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Articles contributed by Garrigues
CHANGES IN THE REGIME GOVERNING RESTRICTIONS ON VOTING RIGHTS AT SPANISH LISTED COMPANIES
On June 17, 2010, following a rough and eventful passage through Parliament, the Lower House of the Spanish Parliament finally approved a transcendental amendment to the Spanish Corporations Law (to article 105.2) affecting only listed corporations: a prohibition on voting ceilings for a same shareholder (or companies in the same group), regardless of the number of shares they own.
REORGANIZATIONS OF BIOTECH FIRMS
In spite of the M&A downturn both globally and in the healthcare industry in particular, 2008 saw a twofold increase in the volume of deals involving biotech firms. Judging from the news that emerged during 2009 and in light of recent surveys, this trend looks set to continue and the outlook is undoubtedly rosy, above all in pharmaceutical R&D.
MERGER PROCESSES OF SAVINGS BANKS:
LEGAL ISSUES ON THE RESTRUCTURING OF THE FINANCIAL SECTOR IN SPAIN
The Spanish Insolvency Law
The Spanish Insolvency Law (Ley Concursal) attempts to reconcile two conflicting aims: on the one hand, the traditional aim pursued by formal insolvency processes of satisfying creditors by levying collective, orderly and universal execution against the debtor’s assets, and on the other, the more modern aim of preserving the company.
Antitrust Newsletter 18 (December 2009)
Antitrust Newsletter 18 (December 2009)
Financial Market Updates
As published in the Spanish Official State Gazette on November 8, the Executive Committee of the Fund for Acquisition of Financial Assets (the “Fund”) has convened the first two auctions for the acquisition of assets for November 20 and December 11, with the following characteristics. (See attached document)
The pain in Spain
The approval of the Concurso Law (Ley Concursal) in Spain on 9 July, 2003 was the realisation of a long sought-after aspiration in Spanish property law – namely the reform of the legal instruments for dealing with distressed businesses. Today, only a few years later, day-to-day practice shows that some of the old problems are resurfacing.