合资并购常用英语精要.ppt

Documentation and Due Diligence 文件提供和 尽 职 调 查 关 键 文 件 目标投资机构的类型： 外国全资企业 合资企业 合作企业 股份有限公司 Due Diligence 审慎调查 26 Securing Your Right to Documents and Information 保证获得文件和信息的权利 Hiding behind the clout of confidentiality 隐藏在机密背后的信息 When all attempts fail… 当所有的尝试都失败时。。。 Beware of “back-door” qualifying of the representations and warranties through the use of Disclosure Letter 注意到披露函中陈述与保证条款中所含的“后门” What do you really need to know? ‘Must-have’ vs. ‘Good-to-have’ 什么是你真正需要知道的？“必须知道”还是“最好知道”？ Determination often driven by availability of time, resources as well as size of the deal 决定取决于可供利用的时间、资源以及交易规模 Due Diligence Due Diligence 审慎调查 27 Due Diligence Methodology 审慎调查的方法 Organising Your Team 组织你的团队 Organizing the Due Diligence Process 组织调查程序 Due Diligence Due Diligence 审慎调查 28 Working Your Due Diligence Into Negotiation 审慎调查中的协商活动 Pre-negotiation strategizing 协商前的战略安排 Due Diligence Due Diligence 审慎调查 29 Working Your Due Diligence Into Negotiation 审慎调查中的协商 Who is to draft? Purchaser or Seller? 谁来规划？购买者还是规划者？ Defensive Measures 防御措施 Key is to effectively use Representations, Warranties, Undertakings and Indemnities 关键是有效地利用陈述、保证承诺、补偿条款。 Due Diligence * * MA in China 并购在中国 Prelude 序 言 Documentation and Due Diligence 文 件 提 供 和 尽 职 调 查 A Case For Proper Documentation 案 例：适 当 提 供 文 件 1 Documentation Respect for the Rule of Law in China 遵 守 中 国 法 律 A Gentleman’s Agreement? 君 子 协 定？ Documentation – mandatory under law? 提 供 适 当 文 件： 法 定 义 务？ CRITICAL DOCUMENTS 2 Documentation Documentation is driven by deal structure: Type of Transaction Asset acquisition type of structure type of target investment vehicle Key Acquisition Documentation Sale and purchase agreement (sometimes known as “asset acquisition agreement) Equity interest acquisition Sale and purchase agreement Subscription agreement Equity interest acquisition (by way of new subscription of equity interest