22 June 2021
German Federal Tax Court decides that "Sweet Equity" can be taxed at beneficial capital gains tax rates – what does this mean for financial investors?
The German tax treatment of disposal proceeds of so-called "sweet equity" had until recently been somewhat unclear: While the German tax authorities often tried to apply the regular, top income tax rates of up to c. 48%, taxpayers usually aimed for the more beneficial so-called partial income...
10 December 2020
Getting the deal through: Private Equity 2020 (Russia Chapter)
Market conditions in Russia had been improving in 2018 and 2019, with commentators reporting an overall increase in the number of private equity deals, and this trend had been expected to continue in 2020. However, in line with other major economies, the Russian economy sharply contracted in the...
24 June 2020
Pressure Points: Preparing for the ‘new norm’ of on and off restrictions
As most of Australia contemplates the ongoing easing of emergency measures taken by State, Territory and Commonwealth governments in response to Covid-19, Victoria has announced it will extend its state of emergency until at least 20 July after a spike in cases. Further away, cities in China and...
28 November 2019
PUBLIC TO PRIVATE: THE RETURN OF THE PRIVATE EQUITY BIDDER
2019 has seen a significant rise in the number of private equity (PE) and other financial buyers on public mergers and acquisitions (M&A). When a PE house undertakes a public M&A transaction, it should be aware from the outset that there are some key differences to private M&A, and that...
26 September 2018
Private equity real estate: the new trend for real estate investment in France
The French Private Equity and Real Estate ("PERE") market is becoming increasingly more sophisticated. For years the PERE market centred on the US and the UK, while in France, indirect investment was seen as a mainly opportunistic strategy restricted to non-French investors. Now US investment funds...
21 September 2018
European Private Equity Review, Autumn 2018 Edition
The Herbert Smith Freehills European Private Equity Review highlights legal developments of particular significance for European financial sponsors and shares our experience of trends across the European private equity landscape and opportunities for growth.
18 August 2017
Frictionless trade? UK-EU customs relations post-Brexit
On 15 and 16 August 2017 the UK Government published two papers setting out its proposals for UK-EU customs relations post-Brexit. While these papers contain the greatest amount of detail to date in relation to the Government's thinking, they do of course only represent the start of the...
03 January 2017
Ejercicio del derecho de separación por falta de distribución de dividendos – fin de la suspensión de la aplicación del art. 348 bis LSC
El artículo 348 bis de la Ley de Sociedades de Capital (" LSC "), que reconoce a los socios un derecho de separación en caso de falta de distribución de dividendos en los términos que resumimos a continuación, y cuya aplicación quedó en suspenso hasta el 31 de diciembre de 2016, ha entrado en vigor...
11 August 2022
When notification and disclosure collide
A claim under a Directors and Officers liability policy for investigation, defence and settlement costs has ended with the New South Wales Supreme Court 1 allowing some claims but denying others. The decision is a reminder of the importance of robust internal insurance reporting processes, and of...
08 August 2022
The UPC Rules
On July 2022 the UPC Rules of Procedure (the Rules) were announced as approved with the amendments from the previous (18 th ) draft (from 2017) being published in tracked changes form . One of the most significant changes was to opt-out procedures, as well as changes to restrict access to pleadings...
05 August 2022
Australian regulator consults on new operational risk management prudential standard
The Australian Prudential Regulation Authority ( APRA ) has released its consultation on a new cross-industry prudential standard for operational risk management, CPS 230, which proposes to introduce a range of new requirements on APRA-regulated entities for managing operational risk and enhance...
04 August 2022
Another one bites the dust – managing risk in scheme transactions in Australia
A series of public M&A transactions in Australia have recently been called off or renegotiated in light of a changing market and worsening economic conditions, highlighting the need for target companies to carefully consider and protect against deal termination risk.
04 August 2022
Cartel Intel: Interview with Ashley Brickles, Senior Managing Director at FTI Consulting
As part of our quarterly Cartel Intel series, Herbert Smith Freehills' Brussels partner Daniel Vowden sat down with Ashley Brickles, (Senior Managing Director at FTI Consulting) to discuss the latest EMEA cartel developments
03 August 2022
Tax in M&A in the UK and Europe – What you need to know
The third edition of our comprehensive guide to tax in European transactions breaks down the key tactical issues for deal professionals and boards. From transfer taxes, to debt financing, to post-deal disposal issues – our experts chart the EMEA landscape