LATEST ANALYSIS
June 2011
30 Jun 2011
On Jan. 1, 2012, most aircraft flying to or from the EU will need carbon dioxide emissions permits, regardless of origin. Expanding the EU’s “Emissions Trading Scheme,” airlines, and their allies in the U.S. and China oppose this new “tax” on global transport which many view as an illegal imposition of the EU’s climate policy on foreign nations...
30 Jun 2011
The countdown to the debut of new anti-bribery legislation from the United Kingdom is set to take the world by storm, regardless of whether the corporate executives have fortified...
30 Jun 2011
Like Russian dolls, recent Russian IPOs have unpacked increasingly diminishing returns, as corporate governance collapses and murky political backgrounds highlight some of the dangers of investing in companies with clashing…
30 Jun 2011
Reverse mortgages are becoming less attractive products for large financial institutions in the United States. Increased lending restrictions, unpredictable home prices, limited resources, and increased regulation via Dodd-Frank are cited…
30 Jun 2011
As two French retailers battle for control of a crown jewel, Brazil watches to see which will surrender first…
30 Jun 2011
In a rare combination of Chinese shares and London warrants, HSBC has issued 45 million equity-linked low exercise warrants for shares in Ningo Port Company Limited, a company traded on the Shanghai Stock Exchange…
30 Jun 2011
New Flyer Industries of Winnipeg is taking steps to convert from an income deposit security structure to a traditional common share structure, marking another nail in the coffin…
30 Jun 2011
Despite the ultimate failure of the London Stock Exchange’s bid to acquire TMX Group, the decision by two large proxy advisory firms to back the LSE rather than the offer by homegrown bidder Maple Group, is likely to have many Canadian investors…
30 Jun 2011
Another board of directors has succumbed to negative publicity and accounting scandals that have brought many U.S.-listed Chinese companies to their knees in recent days…
30 Jun 2011
Biotech behemoth Amgen will cruise into summer, offering a cool $3 billion in senior unsecured notes…
30 Jun 2011
PE giant Leonard Green & Partners is re-stocking its shelves after acquiring BJ’s Wholesale Club for $2.8 billion…
30 Jun 2011
“Instructively, the UK FSA has created a rebuttable presumption that an issuer's equity shares should be suspended from trading in the event of a reverse takeover...
28 Jun 2011
JPMorgan’s $153 million settlement with the SEC is certain to be perceived within the bank as bitter medicine, necessitated by CDO excesses of days gone by...
28 Jun 2011
For many of those involved in negotiating M&A deals or IPOs, such as financial advisors and counsel, post-closing arrangements may be viewed as someone else’s problem. Yet, for a deal to succeed, one of the keys is a smooth transition…
28 Jun 2011
M&A may be cycling upward, but it’s the competition regulators who find themselves in the lead position…
28 Jun 2011
Europe’s complex and costly patent regime is heading for a radical shake-up as the European Commission looks to get a jump on increasing competition from China with…
28 Jun 2011
Anti-monopoly watchdog activity is on the rise in China. In tandem with handing out the first conditional merger approval decision of this year, the Anti-Monopoly Bureau of the Ministry of Commerce is…
28 Jun 2011
Recent market volatility roiling global exchanges has caused jitters, even in the world’s hottest IPO market, Hong Kong. Concern over inflation in emerging markets…
28 Jun 2011
Michael B. Polk had a choice of pens to ink his employment contract to be Newell Rubbermaid’s new CEO…
28 Jun 2011
Intel may be ponying up the stock, but it’s the company’s employees who are in the chips...
28 Jun 2011
TMX and the London Stock Exchange are upping the stakes in their £2.3 billion mega-merger as they seek to fend off a sweetened hostile bid from Maple Acquisitions with a sugar sweet special dividend offer of their own…
28 Jun 2011
Lincoln National Corp is jumping on favorable interest rates, issuing $300 million in notes to pare down debt service…
28 Jun 2011
The $700 million merger between Fundtech Ltd and S1 Corp should boost the profile of the banking transactions niche...
28 Jun 2011
Sustainability reporting looks set to become a major regulatory requirement for listed companies as sustainability has assumed greater importance in the corporate agenda over the recent years...
28 Jun 2011
Regulators are hailing a new landscape for corporate governance in Australia after the Federal Court handed down a "landmark" decision in the case against eight Centro directors for failing to fulfill their duties...
28 Jun 2011
Atlantic Power Corporation of Boston has entered into an agreement to acquire Capital Power Income for $1.1 billion. The structure contemplated for the deal illustrates how collateral agreements must be carefully managed…
23 Jun 2011
Juggling a public offering is hard enough without someone tossing a chainsaw in the mix. Sometimes the “chainsaw” is the realization that exemptive relief will be required…
23 Jun 2011
Practical developments are in progress for Sino-Singapore Tianjin Eco-city, a joint project between the governments of China and Singapore. Recently, organic grain producer…
23 Jun 2011
A flurry of fashion based deal activity has struck Europe as luxury brand private equity investors cash in on fashion’s emerging market potential. Boosting otherwise lackluster UK M&A and capital markets activity, designer companies are…
23 Jun 2011
China-based businesses are starting to factor in potential long-term risks that could materialize, given their concerns over rising social unrest...
23 Jun 2011
Growing interest in Eastern Europe has led some investment banks to get in on the action with structured notes designed to give London-based investors exposure to these growing economies…
23 Jun 2011
On June 30, the shareholders of TMX Group will be asked to approve the proposed merger of TMX with London Stock Exchange Group plc…
22 Jun 2011
HM Treasury has published a consultation and white paper, including draft legislation, entitled: "A new approach to financial regulation: the blueprint for reform”...
21 Jun 2011
Issuers considering Canada’s sparsely populated North – Yukon, the Northwest Territories and Nunavut - for expansion must understand the associated risks and potential mitigation strategies, and disclose them appropriately…
21 Jun 2011
Fashion M&A remains in vogue with Jones Apparel Group becoming the latest designer to try a chic acquisition on for size. It picked up Kurt Geiger, Europe’s largest luxury shoe retailer, recently for approximately $350 million…
21 Jun 2011
Capstone Infrastructure Corporation, formerly known as Macquarie Power and Infrastructure Corporation, has agreed to a $75 million bought deal of cumulative five-year rate-reset preferred shares, Series A…
21 Jun 2011
Despite the global prevalence of land banking, UK regulators have been cracking down on this controversial practice harder than ever as the FSA uses non-property based powers to bring land bankers to rights…
21 Jun 2011
Following BP’s Macondo well blowout in the Gulf of Mexico, the SEC continues to raise its expectations when it comes to environmental risk disclosures…
21 Jun 2011
Chinese anti-corruption authorities have been busy cleaning house in the weeks leading up to the enactment of the UK Bribery Act. Recently, Chinese corporate conglomerates…
21 Jun 2011
DG FastChannel and MediaMind Technologies will join forces in a “Mad Men” merger for the 21st century…
21 Jun 2011
Recent busts in China’s dot-com industry are prompting some experienced investors to turn back to established veterans for comfort. On June 17, financial services firm Morgan Stanley…
21 Jun 2011
In a move that can help compliance and legal professionals improve their firms' operational and supervisory oversight and processes, the Financial Industry Regulatory Authority...
19 Jun 2011
The Dubai Financial Services Authority has published consultation paper number 77 containing proposals relating to corporate governance and remuneration standards applicable to authorised persons...
16 Jun 2011
Vulcan Materials will issue a cool, Spock-like $1.1 billion in unsecured notes…
16 Jun 2011
The recent announcement by Canada’s federal government that it intends to bring an end to the Canadian Wheat Board’s monopoly will have an impact well beyond farmers…
16 Jun 2011
The Supreme Court has gone back to the Basics in class action securities litigation…
16 Jun 2011
Foreign investment banks circling China’s IPO market are partnering up. Ready to pounce on domestic securities issuers, these banks are also anticipating the launch…
16 Jun 2011
Canada’s federal government has issued a consultation paper outlining a proposed legislative framework for covered bond issuances by federally regulated financial institutions…
16 Jun 2011
As natural and national disasters continue to plague stock markets, disclosures reveal some of the ongoing effects radiating from Japan’s Fukushima nuclear disaster. Adding litigation and supply problems to the human cost of the tragedy…
16 Jun 2011
In a rare insight into English law loan agreements, Royal Caribbean Cruises Ltd has filed details of a credit agreement for the financing of a new generation of cruise ships with an unusual twist…
16 Jun 2011
The widening black hole of foreign-based U.S. securities issuers may have claimed another victim. Probiotics suppler China Biotics recently gave notice to the SEC…
16 Jun 2011
Pepsi’s balance sheet is bubbling over with two new $2.875 billion credit facilities…
16 Jun 2011
Less than a year and a half after industrial equipment dealer Toromont Industries acquired natural gas compression firm Enerflex for over $600 million, Toromont has spun off the business to its shareholders…
16 Jun 2011
It’s not all doom and gloom in the nation’s capital as Danaher Corp will offer shares worth nearly $1 billion…
16 Jun 2011
The Commodity Futures Trading Commission will re-propose some of its pending swaps rules, CFTC Chairman Gary Gensler told the Senate Agriculture Committee Wednesday...
16 Jun 2011
With Hong Kong's proposed new anti-money laundering bill now being considered by lawmakers in the territory, one senior local banker yesterday said local banking and financial…
14 Jun 2011
Fraud claims involving foreign issuers in U.S. capital markets are spinning a complex web of finger pointing. While issuers, particularly those based in the PRC, are taking most of the heat…
14 Jun 2011
With its $307 million acquisition of Ness Technologies, Citi’s latest move is more evidence of the world’s growing appetite for Israeli technology…
14 Jun 2011
The REIT sales force is getting hauled over the coals by regulators, specifically FINRA. The non-traded REIT class has caused much of the consternation with commission-driven financial planners selling the investments without determining whether their prospective investors can handle the risks...
14 Jun 2011
A recent English law case has broken new ground on the controversial area of anti-arbitration injunctions. Restricting previous European case law, it substantially extends the English Court’s power to restrain international arbitration…
14 Jun 2011
A $650 million notes issue has Discovery Communications sitting atop the Animal Planet…
14 Jun 2011
A regulatory bombshell could signal a red card, or perhaps at least a yellow, for the M&A carnival in Brazil...
14 Jun 2011
With Greek sovereign debt fears nearing the crisis stage, Québec, one of Canada’s ten provinces, is trying to breathe new life into national debt offerings with a US$18 billion Euro Medium Term Note Programme filed in London…
14 Jun 2011
Private equity firm Counsel Corporation of Toronto has completed its acquisition of residential mortgage lender Street Capital Financial Corporation in a deal valued at approximately $33 million…
14 Jun 2011
An ongoing dispute between one U.S.-listed foreign issuer and its Chinese subsidiary has hooked the attention of corporate onlookers and the lawyers who work with variable interest entities…
14 Jun 2011
The Securities and Exchange Commission Enforcement Division has instituted stop order proceedings to suspend the effectiveness of the registration statements filed by two Amex-listed China-based issuers...
9 Jun 2011
A boom in hybrid debt securities around the world has been met by warnings from U.S. regulators that structured notes may be riskier than previously thought. The SEC and FINRA have jointly issued a warning on…
9 Jun 2011
Recently, rating agencies from Moody’s and Fitch to China’s Dagong have voiced opinions on Japan’s sovereign debt, which is expected to balloon dramatically in the aftermath of the March 11 earthquake and nuclear crisis in Fukushima. Worries of a Japanese sovereign debt crisis are making their way into boardroom discussions and disclosures…
9 Jun 2011
Despite all of the recent attention on the federal government’s attempts to regulate greenhouse gas emissions, a potentially significant development is underway in another area of environmental law that could affect the bottom lines of several business sectors...
9 Jun 2011
Diversey Holdings will hold onto a bundle of cash following its merger with Sealed Air Corp…
9 Jun 2011
Whether a public company can “just say no” to a hostile bidder has long been a topic of discussion on both sides of the border between Canada and the U.S…
9 Jun 2011
The SEC is warning investors about the risks of reverse mergers. The warning explains the reverse merger process, outlines the risks these companies pose to investors, and...
9 Jun 2011
An alleged oil derivatives squeeze has the CFTC doing some squeezing of its own…
9 Jun 2011
Compton Petroleum has announced a recapitalization transaction to get the company back on its feet…
9 Jun 2011
Iron Mountain, doyen of document management systems, has sold off a piece of its rock for $396 million…
9 Jun 2011
In one of the world’s largest biofuel deals to date, Shell and Cosan have teamed up for a multi-billion dollar Brazilian biofuels joint venture named “Raizen”…
9 Jun 2011
Sinobiomed, a U.S.-listed Chinese company, has slammed the brakes on a proposed acquisition of software maker Sitoa Corporation. Originally scheduled to close on June 1, the deal…
9 Jun 2011
Cliffs Natural Resources has crafted another piece of its financing apparatus for its purchase of Consolidated Thompson…
8 Jun 2011
The Securities and Exchange Commission on Tuesday barred a lawyer from practicing or appearing before the SEC over cheating seven of his firm's corporate clients…
8 Jun 2011
Concerns are growing over the scrutiny that U.S.-listed firms from emerging economies may face in the future following the SEC's investigation into an accounting fraud at Longtop Financial Technologies…
7 Jun 2011
Reg D’s amendment to the definition of “accredited investor” pursuant to the Dodd-Frank Act is likely to reduce the number of persons who qualify as accredited investors under the federal securities laws and may consequently change the landscape for private placement financings...
7 Jun 2011
The proposed mega merger of NYSE Euronext and Deutsche Bourse through a newly-incorporated Dutch holding company has thrown SEC filers’ use of tax-evading Dutch companies into the M&A spotlight…
7 Jun 2011
A stellar acquisition results in a $2 billion notes issuance for EchoStar Corp…
7 Jun 2011
A heated lawsuit between Hong Kong’s Securities and Futures Commission and Tiger Asia Management LLC could soon alter how the city’s courtrooms deal with insider trading...
7 Jun 2011
With the agribusiness sector becoming increasingly significant to investors, newly-formed Legumex Walker of Winnipeg has filed its preliminary long-form prospectus in connection with the company’s proposed IPO…
7 Jun 2011
Coventry Healthcare will brave its industry’s uncertain future with a $600 million war chest…
7 Jun 2011
Insurance companies are lending at a higher velocity than their banking peers on large-scale real estate assets...
7 Jun 2011
The SEC has finally hit upon a get-rich-quick scheme that is sure to wet Wall Street whistles…
7 Jun 2011
For many Canadian issuers, Q1 2011 marked the first period for reporting under International Financial Reporting Standards. In a celebration of that landmark (of sorts), the Ontario Securities Commission has issued IFRS Release No. 1…
7 Jun 2011
South East Asian media and online communications conglomerate, Intelligent Communication Enterprise is revitalizing its top ranks. In an effort to stay abreast of…
7 Jun 2011
Applied Materials will issue $1.75 billion in notes to help fund its acquisition of Varian Semiconductor...
7 Jun 2011
Consolidation of the online gambling industry may be heating up with Sportingbet taking a punt on Australian rival Centrebet International. The deal sees the UK company undergo a complex debt and equity funding to pay for its expansion down under…
2 Jun 2011
Compliance officers, regulatory lawyers and risk managers are possibly the busiest financial services employees in Europe...
1 Jun 2011
When a company sells a business unit, it presumably has come to believe it is time to move on. Yet it is surprising how often issuers will return to a product line or offering recently deemed expendable. Hence the non-compete provision…
1 Jun 2011
The first half of 2011 has been grueling for SEC filers based in China. An increasingly agitated SEC is intensifying enforcement efforts to protect U.S. investors from...
1 Jun 2011
This article discusses the recently proposed position limits for derivatives. All of the rules discussed in this article are currently in proposal and comment phase and the final effective rule may be different...
1 Jun 2011
A developing trend suggests sharp counsel, copious cooperation and redoubled compliance efforts can stave off FCPA prosecution...
1 Jun 2011
A reordering of financial services regulation is underway in the UK and the Financial Services Authority and Bank of England have set out how they propose to turn the much-maligned FSA into a regulator to be feared…
1 Jun 2011
The M&A market continued its multi-year rebound and grew impressively during the first quarter of 2011...
1 Jun 2011
As if riding the coattails of the royal nuptials, Time Warner Cable will offer £625 million in 20-year notes…
1 Jun 2011
Canada’s Fortis Inc will plant its maple leaf flag south of the border for a cool $700 million...
1 Jun 2011
Seizing opportunities in a favorable market, Hewlett-Packard has registered $5 billion in global notes simply for general corporate purposes…
1 Jun 2011
An era of low interest rates has prompted investment banks to look to yield-enhancing derivatives as a way to attract investors. Leading the field in this respect are structured products linked to equity, such as Barclays Capital’s recent issue...
1 Jun 2011
Calgary-based Lone Pine Resources Inc has completed a $190 million initial public offering in Canada and the U.S. The IPO is the first stage in the expected spin-out of Lone Pine from parent company Forest Oil Corporation of Denver…
1 Jun 2011
Asian private equity firm SAIF Partners is rolling up its sleeves in preparation for some hands-on management work. The China and India-focused fund recently appointed…
1 Jun 2011
A modest-sized offering belies a fascinating leap in cerebral diagnostics and treatment for Israel’s Brainsway, Inc…