中国企业收购澳大利亚能源类资产.ppt

Acquisitions of Australian resource assets by Chinese entities中国企业收购澳大利亚的资源类资产 Presented by演讲人 James Philips, M&A Partner并购业务合伙人 +61 2 9921 4945??? james.philips@?? April 2011 2011年4月 Agenda 议程 Outline of acquisition techniques 收购方法大纲 Outline of Foreign Investment Approval Regime 外国投资审批指南大纲 Recent transactions 近期案例 How to deal with FIRB? 如何与外商投资审批委员会沟通？ Outline of Acquisition Techniques收购事项大纲 Two broad avenues:两大类途径 regulated 法定 lightly regulated/unregulated 小部分法定/非法定 Regulated:法定 takeovers 收购 schemes of arrangement 股权安排计划 Lightly regulated/unregulated:小部分法定/非法定 joint ventures 合资 co-operation alliances/offtake arrangements 合作联合/预购和约 Joint Ventures合营企业 This structure enables the buyer to own part of a project directly, and to own a percentage of the offtake 该架构可以让收购方直接拥有一个项目的部分权益，或者拥有销售该项目部分比例产品的权利 Regulated Investments / Takeovers / Schemes of Arrangement 法定投资/收购/股权安排计划 Cannot pass through 20% voting power except using an approved transaction structure 除非采用批准的交易方式， 不得获取超过20%的投票权 Main regulated transaction structures are takeover bids and schemes of arrangement 要约收购和股权安排计划是主要的法定交易方式 Key shareholding thresholds: 关键性的股权指标 5%: substantial shareholding notification 5%: 实质性持股通告 About FIRB关于外商投资审批委员会 Under Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), Treasurer has wide discretion 在《外资收购与接管法案1975》法案下，澳大利亚的财政部长拥有广泛的自由决定权 Foreign Investment Guidelines are also administered by the Treasurer 外资投资指南由澳大利亚财政部长管辖 Treasurer is advised by FIRB 外商投资审批委员会向财政部长提供建议 FIRB examines proposed investments and make recommendations to the Government 外商投资审批委员会对拟定的外商投资项目进行审阅 ，并向政府提供建议 FIRB approval required for SOEs澳大利亚外国投资审查委员会需审查的国企投资 Approval required for all investments by foreign government or its agencies (unless direct grants from an Australian Government) 所有外国政府及其代理人的投资项目均需要审批（除非已获联邦或州政府批准） Approval required for all investments by foreign governments or its agencies regardless of value of the target (unless direct grants from an