外文报告-PDF版

ISCA：2020年公司影响力报告（英文版）（27页）.pdf

ISCA获得了2019年Banksia金奖和非盈利奖这是对我们行业为实现17个全球目标联合国可持续发展目标所做的集体努力的肯定，它们代表什么以及它们如何团结我们所有人。我们还推进了与澳大利亚道路协会、澳大利亚承包商协会、澳大利亚绿色建筑委员会（GBCA）和新西兰绿色建筑委员会（Green Building Council New Zealand）的伙伴关系，以促进就关键问题进行积极对话，包括恢复能力、现代奴隶制、多样性和尽早采用最佳做法。由于我们的许多评级合作伙伴受到抗击COVID-19大流行措施的影响，我们实施了一个流程，以确保项目使用评级和业务中断计划继续提供可持续的结果。IS评级计划的投资回报显示，经济红利产生了巨大的上升空间。它还建立了推动协作、创新和持续改进的行业能力。没有它，经济可持续性的改善将被错过或没有完全实现。西澳大利亚州是我们的先驱者合作伙伴领先的方式与最近的认证为班伯里外环路和11计划评级正在进行中。早期的反馈证实，ISv2.0框架既是一个重大的挑战，也是一个重要的驱动因素，可以挑战常规业务项目开发。总的来说，这一工具提供了积极的成果，预计将继续提供。下一个改进周期将包括更紧密地与网关流程和投资框架保持一致。与昆士兰建筑公司的合作导致了商业案例开发框架的发布，该框架现在包含了关于可持续性评估的更多细节；提名ISCA的IS评级方案作为合适的评估工具。该框架支持制定强有力的基础设施项目提案，并采用共同标准提高可持续性绩效。联合国PRI指导框架弥合差距：基础设施投资者如何为可持续发展目标的成果作出贡献（Bridgeing The Gap:How infrastructure investors can Contribution to SDG outcomes）于2020年发布，该框架还加强了使用与可持续发展目标密切相关的信息系统（IS）等工具来塑造成果的力度。

2020-12-01 27页 5星级

Federated Hermes：2020第四季度固定收益季度报告（英文版）（22页）.pdf

第二波冠状病毒感染正在席卷全球，企业违约率正在上升，复苏率远低于历史平均水平。与此同时，美国大选后权力交接存在风险，无协议脱欧的幽灵似乎越来越可能出现。有时，我觉得很少有人认同我对市场的看法。正是在这段时间里，我觉得最重要的是呼吁从众行为这种行为在群体恐惧时期往往会增加。套用罗马皇帝和斯多葛派哲学家马库斯奥雷利乌斯的话，我坚信生活的目标不是站在大多数人一边，而是逃避自己被蒙蔽的行列。在今天这种前所未有的不确定气氛中，这种现象是显而易见的。毫无疑问，增长与价值之间的关系被拉长了，一些估值似乎处于或正在走向泡沫领域。与此同时，各国央行正在通过注入流动性来操纵市场，希望它们能够支持需求和信心(最终支持通胀)。出于偶然或设计，他们的行动正在抑制波动性，并使确定直接的旅行方向变得非常困难。我可以肯定的一点是，中长期的波动性会更高，而大多数资产类别的回报率可能会更低。从各信用等级的相对价值排名来看，本季度的变化似乎并不是特别具有革命性。大多数资产被抛售后又被收回，正是这些子资产类别与其长期平均值之间的关系可能解释了目前的排名鉴于我不相信均值回归，我觉得有些令人沮丧。总的来说，我们倾向于表现比可比证券差但不构成高损失风险的资产。银行和某些结构性信贷工具就是最好的例子，尽管在这一子资产类别层面上也存在较大的分散性。这意味着，我们的分析师在通过细粒度、自下而上的安全选择生成alpha方面扮演着特别重要的角色。

2020-12-01 22页 5星级

瑞塔斯（Claritas）：2020电信市场报告-美国电信行业市场洞察（英文版）（13页）.pdf

进入 2021 年，新兴电信服务和产品的加速消费使人们更加重视了解消费者行为及其推动的趋势，以及真正引起消费者共鸣的功能和优势。营销人员对这些现有客户和潜在潜在客户了解得越多，他们以重要的方式吸引他们.

2020-12-01 13页 5星级

Wunderman Thompson：未来100：疫情时期2020年度趋势报告（英文版）（89页）.pdf

点击查看更多Wunderman Thompson：未来100：疫情时期2020年度趋势报告（英文版）（89页）.pdf精彩内容。

2020-12-01 89页 5星级

国际移民组织（IOM）：新冠疫情与2020年全球流动状况（英文版）（63页）.pdf

今天，当问经理们如何定义他们的员工时，一个常见的答案是，“这是一个非常好的问题。”经理们告诉我们，这是一个好问题，因为他们经常感到被两种现实所挤压。一个现实是，他们的劳动力越来越依赖外部工人。另一个现.

2020-12-01 63页 5星级

OMFIF：2020年性别均衡指数（英文版）（36页）.pdf

尽管有令人鼓舞的语言和提高认识，两性平等仍然是决策者和企业的一个具有挑战性的目标。法国总统马克龙将打击性别歧视作为其任务的支柱之一，并赋予两性平等“国家事业”的地位。要消除阻碍赋予妇女经济和职业权力的.

2020-12-01 36页 5星级

丹麦难民委员会（DRC）：2020年刚果共和国全球COVID–19最终响应报告（英文版）（39页）.pdf

本报告总结了刚果民主共和国在其全球呼吁总额7500万美元以应对2020年4月启动的COVID-19的影响方面的回应。双边、多边和私人捐助者通过新的赠款以及现有赠款的重新规划提供了慷慨捐助，实现了财政目.

2020-12-01 39页 5星级

华利安（Houlihan Lokey）：2020年交易终止费研究报告（英文版）（43页）.pdf

Houlhan Lokey的2020年交易终止费用研究(2020研究)采用了与之前研究相似的搜索和筛选标准。我们将这些标准应用于2016年至2020年宣布的交易，以提供一个基础比较。我们的研究重点是终.

2020-12-01 43页 5星级

Sibanye-Stillwater：2020年公司财务报表（英文版）（34页）.pdf

董事会负责编制和公允列报Sibanye Stillwater Limited(SSW或本公司)的公司年度财务报表，包括截至2020年12月31日的公司财务状况报表，以及根据国际财务报告准则(IFRS)编制的公司损益表和其他综合收益及权益变动表，以及公司财务报表附注(包括重要会计政策摘要)和其他解释性附注，由国际会计准则理事会(IASB)发布，由会计实务委员会发布的SAICA财务报告指南和由财务报告准则理事会发布的财务报告公告，以及2008年第71号南非公司法(公司法)和JSE上市要求。此外，董事会还负责编制董事会报告。董事会认为，在编制本公司财务报表时，他们采用了最适当的会计政策，并一贯采用了合理和审慎的判断和估计，董事会认为，截至2020年12月31日止之财年，其认为适用的所有国际财务报告准则均已得到遵守。董事会确信，公司财务报表中所载的信息公允地反映了该财年的经营成果和该财年的财务状况。董事对公司年度财务报表中的信息负责，并对其准确性和一致性负责。董事有责任确保保存会计记录。会计记录应合理准确地披露公司的财务状况，使董事能够确保公司年度财务报表符合相关法律。公司在一个完善的控制环境中运营，该环境有良好的文件记录并定期审查。这包括风险管理和内部控制程序，旨在提供合理的保证，确保资产得到保护，企业面临的重大风险得到控制。董事会对本公司持续经营的能力进行了评估，并根据评估得出结论，编制本公司年度财务报表的依据与持续经营的依据相适应。

2020-12-01 34页 5星级

汤森路透（Thomson Reuters）：2020利用绩效指标释放法律部门价值报告（英文版）（12页）.pdf

法律部门通常处于其组织多样性、公平性和包容性(DEI)计划的最前沿，并且通常旨在跟踪外部律师的多样性。物质和支出管理工具可以帮助您做到这一点，因为它们使您的律师能够要求律师事务所在提交计时表时提供全面.

2020-12-01 12页 5星级

智现在&致未来：2020年全球人才趋势报告（64页）.pdf

绩效薪酬是否该退出历史舞台了?至今，技能薪酬依然很难得以落实，原因在于缺乏薪酬和技能方面的足够信息：2020年只有21%的企业会着重将技能薪酬纳入到他们的报酬体系中，2019年这个比例是32%。很少有.

2020-12-01 64页 5星级

Twimbit：2020年亚太地区业务流程外包趋势报告-创新增长（英文版）（19页）.pdf

翻译结果在过去的 20 年里，BPO 行业取得了令人瞩目的增长。随着企业开始认识到外包的战略优势，BPO 正在寻找新行业的客户，地理。亚太地区已成为这一增长的中心，许多亚洲国家正在成为全球离岸中心选址.

2020-12-01 19页 5星级

欧盟委员会：欧盟委员会竞争总署2020年度活动报告（英文版）（51页）.pdf

欧盟委员会负责制定和实施欧盟竞争政策。委员会与国家竞争主管机构和国家法院一道，根据欧洲联盟运作条约第101-109条执行欧盟竞争规则。在欧盟委员会内，DG Competition主要负责执行这些直接执.

2020-12-01 51页 5星级

群邑集团（GroupM）：美国2020年中报告（英文版）（17页）.pdf

美国社会正面临着历史性的挑战。长期和持久的制度化种族主义和社会不平等问题是美国的主要问题，加剧了COVID-19流行病带来的经济和社会限制的后果。尽管金融市场和许多企业决策者显示出信心改善的迹象(当然.

2020-12-01 17页 5星级

世界卫生组织（WHO）：卫生集群2020年年度报告（英文版）（62页）.pdf

2020年，卫生集群的目标人群为9080万人，代表着全球最脆弱的人群。为了保护他们的健康，提高他们的尊严和福祉，卫生集群在迅速应对COVID-19流行病、维持基本卫生保健服务和应对新危机之间维持着脆弱.

2020-12-01 62页 5星级

FTD：2020-2021年美国花卉趋势预测报告（英文版）(29页）.pdf

2020-2021年美国花卉趋势预测作者：基思怀特将趋势转化为美元：市场份额视觉营销在线=店内关于我们大都会蓝紫色136蓝马林鱼686太平洋蓝690罗宾蛋792芽苗菜544古董金746珊瑚亮788大都市应用配件年度最佳颜色PROMENADE腮红781欧西亚娜桃130桃671杏仁794海滩559香槟金242蜂巢677PROMENADE APPLICATIONS婚礼时装秀EXPLORATION黄黄736橘红776康乃馨红716紫红色786紫色740亮蓝色744冰蓝色704

2020-12-01 29页 5星级

MAGNA：2020全球广告行业前景报告（英文版）（61页）.pdf

新冠肺炎危机引发了残酷的全球经济衰退:全球GDP下降4.4%(西欧为-4%，西欧为-8%，中国为+2%)。媒体所有者净广告收入(NAR): 5690亿美元，比2019年下降250亿美元(下降4.2%).

2020-12-01 61页 5星级

凯捷（Capgemini）：2020年度财务报告（英文版）（377页）.pdf

凯捷在近50个国家拥有27万名男女员工，是一家负责任、多元文化的全球领导者。其宗旨：通过技术释放人类能量，创造一个包容和可持续的未来。作为企业的战略合作伙伴，凯捷已经利用技术的力量实现了50多年的业务.

2020-12-01 377页 5星级

英国安理国际律师事务所（Allen &ampamp； Overy）：2020年第四季度全球并购洞察报告（英文版）（20页）.pdf

M&AInsightsQ4 2020Towards a new M&A Insights | Q4 2020 | Towards a new era2ContentsM&A market shows signs of recovery in second half 04Global M&A snapshot 06Biden election set to boost investor confidence 08Financial services: towards digitalisation and consolidation 10Connecting data centres: attracting investors 11Global deal flows 14Healthcare accent is on smaller deals 15U.S. and China relations will take time to mend 16UK national security regime: scrutiny of transactions tightens activity across regions and sectors came to a near standstill in H1 as the pandemic spread rapidly around the globe. The effect of that has been to depress both deal value and volume for the year as a whole, down by 8% and 9% respectively.Strong recovery in deal activity But those figures obscure an extraordinarily strong recovery in deal activity that began in the late summer and has continued through the rest of the year, with private equity funds playing a particularly active role in the turnaround.Against that background we are seeing something of a recovery in the value of cross-border transactions, which have been under pressure for some time. However deal volume for the year remains depressed.Despite the uncertainties caused by Covid-19 and a highly divisive presidential election, the U.S. remains the most active outbound investor and the leading target nation for inbound investment.In some sectors we are seeing investors do a larger number of smaller transactions.Megadeals have therefore declined, having underpinned overall market growth in recent years. The value of deals over USD5 billion has declined by 8%. The value of deals in excess of USD10bn have fallen by 21%.Will the market recovery last? The big question is: can the recovery in deals be sustained?There seems good reason to believe it can. Global stock markets have soared, both on the election of Joe Biden and on news that three potential vaccines have proven highly effective in late trials.Markets seem to welcome the return of a more predictable kind of politics and the fact that a Democratic President will probably be held in check by a Republican Senate.But there are reasons to be cautious as well.The pandemic is far from under control and the scope for severe long-term economic shocks in its wake remain very real. Market conditions could stay pretty choppy in 2021 as a result and investors nerves will continue to be tested in the months ahead.M&A market shows signs of recovery in second half2020 has been a year of two very distinct halves but signs of recovery give grounds for optimism.Decrease in global deal value Q4 2020 vs. Q4 2019 Decrease in global deal volume Q4 2020 vs. Q4 20198%9ta provided by Note: Figures represent deals announced between 1 January 2020 and 7 December 2020. M&A Insights | Q4 2020 | Towards a new era4David Broadley Global Co-Head, Corporate/M&ATel 44 20 3088 3258 Dirk MeeusGlobal Co-Head, Corporate/M&ATel 32 2780 2432 For more information, please contact: M&A snapshotCEE and CISDeal value: USD65bnCEE and CISU.S.Deal value: USD1.2tnU.S.MENADeal value: USD61bn MENAGreater ChinaDeal value: USD523bnGreater ChinaLatin AmericaDeal value: USD41bn Latin AmericaAPAC (excl. China)Deal value: USD392bnAPAC (excl. China)Sub-Saharan AfricaDeal value: USD10bn Sub-Saharan AfricaSplit of global M&A deals by value51SH9V%3.4% change from Q4 2019Western EuropeDeal value: USD822bnWestern Europe288%2&%2%1%0.3%M&A Insights | Q4 2020 | Towards a new era602004006008001,000Life SciencesReal EstateFinancial ServicesConsumer and RetailEnergy and InfrastructureTMT93683947643024822711,5789,4874,3622,7003,4478,874Number of deals Value (USDbn)Deal value % change from Q4 2019Global M&A by sector, Q4 2020Energy and Infrastructure20%Financial Services8%Consumer and Retail31%TMT27%Real Estate27S%Life S election set to boost investor confidenceDecrease in U.S. deal value Q4 2020 vs. Q4 201927crease in U.S. deal volume Q4 2020 vs. Q4 20192%The election of Joe Biden is likely to usher in an era of more stable and predictable politics in the U.S., increasing the kind of investor confidence on which M&A transactions thrive.In terms of likely policy outcomes, much will depend on the make-up of Congress. Control of the Senate will not be decided until January. Traditionally the U.S. market prefers to see government divided between the administration and Congress (in this case, a Democratic administration and a Republican Senate) but will probably adapt easily whatever the outcome turns out to be, given that this looks set to be finely balanced in any event.However, we can expect a change of direction in key policy areas, including: greater antitrust enforcement, particularly for consumer-facing industries action forcing the big internet companies to change their business models, although falling far short of break up possible tougher regulation on the big banks extension of the Affordable Care Act (Obamacare) could increase pricing pressure on the healthcare sectorSome of these measures could put a damper on M&A activity, but largely the effect should be relatively mild.The drivers of M&A activity will remain largely unchanged. Drivers include: the search for ways to accelerate growth pressure to consolidate within sectors to improve efficiency and costs the need to deploy pent up reserves of liquidity continuing access to affordable debt finance for the right dealBut the biggest threat to activity remains Covid-19. Any positives or negatives arising from the election will be overshadowed by whether the pandemic is brought under control and if the economy is forced to withstand lockdowns.New policy directionsCovid-19 is the biggest unknownAs such, we expect the strong growth in activity that we have witnessed over recent months to continue once the transition to a new administration is finally complete.M&A Insights | Q4 2020 | Towards a new services: towards digitalisation and consolidationMorgan Stanley has been most active, building both its asset and wealth management arms. Following its USD13bn acquisition of E*TRADE, the online stock brokerage, earlier in the year, it also recently announced the acquisition of asset manager Eaton Vance in a near USD7bn deal.Whether other banks will follow a similar path is yet to be seen. Goldman Sachs indicated that it will look to grow its asset management business organically but does not rule out dealmaking. J. P. Morgan has indicated that it could, in principle, be interested in acquiring an asset manager.More activity is likely in both asset management and wealth management as achieving scale and cost synergies drives consolidation across both industries.Independent mid-sized and domestic wealth management companies continue to be aggressive in pursuing growth opportunities through acquisitions, seeking to fend off challenges from the bigger industry players. Economies of scale and the continued rise of index and ETF products are all putting additional pressure on asset managers to consolidate in order to compete.Fintech remains a sector with significant opportunities. M&A, consortium deals and minority investments have continued despite the Covid-19 disruption. Banks are searching the globe to find transformative digital technologies and are not alone in their interest in this area venture capitalist (VC) and corporate investors are equally focused on fintech.Large corporates have been active in the space: Visa Inc acquired Plaid Inc for USD4.9bn. Mastercard announced its acquisition of open banking company Finicity. U.S. payments companies have been receiving particular interest, with Stripe, Chime, Nubank, Bakkt and Varo raising significant funds. In addition, challenger banks Revolut and N26 joined the fray, entering the U.S. market.Fintech is one to watch, especially in the coming months as the economy recovers, confidence builds and the market continues to diversify.Fintech deals dominateWhile the largest U.S. banks have been unable or unwilling to engage in M&A activity in the banking sector, there is evidence of renewed life for domestic banking mergers: PNCs recently announced USD11bn acquisition of BBVAs U.S. banking arm First Citizens USD2.2bn acquisition of CITThe need for growth to compete with the larger banks and the pressure to search for profitable business in a low interest rate environment will continue to drive consolidation among the mid-sized regional banks in the U.S. Bank consolidationThe election of Joe Biden is unlikely to have a significant impact on U.S. financial services M&A in the short term. With control of the Senate likely to stay in Republican hands, legislation that could impact transactions in the sector is unlikely to be passed. While tougher regulation or enforcement in the financial sectors could dampen activity, especially for larger institutions, the implications of increased regulatory activity would not be immediate and would not change many of the key M&A drivers. The need for continued consolidation among mid-sized banks, asset managers and wealth managers, as well as the growing influence of technology on the financial sector, will remain.Election effect on M&A marketU.S. financial services sector M&A picked up in the second half of 2020, in line with the wider U.S. market. Asset management and fintech investments led the way, with regional bank mergers also showing signs of growth.M&A Insights | Q4 2020 | Towards a new era10With the explosive growth in connected working and living, data centres are attracting an increasingly wide range of investors and activity looks set to grow.Connecting data centres: attracting investorsThere are few parts of the global M&A market that have weathered the pandemic quite so powerfully as the data centre sector. Deal activity has continued to grow despite the tough trading conditions caused by the Covid-19 coronavirus.The first quarter of 2020 saw 15 data centre deals close, with a value of some USD15bn, exceeding levels seen in the whole of 2019, according to Synergy Research Group.Indeed, with transactions continuing throughout lockdown and with further deals in the pipeline, it is predicted that 2020 deal values could exceed the previous peak year of 2017.Its not surprising given the speed at which people have moved to remote working and adopted online services in the long months of lockdown.Add to that the explosive growth of cloud computing in recent years, the advent of 5G mobile technology, advances in AI and increasing deployment of Internet of Things devices, and its easy to see why investment in this area is rocketing and attracting an increasingly diverse range of data centre boom has been led by the giant tech companies, including Google, Amazon, Facebook, Microsoft, Alibaba and Tencent. Their need for data processing on a massive scale has seen them build campuses across the globe, usually self-financed.We are seeing continued growth amongst these so-called “hyperscale” operators. For instance, Google, which already operates seven campuses outside the U.S., including five in Europe, was reported to have bought a 33-acre parcel of land north of London in October, thought to be a potential site for its first UK data centre.A raft of independent “neutral host” data centre operators (known also as collocation operators) has emerged in recent years, building, managing and operating centres on behalf of clients across the globe.Again, they continue to be very active in both acquiring assets on their own behalf and seeking investment from a range of sources to progress expansion plans.Deals this year include: Digital Realitys USD8.4bn acquisition of Interxion, the biggest data centre transaction on record Equinixs acquisition of 13 Canadian data centres for USD780 million in October from BCE IncWe are also seeing alternative investment funds looking at data centres and other parts of data network infrastructure as a long-term investment opportunity.Here PE funds have been particularly active, dominating data centre transactions in 2019 and continuing to invest heavily this year.Recent developments include: KKR announcing plans for a USD1bn investment in European data centres through a newly created platform, Global Technical Reality EQTs acquisition of EdgeConnexNow the range of funds circling this market is growing, with real estate investors and dedicated infrastructure funds joined by pension and sovereign wealth funds in looking for investment opportunities.Funds interest in the market follows a period of re-evaluation of what constitute core and core-plus infrastructure assets.Traditionally core assets constituted water and power networks delivering predictable, long-term index-linked returns. Now new kinds of assets that replicate these reliable returns are being added to the core category.Increasingly the view is that data centres and associate network infrastructures, although not monopolistic in nature, do share some of the qualities of utility businesses. The pandemic has provided proof that these digital assets have not only become an indispensable part of modern life but are also resilient to the types of disruption caused by Covid-19.It remains relatively early days for some funds. These are often complex deals requiring multi-disciplinary skills across real estate, infrastructure, technology, data and finance. Not all funds have worked out where data infrastructure fits into their broader portfolios. As such, it is too early to say if we will see a wall of money deployed in this market in the next five to ten years, but that certainly seems to be the direction of travel.Major tech companies lead data centre boomCore asset re-evaluationM&A Insights | Q4 2020 | Towards a new era12We are seeing a range of deals in the market.They include: continued greenfield developments by the hyperscale players further expansion by co-location operators, often seeking investment from funds to finance their growth and increasingly targeting hyperscale clients investment in existing, but under-utilised, centres where the owner is looking to monetise spare capacity by bringing in new partnersPlatform deals are also becoming more common in line with a trend we are also seeing in the renewable energy sector. Here, funds are looking to gain entry into the market by buying a group of data centre campuses within a region, often keeping the current management on board to operate the business. For example, in April Macquarie Infrastructure and Real Assets acquired an 88% stake in AirTrunk to develop and expand its network of data centres across Asia. Data centres are notoriously energy hungry. They are estimated to have accounted for some 1% of global electricity usage in 2018. Although data centre design is becoming more energy efficient, the risk of tougher environmental regulation remains real as efforts to tackle climate change become more urgent.Infrastructure funds are under sometimes competing pressure from their investment committees. They are urged to deploy capital at scale, but are also expected to take account of sustainability or environmental, social and governance issues as they do so. This is likely to be a factor when considering whether this is a market they do indeed want to invest in.All the signs to date show that a growing number of funds believe the investment opportunities in this area far outweigh the risks.Deal varietiesSustainability deal flowsValue of deals USDmNumber of deals* (Position by deal value in Q4 2019) Number of dealsValue of deals USDm(*)050,000100,000150,000200,000250,000Norway (-)Singapore (14)Hong Kong SAR (13)Spain (12)Italy (-)Switzerland (10)Canada (3)India (8)Australia (6)Mainland China (7)France (9)Germany (4)Netherlands (5)UK (2)U.S. (1)05001,0001,5002,0009153206033865033783684841833082831802521291,683Inbound target markets, Q4 2020Outbound acquirer nations, Q4 2020 Number of dealsValue of deals USDm050,000100,000150,000200,000250,000300,000350,000Italy (13)Australia (10)South Korea (-)Singapore (11)Spain (15)Sweden (14)Hong Kong SAR (9)Mainland China (8)Luxembourg (-)Canada (4)France (2)Japan (3)Germany (5)UK (6)U.S. (1)(*)05001,0001,5002,0009153206033865033783684841833082831802521291,6832,5001,0102,195611487531162657394395134444173310124251M&A Insights | Q4 2020 | Towards a new era14Healthcare accent is on smaller dealsTransactions in the U.S. healthcare space rebounded in autumn, although with a greater proportion of smaller deals than in recent years.In the year to date, deal value has fallen sharply, but volume has decreased only marginally.Megadeals, common in the sector two or three years ago, are less frequent now. However, we did see some sizeable deals in Q3, including cross-border transactions, following the plummet in activity when Covid-19 first gripped.These included: Gileads USD21bn acquisition of Immunomedics Siemens Healthineers purchase of Varian for USD16.4bn Bristol-Myers Squibbs USD13bn MyoKardia takeover Sanofis USD3.4bn purchase of Principia BiopharmaThe prevailing trends are smaller bolt-on acquisitions and a growth in consortium deals (where partners pool IP and R&D to spread costs, striking licensing and revenue share agreements once products go to market).Here certain areas are ripe for transactions, particularly digital medicine, pharma companies digitising operations, IT businesses anxious to enter the healthcare space, genetics, viral treatments and vaccines.It remains to be seen how far a Biden administration can push its plans to extend the Affordable Care Act (Obamacare). Much will depend on whether Republicans hold sway in the new Senate.Although there may be pricing pressure on the sector, we do not expect this to be an overly significant burden on pharma companies, insurers or health care providers at least in the nearer term. By and large they have benefited from healthcare reforms.The Covid-19 crisis has forced a wide range of companies to divert resources towards developing a vaccine, perhaps at the expense of funding other R&D programmes. Getting these back on track could actually act as a stimulus to collaborative deals.Affordable careAs trade tensions between the U.S. and China gradually ease, we expect to see more interest from Chinese companies in the U.S. healthcare sector.With the exception of some biotech deals, investments in this area have escaped deep scrutiny by the Committee on Foreign Investment in the U.S. (CFIUS).With the U.S. likely to take a more multilateral approach to international affairs, once the presidential transition is complete, we could see well-financed Chinese inbound investors returning to the U.S. market for the first time in many months.Cross-border investment“ With the U.S. likely to take a more multilateral approach, we could see well-financed Chinese inbound investors returning to the U.S. market for the first time in many months.” and China relations will take time to mendBut the complexities of the current relationship mean that it might take longer than one presidential term to achieve some kind of dtente, if indeed that is possible.Relations have soured dramatically during the Trump era.But it is important to remember that some of the issues at stake, such as IP, technology and the desire to protect sensitive personal data, pre-date President Trumps tenure and it was always inevitable that they would rise to the surface at some point. They are now in full bloom.As the trade war between the two countries has intensified, we have seen both sides clash on a range of issues, such as: capital market controls currency export controls and sanctions technology national securityChina, still intending to continue opening its economy, has matched the U.S. in implementing measures allowing it to retaliate. Recently, in the wake of the forced sale of TikTok, it set up its own sanctions regime and introduced tech export controls.The new U.S. administration is expected to pursue, at least in terms of engagement and communication, a more conventional diplomatic approach. Nevertheless, Biden still has to take account of a sizeable domestic constituency that is hawkish about China and the legacy positions of the Trump administration. The difficult fundamental issues over which the two countries have clashed will need hard negotiations to reach an understanding. In future its unlikely, for instance, that CFIUS will be any less scrupulous.Retaliatory trade warsThe arrival of Joe Biden in the White House will give the U.S. and China a chance to put their political and trade relations on a new footing.M&A Insights | Q4 2020 | Towards a new era16Three possible scenariosConflicts may continue in contentious areas and move into new sectors such as finance. But Chinas response would likely remain measured to protect foreign investment and pursue its long-term goal of moving from an export-orientated economy to a green, hi-tech and consumer-orientated one.A Biden focus on developing a team of seasoned veterans to prioritise and concentrate on China will be crucial to setting the tone. From the appointments already announced, this approach seems to be playing out. The President-elects determination to re-join the Paris climate accord and re-engage with the World Health Organisation are two areas where consensus may be found and are hopeful signs of a more multilateral approach.Meanwhile, we expect Chinese outbound investors to become more active in the U.S., in non-contentious sectors that are likely to withstand CFIUS scrutiny, if a cooperative environment can be created. China will also seek to continue attracting inbound investors as its economy transforms.Companies operating in different markets could be caught between the two giants, as we saw with the Huawei/5G scenario.For those operating in Asia, securing supply chains is key. Singapore offers a centre to target Southeast Asian markets, and Hong Kong SAR acts as a gateway to Mainland China.Notwithstanding the potential for continued flare-ups, we expect a modest easing of U.S.-China tensions to create a more receptive deal environment in the short to medium term.Implications for dealsWe see three possible ways the relationship could develop in the coming years:1. antagonistic rivalry escalates, with severe impact on the tech sector and the global economy2. two countries enter a fragmented engagement, the most likely outcome in the short term3. cooperation in areas of mutual concern (i.e. climate change)Worst caseAntagonistic rivalry accelerated decoupling and bifurcation equivalent retaliation multi-polar tensionMedium caseFragmented engagement sustained tension over technology, IP and other sensitive areas cooperation over areas of mutual interest no comprehensive framework of cooperationBest casePartial agreement and accommodation active cooperation on shared global issues compromise reached over difficult issues (technology and trade) national security regime: scrutiny of transactions tightens Laying out its proposals on 11 November in the new National Security and Investment Bill, the UK government stressed it does not want to discourage foreign investment.The new regime, applicable to domestic and foreign investors alike, is intended to catch only transactions raising national security concerns, and aims to ensure that the UK remains an “attractive place to invest”. With these proposals, the UK joins a growing band of countries that are strengthening or introducing national security screening regimes, including the U.S., Australia, France and Germany. But the potentially far-reaching measures will certainly add a new level of administrative burden and potentially also transaction risk to M&A activity in the UK.The UK government has finally delivered on its promise to tighten the scrutiny of transactions on national security grounds.Civil nuclear powerData infrastructureArtificial intelligence Cryptographic authenticationCommunicationsEnergyAutonomous roboticsAdvanced materialsDefenceTransportComputing hardwareQuantum technologiesEngineering biologyCritical suppliers to the governmentMilitary or dual use systemsSuppliers to the emergency servicesSatellite and space technologiesUnder the proposed legislation it will be mandatory to notify any qualifying transaction in 17 so-called “sensitive” sectors:Mandatory notificationAcquisitions that involve the acquirer taking 15% or more of the targets votes/shares (and subsequent specified step increases), or gaining the ability to influence resolutions governing the targets affairs, will be caught by the mandatory regime.M&A Insights | Q4 2020 | Towards a new era18“Call-in” powersThe Bill also introduces both a “call-in” power and a voluntary notification system for an extremely wide range of transactions that qualify as trigger events across all sectors of the economy. Minority acquisitions, asset purchases, IP licences, loans and conditional deals are among the transactions that could be caught.Voluntary notification of deals that potentially raise national security concerns will be through an online portal to a new Investment Security Unit, set up in the Department for Business, Energy and Industrial Strategy.The government will have the power to call-in any qualifying transaction completed on or after 12 November 2020 for up to five years, or within six months of the government becoming aware of it. This retrospective power will not be exercisable until the Bill becomes law, probably early in 2021, but is not anticipated to affect a large number of transactions.There are no turnover or market share thresholds attached to either the mandatory scheme or the call-in powers. The target only needs to operate or supply customers in the UK to fall into the net.EnforcementAs with the current system, the UK government will be able to impose remedies or even halt a transaction completely.But there will be tough new sanctions for non-compliance, including: fines of up to 5% of global turnover or GBP10m, whichever is greater up to five years imprisonment for individual offendersTransactions subject to the mandatory notification requirement will be void if they take place without clearance. National security vetting will be separate from, and may run in parallel with, review under the merger control regime by the Competition and Markets Authority (CMA). But the proposals effectively mean that national security issues can trump competition concerns (although the CMA will still be able to review deals on other public interest grounds such as financial stability and media plurality).The government predicts that the proposed measures will potentially generate over 2,000 “early engagements” with it, resulting in over 1,800 notifications each year, with up to 95 transactions called in for detailed review and ten involving remedy decisions. It remains to be seen if that is an accurate estimate. The Bill is far more radical than a mere tweak to existing procedures as it establishes an entirely new regime with PRESENCEAllen & Overy is an international legal practice with approximately 5,500 people, including some 550 partners, working in over 40 offi ces worldwide.Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered in England and Wales with registered number OC306763. Allen & Overy (Holdings) Limited is a limited company registered in England and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated by the Solicitors Regulation Authority of England and Wales.The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case, an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLPs affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are designated as partners, and a list of the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.UK Allen & Overy LLP 2020. This document is for general guidance only and does not constitute definitive advice.CS2010_CDD-61777_ADD-93454

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