MAGAZINE
October 2018 Issue
Financier Worldwide Magazine
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COVER STORY
Trump’s trade wars: modest escalation or economic meltdown?
When does a trade spat become a trade war? Observers of the reciprocal trade tariffs imposed by the US and China have been pondering this underlying question in recent months while the bigger picture narrative continues to unfold. In some quarters...
FEATURES
Private equity investment in Latin America
2017 was a notable year for the private equity (PE) industry in Latin America. According to the Latin American Private Equity and Venture Capital Association (LAVCA), 424 transactions were completed, a 20 percent year-on-year increase. Deal value reached $8.4bn...
Real estate investment in Asia-Pacific
Despite numerous geopolitical issues, the global real estate industry enjoyed a prosperous 2017. While Europe saw rising deal flows, the Asia-Pacific (APAC) region was a hive of activity, driven by interest in Hong Kong and Singapore in particular...
Managing data is one of the biggest challenges companies face. Businesses are producing and storing data in huge volumes. According to research group IDC, the world will be creating 163 zettabytes of data a year by 2025. But this volume of data also...
Shareholder activism in Australia: a force for good?
‘Activism’ is a loaded word with often negative connotations. It can conjure up images of confrontational people behaving aggressively in volatile situations. However, when applied to a shareholder context, activism can be a noble aim...
Energy sector transformation under the TCJA
A major piece of tax legislation and the most significant overhaul of US tax policy since 1986, the Tax Cuts and Jobs Act (TCJA) – signed into law by president Trump in December 2017 – has thus far had a significant impact on individuals, businesses and sectors...
ROUNDTABLE
THE PANELLISTS: Patrick C. Gallagher, Duane Morris LLP; Nicole Jadeja, Fieldfisher LLP; Christopher E. Loh, Fitzpatrick, Cella, Harper & Scinto LLP; Vanessa Y. Yen, King & Spalding LLP; Thomas Bordner, Prince Lobel Tye LLP; Aydin H. Harston, Rothwell, Figg, Ernst & Manbeck, P.C.; Andreas Herrmann, Valerius Biopharma AG.
Already a multi-billion dollar market, biosimilar products are set to become even more prevalent as brand-name medicines progressively lose their grip on exclusivity rights and patent protection. Indeed, newer companies are spending vast amounts of time...
SPECIAL REPORT
The energy & natural resources sector is dynamic, diverse and global in scale. It has also been, in recent times, a hotbed of disruptive activities, resulting in a state of flux. Despite this, however, the long-term outlook is for increasing demand and volatility...
FW moderates a discussion on energy investigations between Jostein Kristensen, Helen Jenkins and Sahar Shamsi at Oxera Consulting LLP.
Energy CEOs face seismic changes for their businesses
PPHB A decade ago, the media was mesmerised by articles about peak oil, or when the world would potentially no longer have reasonably priced oil. The world watched oil prices rocketing toward $150 per barrel. Books such as $20 a Gallon and Half Gone became...
Midstream M&A: timing may never be better, but process matters
Kirkland & Ellis LLP The midstream sector – generally involving the gathering, processing and transportation of oil & gas hydrocarbons from the wellhead to the downstream provider – is primed for continued robust M&A activity now that the oil & gas industry has stabilised and rebounded...
Renewables and reform in European corporate PPAs
Fieldfisher LLP Volatile energy prices and rising demand for power are pushing increasing numbers of industrial end users to seek more a stable and sustainable electricity supply through corporate power purchase agreements (PPAs). The rapidly falling cost of renewables...
Asset sales, field developments and innovation underpin significant activity in UKCS
Brodies LLP The UK Continental Shelf (UKCS) is enjoying a period of significant deal activity and development announcements, with more expected to be on the way. July and August saw a huge number of deals done and significant marketing activity, with Chevron announcing...
RESS – will it deliver for solar and offshore wind?
Beauchamps The high level design for the Renewable Electricity Support Scheme (RESS), which was recently released by the government, will bring Ireland into line with other countries by moving away from a fixed subsidy for renewable energy generators, under the existing...
Rousaud Costas Duran S.L.P. Over time, Spain has adopted several measures aimed at promoting sources of renewable energy, in accordance with EU directives and in step with its own domestic interests. Through Royal Decree 661/2007, a stable system of grants was established in Spain...
The future of energy: the role of Italy
CBA One of the main challenges of the coming decades is the energy issue. In the future, it is hoped, we will be able to create an ‘energy mix’ in which all energy sources are complementary to one another. In the event of such a mix, it is likely that renewable sources...
CMS The global energy landscape is rapidly changing and in recent years has undergone substantial change. More countries (especially in Asia) are industrialising and growing, each of which has a desire to seek security of supply through many factors...
Current trends in the Philippine mining and energy sectors
Cruz Marcelo & Tenefrancia The Philippines’ relatively small geographical area belies its potential for growth in mining and energy. Various sources, from the US State Department to different international publications, recognise its immense untapped mining potential, in particular...
Q&A: Capital stacks for investment in the US renewable energy sector
FW moderates a discussion on capital stacks for investment in the US renewable energy sector between Chris LeWand at FTI Consulting Inc., Brian Greene at Kirkland & Ellis LLP, Eli M. Katz at Latham & Watkins, and Lance Brasher at Skadden, Arps, Slate, Meagher & Flom LLP.
DEALfront
mergers & acquisitions
Indian regulators approve $16bn Walmart/Flipkart merger
In mid-August, the Competition Commission of India (CCI) announced that it had cleared Walmart Inc’s proposed $16bn acquisition of Flipkart. The deal was originally announced in May when Walmart agreed to acquire a 77 percent stake in Flipkart...
Diamondback to buy Energen in $9.2bn all-stock deal
In a transaction described as a “transformational moment”, independent oil and natural gas company Diamondback Energy, Inc. is to acquire oil-focused exploration and production company Energen Corporation in an all-stock transaction valued at...
private equity & venture capital
Dun & Bradstreet to go private in $5.38bn deal
Data and analytics firm Dun & Bradstreet is to be acquired by a group of investors including CC Capital, Cannae Holdings and funds affiliated with Thomas H. Lee Partners LP, in a deal which, including existing debt and pension obligations of $1.5bn...
Bain Capital secures £1.21bn esure deal
In a deal that will take the UK-based insurance firm private, global private equity firm Bain Capital Private Equity, LP and its affiliates is to acquire esure Group plc in a transaction valued at £1.21bn. Under the terms of the agreement, Bain Capital will acquire...
bankruptcy & corporate restructuring
Brookstone files for Chapter 11 protection
In what is its second bankruptcy action in recent years, mall and airport specialty retailer Brookstone Company, Inc. has again filed for protection under Chapter 11 of the US Bankruptcy Code and is seeking a buyer for its airport locations, wholesale and e-commerce...
House of Fraser bought out of administration
Sports Direct International has acquired British department store House of Fraser for £90m. The deal was announced hours after the company fell into administration following failed negotiations with its creditors. Sports Direct has agreed to take all UK...
PROFESSIONALinsight
Risk Management
Santa Clara University Psychological phenomena often give cyber predators an important edge over their prey. Some of the most important phenomena are aspiration-based risk taking, excessive optimism, overconfidence, confirmation bias and availability bias. These phenomena give rise...
Volterra Fietta Under international law, human rights obligations and the legal consequences arising from a breach of those obligations traditionally have fallen almost exclusively upon states. This is because human rights obligations are derived primarily from commitments...
Fraud & Corruption
Banks and business crime: signs of progress?
Rahman Ravelli In one month in early 2018, three massive banking scandals proved that there is still much to be done when it comes to preventing business crime in the financial sector. In the US, the Justice Department reached a $613m settlement with US Bancorp over charges...
Blackmail – how serious is the menace?
Mishcon de Reya LLP Blackmail appears to be becoming a more prevalent threat, taking on ever more diverse forms. Responding to it is a delicate task, with a number of potential pitfalls. The word blackmail of course has a tabloid resonance. At its most basic, the type of blackmail...
The Notebooks Case: cooperating defendants enhance anti-corruption enforcement in Argentina
Marval, O’Farrell & Mairal In late 2016, a new law came into effect in Argentina allowing individual defendants in certain corruption cases to cooperate with authorities in exchange for a reduction in penalties. This statute had almost no use until the ‘Notebooks Case’ was disclosed...
SPOTlight
Ignoring the EU’s GDPR entirely is a perilous risk few non-EU companies can take
Prince Lobel Tye LLP On 25 May 2018, one of the most extensive and far-reaching privacy laws became enforceable in the European Union (EU). The same day, a number of large US media outlets blocked European residents from their online content. This article examines what was in Europe’s...
Possible liability for damage suffered outside the US resulting from infringement of a US patent
Ladas & Parry LLP A recent decision of the US Supreme Court has raised the prospect of being able to obtain an award of damages from a US court for losses arising outside the US from acts found to have been an infringement of a US patent. The US Patent Act provides that...
CONTRIBUTORS
Beauchamps
Brodies LLP
CBA
CMS
Cruz Marcelo & Tenefrancia
Duane Morris LLP
Fieldfisher LLP
Fitzpatrick, Cella, Harper & Scinto LLP
FTI Consulting Inc.
King & Spalding LLP
Kirkland & Ellis LLP
Ladas & Parry LLP
Latham & Watkins
Marval, O’Farrell & Mairal
Mishcon de Reya LLP
Oxera Consulting LLP
PPHB
Prince Lobel Tye LLP
Rahman Ravelli
Rothwell, Figg, Ernst & Manbeck, P.C.
Rousaud Costas Duran S.L.P.
Santa Clara University
Skadden, Arps, Slate, Meagher & Flom LLP
Valerius Biopharma AG.
Volterra Fietta