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Shareholders of German companies have had their right to say how hostile takeover bids should be dealt with curtailed. Last minute changes to the controversial takeover bill last month will allow board directors to take some form of poison pill defensive action against hostile bids as soon as they obtain the consent of the company's supervisory board.

Jones Day Reavis & Pogue has established a joint enterprise with Showa Law Office in Tokyo to strengthen its mergers and acquisitions, antitrust and IP practices.

The Competition Bill 2001, which seeks to repeal the Monopolistic and Restrictive Trade Practices Act 1969, was introduced during the monsoon session of parliament and may be passed during its winter session, starting November 21 2001. The Bill applies to all enterprises, including companies, firms, sole proprietorships, societies, trusts and any body corporate/associations of persons, whether incorporated or not in India, which carries on a business or commercial activity. The Bill seeks to prohibit or regulate: (i) anti-competitive agreements; (ii) abuse of dominant position; and (iii) combinations.

The arrival of the euro has far reaching implications in areas such as monetary obligations, legacy currency securities and share capital. Geoffrey Yeowart of Lovells, London, answers some of the key questions for those getting ready to change over

Judge Denis Davis, judge of the Cape High Court and a member of the Katz Commission on tax reform, has commented on the impact of the far-reaching changes to the Income Tax Act in recent years, suggesting that a pause is needed before the authorities address the three major areas still needing reform. All the changes in the past few years have had profound effects on tax legislation in South Africa, the main two being the change from the source to the residence based system and the introduction of capital gains tax (CGT). The tax system, according to Judge Davis, is now enormously complex, whereas the Commission had advocated as simple a system as possible.

Colombian banking laws are the main regulations applicable to local derivatives and financial operations. In addition, Colombian foreign exchange (FX) regulations, issued principally by the central bank, regulate cross-border derivative operations. The central bank has traditionally assumed and applied local banking regulations and interpretations issued by the Colombian banking superintendency to FX transactions entered into by financial institutions.

Australia has ventured furtively into the world of compulsory financial philanthropy. A new provision, s1013D of Australia's Corporations Act 2001, requires fund managers, superannuation funds and life insurance companies to disclose "the extent, if any, to which labour standards, environmental, social or ethical considerations are taken into account in the selection, retention, or realization of the investment".

In July the Securities and Futures Commission (SFC) issued a consultation paper intended to promote the protection of investors using exchange-traded funds (ETFs). This followed the pioneering launch in May of two Hong Kong ETFs relating to the Taiwan and Korea markets, and the anticipated future listing of other ETFs. The consultation paper's key recommendations include:

Philip Rapp and Lee Taylor of Clifford Chance, Singapore, and Vincent Mignon of Heidelberger Zement Group, analyze the company’s recent complex investment in Indocement

A recent study (October 2001) of takeover bids for Canadian targets has produced some interesting results. The survey looked at 75 announced bids since Justice Blair gave judicial approval for the use of breakup fees (also known as break fees) as bid inducements in the contest for WIC Western International Communications in early 1998.