-
財務簽證
財務簽證
-
稅務簽證
稅務簽證
-
營業稅簽證
營業稅簽證
-
公開發行及上市櫃專案輔導與規劃
公開發行及上市櫃專案輔導與規劃
-
IFRS專區
IFRS專區
-
移轉訂價服務
移轉訂價服務
-
跨國交易租稅規劃
跨國交易租稅規劃
-
外國專業投資機構之稅務代理人
外國專業投資機構之稅務代理人
-
所得稅法第四條及第二十五條專案核定申請
所得稅法第四條及第二十五條專案核定申請
-
租稅協定之專案申請
租稅協定之專案申請
-
租稅獎勵申請
租稅獎勵申請
-
稅負平衡政策訂定與假定稅計算
稅負平衡政策訂定與假定稅計算
-
代為計算薪資及各項扣繳
代為計算薪資及各項扣繳
-
資遣通報
資遣通報
-
處理薪資轉帳事宜及繳納扣繳稅款
處理薪資轉帳事宜及繳納扣繳稅款
-
勞保賠償給付申請
勞保賠償給付申請
-
勞健保,二代健保及退休金之申報及繳納
勞健保,二代健保及退休金之申報及繳納
-
年底開立扣繳憑單
年底開立扣繳憑單
-
IT 顧問服務
IT 顧問服務
-
PRIMA 顧問服務
PRIMA 顧問服務
-
營運計劃書編制
營運計劃書編制
-
績效考核服務
正大聯合會計師事務所協助企業進行績效制度建立及優化,協助管理者與員工在目標上達成共識,並透過激勵和幫助員工取得優異績效從而實現組織目標的管理,真實反映員工的工作表現,目的在幫助企業激發員工的工作熱情和提高員工的能力和素質,淘汰不良員工,客觀具體、制度公平,迅速反映員工在職能上的表現並調整工作內容,創造勞資雙贏的局面。
-
沙賓氏法案第404條遵循查核
沙賓氏法案第404條遵循查核
-
內部稽核服務
內部稽核服務
-
協議程序(併購交易實地查核)
協議程序(併購交易實地查核)
-
風險管理服務
協議程序(併購交易實地查核)
-
舞弊調查服務
舞弊調查服務
-
電腦鑑識服務
電腦鑑識服務
-
外籍人士工作證申請
外籍人士工作證申請
-
商業文件英日文翻譯服務
商業文件英日文翻譯服務
-
公司、分公司、行號設立登記
公司、分公司、行號設立登記
-
外商分公司、辦事處設立登記
外商分公司、辦事處設立登記
-
陸資來台投資設立登記
陸資來台投資設立登記
-
行政救濟
行政救濟
-
企業法律諮詢
企業法律諮詢
-
破產與限制
破產與限制
-
公司解散和清算
公司解散和清算
-
供應商和員工背景調查
供應商和員工背景調查
-
存證信函草稿服務
存證信函草稿服務
-
中英文協議的準備和審查
中英文協議的準備和審查
-
放寬限制出境
放寬限制出境
-
勞動法合規與勞資談判
勞動法合規與勞資談判
-
企業和個人資產規劃
企業和個人資產規劃
-
企業評價服務
企業評價服務
-
Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG)
-
財團法人及社團法人等非營利組織(公益慈善基金會)
財團法人及社團法人等非營利組織(公益慈善基金會)
-
文化教育相關產業(私立學校)
文化教育相關產業(私立學校)
-
其他政府委託專案查核
其他政府委託專案查核
Stefano Salvadeo discusses the latest trends in Italian M&A
I was interviewed on Focus Economia di Radio 24 recently to discuss some positive indicators regarding M&A activity in Italy. Italian speakers amongst you can listen to the full interview here, but for everyone else let me just explain what I talked about.
Grim economic news continues thick and fast in Italy at the moment so the interviewer was interested in what was driving the strong M&A numbers derived from our International Business Report (IBR). The survey of 200 business leaders in Italy found 25% expecting some sort of M&A activity within three years. Of these businesses, 84% were looking at domestic deals and 34% at international deals.
This level of expected cross-border activity was higher than I expected. With the economic and political situation here still delicate, it makes sense that Italian businesses are looking for opportunities overseas. It also reverses the trend of recent years whereby Italian companies have been swallowed up by foreign groups.
In terms of where businesses are looking for deals, there are some distressed assets in Europe which offer good value but the real drive is towards the Americas, China and India where growth projections are healthier, labour is cheaper and the tax burden in less onerous. World-renowned Italian excellence in sectors such as engineering and fashion mean there will always be local assets in these markets willing to accept investment.
How firms get hold of the means to finance these acquisitions is another matter entirely. Banks are more demanding now and receiving funds has become more difficult than in the past. Having a strong, well-grounded industrial plan is therefore key. A mere cost-cutting strategy is not enough to ensure a successful internationalisation – unless backed by an industrial plan, an M&A deal will not succeed over the medium to long term.
Alternative sources of financing projects are also worth considering. Enlisting Private Equity (PE) funds and financial players among corporate stakeholders may ease the lending process. It is also an invitation for PE funds to help corporates in their internationalisation process and a stimulus for entrepreneurs perhaps to accept PE funds as shareholders.
It is good to hear that demand for Italian expertise is still alive and well.
Stefano Salvadeo is a partner and head of advisory at Bernoni Grant Thornton.