跨境并购法律业务研讨会SeminaronCross-BorderMATransactions.ppt

* Example: under English law, a person will have no liability if it terminates negotiations where it is party only to non-binding heads of terms, but in a number of other jurisdictions this is not the case (where the liability is tortious, as in France, this cannot necessarily be overcome by using English law to govern the heads of terms).例如，在英国法下，如一方仅为非约束性框架协议的缔约方，那么如果该方终止谈判，则其无需承担法律责任。但是在其他国家，情况可能有变化（如，在法国法下，如果产生侵权责任，那么即使协议大纲适用英国法律，也可能无法规避责任）。 * * * Stage 3: 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; consider tax consequences.考虑税务成本。 March 2016 Chinese Outbound MA 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 2016 Chinese Outbound MA 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 European 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。 Approvals 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 con