Insights

Competition authorities around the world are closing loopholes and asserting jurisdiction over potentially harmful mergers that fall below quantitative merger-control thresholds. Activities that give them cause for concern include anti-competitive effects in local markets, roll-up strategies, killing potential competition, and the stifling of future innovation. Authorities are increasingly taking the view that an undertaking's revenue size does not necessarily reflect its position and importance in competitive market dynamics.

De Brauw has again prepared its annual reporting checklist for Dutch public limited liability companies whose shares or depositary receipts for shares are listed on Euronext Amsterdam. The checklist covers annual reporting for those financial years that start on 1 January 2026. It is available for issuers with two-tier board models and, new this year, one-tier board models. 

The Digital General Meeting Act, enabling Dutch companies and associations to hold general meetings that are accessible only by electronic means, will enter into force on 1 January 2027. We explained the key provisions of this new law in a previous article. 

De Brauw advised the underwriting banks on the US initial public offering of INNIO N.V., a global energy solutions provider for applications such as data centres. The IPO consisted entirely of a secondary offering by the selling shareholder AI Alpine, which is co-owned by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA). It raised USD 2.43 billion.

Universal Music Group is a music and entertainment company active in recorded music, music publishing, merchandising and audiovisual content. It has been listed on Euronext Amsterdam since 2021. Pershing Square Capital Management, L.P. is a New York-based hedge fund founded and managed by Bill Ackman.

De Brauw advised TenneT Netherlands B.V. on a decision by the Dutch central bank allowing credit institutions to treat exposures to TenneT as exposures to the Dutch central government. TenneT is the first Dutch company to obtain this status and to be included on the European Banking Authority's list.