1、Chinese Outbound M&A in Europe中国企业在欧洲进行并购交易,Dr. Nils Krause倪尔思 博士Partner，Co-Head of German Corporate/ M&A合伙人，德国公司法/并购业务负责人March 2016 2016年3月,Topics 内容概述,Overview of Chinese enterprises current practice in overseas M&A projects in different industries and jurisdictions中国企业目前在不同行业、国家和地区从事海外并购的实践概述Over
2、view of M&A transactions 并购交易概述Suggestions when undertaking these projects 项目实施过程中的建议,March 2016,Chinese Outbound M&A,Chinese Outbound M&A中国企业海外并购,Section 1: Overview of Chinese Enterprises Current Practice in Overseas M&A Projects第一部分：中国企业在不同行业、国家和地区从事海外并购的实践概述,March 2016,Chinese Outbound M&A,Why C
3、hinese companies are going out中国企业“走出去”的原因,Outbound investments are driven by domestic and overseas factors, including:对外投资受到国内和境外两方面因素的影响，具体包括：Strong Government support (e.g. one belt one road)政府的大力支持（如“一带一路”）Assist Chinese exports develop new markets outside China and grow international presence;为
4、中方出口提供助力 开拓国外新市场，营造国际形象Acquire technology and brands;收购相关技术和品牌Desire to secure supply of mining and natural resources;保证矿产资源和自然资源的稳定供给的需要Chinese companies have been investing in overseas greenfield projects, and through M&A 中国企业通过并购交易和绿地项目进行海外投资。,March 2016,Chinese Outbound M&A,Chinese Outbound M&A:
5、 Background中国企业海外并购：背景,In 2015, Chinese investors invested in 6,532 overseas companies across 155 countries/regions, which amounted to USD 118.02 billion.2015年，中国投资者共投资了分布于155个国家/地区的6532个境外公司，累计实现对外投资一千一百八十亿美元。Recently, deals are being done in more sectors近期，海外投资拓展到更多的行业领域。,March 2016,Chinese Outbou
6、nd M&A,Chinese companies investment destinations are also changing from resource-rich developing countries to developed countries.中国公司的投资方向也逐渐从资源丰富的发展中国家，向发达国家转变。In 2015, Europe, US and Australia accounted for almost two-third of all Chinese outbound M&A transactions value. 2015年，欧洲、美国和澳大利亚占中国对外并购交易
7、总额的近三分之二。,Completed Outbound Chinese M&A by Region以完成中国海外并购投资（按地域）,Chinese Outbound M&A: Background中国企业海外并购：背景,Companies in developed countries provide access to advanced technologies, established brands, extensive industry experience and worldwide distribution.发达国家的公司提供先进的技术、成熟的品牌、丰富的行业经验以及遍及全球的销售
8、网络However, some Chinese investors have stumbled when entering mature markets: the deal structure, regulatory requirements and stakeholder relationships are far more complex than for previous investments in developing markets 然而，因为成熟市场中的交易结构、监管要求、股东关系等往往比发展中国家市场要更为复杂，部分中国投资方在涉足成熟市场时，往往会遇到困难,March 201
9、6,Chinese Outbound M&A,Diversification of outbound M&A: Sectors海外并购多元化：投资领域,Chinese companies outward investment is moving toward diversification. In the last year, Chinese investments in sectors financials, industrials, high tech, entertainment, and real estate recorded the biggest jumps.中国企业对外投资逐渐
10、趋向多元化，去年一年对金融、制造业、高科技产业、娱乐业和房地产的对外投资皆创下历史最大增幅。,March 2016,Chinese Outbound M&A,Completed Outbound Chinese M&A by Industry以完成中国海外并购投资（按行业）,Chinese outbound M&A中国海外并购,Section 2: Overview of M&A transactions 第二部分：并购交易概述,March 2016,Chinese Outbound M&A,M&A transactions并购交易,Acquisition 收购 Share acquisiti
11、on 股权收购Full acquisition? 收购全部股权 Strategic stake (e.g. 51%)战略性收购（如收购51%股权）Small stake to learn more about company (e.g. 10%)收购少量股权以增加对公司的了解（如收购10%股权） Asset acquisition 资产收购,Acquiring company/收购公司,Target / 目标,Asset 1 (e.g. mine)/资产1（如矿产）,Share acquisition股权收购,Asset acquisition资产收购,Asset 2 (e.g. factor
12、y)/资产2 （如工厂）,Acquisition 收购:,March 2016,Chinese Outbound M&A,Transaction process 交易流程,The transaction process can greatly impact the timing, pace, and commercial parameters of a transaction.交易流程对交易时间、进程和交易的商务考量有着重大影响 Examples: 例如,March 2016,Chinese Outbound M&A,Overview of main stages of an M&A tran
13、saction 并购交易各主要阶段概述,Main stages of an M&A transaction: 交易的主要阶段包括:Stage 1 Preliminaries 第1阶段-准备工作Stage 2 - Due Diligence 第2阶段-尽职调查Stage 3 Structuring 第3阶段-制定交易结构Stage 4 - Regulatory Approvals 第4阶段-监管审批Stage 5 - Negotiation and Drafting of Transaction Documentation 第5段-交易文件的起草与谈判Stage 6 Closing 第6阶段-交
14、割,March 2016,Chinese Outbound M&A,Stage 1: Preliminaries 第1阶段：准备工作,March 2016,Chinese Outbound M&A,Generally following legal documents are used at this stage:通常，本阶段会用到以下法律文件：Memorandum of Understanding (MoU) or Letter of Intent (LoI), which contains initial but non-binding terms of the intended tran
15、saction 谅解备忘录 (MoU)或意向书 (LoI) 包含对交易的意向性但非约束条款Confidentiality Agreement 保密协议Exclusivity Agreement 排他性协议Info Memo concerning information on the further process of the intended transaction, such as timeline, due diligence, indicative offer 资料备忘录，涉及意向交易进一步程序的信息， 如时间表、尽职调查、非约束性报价等,Purpose and structure o
16、f the acquisition 收购目的和结构Purchase Price (Range) 收购价格（区间）Payment Terms 付款方式Anticipated Sources of Financing 预期融资渠道,Stage 2: Due Diligence第2阶段：尽职调查,Due Diligence: The investigation into the business, legal, financial and technical affairs of a target carried out by lawyers, accountants, financial and
17、tax advisors, technical advisers and other consultants in connection with M and拟议的收购交易结构；以及The content of the purchase documentation (i.e. what representations, warranties and guarantees need to be provided by the target company).收购文件的内容（如，目标公司需要提供何种陈述、保证与担保）。,March 2016,Chinese Outbound M&A,Stage 3
18、: Structuring Overview第3阶段：交易结构 - 概述,Plan structure of the transaction. 制定交易结构 Issues to consider: 注意事项：acting alone, or partnering with another company?是否独自参加交易，还是与其他公司合伙？whether to use an asset or share purchase structure; 是使用资产收购还是股权收购结构;use of multi-jurisdictional company structures; 使用跨国公司结构;co
19、nsider tax consequences.考虑税务成本。,March 2016,Chinese Outbound M&A,Stage 3: Structuring Overview第3阶段：交易结构 - 概述,Issues to consider (continued): 注意事项 (接前页）： Repatriation of gains;利润汇出；Future exit or divestment;退出或撤资；Regulatory restraints/issues; and监管上的限制/监管事项；以及Finance of the transaction. 交易融资,March 201
20、6,Chinese Outbound M&A,Common Acquisition Structure通常收购结构,Chinese Investor中国投资者,Hold Co.控股公司,Acqui Co.收购公司,Target目标公司,Direct Chinese Investment in Europe might have an adverse tax effect直接由中国公司进行收购可能产生不利税收负担,Hong Kong- or Luxembourg-based Holding Company香港或卢森堡控股公司,Limited liability company in the Eu
21、ropean target country as Acquisition Vehicle在投资目的国设立有限责任公司作为收购公司,Target Company as Operating Company目标公司作为经营公司,Stage 4: Regulatory Approvals Overview 第4阶段：监管部门的批准 - 概述,The purchaser will need to consider obtaining regulatory approval for the purchase of the target company. 收购方需考虑取得监管部门对收购目标公司的批准。App
22、rovals may need to be sought from:有可能需从以下部门取得批准：Chinese Government authorities; 中国政府部门；Overseas Government authorities in the target companys jurisdiction. 目标公司所在司法管辖区的境外政府部门。Foreign Investment Regulations; 外商投资管理；Competition Concerns (including EU Merger control); 竞争考量 (包括欧盟兼并控制措施)；Industry Specifi
23、c Regulatory Approvals. 行业特殊监管审批。,March 2016,Chinese Outbound M&A,When should a purchaser consider notifying or applying for review? 收购方应何时考虑就收购行为进行申报或申请审查？Communication with the supervising authorities in the first instance. 第一时间与监管部门沟通。Approval should be obtained either prior to signing the final
24、agreement; or, after signing but before closing the final agreement. 监管审批应于签署最终协议之前或最终协议签署之后、完成协议项下交割之前获得。How long is the review process? 审批时间有多长？US, 30 day review, which may be followed by a 45-day investigation period. 美国30天,但之后可能进行为期45天的调查。Germany, a transaction is automatically approved unless i
25、t is denied within 30 days of application. 德国除非相关申请于30天内遭到否决，否则交易自动通过审批。,Stage 4: Overseas Regulatory Approvals Foreign Investment Regulations 第4阶段：境外监管审批 外商投资管理,March 2016,Chinese Outbound M&A,This is the stage where the main agreements to purchase the target company or its assets from the seller a
26、re negotiated and drafted. 在这一阶段，将就从卖方处收购目标公司或其资产的主要协议进行谈判和起草。This includes deciding on a final price or price mechanism and conditions of the sale 包括确定最终价格或价格机制以及销售条件Addresses risks identified in the due diligence phase 解决尽职调查阶段发现的风险Depending on the Structure (Stage 3) and the type of acquisition t
27、he purchaser chooses the seller or the purchaser will need to draft an acquisition agreement. 视第3阶段所述交易结构和收购方选择的收购方式，卖方或收购方将需要起草一份收购协议 Share Purchase Agreement or (SPA) for a share purchase. 如为股权收购，则为“股权购买协议”。 Asset Purchase Agreement or (APA) for an asset purchase. 如为资产收购，则为“资产购买协议”。,Stage 5: Negot
28、iation and Drafting of Transaction Documentation: Overview第5阶段：交易文件的谈判和起草：概述,March 2016,Chinese Outbound M&A,The most important clauses in the acquisition agreement (drafted by the purchaser) are:（由收购方起草的）收购协议中最重要的条款包括： Description of purchase price; 对购买价格的描述； Representations and warranties of each
29、party; 各方的陈述和保证；Remedies for breach of warranties; 违反保证的赔偿；Closing conditions; 交割条件；Termination rights. 终止权利。,Stage 5: Negotiation and Drafting of Transaction Documentation: Acquisition Agreement 第5阶段：交易文件的谈判和起草：收购协议,March 2016,Chinese Outbound M&A,20,Stage 5: Acquisition Agreement Representations a
30、nd Warranties 第5阶段：收购协议 陈述和保证,What is the role of the representations and warranties? 陈述和保证的作用是什么？ Legal establishment 合法成立Shareholding structure and current status 股权结构及现状Titles to assets 资产所有权All government approvals and licenses 所有政府批文与许可Disclosure letter 披露书 Discloses those items and matters whi
31、ch the company cannot provide a warranty. 披露公司无法提供保证的项目及事项,21,What is the role of a remedy provision? 赔偿条款的作用是什么？ Breach of representations, warranties, covenants or other special items. 违反陈述、保证、约定或其他特别事项。What are the common negotiation points over remedy provisions? 有关赔偿条款的一般谈判重点是什么？ General liabil
32、ity cap 一般责任上限Basket 起赔额 Reps & warranties survival period 陈述&保证存续期,Stage 5: Acquisition Agreement - Remedy Provisions第5阶段：收购协议 赔偿条款,22,Role of closing conditions 交割条件的作用Common closing conditions: 交割条件通常包括:All external and internal approvals 所有外部及内部审批Continuation of all representations and warrantie
33、s 持续性的陈述和保证No material adverse changes 无重大不利变化,Stage 5: Acquisition Agreement Closing Conditions第5阶段：收购协议 交割条件,23,What is the role of termination rights? 终止权利的作用是什么？ Under what circumstances can the parties to the transaction terminate the agreement? 在什么情况下，交易方可终止协议? Material Adverse Effect 重大不利影响,S
34、tage 5: Acquisition Agreement Termination Rights第5阶段：收购协议 终止权利,24,The language, law and jurisdiction of the acquisition agreement need to be agreed early on. 须提早就收购协议的语言、适用法律以及管辖事项达成协议。In cross border business/asset acquisitions, there is often a main umbrella agreement commonly governed by UK or Ne
35、w York law, depending on where the parties are based, with documents implementing the acquisition in each individual country drawn up in the native language and under national law. 跨境业务/资产收购交易中，往往会备有一份受英国或纽约法管辖的主要“框架”协议以及以收购交易所在各国当地语言书写且受当地法管辖的执行文件。,Stage 5: Acquisition Agreement Choice of law and d
36、ispute resolution processes第5阶段：收购协议 适用法选择以及争端解决程序,Along with the acquisition agreement, the following main transactional documents may also be included. 除收购协议外，收购可能还会涉及以下主要交易文件： Escrow agreement; 托管协议；Transition services agreement; 过渡服务协议； Finance documents; 融资文件；Key employment agreement; and 关键劳动协
37、议；以及Shareholder agreement. 股东协议。,Stage 5: Negotiation and Drafting of Transaction Documentation: Other Documents第5阶段：交易文件的谈判和起草：其他文件,March 2016,Chinese Outbound M&A,Stage 6: Closing 第6阶段：交割,Conditions Precedent to be completed within a designated time. 须在指定期限内满足交割的先决条件Common closing conditions that
38、need to be completed by the target company/seller before closing include: 目标公司/卖方在交割前需要满足的交割条件一般包括： Regulatory approvals and permits for the transaction (see above); 并购交易的监管审批和许可 (参见前述内容)；Shareholder and board approvals; 股东和董事会批准；Closing financing requirements. 交割融资要求。,March 2016,Chinese Outbound M&
39、A,Chinese outbound M&A中国海外并购,Section 3: Suggestions When Undertaking these Projects第三部分：项目实施过程中的建议,March 2016,Chinese Outbound M&A,Effectively managing cross-border transactions有效的跨境交易管理,Cross border transactions are more complex than local transactions, largely because of the need to co-ordinate le
40、gal, regulatory, cultural and sometimes language difficulties. 跨境交易较境内交易而言更为复杂，这主要是因为跨境交易需就法律、监管、 文化以及（可能存在）语言之间的障碍进行协调。For cross-border transactions there is an even greater need for effective project management given that the team working on the transaction will be larger and there will be cultura
41、l, time and possibly language differences between its members. 跨境交易需要庞大的工作团队，这意味着其各团队成员之间将会存在文化、时间方面的差异，还可能存在语言方面的差异，因此有效的项目管理对跨境交易而言也就显得尤为重要。,March 2016,Chinese Outbound M&A,Effectively managing cross-border transactions有效的跨境交易管理,Necessary to gain an understanding from the outset of: 在初始阶段即应当大致了解以下
42、事项：the types of issues which may be raised in other jurisdictions (eg the extent of consultation requirements and rights under national labour law, filing and approval processes under EU or national competition law, foreign investment rules, where relevant); and 可能于其他司法辖区发生的事项（如：相关国家的劳动法项下规定的协商要求以及权
43、利、欧盟或国家竞争法项下的备案与审批流程、外商投资规则，视情况而定）；以及the implications which such issues may have for completing the transaction within the proposed timetable. 此类事项可能对交易的按期完成造成的影响。 Engage with foreign lawyers early, so that key issues can be identified and resolved. 提前聘请外国律师，以确认、解决关键事项。 Set realistic timetables and
44、communicate these with all parties. 制定切实可行的交易时间安排，并就此积极与交易各方沟通。,March 2016,Chinese Outbound M&A,Gradual learning循序渐进的学习过程,Many companies initially form a JV or become minority shareholders in a target company; 许多公司会在初期设立一家合资公司或成为目标公司的小股东；This allows for a greater understanding of the target company,
45、 their operations and local issues; 通过这一方式，相关公司可以更好地了解目标公司、目标公司的运营以及当地 事项； For example, a deal can be structured for a Chinese company to purchase 15% of the target and enjoy a board seat. 例如，可将一项交易的架构设置为由中国公司收购目标公司15%的股份并获得目标公司董事会的一个董事名额。 Once fuller understanding of the target and host country is
46、obtained, then the Chinese company may consider further steps (e.g. a full takeover). 在中国公司对目标公司及东道国有了更为全面的了解之后，则可考虑采取下一步行动（如实施全面收购）。,March 2016,Chinese Outbound M&A,Q&A session答疑环节,March 2016,Chinese Outbound M&A,Annex OUR PRESENCE IN EUROPE附件 欧华欧洲办公室,ICBC and DLA Piper,32,欧华律师事务所在全球超过30个国家拥有办公室，是全
47、球最大的律师事务所之一。在所有欧洲经济政治中心皆设有分所，如伦敦、莫斯科、米兰、维也纳、华沙、布鲁塞尔、柏林法兰克福、巴黎和阿姆斯特丹，以及中东欧其他主要城市。在欧华尚未设立分所的地区，我们通过合作律所向客户提供法律服务.无论身处何地，欧华的全体律师都为客户提供同等高质量的专业法律服务.,Annex - DLA PIPER GERMANY附件 欧华德国办公室,5,科隆法兰克福汉堡慕尼黑柏林DLA Piper UK LLPDLA Piper UK LLPDLA Piper UK LLPDLA Piper UK LLPDLA Piper UK LLPHohenzollernring 72Westhafenplatz 1 Jungfernstieg 7Maximilianstrae 2Joachimstaler Strasse 1250672 Cologne60327 Frankfurt 20354 Hamburg80539 Munich10719 Berlin,在德国，欧华有超过200名专业律师为我们的客户提供德国境内和全球法律服务。我们有一支经验丰富、在法律和广泛商业领域皆有一流专业素养的合伙人和律师团对。我们的客户从大型企业到中型企业，包括国内和跨国金融机构和上市公司。我们专注于通过本地出色服务提高全球竞争力。我们的国际化平台使我们可以为我们的客户提供服务，无论他们在何处经营。,
