The latest 2025 EU-wide EBA stress test results are out, and our first-glance analysis is in.

In many M&A share transactions, tax losses may represent significant hidden value. But that value depends particularly on two key questions: Can the tax losses survive the transaction and can the parties mutually agree on a business plan substantiating the future usage of the potentially surviving tax losses? Our article outlines how jurisdiction-specific rules — especially Germany’s strict change-in-ownership regime — affect the usability of tax losses post-closing, whether tax losses can provide a shelter for historic tax risks and why tax losses impact purchase price negotiations.

The EU is set to overhaul its customs regulations in 2028, with a key focus on modernising e-commerce.

Alvarez & Marsal, a leading global professional services firm, is delighted to announce the appointment of Dorian Gaertner as Managing Director to lead the Southeast Asia and Australia Digital and Technology Services (DTS) practice.