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Pursuant to the Competition Act, one or more undertakings acquiring direct or indirect control over another undertaking or other undertakings qualifies as a concentration and, if certain thresholds are met, is subject to the Competition Office's approval. However, the acquisition of temporary control does not qualify as a concentration and, thus, the Competition Office's approval is not required. This special rule was applied and further interpreted in a recent decision when FOTEX, a holding company acquired interest in FTC, a Hungarian football club.

In turbulent times banks must trust material adverse change clauses to protect them from unforeseen risk. Richard Gray, Patrick Holmes and Kevin Muzilla of Milbank Tweed Hadley & McCloy examine the relative merits of these different arrangements

Hengeler Mueller and Cleary Gottlieb Steen and Hamilton have advised on Deutsche Telekom's mandatory convertible bond, only the second to be issued in Germany.

The signing of a $3.4 billion deal for Sinopec and BASF to build an integrated petrochemical site in Nanjing, eastern China, represents another landmark financing in the mainland.

The US Securities and Exchange Commission is preparing to rule on whether non-US financial institutions should be exempt from a ban on making loans to directors.

The Belgian, Dutch, French, Portuguese and UK authorities have signed an agreement to cooperate in regulating Euronext's derivatives markets.

Howard Davies, the chairman of the UK's financial services regulator, has raised doubts about how well Europe's widespread financial services reforms are progressing.

The recent admission of accounting irregularities at Ahold shows Sarbanes-Oxley is having a positive effect on audit and corporate governance standards.

Employees of companies in the midst of corporate collapse are often the people most affected; white knight investors rarely want to pay outstanding wages.

The Sarbanes-Oxley Act of 2002: goals, content and status of implementation