Embed Size (px)
Citation preview
Cross Border Acquisition Guide
2
Cross Border Acquisition Guide 3
Critical issues covered by the guide 6
Tailored Report 7
Comparative Table 8
Company Incorporation 9
Our Mergers and Acquisitions group 11
Global M&A Toolkit 12
Online Services - other products 13
Global M&A team 14
Contents
3
Cross Border Acquisition Guide
The Cross Border Acquisition Guide is an online, dynamic and searchable resourcewhich provides an invaluable overview of the specific issues faced by a participant inthe fast paced world of cross-border M&A. It will enable your team to anticipatehurdles and aid your decision making process.
The guide is accessible 24 hours a day and is set out in a clearly structured andreadable format which will enable you to find the answer to your query quickly andeasily. It is updated quarterly by our global M&A team and is supported by ourdedicated Online Services team. The guide provides contact details which will directyou to the relevant members of our global M&A team if you are looking for moreinvolved advice.
There are various ways to use the guide, such as: n You can quickly produce a tailored report covering the key
issues in the public and /or private sphere when planning anM&A transaction in your choice of up to 20 key jurisdictions
n You can effortlessly produce a summary comparative tablecontaining very brief details of the M&A rules in relevant jurisdictions, which are hyperlinked to more detailedinformation
n You can instantly create a comprehensive guide to the M&Arules in a particular country
For example, in a couple of clicks you can find answers toqueries such as:
n How many directors are required to incorporate a company inJapan, Poland or the Netherlands?
n Are Heads of Agreement binding in Thailand or Singapore?
n What are the mandatory takeover and squeeze out thresholdsin France, Germany and England & Wales?
n Is Works Council consultation required in Belgium before yousign a deal?
n What are the restrictions and market practices on break feesin Hong Kong and Japan?
5
Cross Border Acquisition Guide
4
Jurisdictions covered
Jurisdictions covered:
Belgium
France
Hong Kong
Japan
The Netherlands
Russia
Spain
Ukraine
USAUAE
Australia
Hungary
Czech Republic
Germany
Italy
Luxembourg
Poland
Singapore
Thailand
UK
Structuring and executing modernM&A transactions can be difficult and highly complex, especially multi-jurisdictional deals and public company acquisitions.
Clifford Chance’s Cross BorderAcquisition Guide helps potentialacquirers, sellers, targets and theiradvisers to scope complex M&Atransactions in both the public andprivate spheres and to analyse andoptimise structures and ensure swiftexecution. This service provides aconcise, tailored and practicaloverview of the legal issues faced,giving a higher chance of success.
We currently cover 20 jurisdictionsacross the world with more beingregularly added:
6
Critical issues covered by the guide
General
n Background n Types of Deal n Forms of Entity
n Management n Consents & Approvals n Financial Assistance
n Tax Issues n Anti-trust Issues
Public
n Forms of Offers n Regulatory Framework n Main Offer Terms
n Timing and Procedure n Documentation n Irrevocable Undertakings
n Break Fees & Lock-Out n Information Gathering n Insider Trading
n Disclosure Issues n Stakebuilding n Mandatory Offer
n Defences n Directors’ obligations n Squeeze-out
Private
n Shares or Assets? n Regulatory Framework n Overview
n Good Faith Obligation n Heads of Agreement n Legal Review Process
n Documentation n Warranties & Indemnities n MBOs
Company Incorporation
n Type of Company n Shelf Company Procedure n Process and Documentation
n Practical Implications n On-going Obligations
The guide categorises key information under the following headings:
Tailored Report
Using the guide, it is quick and easy to generate a tailored report focused on the jurisdictionsand issues which are relevant to your transaction.
Below is a sample tailored report which shows the key stakebuilding considerations for apublic takeover in Belgium and Singapore.
7
8
Comparative Table
You can create comparative summary tables to assess the differences between the M&Arules of various countries.
Below is a sample comparative table showing a comparative analysis of public takeoverrequirements in Belgium, Czech Republic, England & Wales, Germany, Hong Kong andRussia. This may assist in assessing which transaction faces higher execution risk.
9
Company Incorporation
You can factor in any timing and logistical issues when setting up a company by viewing ourCompany Incorporation Guide.
Below is a sample comparative report which shows key facts to bear in mind when incorporatinga company in Belgium, Czech Republic, England & Wales, France and Germany.
10
“This market colossus is ranked highly across key jurisdictions inmainland Europe, the UK, Asia, Latin America and the Middle East. Itswell-earned reputation for excellence comes from an ability to adviseon the whole range of corporate and M&A-related matters, acrossindustries and across borders - making it a favourite for multinationals.”
Sources say: “The firm has the widest global reach on the market.”
Chambers Global 2011 – Corporate/M&A Tier 1
Our Mergers and Acquisitions group
Your Clifford Chance team offers applied expertise - based onour involvement in headline transactions including acquisitions,takeover bids, hostile bid situations, mergers, demergers andreorganisations.
Our substantial experience of working on M&A projects of all sizes enables us to make a valuablecontribution right from the start. We deliver cross-border deal expertise through a dedicated networkof more than 190 Corporate partners based across 23 countries and 33 offices*. We provide youwith access to local teams of lawyers, working together with one aim in mind: to achieve yourbusiness objectives.
We work in dedicated cross-functional client teams bringing a wide range of legal experience andindustry knowledge to each deal. This integrated approach gives you access to complementary areasof law including Competition; Finance and Capital Markets; Tax; Employment and Litigation/DisputeResolution.
We work closely with your in-house team, keeping your commercial objectives at the forefront of ourthinking, to minimise any impact on your day-to-day business.
For advice on how we may help you, contact one of our M&A specialists.
*Clifford Chance has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh.
11
12
The Global M&A Toolkit is the essential interactiveresource for anyone involved in M&A transactions.
It brings clarity to the increasingly complex world of cross-border M&A and provides practicalinformation and solutions to meet the challengesyou face as an M&A professional.
The Global M&A Toolkit comprises a growingcollection of web-based transaction tools and in-depth analysis of the most important market andregulatory developments in M&A regimes acrossthe globe. It features special access to CliffordChance's leading cross-border M&A databases,informative videos, guides (including the CrossBorder Acquisition Guide), handbooks andpublications covering the key issues in Global M&A.
www.cliffordchance.com/GlobalM&AToolkit
Online Services - Global M&A Toolkit
13
Online Services - other products
Our Sector-focused Alerters - Concise email digests of 'mustknow' legislative and regulatory developments from around theworld, which can be personalised to suit the jurisdictions andindustry sectors of individual interest.
Each alert highlights the key issues with links to more in depthanalysis, third party websites and Clifford Chance experts.
Cross Border Financing Guide - The Cross Border FinancingGuide gives you online access to the information that can makeor break your financing deal.
It offers a concise and practical overview of the key legal andmarket developments in the financial arena in jurisdictions aroundthe world. This is used widely by our banking clients and ishugely valued by those operating in the debt markets.
Cross Border Merger Control Guide - The need to securemerger control clearances can impact on the timing and, in somecases, the viability of a merger, acquisition or joint venture. TheCross Border Merger Control Guide provides regularly updatedinformation on the merger control laws and foreign investmentrestrictions in over 60 jurisdictions, including comprehensiveguidance on the jurisdictional thresholds that determine whethera filing is required, clearance timetables, standstill requirementsand applicable fees and penalties.
Feature Topics - The Feature Topics update pages containregulations made in response to changing conditions in thefinancial markets, as well as relevant client briefings, news,contacts and bank-specific information. There are currently twoFeature Topics pages:
n Lehman Update
n Short Selling Update.
COMPLY - With regulators taking an increasingly tough stanceagainst breaches of competition / antitrust and anti-corruptionlaw, there is a need for a robust compliance training tool for youremployees.
COMPLY trains, tests and monitors your employees on allrelevant aspects of competition / antitrust and / or anti-corruptionlaw. Compliance officers can also monitor progress through thereporting tool which makes COMPLY both a cost and timeeffective service to deploy.
To obtain access to any of these services please contact theClifford Chance Online Services Team. Contact details areprovided at the back of this document.
Our other online services provide instant access to a variety of tailored know-howinformation and include:
Clifford Chance Global M&A team
14
AustraliaMichael LishmanT: +61 892625 502E: [email protected]
Mark PistilliT: +61 28922 8001E: [email protected]
BrazilAnthony OldfieldT: +55 113019 6010E: [email protected]
BelgiumPhilippe HamerT: +32 2533 5912E: [email protected]
Tony ReevesT: +32 2533 5943E: [email protected]
ChinaEmma DaviesT: +86 212320 7215E: [email protected]
Terence FooT: +86 106535 2299E: [email protected]
Kelly GregoryT: +86 212320 7234E: [email protected]
Stephen HarderT: +86 212320 7320E: [email protected]
Glen MaT: +86 212320 7217E: [email protected]
Tim WangT: +86 106535 2266E: [email protected]
Czech RepublicAlex CookT: +420 22255 5212E: [email protected]
David KolacekT: +420 22255 5212E: [email protected]
FranceCatherine Astor-VeyresT: +33 14405 5325E: [email protected]
Thierry SchoenT: +33 14405 5247E: [email protected]
GermanyPeter DienersT: +49 211 4355 5468E: [email protected]
Andreas DietzelT: +49 697 199 1761E: [email protected]
Bernd Meyer-WittingT: +49 697 199 3115E: [email protected]
Arndt StengelT: +49 697 199 1486E: [email protected]
Hong KongCherry ChanT: +852 2826 3484E: [email protected]
Roger DennyT: +852 2826 3443E: [email protected]
Mark ShipmanT: +852 2825 8992E: [email protected]
ItalyUmberto Penco SalviT: +39 028063 4241E: [email protected]
Paolo SersaleT: +39 028063 4274E: [email protected]
JapanTatsuhiko KamiyamaT: +81 35561 6395E: tatsuhiko [email protected]
Andrew WhanT: +81 35561 6615E: [email protected]
LuxembourgClaudie GrisiusT: +352 485050 280E: [email protected]
Christian KremerT: +352 485050 201E: [email protected]
PolandNick FletcherT: +48 22429 9520E: [email protected]
Agnieszka JanickaT: +48 22429 9531E: [email protected]
QatarRichard ParrisT: +974 4491 7041E: [email protected]
RomaniaNadia BadeaT: +40 216666 102E: [email protected]
Perry ZizziT: +40 216666 145E: [email protected]
15
RussiaMarc BartholomyT: +7 495797 9893E: [email protected]
Nicholas ReesT: +7 495258 5090E: [email protected]
SingaporeSimon ClintonT: +65 6410 2269E: [email protected]
Lee TaylorT: +65 6410 2290E: [email protected]
SpainJosé María Fernández-DazaT: +34 91590 9466E: [email protected]
Ignacio OjangurenT: +34 91590 7569E: [email protected]
ThailandAndrew MatthewsT: +66 2401 8822E: [email protected]
The NetherlandsJeroen KosterT: +31 20711 9202E: [email protected]
TurkeySimon WilliamsT: +90 212 339 0067E: [email protected]
UAEGuy NormanT: +971 43620 615E: [email protected]
UkraineJared GrubbT: +380 44390 2236E: [email protected]
United KingdomMatthew LaytonT: +44 207 006 1229E: [email protected]
Simon TinklerT: +44 207 006 1684E: [email protected]
United StatesSarah JonesT: +121 2878 3321E: [email protected]
Clifford Chance Online Services TeamFind out how the Cross Border Acquisition Guide can benefit your company. To get access, forsubscription details or a product demonstration, please contact the Online Services team.
Online Services helpdeskT: +44 20 7006 4444E: [email protected]
33* offices in 23 countries
www.cliffordchance.com
© Clifford Chance LLP, October 2011.
10 Upper Bank Street, London, E14 5JJ
Abu Dhabi Amsterdam Bangkok Barcelona Beijing Brussels Bucharest Doha Dubai Düsseldorf Frankfurt Hong Kong Istanbul Kyiv London Luxembourg Madrid Milan
Moscow Munich New York Paris Perth Prague Riyadh* (co-operation agreement) Rome São Paulo Shanghai Singapore Sydney Tokyo Warsaw Washington, D.C.
*Clifford Chance has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh
Abu DhabiClifford Chance13th and 14th FloorsAl Niyadi BuildingAirport RoadSector W-14/02PO Box 26492Abu DhabiUnited Arab EmiratesT +971 2 419 2500F +971 2 419 2600
Amsterdam Clifford ChanceDroogbak 1A 1013 GE AmsterdamPO Box 2511000 AG AmsterdamThe Netherlands T +31 20 7119 000F +31 20 7119 999
Bangkok Clifford ChanceSindhorn Building Tower 321st Floor 130-132 Wireless Road Pathumwan Bangkok 10330ThailandT +66 2 401 8800F +66 2 401 8801
Barcelona Clifford ChanceAv. Diagonal 68208034 Barcelona Spain T +34 93 344 22 00F +34 93 344 22 22
Beijing Clifford Chance33/F China World Office Building 1No. 1 Jinguomenwai DajieChaoyang DistrictBeijing 100004ChinaT +86 10 6505 9018F +86 10 6505 9028
BrusselsClifford ChanceAvenue Louise 65Box 2, 1050 BrusselsBelgium T +32 2 533 5911F +32 2 533 5959
BucharestClifford Chance BadeaExcelsior Center 28-30 Academiei Street12th Floor, Sector 1,Bucharest, 010016RomaniaT +40 21 66 66 100F +40 21 66 66 111
DohaClifford Chance Middle East LLPQFC Branch, Suite B, 30th Floor,Tornado TowerAl Funduq StreetWest Bay PO Box 32110DohaState of QatarT +974 4 491 7040F +974 4 491 7050
Dubai Clifford Chance3rd Floor, The Exchange BuildingDubai International Financial CentrePO Box 9380Dubai United Arab EmiratesT +971 4 362 0444F +971 4 362 0445
DüsseldorfClifford Chance Königsallee 5940215 DüsseldorfGermanyT +49 211 43 55-0 F +49 211 43 55-5600
FrankfurtClifford Chance Mainzer Landstraße 4660325 Frankfurt am Main GermanyT +49 69 71 99-01F +49 69 71 99-4000
Hong Kong Clifford Chance28th FloorJardine House One Connaught PlaceHong KongT +852 2825 8888F +852 2825 8800
IstanbulClifford ChanceKanyon Ofis Binasi Kat. 10Büyükdere Cad. No. 18534394 Levent, IstanbulTurkeyT +90 212 339 0000F +90 212 339 0099
KyivClifford Chance75 Zhylyanska Street 01032 Kyiv, UkraineT +38 (044) 390 5885F +38 (044) 390 5886
London Clifford Chance10 Upper Bank Street London E14 5JJUnited KingdomT +44 20 7006 1000F +44 20 7006 5555
Luxembourg Kremer Associés & Clifford Chance 2-4, Place de Paris B.P. 1147L-1011 LuxembourgGrand-Duché de LuxembourgT +352 48 50 50 1F +352 48 13 85
MadridClifford ChancePaseo de la Castellana 11028046 Madrid SpainT +34 91 590 75 00F +34 91 590 75 75
MilanClifford ChancePiazzetta M. Bossi, 320121 Milan ItalyT +39 02 806 341F +39 02 806 34200
MoscowClifford ChanceUl. Gasheka 6125047 MoscowRussiaT +7 495 258 5050 F +7 495 258 5051
Munich Clifford Chance Theresienstraße 4-680333 Munich GermanyT +49 89 216 32-0F +49 89 216 32-8600
New York Clifford Chance31 West 52nd Street New York NY 10019-6131USA T +1 212 878 8000F +1 212 878 8375
Paris Clifford Chance9 Place VendômeCS 50018 75038 Paris Cedex 01FranceT +33 1 44 05 52 52F +33 1 44 05 52 00
PerthClifford ChanceLevel 12, London House216 St Georges TerracePerth WA 6000AustraliaT +618 9262 5555F +618 9262 5522
Prague Clifford ChanceJungamannova PlazaJungamannova 24110 00 Prague 1 Czech RepublicT +420 222 555 222F +420 222 555 000
*RiyadhAl-Jadaan & Partners Law FirmP.O.Box 3515, Riyadh 11481Fifth Floor, North TowerAl-Umam Commercial CentreSalah-AlDin Al-Ayyubi StreetAl-Malaz, RiyadhKingdom of Saudi ArabiaT +966 1 478 0220F +966 1 476 9332
Rome Clifford ChanceVia Di Villa Sacchetti, 1100197 RomeItalyT +39 06 422 911F +39 06 422 91200
São PauloClifford Chance Rua Funchal 418 15º- andar04551-060 São Paulo-SPBrazilT +55 11 3019 6000F +55 11 3019 6001
Shanghai Clifford Chance40th Floor, Bund Centre 222 Yan An East RoadShanghai 200002China T +86 21 2320 7288F +86 21 2320 7256
Singapore Clifford ChanceOne George Street19th FloorSingapore 049145T +65 6410 2200F +65 6410 2288
SydneyClifford ChanceLevel 16No. 1 O'Connell StreetSydneyNSW 2000AustraliaT +612 8922 8000F +612 8922 8088
Tokyo Clifford ChanceAkasaka Tameike Tower7th Floor2-17-7, AkasakaMinato-kuTokyo 107-0052JapanT +81 3 5561 6600F +81 3 5561 6699
WarsawClifford Chance Norway House ul.Lwowska 1900-660 WarsawPoland T +48 22 627 11 77F +48 22 627 14 66
Washington, D.C.Clifford Chance2001 K Street NWWashington, DC 20006 - 1001USA T +1 202 912 5000F +1 202 912 6000
Clifford Chance LLP is a limited liability partnership registered in England & Wales under number OC323571.
Registered office: 10 Upper Bank Street, London, E14 5JJ. We use the word 'partner' to refer to a member of
Clifford Chance LLP, or an employee or consultant with equivalent standing and qualifications.
