Allens

15 May 2013

Major reform of the Vietnamese retail industry will likely provide greater opportunities for foreign investment in one of the most attractive investment destinations for global retailers. Partner Robert Fish, Senior Associate Linh Bui and Lawyers Chi Ha and Mai Loan Nguyen report.

23 April 2013

Foreign investment in Mongolia fell away dramatically after the Mongolian Government last year introduced laws regulating foreign investment into strategically important business areas as well as investment by state-owned entities. Now the Government has introduced amendments which soften some of those restrictions in an effort to again encourage inbound capital. Partner David Wenger and Lawyer Anthony Lepere look at the amendments andtheir significance to foreign investors.

09 April 2013

The fast pace of reform continues in Myanmar, creating significant opportunities for foreign investors. Partner Marae Ciantar spoke to BRR Media about the recent and upcoming developments in the oil & gas and telecommunications sectors, and what investors can do to prepare.

27 March 2013

In brief: Even where no market in Australia is affected, a recent Federal Court decision highlights that certain conduct may breach the new cartel provisions of Australia's competition and consumer legislation. Partner Michael Schoenberg, Senior Associate Tim Maxwell and Lawyer Angela Gibbs provide an overview of the decision.

20 March 2013

ASX has released the final version of its revised Guidance Note 8, following consultation on the draft released late last year. Although the final version is not hugely different from the initial draft, there are some important changes which have been made following the consultation process. Partner Guy Alexander looks at the key changes that will come into operation on 1 May.

15 March 2013

Global economic uncertainty has hindered M&A activity. Cautious corporates have generally elected to use their profits to fund working capital rather than pursue acquisitions. Could this begin to change in 2013?

06 March 2013

Some subtle but significant changes have been made to Australia's Foreign Investment Policy. They will directly impact foreign government investors - particularly how foreign government invested banks take security and how foreign government investors participate in investment consortia or funds. Partners Jeremy Low and Marcus Clark and Senior Associate Paul Bernath report.

27 February 2013

As cross-border private M&A deals become increasingly common in Australia, the domestic market, and its deal-makers, need to be ever more international in their thinking and approach.

14 February 2013

In response to recent Full Federal Court decisions, the Federal Government has introduced legislation to amend the general anti avoidance rules (Part IVA) in the Tax Act. Partner Martin Fry and Lawyer Claire Nicholson explain the proposed amendments that will modify the way in which the 'tax benefit' test is applied and the way in which it interacts with the operative provision of Part IVA.

14 February 2013

The new government in Japan has flagged a major push to revive the Japanese economy. Japan Sector Leader and co-head of Allens' Corporate Finance Practice in Perth, Tim Lester, spoke to BRR Media about the changes, their effect on the Japanese Yen, and outbound investment from Japan

15 January 2013

The Australian Department of Foreign Affairs and Trade has released a report that looks at recent efforts by the Chinese and Australian governments to strengthen cooperation in agricultural sector investment, and finds that the two countries have a mutual commitment to increasing bilateral investment cooperation in that sector and related industries. Partner Kate Axup and Senior Associate Tess Fitzgerald discuss the report's implications, especially in light of Australian community concerns about foreign investors 'buying up the farm'.

19 December 2012

The NSW Government State Infrastructure Strategy and NSW Long Term Transport Master Plan were released last week. Partners Nigel Papi and Leighton O'Brien spoke to BRR Media about the plan and the outlook for Australian infrastructure in 2013

21 November 2012

In these uncertain economic times, we are seeing material adverse change triggers increasingly sought in private M&A deals, particularly in leveraged deals or where a private equity buyer is involved. These triggers are prevalent in private deals overseas but somewhat less so in Australia and so they have been traditionally resisted by sellers of Australian private businesses. Partner Mark Malinas, Senior Associate Emin Altiparmak and Lawyer Jarrod Woodward discuss how the use of a reverse break fee may make these triggers more acceptable to such sellers and reduce the likelihood of a dispute when buyers seek to rely on such triggers.

18 October 2012

The Australian Securities Exchange has released for consultation its long-awaited proposed rewrite of Guidance Note 8, its guidance on continuous disclosure obligations of listed entities. Partner Guy Alexander and Senior Associate Robert Speed provide an overview of the key issues.

03 October 2012

In a decision handed down yesterday, the High Court unanimously held that Fortescue Metals Group Ltd's announcements to the ASX and media in 2004 stating it had reached 'binding agreements' with Chinese State-owned entities to build infrastructure in the Pilbara were not misleading despite the 'agreements' being substantially incomplete and not being legally enforceable in Australia. Partners Richard Harris, Jeremy Low, Senior Associate Andrew Byrne and Lawyer Alice Dillon comment on the decision and its implications for listed companies and directors.

18 September 2012

The Takeovers Panel's latest decision involving Dulux's bid for Alesco has focused attention again on the Panel's application of ASIC's truth in takeovers policy. That policy expresses in absolute terms that market participants should be held to their 'last and final statements' in the context of takeovers. The Panel has consistently endorsed the policy, and identified it as a fundamental tenet of the Australian takeovers regime. However, the Panel has been criticised for failing to apply the policy according to its absolute terms, raising questions about how it will be applied in the future. Partner Cameron Price and Senior Associate Emin Altiparmak look beyond the headlines to draw out the themes from the Panel's approach to date.

23 May 2012

Recently, as part of its foreign exchange reforms, the People's Bank of China signed a bilateral currency swap agreement with the Reserve Bank of Australia. Partner David Wenger, Senior Associate Wayne Wang and PRC Consultant Scarlet Feng report on the currency swap agreement and the introduction of PRC laws relating to the internationalisation of the RMB

08 May 2012

The Takeovers Panel has overhauled its Guidance Note 18: Takeover Documents. The rewrite now encompasses target's statements, expert's reports, premia and intentions statements, in addition to its predecessor's focus on bidder's statements. While certain changes simplify and update the existing guidance, the new Guidance Note 18 now contains guidance in several areas on the circumstances that are likely to be considered unacceptable by the Takeovers Panel in the course of preparing takeover documents, which were not previously considered by its predecessor. Partner Andrew Finch and Senior Associate Jonathan Teo report

14 March 2012

A recent Takeovers Panel decision highlights the importance for bidders in the Australian market to avoid making statements that can be interpreted or misconstrued, even out of context, as a 'last and final' offer. Partner Andrew Finch and Lawyer Caspar Conde report

02 March 2012

The Federal Government has announced that it will be introducing changes to the general anti-avoidance rule. Partner Larry Magid spoke to BRR Media about the reasons behind the move and how the changes may impact on Australian businesses

22 February 2012

New opportunities to establish or invest in a business in China may be opened up following the Chinese Government's release of its amended Foreign Investment Industrial Guidance Catalogue. The new Catalogue took effect on 30 January 2012 and presents an interesting picture of China's economic focus for the next several years. Special Counsel Ross Keene, Senior Associate Adrian Fisher and PRC Consultant Crystal Zhang report

31 January 2012

Sweeping changes to Australia's personal property securities laws have just come into operation, with far-reaching consequences for business. Partners Steve Pemberton and Greg Bosmans, and Senior Associate Vida Wongseelashote, report on how M&A transactions will be affected

25 January 2012

The Australian Government has used the release of a report on foreign investment and Australian agriculture as an opportunity to reaffirm its support for foreign investment in the agricultural sector and articulate the issues that it considers when applying the national interest test to proposals for foreign investment in the sector. Partner Marcus Clark and Consultant Alan Millhouse report on this and other recent events relevant to foreign investment in Australian agriculture

11 January 2012

The Chinese Government has made further moves towards the internationalisation of its currency with the release of a number of regulations regarding the use of the RMB both in investments made by Chinese companies overseas and, significantly, investments made by overseas companies into the PRC. Special Counsel Ross Keene, Senior Associates Adrian Fisher and Maggie Ma and PRC Consultant Michelle Ding report

22 December 2011

To promote the proper disclosure of financial information that is not prepared according to accounting standards, and to assist directors and others not to mislead investors and other users of financial information, the Australian Securities and Investments Commission has issued guidance on its use and presentation. Partner Robert Pick and Senior Associate Jonathan Teo report on the impact of this on financial reporting

01 December 2011

The Full Federal Court has dismissed all grounds of the Australian Competition and Consumer Commission's appeal in the Metcash case. Partner Jacqueline Downes and Lawyer Nicholas Mendoza-Jones report

23 November 2011

This week, Allens Arthur Robinson released its Private Equity Market Update. The outlook for the private equity market in Australia in 2012 is positive, according to the report. M&A Partner and Co-Head of Private Equity Practice Tom Story talks to Boardroom Radio about where private equity is heading in 2012

02 September 2011

Qantas has scored a significant court victory over the payment of GST on unused passenger fares. Partner Ross Stitt speaks to Boardroom Radio about the issues considered in the court's decision and the implications for business

08 June 2011

A new social insurance law in the PRC (to take effect on 1 July 2011) provides, for the first time, an overarching framework for the administration of the five national social insurance funds in the PRC. Partner David Wenger, Senior Associates Ross Keene and Maggie Ma and Consultant Crystal Zhang report on the changes, which will impose greater obligations on employers and the relevant administrative agencies

02 June 2011

Queensland, South Australia and the Northern Territory are to make important changes to their stamp duties legislation, with effect from 1 July 2011. The changes will broaden the reach of landholder duty and impose greater duty on a larger range of transactions, particularly affecting ones involving real property, mining tenements and listed entities. Partner Adrian Chek summarises the changes and considers the importance of the timing of any upcoming transactions

31 May 2011

The final report on the future use and management of the Woomera Prohibited Area was released recently, and signifies long-awaited government confirmation of mixed use of the minerals-rich weapons testing area. It provides for the introduction of a new management framework, and paves the way for improved coexistence of Defence and non-Defence operations. Partner Scott Langford, Senior Associate Nick Li, and Law Graduate Brandon Van Slyke report

27 May 2011

The Federal Treasurer recently rejected the SGX-ASX merger proposal on national interest grounds. Partner Jeremy Low and Senior Associate Andrew Wong report on how the decision fits in with the Government's foreign investment policy and its broader implications for future foreign investment applications

26 May 2011

Recently, Seven West Media Limited partially funded its acquisition of Seven Media Group with an accelerated non-renounceable entitlement offer of Convertible Unsecured Loan Securities to its shareholders. Partner Tom Story, Senior Associate Bob Speed and Lawyer Alex Borda examine the acquisition and the pros and cons of the use of CULS

10 May 2011

China has recently passed amendments to its Criminal Law which took effect on 1 May 2011. One amendment of particular interest to international observers has been the introduction, for the first time under PRC law, of a prohibition on bribery of 'foreign public officials' or officials of international public organisations to secure 'improper commercial benefits'. Partner David Wenger and Senior Associates Ross Keene and Xiangyu She report

19 April 2011

The Ministry of Commerce of the People's Republic of China has recently issued changes to its policy on foreign investment. Partner David Wenger and Senior Associate Wayne Wang report on the changes that apply to foreign investment in China

17 March 2011

Partner Tim Lester speaks to Boardroom Radio about the outlook for M&A between Japan and Australia in light of the disastrous earthquake and tsunami that hit Japan this month

18 February 2011

The Circular on the Establishment of National Security Review Mechanism in relation to Foreign Merger and Acquisition Activities of Domestic Enterprises (Guofaban 2011 No.6), which formally establishes the national security review mechanism and takes effect in early March 2011, has been issued. Partner David Wenger and Special Counsel Frank Fan report

16 December 2010

A recent High Court decision will provide greater certainty for parties relying on contractual compensation provisions in contracts with governments. Partners Tom Story and Ren Niemann and Senior Associate Robert Kerr look at the implications of the decision, which overturns a recent Victorian Court of Appeal decision which held that a land tax concession provision was void on the basis that it was unconstitutional

13 December 2010

The Australian Taxation Office has recently published four important determinations dealing with the treatment of private equity investments in Australian assets, including a significant acknowledgement that a tax treaty exemption may be available through fiscally transparent investment vehicles. Partner Larry Magid and Senior Associate Thomas McAuliffe report.

03 December 2010

Greater investment in Australian agricultural assets by foreign investors has prompted a private members' Bill that aims for greater transparency in this area. Consultant Alan Millhouse outlines the impacts if this Bill is passed

29 November 2010

The Senate recently passed legislation to reform the capital gains tax scrip for scrip roll-over relief provisions. The reforms are designed to align the capital gains tax roll-over relief with the Corporations Act 2001 (Cth) provisions dealing with takeover bids and schemes of arrangement. Partner Tom Story and Lawyer Chris Blane report on the effect of the new law on public to private transactions

26 October 2010

The UK Panel on Takeovers and Mergers has recommended a number of radical changes to the UK City Code on Takeovers and Mergers which, if introduced, would turn the tables back in favour of takeover targets over bidders. Partner Guy Alexander and Senior Associate Matt Ireland outline the proposed changes and conclude that, given the differences in the markets, extreme care needs to be taken before any of these proposals are transplanted in an Australian setting

30 September 2010

Partner Richard Kriedemann and Senior Associate Andrew Wong report on a recent Takeovers Panel decision that has provided guidance on how deal protection measures for an agreed takeover bid or a scheme of arrangement should be structured so as to ensure they are not anti-competitive.

07 July 2010

In response to significant increases in foreign investment, Australia's foreign investment policy has been updated to clarify the rules that will be applied when reviewing investment proposals by foreign investors - especially those from foreign governments and their related entities. Partner Jeremy Low and Lawyer Tim Cardiff report on the changes and their implications

04 June 2010

Existing regulations require Indonesian insurance companies and banks meet new minimum equity capital requirements by the end of 2010. As the deadline approaches, Partners David Holme (Jakarta) and Robert Clarke (Singapore) and Lawyer Brooke Nicholls revisit the requirements, and examine the consequences for businesses that fail to comply and the opportunities that will arise from the expected consolidation and capital raising

22 April 2010

The United States Congress is currently considering legislation that will require extractives companies to report on the payments they make to foreign governments in the countries in which they operate. This development comes in the context of increasing international pressures for greater transparency and accountability in revenue flows to government received from the extractive industries. Partner Annette Hughes, Senior Associate Rachel Nicolson and Lawyer Dora Banyasz report

15 April 2010

The Takeovers Panel has issued its new Procedural Rules (effective 1 June 2010), which confirm that the Panel will consider claims of client legal privilege over communications requested by the Panel and without the suggestion that the Panel may decline to allow a valid claim of privilege. Partner Richard Harris and Senior Associate Emin Altiparmak explain the background to, and significance of, this development

14 April 2010

The Federal Government has recently made comments about Australian companies becoming too big through merger consolidation, while at the same time the Australian Competition and Consumer Commission has rejected a high number of mergers. Partner David Brewster speaks to Boardroom Radio about the current landscape for mergers in Australia and the impact of recent changes to other competition laws, including new consumer and anti-cartel laws

08 April 2010

Singapore's 2010 budget has been approved by Parliament and the Supply Act 2010 (which controls the Singapore government's spending in the financial year 2010) has come into force. Helpfully for participants in the mergers and acquisitions industry sector the 2010 budget includes tax allowances and various reliefs for qualifying mergers and acquisitions transactions. Partner Robert Clarke and Senior Associate Christopher Tan summarise the changes

12 February 2010

The Takeovers Panel has released the final revised versions of its guidance notes on lock-up devices, frustrating action, funding arrangements and rights issues. While most of the changes involve simplification and updating, there are more substantive changes to the Panel's guidance on certain issues. Partner Cameron Price and Senior Associate Emin Altiparmak identify those changes