Tuesday 19 May CMS has published her CMS European M&A Survey. The Survey is a rigorous analysis of nearly 500 European M&A deals that CMS has worked on in 2007 and 2008. It offers unique insights into European M&A deal culture.
The Study points to the economic downturn having a significant impact on the terms of M&A deals in Europe. In particular, the analysis provides evidence that sale agreements are shifting risk increasingly away from sellers and on to buyers.
The Study looks at deal points that are usually heavily negotiated in M&A deals, including for example MAC (material adverse change) clauses, purchase price adjustments and warranties. The data breaks down by regions in Europe, providing specific findings for the UK, German speaking countries, France, Benelux, Southern Europe and Central Eastern Europe and showing the usage of the aforementioned clauses on a per-region basis, along with a qualitative analysis of the findings. Where there are significant differences to M&A deal terms in the US, comparisons between Europe and the US are included as well.
Says Thomas Meyding, Head of CMS Corporate: “The specifics of the survey can be extremely useful for both buyers and sellers considering M&A transactions in the current climate. To our knowledge, this is the most comprehensive analysis of European M&A contracts available.”
For more information about the CMS European M&A Survey, please visit our website at www.cmslegal.com or contact your CMS relationship partner.