typical capital raising transactions - 投资银行在线.ppt

Introduction to Outbound MA Transactions境外并购交易简介 美迈斯律师事务所 2009年2月11日 TABLE OF CONTENTS 目录 I Chinese Government’s 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 MOFCOM’s Proposed New Regulations on Outbound Investment 商务部关于境外投资拟议的新规定 II Chinese 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 III MA IN GENERAL 并购概述 Definition of MA Transactions 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 IV TYPES OF TRANSACTIONS 交易类型 Private Deal 私下交易 Public Deal 公开交易 V TRANSACTION 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 TABLE OF CONTENTS (Cont’d) 目录 (续) VI KEY ISSUES IN MA 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 VII CORPORATE GOVERNANCE AND MA 公司治理和并购 Director’s Duties 董事的义务 Protecting the Deal 交易保护 Takeover Defense Mechanism 反收购机制 VIII TYPICAL PROCESS OF MA 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 Post-execution Matters 签约后事项 Closing 交割 Chinese Government’s 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 2004 that it had simplified approval procedures for overseas investments by domestic corporations 商务部在2004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 M