The 17th Amendment of the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung, AWV) came into force on 1 May 2021 and forms part of a series of measures aimed at increasing investment control in Germany. The Amendment introduces changes to the legal regime for foreign direct investment, particularly with regard to atypical forms of acquisitions as well as procedural aspects of the regime. In addition to the expansion of the case groups that may be subject to cross-sectoral examination (see 1st Briefing of the FDI Briefing Series), the adjustment of the thresholds for voting rights and changes to the sector-specific review (see 2nd Briefing of the FDI Briefing Series), the Amendment aligns the law with established practice. It makes changes to atypical forms of acquisitions and introduces an intra-group exemption. Further, it includes a transitional provision aimed at providing clarity on the applicability of the newly amended Sections of the AWV.
read moreThe 17th Amendment of the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung, AWV) came into force on 1 May 2021. It forms part of a series of measures, including the Amendments of the Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG) as well as the 15th and 16th Amendments of the AWV, aimed at tightening rules on foreign direct investment. As a result, more investment projects may be subject to the reporting obligation, leading to a potential increase in restrictions for or prohibitions of acquisitions. In our first briefing, we summarised the expansion of case groups that may be subject to cross-sectoral examination. This second part of our three-part briefing series on foreign direct investment deals with the increased thresholds relevant for the cross-sectoral review of corporate acquisitions. In addition, this briefing summarises the changes to the sector-specific examination, according to which the entire defence sector (all goods listed in Part I Section A of the Export List) is now subject to the investment control regime.
read moreBLOMSTEIN has advised the 3D Systems Corporation (3D Systems) on the German foreign direct investment aspects of the indirect acquisition of 100% of the shares of the German 3D-printing software company Additive Works GmbH.
read moreOn 25 May 2021, the webinar on exclusions and debarments presented in Europe by the Debarment and Exclusions Subcommittee of the International Bar Association (IBA) took place. The webinar was moderated by BLOMSTEIN partner Roland M. Stein. A recording of the virtual event is online now.
read moreThe new Lexology Getting the Deal Through: Sanctions guide for 2021 has just been published, enabling side-by-side comparison of local insights into economic, financial and trade sanctions including national and international regimes across different jurisdictions. Roland M. Stein and Laura Louca have contributed the chapter on the European Union sanctions regime.
read moreBLOMSTEIN has advised Albion Acquisitions Limited on the German foreign direct investments (FDI) aspects of its recommended cash acquisition of the entire issued, and to be issued, ordinary share capital of Aggreko plc. Albion is a newly formed company, owned by funds managed by I Squared Capital Advisors (US) LLC and investment funds managed by TDR Capital LLP. The acquisition values Aggreko plc’s entire issued, and to be issued, ordinary share capital at approximately £2,322 million on a fully diluted basis.
read moreThe 17th Amendment of the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung, AWV) has recently come into force and forms part of a series of measures, including the Amendments to the Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG) as well as the 15th and 16th Amendments of the AWV, aimed at tightening rules on foreign direct investment.
read moreWhen the arsenal of enforcement tools for the German Federal Cartel Office (FCO) was stocked up in January 2021 with the overhauled German competition law, bets were high which of the GAFAM would be hit first. Wasting no time, the FCO immediately put its new powers into action in two high-profile cases: Facebook came first, Amazon followed foot with an investigation announced yesterday. At the same time, the FCO has reallocated staff and resources to increase its focus on e-commerce and the digital economy and even created an entire new division for this. What should players in the digital economy watch out and prepare for?
read moreOn 5 May 2021, the European Commission (Commission) has published its proposal for a Regulation on foreign subsidies distorting the internal market (Proposal) – eagerly and anxiously awaited both across Europe and internationally.
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