Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

<ul><li>Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.</li><li>In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.</li><li>The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.</li><li>The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.</li><li>Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.</li></ul>

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/868/original/Chart2.Australia.Risk_.Pref_.png?1467594254" class="editor-image img-responsive" data-smartkarma-image-id="9868"><figcaption class="figcaption">Australians risk-averse? Not today, mate (Source: Europacifica)</figcaption></figure> Speculation that Australia will lose its <a href="http://www.afr.com/news/politics/election/election-2016-the-trafficjam-political-culture-threatening-aaa-credit-rating-20160703-gpxil9" target="_blank">AAA rating</a> due to political deadlock at the polls has probably been enhanced by <a href="http://www.telegraph.co.uk/business/2016/06/27/george-osborne-to-speak-in-attempt-to-calm-markets-following-bre/" target="_blank">the final downgrade</a> to the UK's own rating, motivated by the recent EU referendum.  Medium-term, the "lucky country" might very well escape the fate of capital flight, given there are many more controversial events (such as US elections) that affect Australia little. Whenever appetite for risk revives…

Australians risk-averse? Not today, mate (Source: Europacifica) Speculation that Australia will lose its AAA rating due to political deadlock at the polls has probably been enhanced by the final downgrade to the UK's own rating, motivated by the recent EU referendum.  Medium-term, the "lucky country" might very well escape the fate of capital flight, given there are many more controversial events (such as US elections) that affect Australia little. Whenever appetite for risk revives…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in the process, likely alleviated some of the Australian Competition and Consumer Commission's, or ACCC, concerns about the takeover proposal from consortiums led by Qube Holdings and Brookfield Infrastructure Partners.The generous takeover was unsurprisingly approved by Asciano shareholders. It remains contingent on ACCC and Foreign Investment Review Board, or FIRB, approval. The ACCC's final decision is expected on 21 July, though further delays are possible in this complex and sensitive transaction. The FIRB is unlikely to drag its heels once the ACCC's decision is known. We continue to think the takeover is likely to succeed, however, risk-averse investors may want to sell on market to lock in gains given failure of the takeover would see the share price fall hard.Analysts: Adrian Atkins &amp; Carolyn Holmes

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in the process, likely alleviated some of the Australian Competition and Consumer Commission's, or ACCC, concerns about the takeover proposal from consortiums led by Qube Holdings and Brookfield Infrastructure Partners.The generous takeover was unsurprisingly approved by Asciano shareholders. It remains contingent on ACCC and Foreign Investment Review Board, or FIRB, approval. The ACCC's final decision is expected on 21 July, though further delays are possible in this complex and sensitive transaction. The FIRB is unlikely to drag its heels once the ACCC's decision is known. We continue to think the takeover is likely to succeed, however, risk-averse investors may want to sell on market to lock in gains given failure of the takeover would see the share price fall hard.Analysts: Adrian Atkins &amp; Carolyn Holmes

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

<div class="content-highlight">The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors.</div> We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: <ul><li><div class="content-highlight">The failure of some…</div></li></ul>

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors. We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: The failure of some…

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano for AUD 9.15 per share in cash.The Asciano board has unanimously recommended voting in favour in the absence of a superior offer and subject to approval from an independent expert.In our view, the takeover offer more than fully values Asciano, valuing the company on a forecast 2017 EV/EBITDA of 10.3 times, a 2017 P/E of 20.7 times and a 40% premium to our fair value of AUD 6.50 prior to the bidding war machinations.Analysts: Adrian Atkins &amp; Carolyn Holmes

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano for AUD 9.15 per share in cash.The Asciano board has unanimously recommended voting in favour in the absence of a superior offer and subject to approval from an independent expert.In our view, the takeover offer more than fully values Asciano, valuing the company on a forecast 2017 EV/EBITDA of 10.3 times, a 2017 P/E of 20.7 times and a 40% premium to our fair value of AUD 6.50 prior to the bidding war machinations.Analysts: Adrian Atkins &amp; Carolyn Holmes

Qube/Brookfield Looks Set to Secure Asciano; We Recommend Accepting the AUD 9.15 Offer

Australia

Qube Holdings Ltd. is a logistics company. The Group operates in divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.

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Qube Holdings (QUB AU)

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Australia a Risk Haven? Not Today, Mate

Speculation that Australia will lose its AAA rating due to political deadlock at the polls has probably been enhanced by the final downgrade to...

Naomi Fink

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in...

Morningstar, Inc.

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Australia a Risk Haven? Not Today, Mate

Speculation that Australia will lose its AAA rating due to political deadlock at the polls has probably been enhanced by the final downgrade to...

Naomi Fink

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in...

Morningstar, Inc.

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

Qube/Brookfield Looks Set to Secure Asciano; We Recommend Accepting the AUD 9.15 Offer

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano...

Morningstar, Inc.