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	<title>Transactions Blog</title>
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	<description>Our experts'comments on Mergers and Acquisitions</description>
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		<title>Chemicals CEOs are juggling international expansion, rising R&amp;D expenditure and infrastructure upgrades with cost-cutting initiatives</title>
		<link>http://www.pwcblogs.be/transactions/2010/03/chemicals-ceos-are-juggling-international-expansion-rising-rd-expenditure-and-infrastructure-upgrades-with-cost-cutting-initiatives/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/03/chemicals-ceos-are-juggling-international-expansion-rising-rd-expenditure-and-infrastructure-upgrades-with-cost-cutting-initiatives/#comments</comments>
		<pubDate>Mon, 15 Mar 2010 10:03:54 +0000</pubDate>
		<dc:creator>Barbara Van Dyck</dc:creator>
				<category><![CDATA[Publications]]></category>
		<category><![CDATA[chemicals]]></category>
		<category><![CDATA[cross-border]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=576</guid>
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The number of chemicals companies engaging in cross-border mergers and acquisitions is substantially higher than it is in other sectors, as the figure above shows. Thirty-three percent of chemicals [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<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>M&amp;A Academy &#8211; &#8220;Tax implications of business restructuring&#8221;</title>
		<link>http://www.pwcblogs.be/transactions/2010/02/ma-academy-tax-implications-of-business-restructuring/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/02/ma-academy-tax-implications-of-business-restructuring/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 13:46:27 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Events]]></category>
		<category><![CDATA[Presentation]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[business restructuring]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[restructuring]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Transactions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=561</guid>
		<description><![CDATA[2008 and 2009 are challenging times for the M&#38;A market due to the lack of available funding. Many investors and international groups are looking for cost-cutting opportunities and cash optimisation.
During the 5th session of our M&#38;A Academy, we tried to evaluate how reshaping your conventional business model towards a more flexible structure can help you [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<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>Debt Market update</title>
		<link>http://www.pwcblogs.be/transactions/2010/02/debt-market-update/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/02/debt-market-update/#comments</comments>
		<pubDate>Mon, 08 Feb 2010 08:39:54 +0000</pubDate>
		<dc:creator>Sebastien Gabay</dc:creator>
				<category><![CDATA[Publications]]></category>
		<category><![CDATA[banking market]]></category>
		<category><![CDATA[deals]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[leveraged finance]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=549</guid>
		<description><![CDATA[The final quarter of 2009 saw encouraging signs of confidence returning across a broad spectrum of bank lending. The mild softening in pricing and the lengthening of tenors in the corporate market, a cluster of new leveraged buyouts at the end of 2009 and the re-entry of banks into the commercial property market (on a [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/02/debt-market-update/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Tax modelling: there’s no such thing as a tax rate of 33,99%</title>
		<link>http://www.pwcblogs.be/transactions/2010/02/tax-modelling-there%e2%80%99s-no-such-thing-as-a-tax-rate-of-3399/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/02/tax-modelling-there%e2%80%99s-no-such-thing-as-a-tax-rate-of-3399/#comments</comments>
		<pubDate>Mon, 01 Feb 2010 16:17:18 +0000</pubDate>
		<dc:creator>Annelies Butaye</dc:creator>
				<category><![CDATA[Service offerings]]></category>
		<category><![CDATA[Business model]]></category>
		<category><![CDATA[business plan]]></category>
		<category><![CDATA[cash-flow]]></category>
		<category><![CDATA[finance structuring]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Post-deal]]></category>
		<category><![CDATA[post-deal services]]></category>
		<category><![CDATA[Pre-deal]]></category>
		<category><![CDATA[structuring]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[tax assets]]></category>
		<category><![CDATA[tax modelling]]></category>
		<category><![CDATA[tax rate]]></category>
		<category><![CDATA[tax structuring]]></category>
		<category><![CDATA[working capital]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=543</guid>
		<description><![CDATA[Today, more than ever, effective tax management is key in case you are dealing with situations such as:
-        determining a bid price in an acquisition process;
-        reallocation of existing bank debt and intercompany debt;
-        reorganizing your current group structure;
-        understanding  the impact of taxes on your cash position;
-        a complex supply chain with multiple countries [...]]]></description>
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		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>M&amp;A Academy – “Safeguarding value through business restructuring”</title>
		<link>http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/#comments</comments>
		<pubDate>Thu, 21 Jan 2010 18:19:22 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Presentation]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[distressed companies]]></category>
		<category><![CDATA[equity swap]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=533</guid>
		<description><![CDATA[Identifying the most important value drivers and estimating values in distressed companies is key for a successful restructuring process, especially in the case of debt for equity swaps. That’s what Michael De Roover, Partner at PwC and Philippe Rasquin, Director at PwC talked about on the fourth session of our M&#38;A Academy.
They shared with our [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/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>
		</item>
		<item>
		<title>Due diligence decreases fraud liability</title>
		<link>http://www.pwcblogs.be/transactions/2010/01/due-diligence-decreases-fraud-liability-2/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/01/due-diligence-decreases-fraud-liability-2/#comments</comments>
		<pubDate>Mon, 11 Jan 2010 08:36:15 +0000</pubDate>
		<dc:creator>Jacqueline Gram</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[due diligence]]></category>
		<category><![CDATA[fraud]]></category>
		<category><![CDATA[investigation]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=518</guid>
		<description><![CDATA[Recently the President of the Brussels Criminal Court judged that the investigation of KB Lux was not performed on valid terms. This decision again raises questions about how to tackle economic crime and how to deal with fraudsters. In a day-to-day business environment we are more inclined to take measures internally, which in light of [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/01/due-diligence-decreases-fraud-liability-2/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>China M&amp;A activity bouncing back from the downturn</title>
		<link>http://www.pwcblogs.be/transactions/2010/01/china-ma-activity-bouncing-back-from-the-downturn/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/01/china-ma-activity-bouncing-back-from-the-downturn/#comments</comments>
		<pubDate>Tue, 05 Jan 2010 09:33:01 +0000</pubDate>
		<dc:creator>Barbara Van Dyck</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=507</guid>
		<description><![CDATA[The PwC China M&#038;A press release revealed that domestic and inbound M&#038;A deal volumes in China (including Hong Kong and Macau) in the second half of 2009 are returning to robust 2008 levels, indicating that the impact of the global economic downturn on China M&#038;A seems to have been short lived.
More than 1,800 domestic transactions [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/01/china-ma-activity-bouncing-back-from-the-downturn/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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