By Rupert Li King & Wood Mallesons People frequently observe the cultural barriers which the Chinese companies find difficult to overcome in relation to China’s nascent outbound investment program. Since China is culturally and politically different from the mainstream trading countries, an attribution of the anguish on both sides of the negotiation table to cultural barriers… Continue Reading
Category Archives: Mergers & Acquisitions
Subscribe to Mergers & Acquisitions RSS Feed中国企业海外并购中的风险防范
Posted in Corporate, Mergers & Acquisitions作者：徐萍 金杜律师事务所公司组 在国际经济格局被重塑的今天，中国企业的身上蕴含着一股强大的驱动力，促使他们走向海外，以自身的优势产能同国外资源及先进技术相结合，成为全球经济舞台的领跑者。 面对历史性的机遇，中国企业的境外投资近五年内呈现爆发性的增长。但是，由于文化、法律环境、经营理念的重大差异，中国企业在跨境并购中面临着复杂多变的问题和艰巨的挑战。一项对213项中国企业海外并购项目的调查结果表明，有67%的海外并购项目是失败的，这个比例在整个国际并购市场上是很高的。造成中国企业出师不利的原因有很多：缺乏对目标国法律和文化的了解；没有对目标公司进行充分的尽职调查，充分评估风险；缺乏应对目标国贸易保护主义政策的能力；交易流程缺乏计划和组织；未能将中国及海外的运营进行整合。这些风险有很多都可以通过聘用值得信赖的顾问团队来避免和应对。
一部の資本項目外貨業務管理の更なる明確化・規範化の問題に関する通知
Posted in Antitrust & Competition, Corporate, Foreign Investment, Mergers & Acquisitions, Real EstateNormal 0 7.8 磅 0 2 false false false MicrosoftInternetExplorer4 By King & Wood’s Corporate Group （中国語原文「关于进一步明确和规范部分资本项目外汇业务管理有关问题的通知」） Normal 0 7.8 磅 0 2 false false false MicrosoftInternetExplorer4 クロスボーダーの資本流動による金融リスクを防止し、国際収支の基本的均衡を図るため、国家外貨管理局は、本通知を発し、外貨資本金の支払・人民元転、外債借入、土地保証金口座、個人資産現金化専門外貨口座に関する規制を強化した。
证监会发布五个并购重组法律适用意见
Posted in Corporate, Mergers & Acquisitions, Restructuring & Insolvency, Securities金杜律师事务所破产、重组和清算组 中国证监会于2011年1月发布了5个并购重组法律适用意见，内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。 中国证监会有关部门负责人表示，这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确，并以证监会公告的形式对外发布，体现其严肃性和法律效力。
MOFCOM Revealed Yearly Merger Control Statistics
Posted in Antitrust & Competition, Foreign Investment, Mergers & AcquisitionsBy Susan Ning and Huang Jing On 21 September 2011, Mr. Shang Ming, Director General of MOFCOM’s Anti-Monopoly Bureau revealed the yearly merger control statistics at the BRICS International Competition Conference 2011 held in Beijing. According to Mr. Shang, the merger control statistics for 2008, 2009 and 2010 are as follows: Case numbers… Continue Reading
Updated National Security Review Rules: A Justifiable Cause of Anxiety?
Posted in Antitrust & Competition, Corporate, Foreign Investment, Mergers & AcquisitionsBy Susan Ning, Huang Jing and Yin Ranran On 25 August 2011, the Ministry of Commerce (MOFCOM) released the MOFCOM Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Rules). From 1 September 2011, the Rules replaces the MOFCOM Interim Rules for… Continue Reading
《商务部实施外国投资者并购境内企业安全审查制度的规定》：外资境内并购管理正式走上法律层面
Posted in Mergers & Acquisitions作者：张毅 金杜律师事务所公司组 2011年8月25日，商务部公布了《商务部实施外国投资者并购境内企业安全审查制度的规定》（下称“规定”），并将于2011年9月1日正式实施。《规定》表示，凡属于上述安全审查范围的企业，外国投资者应向商务部提出并购安全审查申请。对属于并购安全审查范围的并购交易，由商务部在15个工作日内书面告知申请人，并在其后5个工作日内提请联席会议进行审查。《规定》还称，外国投资者不得以任何方式实质规避并购安全审查，包括但不限于代持、信托、多层次再投资、租赁、贷款、协议控制、境外交易等方式。
China Enhances the Legal Administration and Security Review of Inbound M&A Transactions
Posted in Mergers & AcquisitionsBy Zhang Yi of King & Wood’s Corporate Group On August 25, 2011, the Ministry of Commerce (MOFCOM) promulgated the Provisions on Implementation of Security Review System Regarding Mergers and Acquisitions of Domestic Enterprises by Foreign Investors ( “Provisions”), which will become effective on September 1, 2011. The Provisions state that foreign investors must file… Continue Reading
China Issues Rules on National Security Review for M&A Transactions
Posted in Mergers & AcquisitionsBy Xu Ping, Leading partner of King & Wood’s Corporate Group On February 3, 2011, the General Office of the PRC State Council issued the Notice Regarding the Establishment of National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (“国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知”) (the "Notice"), which will take effect 30 days after its… Continue Reading
Fraud Investigation and Practical Solutions in the Acquisition Process
Posted in Mergers & AcquisitionsInterview with Mark Schaub, a partner with King & Wood’s Corporate Group. Gasgoo.com: Mergers and Acquisitions (M&A in China) is not simply win-win for owners and companies. It’s also about win-win or win-lose for local governments. For example, small manufacturers provide jobs, taxes and gifts to local officials. If a larger manufacturer acquires a small one,… Continue Reading
Financing Mergers & Acquisitions in China Today
Posted in Finance, Mergers & AcquisitionsInterview of Roy Zhang of King & Wood’s Banking Department by Zhang Tianhui and He Ran of King & Wood’s Publications Group Financing is a critical consideration in M&A transactions. For a long period of time, financing large scale strategic M&As of listed companies in China has been a bottleneck. As such, it is important for… Continue Reading
BHP / Potash – and Chinese Antitrust
Posted in Antitrust & Competition, Mergers & AcquisitionsBy Susan Ning, Liu Jia, Huang Jing and Angie Ng, King & Wood’s Competition Group BHP Billiton (BHP)(1), a global natural resources company, has recently launched a hostile bid (the bid) to purchase PotashCorp (Potash)(2), a leading potash producer based in Canada. This proposed acquisition is likely to have an impact in the Chinese potash… Continue Reading
Novartis’ Acquisition of Alcon – Cleared with Conditions
Posted in Antitrust & Competition, Foreign Investment, Mergers & AcquisitionsBy Susan Ning, Shan Lining and Liu Jia, King & Wood’s Competition Practice On 13 August 2010, the proposed acquisition of Alcon, Inc (Alcon) by Novartis AG (Novartis) was approved by the Ministry of Commerce (MOFCOM), with conditions. MOFCOM’s public announcement in relation to this acquisition is located here. This is the 6th merger that has been… Continue Reading
China M&A: Assembling an Effective Team for a China Transaction Part I
Posted in Mergers & AcquisitionsBy Mark Schaub, Partner, Corporate, King & Wood Shanghai Many West European and US companies have thinned out their ranks of middle management in the never-ending pursuit of shareholder value. A China project is likely to be more time intensive and involved (and therefore expensive) than the foreign company initially forecasts. For this reason many… Continue Reading
Due diligence: deal killer or deal saver?
Posted in Foreign Investment, Mergers & AcquisitionsBy Mark Schaub, Partner, Corporate, King & Wood Shanghai Every multinational company needs a China strategy. The country’s resilient economic performance during the global downturn has made it even more attractive to some overseas investors, but how should such companies arrive at a realistic appraisal of the potential risks and opportunities of a specific deal?
Resolving International Disputes in Outbound Investment
Posted in Corporate, Dispute Resolution, Foreign Investment, Mergers & AcquisitionsChinese outbound investment has grown rapidly in the last few years, particularly in the energy, mining, banking, IT and creative industries. On August 18, 2009 China Petroleum & Chemical Corporation (Sinopec) announced the USD 7.2 billion acquisition of the Swiss Addax Petroleum Corporation. This was the largest international acquisition by a Chinese company to date…. Continue Reading
MOFCOM Devolves Foreign Investment Approval Competency to Lower Levels
Posted in Foreign Investment, Mergers & AcquisitionsA. General Devolution to Lower Levels China’s Ministry of Commerce (MOFCOM) has continued their trend of further delegating approval competency to lower governmental levels. This delegation of approval competency to local authorities will greatly accelerate the approval process for foreign invested projects. MOFCOM issued, on March 5 the Notice on Improving the Examination… Continue Reading
Copyright Due Diligence Investigations in China: Legal Entity Work or Occupational Work?
Posted in Corporate, Intellectual Property, Mergers & AcquisitionsThe Chinese legislature created a hybrid from the different approaches adopted by civil and common law jurisdictions through the Copyright Law of the People’s Republic of China (the “Copyright Law") and the Regulations on the Implementation of the Copyright Law of the People’s Republic of China (the“Implementation Regulations"), and produced the twin concepts of “legal… Continue Reading
Debt Restructuring — Second Life for a Distressed Company
Posted in Dispute Resolution, Finance, Mergers & Acquisitions, Restructuring & Insolvency, SecuritiesBy: Liu Yanling, Partner and head of King & Wood’s Bankruptcy, Restructuring & Insolvency Practice Stellar Megaunion Corporation ("SMC") was in serious debt, as it could barely repay its liabilities. New World China Land ("NWCL"), which was seeking an opportunity to go public, proposed to acquire SMC as a shell company which has no assets, but… Continue Reading
New York: Current Trends Lead to Overseas Expansion
Posted in Corporate, Finance, Foreign Investment, Mergers & AcquisitionsDuncan Hwang, Foreign Lawyer, King & Wood’s FDI Practice class="MsoNormal" style="margin: 0cm 0cm 0pt">After the Qualified Domestic Institutional Investor scheme (QDII) was implemented in April of 2006 to help relieve pressure on the RMB by promoting capital outflows and Chinese companies in various industries in the private sector were encouraged to go abroad, China’s outbound investment… Continue Reading
全球跨国并购及战略投资新浪潮
Posted in Mergers & Acquisitions作者：王俊峰 金杜律师事务所创始合伙人 管理委员会主席 景 岗 金杜律师事务所 融资组证券部合伙人 2008年注定是不平凡的一年。2008年上半年开局就充满了变数，全球跨国并购市场各种力量此消彼长。作为深深根植于中国，全面服务于中国企业海外并购和外资在华并购的领先律师事务所，我们看到2007下半年和2008上半年的跨国并购表现出如下趋势：
New Trends of Global Cross-Border M&A and Strategic Investment Wave
Posted in Finance, Mergers & Acquisitions, SecuritiesBy Wang Junfeng, Partner, and Edward Jing, Partner, King & Wood’s Securities & Capital Markets Group 2008 is destined to be an extraordinary year for global cross-border M&A. King & Wood, as a leading law firm deeply rooted in this activity in China, has noticed the following trends in the second half of 2007 and the… Continue Reading
中国为什么没有”毒丸计划”？
Posted in Mergers & Acquisitions作者 李文博 国际贸易部 2008年6月11日，金杜荣幸的邀请到美国并购领域著名律师事务所Wachtell, Lipton, Rosen and Katz的创始合伙人Martin Lipton先生前来交流访问。Lipton先生在金杜就法律从业以及毒丸计划的影响两个话题做了演讲。Lipton先生在法律实务领域成就卓越，最体现其智慧和创造力的无疑要数“权利计划”，即目标公司董事会采取的一系列反收购措施，用于抵御股权收购者低估目标公司价值的收购计划。由于此后华尔街银行家们的敌意收购计划由于“权利计划”屡屡受挫，因此他们称“权利计划”为“毒丸计划”。
Why No Poison Pill in China?
Posted in Foreign Investment, Mergers & Acquisitions, SecuritiesBy: Li Wenbo King & Wood’s International Trade Group Last month, Mr. Martin Lipton, of Wachtell, Lipton, Rosen & Katz, honored King & Wood with a speech on the implications of the “poison pill” in legal practice. Mr. Lipton is noted for hisinnovative "rights plan", a series of defensive measures taken by the board of a… Continue Reading