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	<title>Transactions Blog &#187; News</title>
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	<link>http://www.pwcblogs.be/transactions</link>
	<description>Our experts'comments on Mergers and Acquisitions</description>
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		<title>Press release &#8211; M&amp;A activities to focus more on consolidation and restructuring than on mergers and acquisitions in the coming year</title>
		<link>http://www.pwcblogs.be/transactions/2010/08/press-release-ma-activities-to-focus-more-on-consolidation-and-restructuring-than-on-mergers-and-acquisitions-in-the-coming-year/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/08/press-release-ma-activities-to-focus-more-on-consolidation-and-restructuring-than-on-mergers-and-acquisitions-in-the-coming-year/#comments</comments>
		<pubDate>Wed, 18 Aug 2010 14:00:17 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Publications]]></category>
		<category><![CDATA[EU Merger Law]]></category>
		<category><![CDATA[press release]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=669</guid>
		<description><![CDATA[Business reorganisations free of tax under new EU regulations
Owing to the globalisation of the world economy over the past ten years, many companies have been forced to grow in scale. For many years, megadeals have been a feature of the M&#38;A (Mergers &#38; Acquisitions) scene. Companies make such deals in order to grow, increase their [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/08/press-release-ma-activities-to-focus-more-on-consolidation-and-restructuring-than-on-mergers-and-acquisitions-in-the-coming-year/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How to integrate the Notional Interest Deduction (NID) in a business plan</title>
		<link>http://www.pwcblogs.be/transactions/2010/06/how-to-integrate-the-notional-interest-deduction-nid-in-a-business-plan/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/06/how-to-integrate-the-notional-interest-deduction-nid-in-a-business-plan/#comments</comments>
		<pubDate>Wed, 30 Jun 2010 20:32:49 +0000</pubDate>
		<dc:creator>Frederic Van Hoorebeke</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[business plan]]></category>
		<category><![CDATA[interest]]></category>
		<category><![CDATA[NID]]></category>
		<category><![CDATA[notional]]></category>
		<category><![CDATA[OLO]]></category>
		<category><![CDATA[rate]]></category>
		<category><![CDATA[valuation]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=641</guid>
		<description><![CDATA[The Belgian tax law enables companies to deduct a fictitious interest calculated on the basis of their shareholder’s equity, the so called notional interest deduction (NID). This measure reduces the cost disadvantage of equity in the capital structure of Belgian businesses and effectively lowers the corporate income tax rate.
The applicable NID rate is determined every [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/06/how-to-integrate-the-notional-interest-deduction-nid-in-a-business-plan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Sourcing M&amp;A opportunities in China</title>
		<link>http://www.pwcblogs.be/transactions/2010/06/sourcing-ma-opportunities-in-china/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/06/sourcing-ma-opportunities-in-china/#comments</comments>
		<pubDate>Fri, 11 Jun 2010 07:50:13 +0000</pubDate>
		<dc:creator>Benjamin Ye</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[M&A opportunities]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=637</guid>
		<description><![CDATA[With the global economy recovering, foreign strategic buyers are re-emerging the surface of the Chinese M&#38;A market and are actively looking for expansionary acquisitions. Entering the Chinese M&#38;A environment is however challenging due to:

Industry structure and geographic scale
Constant changing regulatory environment
People versus systems
Partners and alliances
Compliance costs
Potential traps on financial &#38; tax information
Proper structuring
Intellectual property environment

 Although [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/06/sourcing-ma-opportunities-in-china/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Press release &#8211; &#8220;Post-Merger Integration Survey 2009&#8243; results</title>
		<link>http://www.pwcblogs.be/transactions/2010/05/press-release-post-merger-integration-survey-2009-results/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/05/press-release-post-merger-integration-survey-2009-results/#comments</comments>
		<pubDate>Thu, 06 May 2010 08:17:35 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[PMI]]></category>
		<category><![CDATA[Post-deal]]></category>
		<category><![CDATA[post-deal services]]></category>
		<category><![CDATA[post-merger integration]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=616</guid>
		<description><![CDATA[For FR version, scroll down.
Bijna 4 op 10 bedrijven onderschatten integratiekosten na fusie of overname
 
Economische crisis noodzaakt efficiënter management van fusiekosten en -processen
Brussel, 5 mei 2010 – Onder druk van de economische crisis is het realiseren van de juiste synergieën en het optimaliseren van de rentabiliteit van cruciaal belang voor het succes van een overname. [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/05/press-release-post-merger-integration-survey-2009-results/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>M&amp;A Academy: &#8220;HR Integration after a merger, a practical example&#8221;</title>
		<link>http://www.pwcblogs.be/transactions/2010/05/ma-academy-hr-integration-after-a-merger-a-practical-example/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/05/ma-academy-hr-integration-after-a-merger-a-practical-example/#comments</comments>
		<pubDate>Mon, 03 May 2010 09:37:19 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Events]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Presentation]]></category>
		<category><![CDATA[HR integration]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=609</guid>
		<description><![CDATA[The 7th and last session of this year’s M&#38;A Academy cycle took place on 29 April looking at “HR integration after a merger”. Turbulent economic times are making many organisations undertake a transaction, whether a merger, an acquisition, a divestiture, a carve-out or a spin-off. Every transaction creates turmoil, uncertainty and opportunities for people.
Peter De [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/05/ma-academy-hr-integration-after-a-merger-a-practical-example/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>“Real Option” valuation or when will “standard” valuation methods lead to sub-optimal or wrong decisions? – Part II &#8211; How</title>
		<link>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-ii-how/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-ii-how/#comments</comments>
		<pubDate>Mon, 26 Apr 2010 07:53:38 +0000</pubDate>
		<dc:creator>Philippe Rasquin</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Option]]></category>
		<category><![CDATA[valuation]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=602</guid>
		<description><![CDATA[When confronted with a situation where the “standard” NPV is inappropriate (see article – Part I), one should first identify all the value drivers and the key elements of the business plan for which uncertainty is high. It should then identify all the options for which it has either to mitigate these uncertainties or to [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-ii-how/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>“Real Option” valuation or when will “standard” valuation methods lead to sub-optimal or wrong decisions? – Part I – Why and When</title>
		<link>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-i-%e2%80%93-why-and-when/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-i-%e2%80%93-why-and-when/#comments</comments>
		<pubDate>Mon, 12 Apr 2010 07:24:30 +0000</pubDate>
		<dc:creator>Philippe Rasquin</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Investments]]></category>
		<category><![CDATA[Option]]></category>
		<category><![CDATA[valuations]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=600</guid>
		<description><![CDATA[How should a firm and its management evidence its decision to invest in a company, in new equipment, in new projects, in new markets? Most of us have learned at some point in our education that such a decision should be based on financial analysis, looking at the payback period, at the internal rate of [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/04/%e2%80%9creal-option%e2%80%9d-valuation-or-when-will-%e2%80%9cstandard%e2%80%9d-valuation-methods-lead-to-sub-optimal-or-wrong-decisions-%e2%80%93-part-i-%e2%80%93-why-and-when/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Simplification of merger procedure</title>
		<link>http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/#comments</comments>
		<pubDate>Tue, 02 Mar 2010 08:41:57 +0000</pubDate>
		<dc:creator>Karin Winters</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[auditor]]></category>
		<category><![CDATA[companies code]]></category>
		<category><![CDATA[demerger]]></category>
		<category><![CDATA[European Directive]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[merger procedure]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[report]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=568</guid>
		<description><![CDATA[Since 25 January 2010, it is possible to carry out all types of mergers without the intervention of an independent expert (i.e. the company’s statutory auditor, or an auditor/external accountant if no statutory auditor has been appointed).
Articles 695 and 708 of the Belgian Companies Code (“BCC”), modified following implementation of the European Directive 2007/63/EC, now [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will the family-owned businesses bring once again new oxygen to the M&amp;A market?</title>
		<link>http://www.pwcblogs.be/transactions/2010/02/will-the-family-owned-businesses-bring-once-again-new-oxygen-to-the-ma-market/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/02/will-the-family-owned-businesses-bring-once-again-new-oxygen-to-the-ma-market/#comments</comments>
		<pubDate>Tue, 16 Feb 2010 09:24:47 +0000</pubDate>
		<dc:creator>Didier De Smet</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[family business]]></category>
		<category><![CDATA[financing]]></category>
		<category><![CDATA[M&A]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=557</guid>
		<description><![CDATA[The recent financial turmoil in many ways might have affected family owned businesses. Be it through the exposure to further specific industry issues/downturn due to a lack of diversification of the family wealth or be it because the available financial reserves have suffered significantly, e.g. due to operational and/or financial losses incurred or working capital [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/02/will-the-family-owned-businesses-bring-once-again-new-oxygen-to-the-ma-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Depressed European IPO markets show an upturn in last quarter, laying foundations for recovery in first half of 2010</title>
		<link>http://www.pwcblogs.be/transactions/2010/01/depressed-european-ipo-markets-show-an-upturn-in-last-quarter-laying-foundations-for-recovery-in-first-half-of-2010/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/01/depressed-european-ipo-markets-show-an-upturn-in-last-quarter-laying-foundations-for-recovery-in-first-half-of-2010/#comments</comments>
		<pubDate>Fri, 15 Jan 2010 12:35:17 +0000</pubDate>
		<dc:creator>Peter Ujvari</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Publications]]></category>
		<category><![CDATA[capital markets]]></category>
		<category><![CDATA[IPO]]></category>
		<category><![CDATA[stock exchange]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=523</guid>
		<description><![CDATA[On 8 January 2010, PwC has published the Q4 2009 IPO Watch Europe report. The IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Denmark, France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the UK).
Europe’s [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/01/depressed-european-ipo-markets-show-an-upturn-in-last-quarter-laying-foundations-for-recovery-in-first-half-of-2010/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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