09 July 2020
Catalyst // Exploring Opportunities: Investments and Acquisitions
Rarely have events accelerated so rapidly or so radically as they have in the course of the Covid-19 pandemic. We expect the crisis to operate as a catalyst for change and the business environment to look very different. As we transition to a new normal, there will be opportunities for those with...
12 May 2020
Full Federal Court dismisses ACCC’s appeal against Pacific National’s intermodal terminal acquisition
The Full Federal Court has dismissed the ACCC’s appeal in respect of its case against Pacific National and Aurizon. 1 In dismissing the ACCC’s appeal, the Full Federal Court confirmed the test to be applied when assessing whether a firm’s conduct will be likely to have the effect of substantially...
23 April 2020
COVID-19: Pressure points: CMA guidance on merger assessment during the COVID-19 pandemic (UK)
The Competition and Markets Authority (CMA) has published guidance on its approach to merger control during the COVID-19 pandemic. The guidance deals with procedural issues as well as substantive assessment, and makes it clear that on the whole the CMA’s approach remains one of ‘business as usual...
25 September 2019
Record £250,000 fine imposed by the CMA on Paypal for integration activities during merger review process
On 24 September 2019 the UK Competition and Markets Authority (CMA) imposed its largest ever fine for a single breach of an interim enforcement order (IEO) on Paypal, in the context of its acquisition of iZettle. IEOs are now routinely imposed in almost all completed mergers investigated by the CMA...
29 May 2019
ACCC case theory terminal
Update: On 27 June 2019, the ACCC announced that it has lodged an appeal to the Full Federal Court against the Federal Court’s decision. The ACCC stated that its appeal will focus on the ability of courts to accept undertakings given the ACCC’s concerns about the ability of access undertakings to...
18 February 2019
ACCC succeeds in first merger ‘gun-jumping’ cartel prosecution
On 13 February 2019 the Federal Court ordered Cryosite Limited to pay $1.05 million in penalties for engaging in ‘gun jumping’ cartel conduct in its asset sale agreement with Cell Care Australia. The modest fine reflected the (relatively small) scale of the business concerned and their cooperation...
09 July 2018
Comments on UK proposal for the future relationship with the EU
Last Friday, 6 July, it was understood that the UK Cabinet had finally united around a UK position on the desired future relationship with the EU. However, it now remains to be seen if the proposal survives the protests of “betrayal” heard from some quarters and the resignations of the Secretary of...
09 July 2018
Key questions for General Counsels dealing with global investment decisions
Recent years have seen global shifts in both policy frameworks for screening inward foreign direct investment (FDI) and the way in which those frameworks are applied. The result is a more uncertain environment for foreign investment, which parties to a transaction will have to consider how to...
03 May 2018
Altice fined €124.5 million for gun-jumping conduct
The EU Commission has imposed a fine of €124.5 million on Altice, a multinational cable and telecoms company, for having implemented its acquisition of Portuguese telecoms operator PT Portugal prior to notifying the transaction and receiving clearance under the EU Merger Regulation (EUMR), so-...
17 November 2017
Herbert Smith Freehills acts for Tabcorp in second successful authorisation application to acquire Tatts
The Australian Competition Tribunal has today granted authorisation to Tabcorp Holdings Limited, represented by Herbert Smith Freehills, to acquire the shares in Tatts Group Limited as part of its AU$11 billion merger with Tatts.
18 October 2017
UK Government consults on proposals to expand national security review of foreign investments beyond current merger control regime
On 17 October 2017 the Department for Business, Energy & Industrial Strategy ( BEIS ) published its long-awaited Green Paper National Security and Infrastructure Investment Review for consultation. The Green Paper contains proposals to extend the UK merger control public interest intervention...
19 May 2017
European Commission gets tough on violations of the EU merger control rules – Facebook fined €110m for providing misleading information and Altice faced with gun-jumping charges
On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook's acquisition of WhatsApp under the EU merger regulation ( EUMR ). On the same day, the Commission issued a...
07 September 2020
London International Disputes Week 2020
We are pleased to announce that London International Disputes Week (LIDW) is returning for a second year in September 2020. Herbert Smith Freehills is proud to be associated with this key event, which celebrates London as a global centre for dispute resolution. 7 – 11 September 2020 For more...
04 August 2020
Comparing the fault standards in Australian and UK shareholder class actions
Continuous disclosure obligations applicable to shareholder class action claims have been the subject of much debate in Australia in recent years. Recent amendments to the continuous disclosure provisions of the Corporations Act 2001 (Cth) are intended to reduce opportunistic shareholder class...
03 August 2020
Governance: CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020 - SOUNDBITE SERIES (UK)
Welcome to our soundbite series on the new Corporate Insolvency and Governance Act 2020 which came into effect on 26 June 2020. The provisions of the Act are complex and could have significant impact on companies in distress and their creditors, particularly landlords, suppliers, financial services...
30 July 2020
Funded class actions under the spotlight: Australian Federal Government introduces new regulations
On 24 July 2020, the Australian Federal Government introduced new regulations, removing the ‘managed investment scheme’ ( MIS ) and other financial services regulatory exemptions that apply for litigation funding schemes used in class actions.
30 July 2020
Human rights arguments increasingly deployed in climate change litigation
There has been a significant rise over the past five years in the number of climate change claims that have been based (at least in part) on human rights principles, according to the latest report from the London School of Economics Grantham Research Institute on Climate Change and the Environment...
29 July 2020
Pressure points: Trustees and administrators prepare for what’s ahead: Ombudsman to see a rise in complaints due to Covid-19 (UK)
The Pensions Ombudsman recently published both its Corporate Plan 2020-2023 and Annual Report for 2019/2020, which reveal that the number of enquiries the Ombudsman received has significantly increased in the last year. In addition, the Ombudsman expects the number of complaints to “undoubtedly”...
28 July 2020
UK autonomous sanctions underline importance of human rights due diligence
The importance of human rights and robust human rights due diligence was underlined earlier this month, by the UK government’s introduction of the Global Human Rights Sanctions Regulations 2020 (the “ Sanctions Regulations ”). The Sanctions Regulations are the UK’s first autonomous sanctions...
27 July 2020
Amendments to Queensland’s security of payment regime
Amendments to Queensland’s Building Industry Fairness (Security of Payment) Act 2017 ( BIF Act ) have now passed, simplifying the project bank account framework and amending the rights and obligations of all parties involved in construction contracts in Queensland.
27 July 2020
Webinar: Workplace manslaughter developments in Australia – A national snapshot
Nearly all Australian States and Territories have approached the law around Workplace Manslaughter differently, in a further departure from the proposed ‘harmonisation’ of safety laws. The introduction of these very serious criminal offences is the topic of discussion in boardrooms, executive teams...
27 July 2020
The Prevention Principle – An irreproachable concept?
We recently spoke with Thomas Lazur of Keating Chambers on the "prevention principle." Our discussion can be listened to here , and this article supplements that discussion and considers further some of the key points raised during our conversation.