《境外并购审批及交易架构课件.ppt》由会员分享，可在线阅读，更多相关《境外并购审批及交易架构课件.ppt（51页珍藏版）》请在三一办公上搜索。
1、Introduction to Outbound M&A Transactions境外并购交易简介,美迈斯律师事务所2009年2月11日,Introduction to Outbound M&A T,TABLE OF CONTENTS 目录,IChinese Governments Policy towards Outbound Acquisitions 中国政府对于境外并购的政策Encouragement with Prudence 谨慎的鼓励态度Moving to a more aggressive position 朝着更积极的方向迈进MOFCOMs Proposed New Regul
2、ations on Outbound Investment 商务部关于境外投资拟议的新规定IIChinese Government Approval Process 中国政府审批程序Approval Authorities 需要审批的政府机构Other Agencies that may be involved or consulted 其他可能涉及或者需要咨询的机构Challenges of Outbound Acquisitions and Investments 境外并购和投资面临的挑战IIIM&A IN GENERAL 并购概述 Definition of M&A Transactio
3、ns 订购交易的定义Business Considerations 商业方面的考虑因素Principal Methods 主要方法Meaning of Control 控制的含义IVTYPES OF TRANSACTIONS 交易类型Private Deal 私下交易Public Deal 公开交易VTRANSACTION STRUCTURE 交易结构Public Acquisition Structures 上市公司收购结构Private Acquisition Structures 私有公司收购结构Proxy Contests 代理权之争,2,TABLE OF CONTENTS 目录ICh
4、inese,TABLE OF CONTENTS (Contd) 目录 (续),VIKEY ISSUES IN M&A TRANSACTIONS 并购交易中的主要问题 Intellectual Property Issues 知识产权问题Environmental Issues 环境问题Employment Issues 劳务问题Tax Issues 税务问题Regulatory Issues 监管问题Litigation Issues 诉讼问题VIICORPORATE GOVERNANCE AND M&A 公司治理和并购Directors Duties 董事的义务Protecting the
5、Deal 交易保护Takeover Defense Mechanism 反收购机制VIIITYPICAL PROCESS OF M&A TRANSACTIONS 并购交易的标准流程 Timeline 确定时间安排Assemble a Team 组建团队 Confidential Procedures 保密程序Initial Contact with Target 与目标公司进行初步联系Formulate Deal Strategy 制定交易战略Letters of Intent 意向函Due Diligence 尽职调查Prepare Definitive Agreements 拟定最终协议P
6、ost-execution Matters 签约后事项Closing 交割,3,TABLE OF CONTENTS (Contd) 目录,Chinese Governments Policy towards Overseas Acquisitions中国政府对于境外并购的政策,Encouragement combined with prudence 谨慎的鼓励态度The Ministry of Commerce announced in October 2019 that it had simplified approval procedures for overseas investment
7、s by domestic corporations 商务部在2019年10月宣布其已经简化了国内企业境外投资的审批程序Need for Chinese companies to grow globally 中国公司全球化发展的需要Need to acquire new technologies, markets and resources 获得新技术、市场和资源的需要Moving to a More Aggressive Position 朝着更积极的方向迈进Change of the world market 全球市场的变化Credit crunch reducing the equity
8、 prices 信贷危机造成股权价格下降Growing number of distressed assets on sale 出售中的不良资产数量增多More friendly acquisition environment 更加友好的并购环境Need for a more balanced and sustainable economic growth 需要一个更加平衡和可持续发展的增长方式Large foreign reserve 庞大的外汇储备Appreciation pressure of RMB 人民币的升值压力Shrinking export and inbound foreig
9、n investment 出口以及外商投资的下降,4,Chinese Governments Policy to,Chinese Governments Policy towards Overseas Acquisitions (Cont)中国政府对于境外并购的政策（续）,MOFCOMs Proposed New Regulations on Outbound Investment 商务部关于境外投资拟议的新规定Approval thresholds for at the central and provincial levels 中央和省级的审批要求MOFCOM Approval 商务部批准
10、Outbound investment more than USD100 million 1亿美元或以上的境外投资Outbound investment in infrastructure sector 跨境基础设施建设领域的境外投资Establishment of offshore special purpose vehicle 设立境外特殊目的公司COFTEC Approval 省级商务部门批准Outbound investment between USD10 million to USD100 million 1千万美元以上、1亿美元以下的境外投资Outbound investment
11、in energy and mining sectors 能源和矿产类的境外投资Outbound investment in shopping mall 商品城类境外投资Outbound investment in real estate sector 房地产类境外投资Prohibited investments 禁止类投资Outbound investment in violation of treaties, laws and regulations of China 违反中国缔结的国际条约、法律和法规的境外投资Outbound investment in relation to tech
12、nology and goods prohibited for exports by China 涉及中国禁止出口的技术和货物的境外投资,5,Chinese Governments Policy to,Chinese Government Approval Process 中国政府审批程序,Approval Authorities 审批机构State-owned Assets Administration and Supervision Commission (SASAC) 国有资产管理监督委员会State-owned enterprises as buyers 由国有企业作为买方Nation
13、al Development and Reform Commission (NDRC) 发展和改革委员会The Ministry of Commerce (MOFCOM) 商务部State Administration of Foreign Exchange (SAFE) 外汇管理局Other Authorities that may be involved or consulted其他可能涉及或者需要咨询的机构State Council 国务院Industrial Regulatory Agencies 行业监管机构The Ministry of Industry and Informati
14、on Technology 工业和信息产业部Chinese Banking Regulatory Commission 中国银监会Chinese Securities Regulatory Commission 中国证监会Chinese Insurance Regulatory Commission 中国保监会Others 其他,6,Chinese Government Approval Pr,Approval Process Flow Chart 审批流程,Company公司,MOFCOM商务部,SASAC国资委,State Council 国务院,SAFE外管局,NDRC发改委,Other
15、s其他,(3),(1),(2),7,Approval Process Flow Chart 审批,Challenges of Outbound Acquisitions and Investments境外并购和投资面临的挑战,Transaction Issues 交易问题Difficulty of valuation 定价的难度High due diligence standards and strict disclosure obligations 高标准的尽职调查和严格的披露责任Litigation risk 诉讼风险Complex corporate governance and leg
16、al environment 复杂的公司治理和法律环境Integration challenge 整合挑战Political Considerations 政治考虑因素Executive branch vs. other parties of interest 行政机关vs.其他利益集团Local and State vs. Federal and national government 地方和州政府vs.联邦和国家政府Foreign Investment Review Process 外国投资审批程序CFIUS and the Foreign Investment and National
17、Securities Act of 2019 美国海外投资委员会和2019年外国投资和国家安全法案FIRB and Australias Foreign Investment Policy 澳大利亚外国投资审查委员会和外国投资政策Regulatory Reviews and Approvals 监管和审批Anti-trust authorities 反垄断机构Securities regulatory authorities 证券监管机构Industrial regulatory authorities 行业监管机构,8,Challenges of Outbound Acquisi,M&A I
18、N GENERAL 并购概述,Definition of M&A transactions 并购交易的定义 Transactions which generally result in the transfer of the control of businesses and assets 通常导致业务和资产控制权转移的交易What Drives M&A为什么进行并购Purchaser believes it can generate more value from business or assets than Seller买方认为其能比卖方从业务或资产中获得更多价值Ancillary Bu
19、siness Considers 附带的商业因素 Achieve growth 实现增长Lenovos acquisition of IBMs personal computer business 联想收购IBM的个人电脑业务Haiers attempted acquisition of Maytan 海尔拟对美泰的收购Exploit the synergy between the acquired business and the current business发挥被收购业务与现有业务之间的协同效用Obtain valuable assets such as supplies, distr
20、ibution channel or intellectual properties获得原料供应、分销渠道、知识产权等暖等有价值的资产China National Petroleum Corporation (“CNPC”)s acquisition of PetroKazakhstan Inc.中国石油天然气集团公司（“中石油”）收购哈萨克斯坦石油公司China National Bluestar Group Companys acquisition of Adisseo France中国蓝星集团总公司收购法国阿迪苏公司Mindray Medicals acquisition of the
21、patient monitoring business of DatascopeConsolidate the market and businesses 整合市场和业务,9,M&A IN GENERAL 并购概述 Definitio,M&A IN GENERAL (Contd) 并购概述（续）,Principal methods 主要方法Acquisition of assets 资产收购Acquisition of stock 股权收购Private negotiations 私下协商Open market purchases 公开收购Tender offers; and 要约收购和Exc
22、hange offers 换股收购Mergers; and 合并；以及Proxy contests 代理权之争Acquisitions of common stock usually gives control through its right to elect directors 通过购买普通股通常能够获得选举董事的权利，从而对公司拥有控制权In troubled company situations, other securities may have equity characteristics and may represent actual control of the compa
23、ny 对于处于困境的公司，其他证券可能具有股权的性质，对其的持有即可拥有公司的实际控制权,10,M&A IN GENERAL (Contd) 并购概述（续,TYPES OF TRANSACTIONS 交易类型,Private Deal私下交易 An asset acquisition or a stock acquisition where the stock or asset being acquired is owned by another corporation (i.e. the target is a subsidiary) or by a relatively small gro
24、up of individuals or entities.收购的资产或股份为另一家公司（即目标公司为一家子公司）或规模相对较小的个人或实体集团持有Nanjing Automobiles acquisition of MG Rover Company 南京汽车收购罗孚公司Public Deal公开交易 The securities being acquired are publicly traded on an exchange (e.g., NYSE, NASDAQ, AMEX) or in the over-the-counter (OTC) market (Pink Sheets). T
25、he target is a reporting company subject to SEC rules.被收购的证券在交易所（如纽约交易所、美国交易所、纳斯达克市场）或场外柜台交易市场（粉单市场）公开交易。目标公司有义务按照美国证监会规则进行报告。,11,TYPES OF TRANSACTIONS 交易类型Pri,TRANSACTION STRUCTURE 交易结构,Public Acquisition Structures上市公司收购结构Tender Offer 要约收购Offer by A to acquire shares of Company B on specified cond
26、itions set forth in an Offer to Purchase.A向B发出要约，准备按照购买要约中规定的条件收购B公司股份Shareholders accept the offer by tendering their shares. 股东以出售股份的方式接受要约Example: CNOOCs bid for Unocal, Anhauser-Buschs acquisition of Haer Bin Brewery 实例：中海油要约收购尤尼科，安海斯收购哈尔滨啤酒,12,TRANSACTION STRUCTURE 交易结构Publ,TRANSACTION STRUCTUR
27、E (Contd) 交易结构 （续）,Public Acquisition Structures 上市公司收购结构Merger 合并One corporation is merged into (i.e. combined with) another. Pursuant to statutes, the surviving corporation remains in existence and has all the assets and liabilities of both corporations.一家公司与另一家公司进行合并（即联合）。根据法律规定，续存公司继续存在并拥有两家公司的全
28、部资产和负债Mergers are achieved by law, not contract 合并通过法律实现，而非契约安排,13,TRANSACTION STRUCTURE (Contd),TRANSACTION STRUCTURE (Contd) 交易结构 （续）,The securities of the non-surviving corporation are converted into the consideration specified in the merger agreement. That consideration may include:非续存公司的证券转为合并协
29、议中规定的对价。对价可包括：Cash现金common stock of the surviving corporation; or续存公司的普通股；或 debt, preferred stock, common stock or other securities of the surviving corporation or another entity续存公司或另一家实体的债务、优先股、普通股或其他证券Triangular Mergers: Typically, the acquiror will form a new wholly-owned subsidiary (“Sub”) and
30、merge Sub with the Target. The merger can be forward (i.e. Target merges into Sub) or reverse (i.e. Sub merges into Target)三角合并：一般来说，收购方将组建一家新的全资子公司（“子公司”）并将子公司与目标公司合并。合并可以是正向（即目标公司并入子公司）或反向（即子公司并入目标公司）Mergers require a shareholder vote unless the merger is a so-called short-form merger between a pa
31、rent and (typically) a 90% owned subsidiary. 除母公司与（通常为）其90%持有的子公司之间的“简式合并”外，合并均需要股东投票表决。,14,TRANSACTION STRUCTURE (Contd),TRANSACTION STRUCTURE (Contd) 交易结构 （续）,Unless the acquiror already owns a sufficient number of shares, proxies must be solicited to effect a merger, and, if the stock is register
32、ed under the Exchange Act, a proxy statement must be delivered under Section 14(a) of the Exchange Act. The vote is typically specified in state corporate law and/or the certificate of incorporation and by-law as either a majority or 2/3 of the outstanding shares.除非收购方已拥有足够的股份，否则将为合并寻求委托投票权。同时，如果股份是
33、根据交易法进行登记的，还须按照交易法第14(a)条的规定提交委托投票说明书。各州的公司法律和/或公司注册证明和公司内部章程中通常要求的表决权为过半数或2/3的已发行股份。Two-Step Transactions: Two companies enter into an agreement pursuant to which Newco, a wholly-owned subsidiary of the Purchaser, makes a tender offer for the stock of Target, and, following the tender offer, Newco
34、is merged into Target.两步走的交易：两家公司订立协议，规定由买方新成立的全资子公司（“新公司”）向目标公司的股份作出收购要约，在要约收购完成后再将新公司并入目标公司。Exchange Offers: Tender offer where the consideration is securities rather than cash.换股合并：以证券而非现金为交易对价的要约收购。,15,TRANSACTION STRUCTURE (Contd),DEAL STRUCTURE 交易结构MERGER 合并,P(Owns Ps assets; is subject to Ps
35、liabilities)(拥有P公司资产；承担P公司负债),MergerConsideration合并对价,Transfer of all of Ts assets and Tsliabilities byoperation of law通过法律转让T公司的所有资产和负债,T stock converted intoMerger Consideration inthe merger)T公司股份合并中转为合并对价,Shareholders 股东,T(Owns Ts assets; is subject to Ts liabilities) (拥有T公司资产；承担T公司负债),Shareholde
36、rs 股东,Merger consideration合并对价(cash, P stock or securities, other held directly)（现金、P公司股票或证券，其他直接持有的资产）,P(Owns Ps assets and Ts assets; is subject to Ps and Ts liabilities)(拥有P公司的资产和T公司的资产；承担P公司和T公司的负债),Shareholders 股东,16,DEAL STRUCTURE 交易结构MERGER 合并P,DEAL STRUCTURE 交易结构FORWARD SUB MERGER正向的子公司合并,P(
37、Owns Ps assets; is subject to Ps liabilities) (拥有P公司资产；承担P公司负债),S(Owns Ss assets; is subject to Ss liabilities) (拥有S公司资产；承担S公司负债),Merge 合并,Shareholders 股东,T(Owns Ts assets; is subject to Ts liabilities) (拥有T公司资产；承担T公司负债),T stock converted intoMerger Consideration inthe merger)T公司股份在合并中转为合并对价,MergerC
38、onsideration合并对价,Transfer of all of Ts assets and Tsliabilities byoperation of law通过法律转让T公司的所有资产和负债,S stock (generally unchanged in the merger)S公司股份（在合并中通常不变）,Shareholders 股东,P(Owns Ps assets; is subject to Ps liabilities) (拥有P公司资产；承担P公司负债),S(Owns Ss and Ts assets; is subject to Ss and Ts liabilitie
39、s) (拥有S公司和T公司的资产；承担S公司和T公司的负债),S stock S公司股份,Merger consideration合并对价(cash, P stock or securities, S stock or securities, other held directly)（现金、P公司股票或证券，S公司股票或证券其他直接持有的资产）,17,DEAL STRUCTURE 交易结构FORWARD S,DEAL STRUCTURE 交易结构ASSET PURCHASE 资产收购,P(Owns Ts acquired assets, assumed selected liabilities
40、)（拥有被收购的T公司资产，承担选择的负债）,T shareholders T公司股东,Acquisitionpurchase price收购价格,Transfer of T assets and T liabilities by conveyance and assumption通过转移和承担转让T公司资产和负债,P(Owns Ps assets; is subject to Ps liabilities)(拥有P公司资产；承担P公司负债),T(Owns Ts assets; is subject to Ts liabilities) (拥有T公司资产；承担T公司负债),T sharehol
41、dersT公司股东,T(Received acquisition consideration(payments); remains subject to unassigned liabilities)（获得收购对价（支付）；仍承担未转让的负债）,18,DEAL STRUCTURE 交易结构ASSET PURC,DEAL STRUCTURE (Contd) 交易结构（续） ASSET PURCHASE 资产收购,Result Using Subsidiary使用子公司的结果,P(Owns Ps assets; is subject to Ps liabilities) (拥有P公司资产；承担P公
42、司负债),S(Owns Ss and Ts assets; is subject to Ss and Ts liabilities) (拥有S公司和T公司资产；承担S公司和T公司负债),S stock S公司股份,Deal consideration交易对价 (cash, P stock or securities, S stock or securities, other held directly)（现金、P公司股票或证券，S公司股票或证券，其他直接持有的资产）,19,DEAL STRUCTURE (Contd) 交易结构（续,DEAL STRUCTURE (Contd) 交易结构（续）
43、STOCK PURCHASE 股份收购,Acquisitionpurchase price收购价格,T stockT公司股份,P(Owns Ps assets; is subject to Ps liabilities)(拥有P公司资产；承担P公司负债),T shareholdersT公司股东,T(Owns Ts assets; is subject to Ts liabilities) (拥有T公司资产；承担T公司负债),T(Owns Ts assets; is subject to Ts liabilities) (拥有T公司资产；承担T公司负债),Deal consideration交易
44、对价 (cash, P stock or securities, Tstock or securities, other held directly)（现金、P公司股票或证券，T公司股票或证券，其他直接持有的资产）,T stock T公司股份,20,DEAL STRUCTURE (Contd) 交易结构（续,DEAL STRUCTURE ADVANTAGES各类交易结构的优势,Advantages of Stock Sale股份出售的优势Existence of non-transferable licenses 存在不可转让的证照Existence of non-transferable c
45、ontracts存在不可转让的合同Capital gains and no double taxation资本利润以及没有双重税收Transfer all liabilities to Buyer 所有债务均让与买方Advantages of Asset Sale资产出售的优势Uncooperative minority shareholders不合作的少数股东Limit transferred liabilities有限的转让责任Step-up in basis provides buyer higher basis from which to depreciate提高资产应税基点，便于日后
46、折旧Advantages of Merger合并的优势Perception of equality感觉平等,21,DEAL STRUCTURE ADVANTAGES各类交易,TRANSACTION STRUCTURE 交易结构,Proxy contests代理权之争Typically involve the election of directors, the passage of a resolution calling for a particular action (e.g., removal of directors) or the amendment of by-laws to pe
47、rmit a particular action.通常涉及选举董事、通过特别决议（如罢免董事）或为批准特别的行为而修改内部章程Can take place at annual or special meetings of stockholders or through consent solicitations. 可在年度股东大会或特别股东会议上进行，或通过征求同意的方式进行If the stock is publicly traded, the solicitation is subject to Section 14(a) of the Exchange Act and the rules
48、 thereunder. There are special rules that apply to election contests.对于公开交易的股票，征求代理权须符合交易法第149(a)款及其相关规则的规定。选举之争还适用于特别规则。,22,TRANSACTION STRUCTURE 交易结构Pro,OTHER TRANSACTION STRUCTURES 其他交易结构,JOINT VENTURES 合资Form (Corporation, Partnership, Limited Liability Company (LLC), Contractual)形式（公司、合伙、有限责任公司
49、、契约形式）Special Considerations:特别的考虑因素：Tax税务Governance (management; veto rights)治理（管理；否决权）Distributions派发Capital calls资本缴纳Future transfers or issuances of JV interests (tag-along rights, drag-along rights, rights of first refusal, and anti-dilution rights)日后转移或发放合资公司权益（跟随权、带领权、第一选择权和反稀释权）Dissolution/L
50、iquidity (exit strategy)解散/清算（退出战略）,23,OTHER TRANSACTION STRUCTURES 其,OTHER TRANSACTION STRUCTURES (Contd)其他交易结构（续）,Minority Investments少数股权投资Stock Acquisitions (common or convertible preferred typically)股权收购（通常为普通股或可转换优先股）Special Considerations: 特别的考虑因素：Standstill终止Corporate Governance (Directors)公
