Abstracts » Business, international

Smoke gets in your eyes

Article Abstract:

Companies involved in the acquisitions and mergers (M&A) market increasingly have to take notice of environmental due diligence. While not all M&A transactions require an environmental audit, acquirers must be aware of the consequences of environmental liability. Industrial sites, particularly those that may have been used for mining purposes, should be the subject of a detailed environmental survey as acquirers may inherit contamination liability from sellers. The UK Department of the Environment's Consultation on Draft Statutory Guidance on Contaminated Land provides guidelines on due diligence.

Laws, regulations and rules, Pollution

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Progress by consent

Article Abstract:

The Italian mergers and acquisitions (M&A) market is slowly expanding, encouraged by a period of political calm. However, privatization has been hindered by the lack of political unanimity, with the sale of state-owned telecom company STET postponed until 1997. Successful privatizations include the partial sell-off of ENI and the sale of INA and IMI. Most M&A activity in Italy is accounted for by small- and medium-sized companies, of which there are many more than in the rest of western Europe. Activity is driven by the need for such companies to compete internationally.

Italy

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An opportunity to enhance value

Article Abstract:

Environmental considerations have become increasingly important in the acquisitions and mergers market, with environmental due diligence assessment being seen as a valuable part of the process. However, the due diligence process and risk assessment can also help to increase the potential value of the target company, enhance its profitability and reduce costs. An environmental assessment can ensure that the target company is not burdened by unknown environmental liabilities and that its true value is realised.

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