A&O Shearman

Compliance with European Union (EU) Market Abuse Regulation (MAR) has never been static—recent updates have to be taken into account. Issuers now face updated disclosure requirements, refined guidance on inside information in protracted processes, and new parameters for Persons Discharging Managerial Responsibilities (PDMR) trading exemptions. Recent European Court of Justic (ECJ) rulings and European Securities and Markets Authority (ESMA) guidance also refined the interpretation of key concepts, including what qualifies as “precise” inside information and the scope of public disclosure obligations. Our analysis highlights the key changes introduced by the European Commission’s Delegated Regulations, and explains what actions to take now to meet these evolving standards. Read more: https://ow.ly/lJBJ50Z4AJA or speak to: Caroline Obenhuijsen, Caroline Motzer Ferrante, and Stephanie Dalleur, Sophie Rutten, and Iradj Nazaryar, Elske Bleeker, and Delphine Marchand. #AOShearman

A consortium of funds led by CVC Fund IX and Groupe Bruxelles Lambert agreed to launch a EUR10.7 billion voluntary tender offer for all ordinary shares of Italian pharmaceutical company Recordati, through a newly incorporated Italian joint-stock company. A leading alternative asset manager committed to provide financing through a lending structure under Law 130/99 as part of the broader financing of the tender offer. This marks the first time securitization techniques have been used for financing commitments backing a public market share acquisition. Our team advising on the Law 130 lending structure was led by partner Pietro Bellone, with senior associate Fabio Gregoris and trainee Luca Marchesini. A team comprising partner Bjorn Bjerke and counsel Sahar Kianfar advised in the transaction on U.S. law aspects. Counsel Elia Ferdinando Clarizia advised on the tax aspects. Read more: https://ow.ly/j5FB50Z4AAI #AOShearman #Securitization #PrivateCapital

Space mining is shifting from concept to commercial reality. In this episode of our Disputes in Space series, Andrew Denny is joined by Jenn Lawrence, Monckton Chambers and Marie Stoyanov, our Global Head of Arbitration to explore the emerging legal flashpoints around off‑Earth resources and supply chains, and to discuss why today’s international legal frameworks are ill‑equipped to manage competing claims over resources in space. Listen here: https://lnkd.in/e2wyVxA3 #AOShearman #Disputes

The EU is embedding digital sovereignty into law—not leaving it to market dominance or state control. Non-EU providers face a higher bar for trust and compliance. EU rulemaking on digital sovereignty will anchor how it is applied across the tech market. The upcoming Tech Sovereignty Package goes beyond data localization to cover: • control over cloud and AI • critical infrastructure • exposure to foreign laws and dependence on non-EU suppliers across the tech stack Whether you operate from inside or outside the EU, this will shape where you invest and who you partner with. What does this mean in practice? The infrastructure choices, cloud dependencies, and partnership arrangements that chief information officers (CIOs) make, could carry more weight than they did 12 months ago. #AOShearman #CloudAI #AIRegulation

The leadership challenge: making values real across five generations in an AI-driven world. In our latest Voices for Change episode, Alexandre MENAIS, group general counsel at L'Oréal, talks with Justin Farrance and shares how clarity of communication builds resilience, and relevance, for a business innovating on every front. “Our Paris Fashion Week event was totally open to the public. It’s a symbol that beauty means belonging. Beauty for each, and beauty for all.” From embedding AI responsibly to creating inclusive experiences such as L'Oréal Paris’s famous events in the city, his insights show how values aren’t abstract—they drive decisions that unite teams and meet customers in every time zone. Listen now: https://ow.ly/zwlP50Z23VN or search ‘A&O Shearman’ on your podcast app. #AOShearman

James Webber, partner and chemicals sector lead, shared his perspective with the Financial Times on why Europe should exercise caution when pursuing anti-dumping cases against cheap chemical imports. James described anti-dumping cases as a "double-edged sword" as they increase production costs. "In the EU, winners and losers are unevenly balanced. Portugal, for example, could end up paying more for their plastic bottles and polyester and that then feeds into inflation while producers in north-western Europe benefit." Read the full article: https://lnkd.in/e_Cfm2je *To view this article, you may need to subscribe. #AOShearman #AntiDumping #Chemicals

Economic sanctions change the way parties draft arbitration clauses and conduct arbitrations. In our latest article, we examine the legal and practical challenges sanctions present across the full arbitration lifecycle—and what to consider now. Read more: https://ow.ly/tBmr50YZoyf #AOShearman #Arbitration #InternationalArbitration

Česká exportní banka, a.s. (Czech Export Bank, a.s.) provided financing to Murat Nehri Enerji Üretim A.Ş., a subsidiary of ENERGO-PRO, an international energy group and largest Czech investor in the hydropower sector. The financing supported the extension of the Alpaslan II hydroelectric power plant in Muş, Türkiye, by way of the construction and commissioning of a photovoltaic power plant, creating the Alpaslan II Hybrid Power Plant. With the addition of 42 MW of photovoltaic capacity, the Alpaslan II facility is expected to play an increasingly significant role in electricity generation in the region. Together with Gedik & Eraksoy, we advised Czech Export Bank, a.s. as lender on the transaction, with cross-border teams supporting its execution. The A&O Shearman team was led by partner Petr Vybíral and senior associate Jana Maršálková. The Gedik & Eraksoy team was led by partner Umut Gürgey, supported by associates Nur Ertekin and Ozan Geyik. #AOShearman #GedikEraksoy

We represented Apollo on this transaction designed to create a leading, fully integrated industrial platform. Our team was led by Peter Banks, Annette Kurdian, and Paul Dunbar, alongside partner Josh Baxter, counsel James Funder and senior associates Soyeon Lim and Hershil Kotak. Peter Banks, global co-head of private equity commented: “This transaction is a further example of the strong activity we are seeing in the capital solutions space and we are delighted to be supporting Apollo on this matter. For A&O Shearman, this transaction showcases the power of our integrated capital solutions platform, seamlessly combining debt, equity, and structured finance expertise to deliver holistic advice on transactions that do not fit into traditional financing boxes." Read more: https://ow.ly/8yuY50YYQpx #AOShearman #CapitalSolutions

SAP SE, a global leader in enterprise application software and business AI, has announced two strategic acquisitions designed to strengthen its enterprise AI and data infrastructure strategy. The transactions involve Dremio, a data lakehouse platform built to accelerate agentic AI, and Prior Labs, a pioneer in tabular foundation models focused on structured data. Together, these deals highlight our ability to deliver seamless cross-border counsel on cutting edge AI related matters. “These transactions reflect the increasingly global and interconnected nature of AI investments," said Daren Orzechowski, co-head of technology. "Dremio and Prior Labs each bring differentiated capabilities that support SAP's long-term strategy. The matters also showcase the strength of our integrated global offering and our ability to execute seamlessly across jurisdictions on complex, technology-driven transactions." We advised SAP with a cross-border team spanning the U.S., Germany and other jurisdictions. The Dremio acquisition was led by Silicon Valley-based M&A partners Jesse Debban and Robert Bucella, while the Prior Labs acquisition was led by Munich-based M&A partner, Dr Alexander Veith. Read more: https://lnkd.in/g83uh_br *Both transactions are expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory approvals. #AOShearman #MergersAndAquisitions #ArtificialIntelligence