Transactions UK

  • February 22, 2024

    Memery Crystal Guides Parent RBG On £2.7M Fundraising

    RBG Holdings PLC said on Thursday that it plans to raise a minimum of £2.7 million ($3.4 million) by selling new shares to directors, shareholders, and retail investors, as the legal and professional services group seeks to clean up its balance sheet.

  • February 22, 2024

    Mercedes Launches €3B Buyback Despite Brake On Economy

    Mercedes-Benz said on Thursday that it will reward investors with a share buyback program worth up to €3 billion ($3.3 billion), after the luxury carmaker reported an improvement in its cash flow despite supply-chain bottlenecks and economic volatility.

  • February 22, 2024

    Addleshaw Goddard-Guided REIT Weighs New £225M Offer

    Abrdn Property said Thursday it is now considering a rival takeover bid for the U.K. real estate investor from Urban Logistics REIT, which has made a 59.2 pence "share-for-share" offer. This values Abrdn at approximately £225 million ($285 million).

  • February 22, 2024

    Lloyds Bank To Return £2B To Investors As Profit Soars

    British lender Lloyds Banking Group PLC said on Thursday that it will reward shareholders with a £2 billion ($2.5 billion) buyback program, following a growth in profits of 57%.

  • February 22, 2024

    Fieldfisher-Led Tech Co. Agrees £430M Unit Sale To PE Biz

    Marlowe PLC said Thursday that it has agreed to sell some of its risk management assets to private equity firm Inflexion for £430 million ($545 million), as the U.K. business services and software specialist looks to fully focus on its core compliance practice.

  • February 22, 2024

    Argentina Must Pay Upfront In €1.3B Payment Challenge

    Argentina must make an upfront payment if it wants to challenge a ruling forcing it to pay out €1.3 billion ($1.4 billion) to bondholders for wrongly adjusting the way it calculates yields for government securities, an appeals court ruled Thursday.

  • February 22, 2024

    Zurich To Reward Shareholders With $5B After Record Profit

    Swiss insurance heavyweight Zurich said on Thursday that it will return a total of $5 billion to shareholders after recording a record $7.4 billion operating profit for 2023.

  • February 21, 2024

    Proxy Advisers Push Gold Biz Investors To Accept £142M Bid

    Two major proxy advisory firms urged the shareholders of Shanta Gold Ltd. on Wednesday to accept a Mauritius-based conglomerate's £142 million takeover bid.

  • February 21, 2024

    Saint-Gobain Weighs Buying Australian Rival CSR For $2.9B

    French construction materials giant Saint-Gobain said Wednesday it is exploring potentially buying CSR Ltd., an Australian rival, for approximately $4.5 billion Australian dollars ($2.9 billion), as the company eyes expanding overseas.

  • February 21, 2024

    Cider Maker Magners Plans To Launch €15M Share Buyback

    C&C Group PLC said on Tuesday that it will reward investors through a share buyback program worth up to €15 million ($16 million), on the back of its confidence in the outlook for business.

  • February 21, 2024

    Financial Adviser Sues Law Firm For Ex-Director's Legal Fees

    Financial services business Gallium has claimed a law firm failed to question why it paid £673,000 ($850,000) in legal fees for its ex-director "in his personal capacity" during a dispute with another shareholder.

  • February 21, 2024

    Burges Salmon Leads Insurer's £11M Spar Pension Deal

    Insurer Just Group said on Wednesday that it has completed an £11 million ($13.8 million) pension buy-in transaction with Spar (UK) Ltd., in a deal guided by Burges Salmon LLP.

  • February 21, 2024

    Addleshaw Goddard Advises BT On £275M London Tower Sale

    BT Group PLC said Wednesday that it has agreed to sell its landmark London telecommunications tower for £275 million ($347 million) to a U.S. hotel group, which plans to convert the building into a hotel.

  • February 21, 2024

    HSBC Sets Out $2B Share Buyback After 2023 Profit Gain

    HSBC said on Wednesday that it will "shortly commence" a share buyback worth up to $2 billion as the British banking group looks to reward shareholders after posting record profits for the previous calendar year.

  • February 20, 2024

    EU Approves Orange's €18.6B Spanish Telecoms JV

    Europe's competition enforcer on Tuesday approved a deal for Orange SA and MasMovil Ibercom SA to combine their operations in Spain through a €18.6 billion ($20.3 billion) joint venture after the companies agreed to sell spectrum to a growing mobile operator in the country.

  • February 20, 2024

    Housing Maintenance Biz To Launch £20M Share Buyback

    Mears Group PLC said on Tuesday its board had given the green light for another share buyback program of up to £20 million ($25.2 million), stepping up its drive to return surplus capital to investors.

  • February 20, 2024

    InterContinental Sets $800M Buyback As Profits Soar

    Hospitality giant InterContinental said Tuesday that it will return over $1 billion to its shareholders in 2024, including an $800 million share buyback and $200 million in dividends, as its profits jumped 70% in 2023.

  • February 20, 2024

    Energy Co. Kistos To Buy EDF's Gas Storage Unit For £25M

    U.K. energy business Kistos Holdings PLC said Tuesday it has agreed to buy the gas storage unit of EDF Energy, the British subsidiary of the French nuclear power giant, for £25 million ($31.5 million).

  • February 20, 2024

    Barclays Plans £1B Share Buyback In Boost For Shareholders

    Barclays PLC said on Tuesday it will launch a new share buyback program worth up to £1 billion ($1.26 billion) in the first quarter of 2024 as the lender looks to return excess cash to shareholders.

  • February 20, 2024

    Israeli Fintech Plans $175M Share Buyback, Dividend Payout

    Plus500 said on Tuesday that it will roll out a new share buyback program worth up to $100 million, as it looks to reward investors despite a sharp drop in revenue.

  • February 20, 2024

    UK Software Biz Seeks More Time To Mull Takeover Offer

    SmartSpace has asked the U.K. government to extend a deadline for a U.S. peer to make a binding offer for the British software company after Skedda Inc. took its £25 million ($31.5 million) proposal off the table.

  • February 19, 2024

    Bank Of Georgia Offers $303.6M For Armenian Lender

    Bank of Georgia said Monday that it has agreed to buy an Armenian bank for around $303.6 million in a deal guided by Baker McKenzie and Travers Smith LLP as it seeks to grow beyond the national Georgian market.

  • February 19, 2024

    Santander Launches €1.5B Share Buyback After Profit Gains

    Banco Santander SA said on Monday it will reward investors with a new program to repurchase shares of up to €1.5 billion ($1.6 billion).

  • February 19, 2024

    Ex-Autonomy Boss Wants SFO Docs To Sink DOJ Fraud Case

    Mike Lynch wants the Serious Fraud Office to turn over information it holds on him over concerns that U.S. authorities sought international assistance to avoid running out of time to charge him for fraud, according to particulars of the extradited entrepreneur's legal claim against the U.K. agency.

  • February 19, 2024

    Gold Miner To Sell Russian Biz For $3.7B As Sanctions Bite

    Polymetal International said on Monday that it has agreed to sell its Russian business for an estimated $3.69 billion in cash and debt, as the precious metals giant looks to comply with international sanctions following the invasion of Ukraine in 2022.

Expert Analysis

  • EU Illumina-Grail Fine Cools Cos.' Merger Control Approach

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    The European Commission's recent record-breaking fine on Illumina for acquiring Grail without approval underscores its tough stance on merger control enforcement, showing that companies in Europe need to be vigilant in complying with regulatory requirements, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.

  • EU Case Shows Wide Approach To Blocking Telecom Mergers

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    The EU court's recent judgment in Commission v. CK Telecoms may make it more challenging to secure clearance for telecom and other companies pursuing mergers, illustrating its broad approach to mergers that risk harming competition without creating a dominant position, say Dominic Long and Christopher Best at Allen & Overy.

  • PR Perspectives: Getting Merger Communications Right

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    As the recent Allen & Overy and Shearman Sterling deal announcement demonstrates, controlling the narrative is the priority when merger discussions begin, so law firms need to consider their stakeholder base and the best communication channels for each segment, ready to adapt to the audience group's needs, say Ben Girdlestone and Bethany Durkin at Byfield.

  • Trustees Should Take Caution After UK Pension Tap Plan

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    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Report On UK Investment Act Offers Welcome Insights

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    The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.

  • Preparing For M&A Under The Foreign Subsidies Regulation

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    The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.

  • Important Generative AI Considerations In M&A

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    The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • Green Loans May Be Hungary's Path To Sustainable Financing

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    Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.

  • Tackling Global Inflation Is A Challenge For Antitrust Agencies

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    Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.

  • What New FCA Management Will Mean For Enforcement

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    Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.

  • Global M&A Outlook: Slow But Moving Along

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    Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.

  • Why Int'l Investors Should Keep An Eye On German M&A Regs

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    While German reform proposals will digitize corporate law formalities that have long been immune to change, international limitations remain, particularly for countries outside the European Union, as Germany moves to tighten regulatory hurdles to control inbound investment, say Marcus Geiss and Sonja Ruttmann at Gibson Dunn.

  • CMA Review Could Help Shape UK's AI Landscape

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    The Competition and Markets Authority's recent review of the U.K. market for artificial intelligence foundation models is likely to feed into its recommendations concerning future legislative and regulatory changes, but may be overtaken by fast-changing developments, say lawyers at Cooley.

  • Microsoft Takeover Shows The Need For EU-UK Cooperation

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    The differing European Commission and U.K. Competition and Markets Authority outcomes regarding Microsoft's planned acquisition of Activision Blizzard demonstrate the need for better cooperation in the post-Brexit era, but the regulators still follow a rigorous approach and ultimately convergence may prevail over divergence, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.

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