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Italy – Family Business Succession Agreements – Joint Control Exercised by the Assignees of Minority Shareholdings by Virtue of a Shareholders’ Agreement does not Qualify as Legal Control for the Purposes of the Gift Tax Exemption

​By judgment No. 6591 of March 10th, 2021, the Court of Cassation ruled on an iconic case concerning a family business succession agreement (“Patto di Famiglia”) pursuant to Sec. 768-bis of the Italian Civil Code (“ICC”), whereby the controlling shareholder had transferred to his three sons equal shareholdings of roughly 25% each, who then entered into a shareholders’ agreement mainly aimed at ensuring a unanimous governance of the company and a lock-up obligation for the following five years.

Mexico – Government’s Electricity Counter-Reform – More than 90 Amparo Actions Filed to Challenge its Constitutionality

As many experts predicted, the “DECRETO por el que se reforman y adicionan diversas disposiciones de la Ley de la Industria Eléctrica”, the controversial fast-tracked electricity counter-reform pushed by Mexican government, has caused a wave of amparo actions, upon entering into force.

Legal and Contractual Consequences of the Suez Canal Blockage by MV Ever Given

​From March 23, 2021 through March 29, 2021, MV Ever Given – one of the world’s largest container vessel owned by a Japanese firm and chartered by the Taiwanese shipping company Evergreen Marine – has been wedged in the Suez Canal, causing a knock-on effect that involved more than 400 ships.