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Dear Member of the WIN, 

It is my pleasure to share with you UNCTAD's latest Investment Policy 
Monitor on "Regulatory review of cross-border M&As - Safeguarding public 
interests or resorting to protectionism?" It presents recent developments 
concerning the review of cross-border M&As. UNCTAD analyzed over 200 of 
the largest cross-border M&As (those with a transaction value of $500 
million or more) that were withdrawn between 2008 and 2012. In most cases 
M&A plans were aborted for business reasons, but a significant share was 
also withdrawn because of regulatory concerns, such as competition issues, 
economic benefit tests and national security screening, or political 
opposition. 

The close review of cross-border M&As is part of a broader development 
towards reinforcing the regulatory framework for foreign investment and 
making more use of industrial policies in strategic sectors. While 
governments have the right to regulate foreign investment in the public 
interest, there is growing concern that some of these measures could hide 
protectionist aims. Efforts should be undertaken at the international 
level to clarify the meaning of investment protectionism. 

***

UNCTAD's 2013 World Investment Report (WIR), will be launched globally on 
26th June. The report will present recent trends in global and regional 
investment flows and policies. The theme of the report is "global value 
chains: investment and trade for development".

With kind regards, 


James Zhan 
Director 
Investment & Enterprise Division 
United Nations Conference on Trade & Development 
Palais des Nations, Geneva 
Tel: +41 22 9175797 
www.unctad.org/diae 
www.unctad.org/wir (World Investment Reports)

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