & Flom LLP on 7/13/2022

If you (i) receive some form of financial support from foreign (non-EU) governments, and (ii) have activities or are planning to acquire a business in the EU, then you will want to read on....more

EU’s Sixth Package of Russia sanctions targets oil imports, professional services, expands media ban and trade restrictions,...

White & Case LLP on 7/6/2022

Authored by our Global Sanctions Team On 3 June 2022, the EU adopted a new round of sanctions against Russia and Belarus, banning the purchase, import or transfer into the EU of crude oil and petroleum products originating in...more

Switzerland implements further sanctions following the EU’s sixth package

White & Case LLP on 7/6/2022

Authored by our Global Sanctions Team On 10 and 29 June 2022, Switzerland expanded existing sanctions and implemented new measures in response to Russia's ongoing military aggression in Ukraine. This new sanction set is in...more

Russia Update: U.S. Tightens Pressure on Russia with New, Coordinated Sanctions Package | Insights

Venable LLP on 6/30/2022

This is part of a series of advisory alerts from Venable's International Trade and Logistics Group, published in response to the ongoing war in Ukraine. Earlier alerts on Russia and Ukraine sanctions are available in...more

EU Proposal to Regulate Foreign Subsidies That Distort the Internal Market

Latham & Watkins LLP on 5/7/2021

The European Commission (EC) has published a proposal (Proposal) for a regulation on foreign subsidies that distort the internal market. The Proposal aims to address the perception that foreign subsidies have created an...more

The Practical Implications of the EU-China Investment Deal

Orrick, Herrington & Sutcliffe LLP on 1/20/2021

On December 30, 2020, the EU and China announced the conclusion of the negotiations of the investment treaty, the EU-China Comprehensive Agreement in Investments (CAI). The CAI represents a strategic opportunity for EU...more

New notable EU asset freeze listings in relation to Belarus and Syria

White & Case LLP on 11/11/2020

The EU has recently made certain notable EU asset freeze designations in relation to Belarus1 and Syria, focusing on various government officials – including President Alexander Lukashenko in Belarus - The Belarusian and...more

Germany Plans New Restrictions For Foreign Investors and Technology Transfers - On November 29, 2019, the German government...

Jones Day on 12/10/2019

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

Modernizing EU Competition Policy: Will the EU's Angst with Chinese State-Owned Companies Help U.S. Tech Firms off the European...

Wilson Sonsini Goodrich & Rosati on 7/23/2019

During her five-year term as European commissioner for competition, Margrethe Vestager has earned a reputation for going hard after U.S. tech companies. This position had traction in certain European political circles and,...more

Skadden's 2019 Insights: Foreign Investment Control Reforms in Europe

Skadden, Arps, Slate, Meagher & Flom LLP on 1/18/2019

The geopolitical environment continues to drive reform of foreign investment rules in Europe, with government proposals clarifying and tightening such rules in the interest of national security. Recent foreign state-backed...more

EU to Enhance National Security Screening of Foreign Direct Investment (FDI)

Dechert LLP on 12/5/2018

The EU has agreed in principle on a strengthened framework to ensure that foreign investment does not threaten security and public order, while keeping the EU open to foreign investment. The draft FDI Regulation does not go...more

Dawn Raid Derailment—A Cautionary Tale

Jones Day on 10/19/2018

The Development: The European Commission ("Commission") issued a preliminary finding that ZSSK, Slovakia's state-owned railway, obstructed a dawn raid ("inspection") and infringed its obligation to comply with inspectors. ...more

When Is a Private Company Considered a Public Body and Subject to the EU Procurement Rules?

BCLP on 10/23/2017

The case itself is a judgement of 5 October 2017, following a request for a preliminary ruling from a regional court in Lithuania to the ECJ. The question submitted was essentially should a private company established by the...more

European Commission Proposes Framework to Screen Certain Foreign Direct Investments

Latham & Watkins LLP on 9/22/2017

Proposal coordinates existing national screening mechanisms, grants the Commission powers to review investments of “Union interest.” European Parliament and Member States’ approval still required. Key Points: On 13...more

Chinese Buyers Act Quickly – Parallel UK & EU Foreign Takeover Control Systems Proposed

BCLP on 9/22/2017

On the 13th September 2017 Jean-Claude Juncker, the European Commission President, unveiled a framework for investment screening for certain foreign mergers in his “State of the Union” address to the European Parliament. ...more

Towards a UK Investment Act?

Orrick, Herrington & Sutcliffe LLP on 11/9/2016

Against the background of UK policy moving towards a more nationally-led trade and investment policy following this summer’s referendum, the new UK government is still in the process of establishing its policies regarding...more

Flying the Too-Friendly Skies? Europe Opens Routes for Sanctioned Iran Airline

Sheppard Mullin Richter & Hampton LLP on 6/10/2016

On June 20, 2016, you will be able to take a non-stop flight from Tehran to Paris . . . but you probably shouldn’t. According to its website, the Iranian airline Mahan Air will add the City of Lights to the list of...more

European Commission Asserts Broad Power to Scrutinize Transactions Involving Chinese State-Owned Enterprises

Latham & Watkins LLP on 6/6/2016

EC decision considering the control over SOEs may have far-reaching implications for future transactions of all Chinese SOEs in Europe. In its recent decision in Case COMP/M.7850 - EDF / CGN / NNB Group of Companies, the...more

Merger Control In The EU: The European Commission Extends Jurisdiction Over Transactions Involving Chinese SOEs

A&O Shearman on 5/10/2016

Speed read - The European Commission took into account the revenues of all Chinese SOEs active in the energy industry to establish jurisdiction for merger control of a transaction....more

Recent Developments in China Bond Markets

Dorsey & Whitney LLP on 8/27/2015

Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more

REGULATORY: EU Competition Law: European Commission clears the acquisition of TNK-BP by Rosneft

King & Spalding on 4/16/2013

The European Commission (“Commission”) has approved without conditions Rosneft’s US$ 54.8 billion acquisition of TNK-BP. The Commission’s 8 March approval came two months after the Russian Federal Antimonopoly Service (“FAS”)...more

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European Union › State-Owned Enterprises

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