http://www.davispolk.com/ en-us © 2011 Davis Polk & Wardwell LLP Sat, 25 May 2013 22:22:24 GMT Sat, 25 May 2013 22:22:24 GMT On May 15, 2013, the Code Committee of the U.K. Takeover Panel (the “Panel”) published its response statement 2012/3 following a consultation on proposals to amend the rules for determining the companies that are subject to the U.K. Takeover Code (the “Code”) (read our client newsflash on the July 2012 consultation here). The Code sets out binding rules for proposed takeovers of companies and is focused on ensuring a non-coerced choice by shareholders without input by the incumbent board, unlike the typical U.S. approach that permits the incumbent board to act in a manner it believes can best protect shareholders. /files/Publication/0cc62780-cc4c-41b5-b81d-b4fa1694acc3/Presentation/PublicationAttachment/6c63d947-c76a-4ff6-96d1-b9307268e57c/05.20.13.UKTakeover.html Publication 0cc62780-cc4c-41b5-b81d-b4fa1694acc3 Tue, 21 May 2013 00:00:00 GMT Davis Polk advised the French State in connection with the disposal of 1.5% of the total share capital of EADS, completed on April 16, 2013, through a share buyback for a total amount of €483 million, and a subsequent private placement by way of an accelerated book-building relating to 2.1% of the total share capital for a total amount of €707 million and completed on May 2, 2013. http://www.davispolk.com/news/detail.aspx?news=2252 News fd917804-4350-4f94-a79d-497f6bff03f5 Wed, 15 May 2013 00:00:00 GMT Davis Polk advised Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBS Securities Inc. as joint book-running managers on an SEC-registered offering by Statoil ASA of $3 billion principal amount of notes guaranteed by its operating subsidiary, Statoil Petroleum AS. http://www.davispolk.com/news/detail.aspx?news=2257 News 28e4d437-42c0-4fd2-9ed5-d786682071b4 Wed, 15 May 2013 00:00:00 GMT Davis Polk advised Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Merrill, Lynch, Pierce, Fenner & Smith Incorporated, Santander Investment Securities Inc., Standard Chartered Bank and UBS Securities LLC as joint book-running managers on an SEC-registered offering by Diageo Capital plc of $750 million principal amount of 0.625% notes due 2016, $650 million principal amount of 1.125% notes due 2018, $1.35 billion 2.625% notes due 2023 and $500 million principal amount of 3.875% notes due 2043, in each case guaranteed by Diageo plc. http://www.davispolk.com/news/detail.aspx?news=2222 News 9ea6865e-55e8-4b6b-84c0-00797326ffc0 Mon, 29 Apr 2013 00:00:00 GMT Davis Polk is advising Tele2 AB on the sale of its Russian operations to VTB Group in a cash transaction comprising $2.4 billion in equity value and $1.15 billion in net debt. http://www.davispolk.com/news/detail.aspx?news=2174 News c628f22f-4e88-412e-81ff-004fec351329 Thu, 28 Mar 2013 00:00:00 GMT Davis Polk advised Morgan Stanley & Co. International plc, Deutsche Bank Securities Inc. and Goldman, Sachs & Co. as underwriters in connection with the SEC-registered secondary offering of 26,679,386 Class A shares of Yandex N.V., including 2,425,399 additional Class A shares sold pursuant to an option granted to the underwriters. http://www.davispolk.com/news/detail.aspx?news=2122 News f909a8a5-4623-4d0a-8434-3c7ea16d7239 Mon, 18 Mar 2013 00:00:00 GMT Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC as underwriters in connection with the SEC-registered secondary offering of 25,000,000 shares of common stock of NXP Semiconductors N.V. http://www.davispolk.com/news/detail.aspx?news=2154 News b057e404-1320-48b2-a2d6-850ee0ad4183 Thu, 14 Mar 2013 00:00:00 GMT Davis Polk is advising Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) on its €1.935 billion sale of approximately 90.01% of the equity in Robeco Groep N.V. to ORIX Corporation. http://www.davispolk.com/news/detail.aspx?news=2106 News b4caed88-406f-4b14-afdb-e6fb266e7f5d Wed, 13 Mar 2013 00:00:00 GMT Davis Polk advised UBS Limited as dealer manager in connection with cash tender offers by UBS AG for up to $2.5 billion aggregate principal amount of certain of its U.S. dollar-denominated senior notes and up to €2.25 billion aggregate principal amount of certain of its Euro- and Italian lira-denominated senior notes. http://www.davispolk.com/news/detail.aspx?news=2127 News 00f308e9-8e80-47be-bc76-2c039a6e6564 Wed, 06 Mar 2013 00:00:00 GMT Davis Polk advised Barclays Capital Inc. and Credit Suisse Securities (USA) LLC as underwriters in connection with the SEC-registered secondary offering of 30,000,000 shares of common stock of NXP Semiconductors N.V. http://www.davispolk.com/news/detail.aspx?news=2060 News d1381fc9-a44f-4877-ba29-131c2c893f23 Thu, 07 Feb 2013 00:00:00 GMT On January 31, 2013, Groupe du Louvre, SAS, a subsidiary of Starwood Capital Group, sold four French luxury hotels to the Constellation Group: the Concorde La Fayette (950 rooms) and Hôtel du Louvre (177 rooms) in Paris, the Hôtel Martinez (409 rooms) in Cannes and the Palais de la Méditerranée (188 rooms) in Nice. http://www.davispolk.com/news/detail.aspx?news=2030 News ce3e6217-7d00-4b8c-a0a5-065e6b15064d Mon, 04 Feb 2013 00:00:00 GMT Davis Polk partner John Banes will be among the speakers at Practising Law Institute’s 12th Annual "Institute on Securities Regulation in Europe: Overcoming Deal-Making Challenges in the Current Markets.” Banes will moderate the “Insider Trading, Market Abuse and Other Enforcement Developments” panel. http://www.davispolk.com/events/detail.aspx?event=419 Event 32c0132b-d261-4232-b49e-030177db7d5c Thu, 31 Jan 2013 12:00:00 GMT Davis Polk advised Goldman, Sachs & Co. as sole global coordinator and joint bookrunner, and Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint bookrunners, on two concurrent SEC-registered offerings of equity and mandatorily convertible subordinated notes by ArcelorMittal. http://www.davispolk.com/news/detail.aspx?news=2010 News 061ac063-94f7-4ab4-b563-a61e3f5bd3ff Wed, 16 Jan 2013 00:00:00 GMT On December 12, 2012, the Commission announced an action plan seeking to modernize company law and corporate governance1 (the “Action Plan”), organized around the following three themes: Transparency: improving the information companies provide to the marketplace regarding corporate governance, and in return, allowing companies to know the identity of their shareholders and institutional investors’ voting policies;  Involving shareholders in governance: monitoring compensation policy and related party transactions; Company growth and competitiveness: simplifying the cross-border activities of European companies, particularly small and medium-sized companies. These three topics will lead to a modification of the rules applicable to the European Company, the transfer of corporate seat within the European Union, or even the “acting in concert” concept. This memorandum focuses on three specific aspects of the Action Plan which are central to corporate governance issues, namely: Oversight of related party transactions; Improved implementation of the “comply or explain” principle; and Oversight of compensation policy and the “say-on-pay” concept. If the Action Plan leads to the development of EU legislation, it could profoundly modify the definition of, and regime applicable to, related party transactions in France; it would also lend support to the AMF’s recommendations seeking to improve implementation of the “comply or explain” principle. Finally, it could inspire the government in the development of the draft law on governance of private companies. /files/Publication/a3613f4b-c324-45c4-9727-ddfea51c80db/Presentation/PublicationAttachment/5d89c1a8-c9ad-4ad9-b8ac-e24abee799ae/EC_communication_listed_companies_governance.pdf Publication a3613f4b-c324-45c4-9727-ddfea51c80db Fri, 14 Dec 2012 00:00:00 GMT La Commission a annoncé hier un plan d’action visant à moderniser le droit des sociétés et la gouvernance des entreprises1 (le « Plan d’Action ») qui s’articule autour des trois axes suivants : Transparence : améliorer l’information que les sociétés fournissent au marché sur leur gouvernance d’entreprise et, réciproquement, permettre aux entreprises de connaître l’identité de leurs actionnaires et la politique de vote des investisseurs institutionnels ; Implication des actionnaires en matière de gouvernance : superviser la politique de rémunération et des conventions réglementées ;  Croissance et compétitivité des entreprises : simplifier les activités transfrontalières des entreprises européennes, en particulier les petites et moyennes entreprises. Ces trois thématiques conduiront à modifier les règles applicables à la Société Européenne, à la question du transfert de siège au sein de l’Union Européenne ou encore à l’action de concert. La présente note se concentre sur trois aspects spécifiques du Plan d’Action qui sont au coeur des problématiques de gouvernance d’entreprise, savoir : le contrôle des conventions réglementées ;  l’amélioration de la mise en oeuvre du principe « comply or explain » ; et le contrôle de la politique de rémunération et le principe du « Say-on-Pay ». S’il devait donner lieu à l’adoption de textes communautaires, le Plan d’Action pourrait ainsi modifier en profondeur la définition et le régime des conventions réglementées en France ; il viendrait également conforter les recommandations de l’Autorité des marchés financiers visant à améliorer la mise en oeuvre du principe « comply or explain ». Il pourrait enfin inspirer le gouvernement lors de l’élaboration du projet de loi sur la gouvernance des entreprises privées. /files/Publication/5ebb0e67-65c7-4281-b1c9-dde0c0bea153/Presentation/PublicationAttachment/794d60ff-1a03-4232-8619-ddef775c63c9/Communication_CE_gouvernance_societes_cotees.pdf Publication 5ebb0e67-65c7-4281-b1c9-dde0c0bea153 Thu, 13 Dec 2012 00:00:00 GMT Davis Polk advised Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs Bank USA in connection with a new $500 million senior secured term loan facility for NXP B.V. http://www.davispolk.com/news/detail.aspx?news=1966 News 51c75ce9-5bba-4ef6-97ef-074f2935a0aa Wed, 12 Dec 2012 00:00:00 GMT Davis Polk advised the French State in connection with the agreement reached between European Aeronautic Defence & Space Co. N.V. (EADS), its shareholders and Kreditanstalt für Wiederaufbau (KfW) that aims to normalize and simplify the governance of EADS while securing a shareholding structure that allows France, Germany and Spain to protect their strategic interests. http://www.davispolk.com/news/detail.aspx?news=1944 News 2c27ce88-a53f-4fb1-bb35-b0c9755bc6af Tue, 11 Dec 2012 00:00:00 GMT Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated in Scotland, in connection with its SEC-registered shelf takedown of $2.25 billion aggregate principal amount of 6.125% subordinated Tier 2 notes due 2022. http://www.davispolk.com/news/detail.aspx?news=1976 News 707213bd-5b65-4ba6-9f99-1daac8881e55 Tue, 04 Dec 2012 00:00:00 GMT Davis Polk is advising Valeo SA, one of the world’s top automotive suppliers, in connection with the sale of its access mechanisms business to Japanese U-Shin Ltd., one of Asia’s largest producers of automotive access mechanisms. http://www.davispolk.com/news/detail.aspx?news=1935 News 2da25a2a-50ed-4747-bbca-debc99114a51 Tue, 04 Dec 2012 00:00:00 GMT Davis Polk advised underwriters represented by Credit Suisse Securities (Europe) Limited, Deutsche Bank AG, London Branch, Goldman, Sachs & Co. and Morgan Stanley & Co. International plc in connection with a public offering by International Business Machines Corporation of €1 billion principal amount of its 1.375% notes due 2019. http://www.davispolk.com/news/detail.aspx?news=1974 News 1b49cf95-6756-4641-80ab-19386c94c5c0 Tue, 04 Dec 2012 00:00:00 GMT Davis Polk advised Deutsche Bank AG, Singapore Branch, Goldman Sachs International, J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc, UBS AG, Hong Kong Branch, Daewoo Securities Co., Ltd. and U.S. Bancorp Investments, Inc. as underwriters in connection with an SEC-registered Schedule B debt offering by KEXIM of $1 billion aggregate principal amount of its 1.25% notes due 2015. http://www.davispolk.com/news/detail.aspx?news=1931 News 68b0b05e-13a8-47f9-b8ff-12b4022ece04 Wed, 21 Nov 2012 00:00:00 GMT Davis Polk advised Barclays Bank PLC, HSBC Bank plc and J.P. Morgan Securities plc in connection with an SEC-registered offering of $1 billion aggregate principal amount of 4.5% notes due 2022 by Sasol Financing International Plc, fully and unconditionally guaranteed by Sasol Limited (Sasol). http://www.davispolk.com/news/detail.aspx?news=1917 News 44e3d498-17c4-4018-a296-bae21bf92693 Wed, 14 Nov 2012 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=1915 News 4725bdec-0661-453a-90e1-3decffe8d6d7 Mon, 12 Nov 2012 00:00:00 GMT Davis Polk is advising ARM Holdings plc in connection with its leading participation in a consortium of major technology companies affiliated with Allied Security Trust, which has entered into an agreement with MIPS Technologies, Inc. to obtain rights to its patent portfolio. http://www.davispolk.com/news/detail.aspx?news=1903 News cd5d5d6d-8bcf-499c-9209-06e6118d96d3 Tue, 06 Nov 2012 00:00:00 GMT Davis Polk is advising MSCI Inc. in connection with its $125 million acquisition of IPD Group Limited, an English company. http://www.davispolk.com/news/detail.aspx?news=1897 News 76090039-ef1b-43fc-94e3-07767cf5d413 Wed, 31 Oct 2012 00:00:00 GMT After having received the clearance from the French Competition Authority on July 23, 2012, and the approval from the French Broadcasting Authority on September 18, 2012, Groupe Canal+ closed the acquisition of the French free-TV channels Direct 8 and Direct Star from Bolloré Média on September 27, 2012. http://www.davispolk.com/news/detail.aspx?news=1865 News 9aa99b62-3005-4795-8099-a679c655fcd8 Wed, 03 Oct 2012 00:00:00 GMT Davis Polk advised Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, UBS AG, Hong Kong Branch as underwriters in connection with a Schedule B debt offering by Korea Finance Corporation of $300 million in aggregate principal amount of its 2.25% notes due 2017. http://www.davispolk.com/news/detail.aspx?news=1850 News c796541b-a15e-4e63-b93b-9cd48a386388 Tue, 25 Sep 2012 00:00:00 GMT Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated in Scotland, in connection with its SEC-registered shelf takedown of $2 billion aggregate principal amount of 2.55% senior notes due 2015. http://www.davispolk.com/news/detail.aspx?news=1845 News f664ed13-9277-4023-847f-20ae782dfae9 Thu, 20 Sep 2012 00:00:00 GMT Davis Polk is advising Synutra International, Inc. in connection with a long-term industrial and commercial partnership agreement with Groupe Sodiaal SA and Eurosérum SAS, a subsidiary of Sodiaal, pursuant to which Synutra will build a new drying facility in Brittany (France), intended to manufacture powdered milk and fat-enriched demineralized whey for the needs of the Synutra group. http://www.davispolk.com/news/detail.aspx?news=1842 News 64dce7c0-18a2-4f93-894f-6a72335080d9 Wed, 19 Sep 2012 00:00:00 GMT Davis Polk advised The Royal Bank of Scotland plc, a public limited company incorporated in Scotland, in connection with its tender offers to purchase for cash any and all of certain of its U.S.-dollar-denominated senior notes with an aggregate principal amount of approximately US$13.3 billion and its tender offers to purchase for cash pursuant to a modified Dutch auction procedure up to £2 billion (equivalent) in aggregate principal amount of certain of its euro-denominated senior notes with an aggregate principal amount of approximately €5.6 billion and certain of its sterling-denominated senior notes with an aggregate principal amount of approximately £3.9 billion. http://www.davispolk.com/news/detail.aspx?news=1839 News 77766b19-eb1b-40ab-9f5e-672e7a3fd138 Wed, 19 Sep 2012 00:00:00 GMT Davis Polk advised HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBS Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, LLC, SG Americas Securities, LLC and Standard Chartered Bank as joint bookrunners on an SEC-registered offering by Rio Tinto Finance (USA) plc of $3 billion aggregate principal amount of notes guaranteed by Rio Tinto plc and Rio Tinto Limited. http://www.davispolk.com/news/detail.aspx?news=1813 News 4adc2014-3e89-4a6a-81f7-7a5a4336bf09 Tue, 21 Aug 2012 00:00:00 GMT Davis Polk advised Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Bank plc, Scotia Capital (USA) Inc., BMO Capital Markets Corp., Deutsche Bank Securities Inc., J.P. Morgan Securities plc and Mitsubishi UFJ Securities (USA), Inc. in connection with an SEC-registered offering of $750 million aggregate principal amount of 5.125% notes due 2022 by AngloGold Ashanti Holdings plc, fully and unconditionally guaranteed by AngloGold Ashanti Limited (AngloGold Ashanti). http://www.davispolk.com/news/detail.aspx?news=1782 News 69ee8305-2341-43b1-83b9-d3d4b4d415da Tue, 31 Jul 2012 00:00:00 GMT On July 5, 2012, the Code Committee of the U.K. Takeover Panel (the “Panel”) published three Public Consultation Papers (“PCPs”) setting out proposed amendments to the U.K. Takeover Code (the “Code”). The Code sets out binding rules for proposed takeovers of companies and is focused on ensuring a non-coerced choice by shareholders without input by the incumbent board, unlike the typical U.S. approach that permits the incumbent board to act in a manner it believes can best protect shareholders. /files/Publication/9ae77670-f9b1-4a56-99f3-3dd8d42ddd16/Presentation/PublicationAttachment/6b8d5bf2-ae09-4318-91b5-4021992088af/07.12.12_U.K._Takeover.html Publication 9ae77670-f9b1-4a56-99f3-3dd8d42ddd16 Thu, 12 Jul 2012 00:00:00 GMT Davis Polk is advising Valeo in connection with its negotiations with U-Shin Ltd. to sell its access mechanisms business. http://www.davispolk.com/news/detail.aspx?news=1742 News 53e30bab-9d00-4a9e-8dbd-4b3af8a673bc Thu, 28 Jun 2012 00:00:00 GMT On June 20, 2012, the U.K. Secretary of State for Business, Innovation and Skills Vince Cable announced a package of proposals intended to curb executive pay. This follows the U.K. government’s publication of a consultation paper in March and a consultation period that ended in April. The proposed measures include: a binding shareholder vote on the company’s policy regarding compensation (including “exit payments”) of directors, including executive directors; continuing the annual advisory shareholder vote on how the company’s pay policy was implemented in the previous year; enhanced compensation disclosure, including disclosure of a “single figure” for the total pay that directors receive for the previous year; and consultation by the Financial Reporting Council regarding proposed changes to the U.K. Corporate Governance Code. To introduce the measures, the U.K. government intends to bring forward amendments to the Enterprise and Regulatory Reform Bill, which is currently before Parliament. At the same time, the U.K. government intends to publish revised, simplified regulations mandating the disclosure of director pay. These regulations would be subject to public comment prior to becoming law. The U.K. government intends to enact these measures by October 2013. /files/Publication/68b85d99-0aef-4dbb-b0ea-972236579f2b/Presentation/PublicationAttachment/0bcd2fa3-6b4a-4e01-911e-98ea9fe21aac/062512_UK_Say-on-Pay.pdf Publication 68b85d99-0aef-4dbb-b0ea-972236579f2b Mon, 25 Jun 2012 00:00:00 GMT Davis Polk is advising Carrefour on the total sale of its stake to its Greek partner, the Marionopoulos family, in their jointly held subsidiary. http://www.davispolk.com/news/detail.aspx?news=1727 News 910c55f4-af00-4d65-a956-ff0109291fde Mon, 18 Jun 2012 00:00:00 GMT