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	<title>Transactions Blog &#187; M&amp;A</title>
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	<description>Our experts'comments on Mergers and Acquisitions</description>
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		<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>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>M&amp;A Academy: &#8220;How can real estate become a financing means for your company today?&#8221;</title>
		<link>http://www.pwcblogs.be/transactions/2010/03/ma-academy-how-can-real-estate-become-a-financing-means-for-your-company-today/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/03/ma-academy-how-can-real-estate-become-a-financing-means-for-your-company-today/#comments</comments>
		<pubDate>Fri, 26 Mar 2010 13:33:10 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Events]]></category>
		<category><![CDATA[Presentation]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[acquisitions]]></category>
		<category><![CDATA[financing]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[M&A Academy]]></category>
		<category><![CDATA[mergers]]></category>
		<category><![CDATA[OpCo]]></category>
		<category><![CDATA[PropCo]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[Transactions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=588</guid>
		<description><![CDATA[Market studies chave shown that over the last years the total accounting value of all lands and buildings of the 30.000 biggest BelCo&#8217;s amounts to EUR 50 billion. When you know that the market value of said assets equals minimum 3 times their accounting value, this represents a dramatic hidden value in the current market [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/03/ma-academy-how-can-real-estate-become-a-financing-means-for-your-company-today/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>
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		<slash:comments>0</slash:comments>
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		<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>
		</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>
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		<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>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2010/02/tax-modelling-there%e2%80%99s-no-such-thing-as-a-tax-rate-of-3399/feed/</wfw:commentRss>
		<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>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>
		</item>
		<item>
		<title>Prepare your business structure for the another challenging year</title>
		<link>http://www.pwcblogs.be/transactions/2009/12/prepare-your-business-structure-for-the-another-challenging-year/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/12/prepare-your-business-structure-for-the-another-challenging-year/#comments</comments>
		<pubDate>Mon, 14 Dec 2009 10:59:18 +0000</pubDate>
		<dc:creator>Nancy De Beule</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[belgian tax law]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Transactions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=501</guid>
		<description><![CDATA[2008-2009 were 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 optimization.
 
Reshaping your conventional business model towards a more flexible structure can help you in for example the improvement of your business model, tax credits optimisation and/or cash optimisation.
 
Furthermore, [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2009/12/prepare-your-business-structure-for-the-another-challenging-year/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>M&amp;A Academy &#8211; &#8220;How to anticipate/handle covenant breaches?&#8221;</title>
		<link>http://www.pwcblogs.be/transactions/2009/12/ma-academy-how-to-anticipatehandle-covenant-breaches/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/12/ma-academy-how-to-anticipatehandle-covenant-breaches/#comments</comments>
		<pubDate>Fri, 11 Dec 2009 14:38:21 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Presentation]]></category>
		<category><![CDATA[breaches]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[continuity act]]></category>
		<category><![CDATA[covenant]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=515</guid>
		<description><![CDATA[The third session of our M&#38;A Academy took place on 10 December looking at all the questions the arrival of the &#8220;Chapter 11 Nouveau&#8221; (at least its Belgian version) raises. Before getting the protection of the Continuity Act, however, an achievable business plan needs to be in place. Do you have one? How about the [...]]]></description>
		<wfw:commentRss>http://www.pwcblogs.be/transactions/2009/12/ma-academy-how-to-anticipatehandle-covenant-breaches/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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