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Mergers and Acquisitions

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Select specific jurisdictions to filter on. Alternatively select no jurisdictions and select questions below to see all jurisdiction answers for them.

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Select specific jurisdictions to filter on. Alternatively select no jurisdictions and select questions below to see all jurisdiction answers for them.

  • 1.

    Has the level of M&A activity slowed, increased or remained flat in 2019 as compared to 2018, and what are conditions like today? In general terms, what level of activity is foreseen for 2020? What are the factors influencing the level of M&A activity – Economic? Political? Commodity prices? Weakness in currency? Stock market performance? Liquidity? Rule of law? Other?

  • 2.

    Which industries do you expect will see the most M&A activity in 2020?

  • 3.

    What types of deals do you expect to see?

  • 4.

    Discuss the level of M&A activity you have seen over 2019 and expect to see in 2020 of:
    (i) pure domestic deals;
    (ii) deals in your jurisdiction involving a domestic target and foreign acquirer from Latin America, or a foreign acquirer from outside Latin America; and
    (iii) deals involving a domestic acquirer and foreign target in Latin America or a foreign target outside Latin America.

  • 5.

    What is the level of private equity activity? Are domestic or international funds involved? What kinds of deals are they doing?

  • 6.

    Is acquisition financing available for deals? Where is financing coming from? How much concern do you have that an increase in interest rates or risk of a recession will limit the availability of financing?

  • 7.

    How open is your country to investments and acquisitions by foreign buyers? Is there a level playing field when foreign and domestic bidders compete to buy the same domestic target company?

  • 8.

    Are corruption and compliance concerns affecting M&A activity? Are there industries where this is a particular issue?

  • 9.

    How big a part of M&A activity is the restructuring of financially troubled companies? Have you seen more of this in 2019 as compared with 2018? What are the prospects for 2020?

  • 10.

    Does your country’s bankruptcy law permit the reorganisation of the debtor as a going concern, and the acquisition of the entity out of bankruptcy? Are you seeing much activity in this area?

  • 11.

    Has there been any increase in public company M&A?

  • 12.

    How well protected are minority shareholders in public companies? What recent developments have there been as relates to independent directors, special committees, independent advisers, fairness opinions?

  • 13.

    Has there been any increase in shareholder activism and hostile takeovers? Are international hedge funds active in your market? What defences are target companies permitted to adopt?

  • 14.

    Have directors, management and controlling shareholders changed how they conduct themselves in M&A deals? What kind of fiduciary duties do directors, management and controlling shareholders have under the laws of your jurisdiction? From your experience, are directors, management and controlling shareholders more diligent today in their review of M&A transactions and other matters?

  • 15.

    Should directors, management and controlling shareholders be more concerned today about negative publicity, shareholder criticism, regulatory pressure, shareholder lawsuits and liability from potential litigation?

  • 16.

    Are there major differences in how domestic and cross-border deals are being conducted? For instance, does the type of purchase agreement used in your jurisdiction differ significantly from the international style of agreement? If so, which type is being used more often?

  • 17.

    Have there been changes in the process for how M&A transactions are conducted in your jurisdiction?

  • 18.

    How level is the playing field for domestic and international bidders?

  • 19.

    For international buyers and investors looking at deals in your jurisdiction, what are the three most important pieces of advice you have and what are the three most important pitfalls that should be avoided?

  • 20.

    Have there been any significant regulatory developments affecting M&A – your country's securities exchange commission, antitrust regulators, tax authorities, Central Bank, other regulators that review deals etc? 

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  • 62.0.937.1015 mauricioolaya 11x11
    Mauricio Olaya

    Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados (Lima)

  • 605.287.4026.5238 ricardo de la piedra 3 11x11
    Ricardo de la Piedra

    Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados (Lima)

  • 112.22.813.792 beatrizmelo 11x11
    Beatriz Melo

    Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados (Lima)