New York, NY – June 3, 2008 – The European American Chamber of Commerce – New York hosted its first event recently, when it presented a conference on “The Consequences of the Current Euro and U.S. Dollar Exchange Rate on the M&A Industry in Europe and the United States.”
The New York chapter of the European American Chamber of Commerce (EACC) was formed earlier this year, and this conference, held on May 29, 2008 at the Harvard Club in New York City, was its inaugural event. Pepper Hamilton LLP, Deloitte & Touche LLP and EACC–France were sponsors of the conference and are founding sponsors of EACC–New York.
“The continuing globalization of the world’s economy presents growing challenges for U.S. and European businesses,” said James D. Rosener, president of EACC’s New York chapter and chairman of Pepper Hamilton’s International Practice Group.
He continued, “Our inaugural EACC–New York program analyzed the current appetite for cross-border mergers and acquisitions. The general consensus among panelists was that deals will continue to go forward regardless of the soft economic environment, as long as there are well-defined strategic fits. Panelists also felt that private equity funds as well as strategic buyers would be active in cross-border buy-outs over the medium term.”
J. Onno de Beaufort Wijnholds, the permanent representative of the European Central Bank in the United States and its observer at the International Monetary Fund, was the keynote speaker for the program and spoke on “The Macroeconomic and Financial Impact of the Euro.”
In addition to Mr. Rosener, panelists included Catherine Coffey, a partner in the International M&A Tax practice of Deloitte Tax LLP; Andreas Hoefert, Chief Global Economist with UBS Wealth Management Research; Jason A. Langan, a partner in the Mergers & Acquisitions practice group of Deloitte & Touche LLP; and Xavier Sztejnberg, a managing director in the Corporate Acquisitions Advisory Group of The Blackstone Group. Liz Claman, an anchor with FOX Business Network, moderated the panel discussion.
About the European American Chamber of Commerce
The European American Chamber of Commerce focuses on developing and cultivating strong economic relationships between the European Union and the United States. Through high-impact networking sessions, trade missions and interaction with speakers who hold a global view of the key economic challenges facing the EU and the United States, chamber members gain insight into such issues as transatlantic cooperation in financial services, European energy policy and European consumer protection legislation. The EACC was created in 2006, and its New York chapter was formed in 2008.
Topics for upcoming programs of EACC–New York include sovereign wealth funds, international background investigations, the Foreign Corrupt Practices Act, arbitration, and IFRS – US GAAP convergence.
For more information regarding EACC–New York partnerships, memberships and sponsorships, contact Jim Rosener of Pepper Hamilton at 212.808.2717, or [email protected]