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The hostile takeover of the British chocolate maker, Cadbury plc (Cadbury) by US company, Kraft Foods Inc (Kraft) has been widely publicised, especially the initial resistance by Cadbury’s shareholders...
BA/Iberia merger to signal return of M&A activity?
Reports last week suggested that, after more than a year of talks, the proposed merger between British Airways and Spanish airline Iberia is due to take place during the first quarter of 2010. This merger...
Director found to be personally liable for misrepresentations on a company sale
Background
The claimant (Invertec) and the first defendant (De Mol Holding BV (DMH)) entered into a sale and purchase agreement for the sale by DMH to Invertec of all of the issued shares in Volante...
Association of British Insurers publishes position paper on executive remuneration
What is the Association of British Insurers?
The Association of British Insurers (ABI) is the trade association for the UK's insurance industry. The ABI has around 400 companies in its membership....
FSA findings of market abuse upheld
The Financial Services and Markets Tribunal (FSMT) published a decision on 11 January 2010 which upheld findings made by the Financial Services Authority (FSA) on market abuse by a research analyst and...
Recent cases on derivative actions under the Companies Act 2006 – are fears of “activist shareholders” unfounded?
Background
A derivative action is an action brought by a shareholder on behalf of the company. Owing to the complexity of the previous law, very few derivative actions succeeded. When the Companies...
Directors’ Duties
The Duties
Directors of companies have always been subject to various duties but until the Companies Act 2006 ("the 2006 Act") came into force, these duties had not been consolidated and set out...