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
Online Services – Global M&A Toolkit 12
Online Services – Other Products 13
Clifford Chance Global M&A Team 14
Contents
Cross Border Acquisition Guide Clifford Chance 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 21 key jurisdictions.
n You can effortlessly produce a summary comparativetable containing very brief details of the M&A rulesin relevant jurisdictions, which are hyperlinked to moredetailed information.
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?
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 21 jurisdictionsacross the world with more beingregularly added:
Cross Border Acquisition Guide
4 Clifford Chance Cross Border Acquisition Guide
Jurisdictions covered
Jurisdictions covered:
BelgiumAustralia
China Czech Republic
GermanyFrance
HungaryHong Kong
JapanItaly
The NetherlandsLuxembourg
RussiaPoland
SpainSingapore
UK
Thailand UAE
Ukraine
USA
Cross Border Acquisition Guide Clifford Chance 5
6 Clifford Chance Cross Border Acquisition Guide
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
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 Procedure
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.
Cross Border Acquisition Guide Clifford Chance 7
8 Clifford Chance Cross Border Acquisition Guide
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, Germany, Hong Kong, Italy and Russia. This mayassist in assessing which transaction faces higher execution risk.
Cross Border Acquisition Guide Clifford Chance 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, France, Germany and England & Wales.
10
“ An outstanding team that has great availabilityat the international level and is great inglobal instructions.”
10 Clifford Chance Cross Border Acquisition Guide
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, demergersand reorganisations.
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 dedicatednetwork of lawyers based across 36 offices* in 26 countries. We provide you with access to localteams of lawyers, working together with one aim in mind: to achieve your business 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 complementaryareas of law including Competition; Finance and Capital Markets; Tax; Employment; andLitigation/Dispute Resolution.
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.
*Linda Widyati and Partners in association with Clifford Chance in Jakarta.
Cross Border Acquisition Guide Clifford Chance 11
12 Clifford Chance Cross Border Acquisition Guide
The Clifford Chance Global M&A Toolkit brings together a wealth of targeted andinsightful resources to support your M&A decision-making. You can find what you needquickly and easily by browsing the site by Geography, Topic, Resource or Sector.
Simple. Effective. Available 24/7.
Online Services – Global M&A Toolkit
The Global M&A Toolkit brings clarity to the increasingly complexworld of cross-border M&A. Key features include:
n M&A Tools for quick answers
n Topical Videos and Webinars
n Our Cross Border Acquisition Guide
n M&A Handbooks and Takeover Guides
n Global M&A trends and in-depth materials on hot topics
n M&A directory of Clifford Chance contacts
n My Toolkit – bookmark your favourite content for quick access
To access the Global M&A ToolkitVisit www.cliffordchance.com/GlobalM&AToolkit to explore theToolkit and download the App to your device.
GLOBAL
TOOLKITM&A
• Desktop • Mobile
Clarifying the complex world of Global M&AInsights and intelligence to support your M&A decision-makingSimple. Effective. Available 24/7
• Tablet
Cross Border Acquisition Guide Clifford Chance 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.
Alerter: Finance Industry – This alerter focuses on legislative,regulatory and market changes in banking, insurance andinvestment services around the world, providing you with dailyupdates on the global financial services markets, direct from keyinternational centres.
Alerter: Communications & Media – This alerter focuses ondevelopments in the fast moving European Communications &Media markets, covering fixed and mobile telecommunications,radio and television.
Alerter: Energy – This alerter focuses on the increasingly openglobal energy sector. It covers oil & gas, electricity, renewableenergy, mining, nuclear, environmental and climatic trading, andgeneral environmental issues.
Cross Border Financing Guide – Structuring modern financingsolutions can be difficult and highly complex. Designed forbusiness users, this guide provides a concise and practicaloverview of the key legal issues faced by participants whenstructuring a cross-border financing.
Financial Markets Toolkit – The Financial Markets Toolkitcontains a growing collection of high quality resources relevant tothe financial markets including publications, guides, videos andtransaction tools from across our network. The resources areavailable for you on demand, whenever you need them.
The Financial Markets Toolkit can be accessed atwww.cliffordchance.com/FinancialMarketsToolkit
Anti-bribery/Anti-corruption Courses – The Clifford Chance andThomson Reuters anti-bribery/anti-corruption eLearning course isa unique compliance training tool for senior managers andbusiness users working in customer-facing roles such as sales,marketing and procurement. Available in 10 languages, it helpsbusinesses address the many corruption and bribery risksemployees face, day in, day out.
Competition/Antitrust Courses – The Clifford Chance andThomson Reuters competition/antitrust eLearning coursesrevolutionise the way employees within an organisation learn aboutthe competition and antitrust laws of the EU, the US, Japan,China, Russia, India and Canada. Available in 20 languages, thissubscription based service is a cost effective method of mitigatingthe risk of employee activity exposing companies tocompetition/antitrust law liability.
If you would like further details on how these services canbenefit you and your company please [email protected] or call +44 20 7006 4444.
Our other online services provide instant access to a variety of tailored knowhowinformation and include:
Clifford Chance Global M&A Team
14 Clifford Chance Cross Border Acquisition Guide
Global
Guy NormanT: +44 20 7006 1950E: guy.norman@
cliffordchance.com
Africa
Spencer BaylinT: +44 20 7006 1519E: spencer.baylin@
cliffordchance.com
Asia Pacific
Roger DennyT: +852 2826 3443E: roger.denny@
cliffordchance.com
Australia
Danny SimmonsT: +61 28922 8007E: danny.simmons@
cliffordchance.com
Belgium
Philippe HamerT: +32 2533 5912E: philippe.hamer@
cliffordchance.com
Brazil
Anthony OldfieldT: +1 212 878 3407/
+55 11 3019 6010E: anthony.oldfield@
cliffordchance.com
Central and Eastern Europe
Alex CookT: +420 22 255 5212E: alex.cook@
cliffordchance.com
China
Terence FooT: +861 06535 2299E: terence.foo@
cliffordchance.com
France
Laurent SchoensteinT: +33 14405 5467E: laurent.schoenstein@
cliffordchance.com
Germany
Peter DienersT: +49 2114355 5468E: peter.dieners@
cliffordchance.com
Indonesia*
Linda WidyatiT: +62 21 2988 8301E: linda.widyati@
cliffordchance.com
India
Neeraj BudhwaniT: +852 2826 2428E: neeraj.budhwani@
cliffordchance.com
* Linda Widyati & Partners in association with Clifford Chance
Cross Border Acquisition Guide Clifford Chance 15
Contact details for the partners in our Global M&A team are available on the Clifford ChanceGlobal M&A Toolkit: www.cliffordchance.com/GlobalM&AToolkit
Russia
Marc BartholomyT: +7 495 660 8006E: marc.bartholomy@
cliffordchance.com
Singapore
Simon ClintonT: +65 6410 2269E: simon.clinton@
cliffordchance.com
Spain
Javier García de EnterríaT: +34 91590 4102E: javier.garciadeenterria@
cliffordchance.com
Turkey**
Itir CiftciT: +90 212339 0077E: itir.ciftci@
yeginciftci.av.tr
United Kingdom
Mark PoultonT: +44 20 7006 1434E: mark.poulton@
cliffordchance.com
United States
David BrintonT: +1 212878 8276E: david.brinton@
cliffordchance.com
Japan
Andrew WhanT: +81 35561 6615E: andrew.whan@
cliffordchance.com
Luxembourg
Christian KremerT: +352 485050 201E: christian.kremer@
cliffordchance.com
Middle East
Mike TaylorT: +971 4 362 0638E: mike.taylor@
cliffordchance.com
Netherlands
Hans BeerlageT: +31 20711 9198E: hans.beerlage@
cliffordchance.com
Italy
Paolo SersaleT: +39 028063 4274E: paolo.sersale@
cliffordchance.com
Latin America
Javier AmanteguiT: +34 91590 7576E: javier.amantegui@
cliffordchance.com
** Yegin Ciftci Attorney Partnership in association with Clifford Chance
36* offices in 26 countries
www.cliffordchance.com
© Clifford Chance, April 2015.
10 Upper Bank Street, London, E14 5JJ
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.
Abu DhabiClifford Chance9th Floor, Al Sila TowerAbu Dhabi Global Market SquarePO Box 26492Abu DhabiT +971 2 613 2300F +971 2 613 2400
Amsterdam Clifford ChanceDroogbak 1A 1013 GE AmsterdamPO Box 2511000 AG AmsterdamT +31 20 7119 000F +31 20 7119 999
Bangkok Clifford ChanceSindhorn Building Tower 321st Floor 130-132 Wireless Road Pathumwan Bangkok 10330T +66 2 401 8800F +66 2 401 8801
Barcelona Clifford ChanceAv. Diagonal 68208034 Barcelona T +34 93 344 22 00F +34 93 344 22 22
Beijing Clifford Chance33/F, China World OfficeBuilding 1No. 1 Jianguomenwai DajieBeijing 100004T +86 10 6505 9018F +86 10 6505 9028
BrusselsClifford ChanceAvenue Louise 65Box 2, 1050 BrusselsT +32 2 533 5911F +32 2 533 5959
BucharestClifford Chance Badea Excelsior Center 28-30 Academiei Street12th Floor, Sector 1,Bucharest, 010016T +40 21 66 66 100F +40 21 66 66 111
CasablancaClifford Chance169 boulevard Hassan 1er20000 CasablancaT +212 520 132 080F +212 520 132 079
DohaClifford ChanceSuite B30th floorTornado TowerAl Funduq StreetWest BayPO Box 32110DohaT +974 4 491 7040F +974 4 491 7050
Dubai Clifford ChanceBuilding 6, Level 2The Gate PrecinctDubai International FinancialCentrePO Box 9380DubaiT +971 4 362 0444F +971 4 362 0445
DüsseldorfClifford Chance Königsallee 5940215 DüsseldorfT +49 211 43 55-0 F +49 211 43 55-5600
FrankfurtClifford Chance Mainzer Landstraße 4660325 Frankfurt am Main T +49 69 71 99-01F +49 69 71 99-4000
Hong Kong Clifford Chance27th FloorJardine House One Connaught PlaceHong KongT +852 2825 8888F +852 2825 8800
IstanbulClifford ChanceKanyon Ofis Binasi Kat. 10Büyükdere Cad. No. 18534394 Levent, IstanbulT +90 212 339 0000F +90 212 339 0099
Jakarta*Linda Widyati & PartnersDBS Bank TowerCiputra World One 28th FloorJl. Prof. Dr. Satrio Kav 3-5Jakarta 12940T +62 21 2988 8300F +62 21 2988 8310
KyivClifford Chance75 Zhylyanska Street 01032 Kyiv T +38 (044) 390 5885F +38 (044) 390 5886
London Clifford Chance10 Upper Bank Street London E14 5JJT +44 20 7006 1000F +44 20 7006 5555
Luxembourg Clifford Chance10 boulevard G.D. Charlotte B.P. 1147 L-1011 LuxembourgT +352 48 50 50 1F +352 48 13 85
MadridClifford ChancePaseo de la Castellana 11028046 Madrid T +34 91 590 75 00F +34 91 590 75 75
MilanClifford ChancePiazzetta M. Bossi, 320121 Milan T +39 02 806 341F +39 02 806 34200
MoscowClifford ChanceUl. Gasheka 6125047 MoscowT +7 495 258 5050 F +7 495 258 5051
Munich Clifford Chance Theresienstraße 4-680333 Munich T +49 89 216 32-0F +49 89 216 32-8600
New YorkClifford Chance31 West 52nd Street New York NY 10019-6131T +1 212 878 8000F +1 212 878 8375
Paris Clifford Chance9 Place VendômeCS 50018 75038 Paris Cedex 01T +33 1 44 05 52 52F +33 1 44 05 52 00
PerthClifford ChanceLevel 7190 St Georges TerracePerth WA 6000T +618 9262 5555F +618 9262 5522
Prague Clifford ChanceJungamannova PlazaJungamannova 24110 00 Prague 1 T +420 222 555 222F +420 222 555 000
RiyadhClifford ChanceBuilding 15, The Business GateKing Khalid InternationalAirport RoadCordoba District, Riyadh, KSA.P.O.Box: 3515, Riyadh 11481,T +966 11 481 9700F +966 11 481 9701
Rome Clifford ChanceVia Di Villa Sacchetti, 1100197 RomeT +39 06 422 911F +39 06 422 91200
São PauloClifford Chance Rua Funchal 418 15º-andar04551-060 São Paulo-SPT +55 11 3019 6000F +55 11 3019 6001
SeoulClifford Chance21st Floor, Ferrum Tower19, Eulji-ro 5-gil, Jung-guSeoul 100-210T +82 2 6353 8100F +82 2 6353 8101
Shanghai Clifford Chance40th Floor, Bund Centre 222 Yan An East RoadShanghai 200002T +86 21 2320 7288F +86 21 2320 7256
Singapore Clifford ChanceMarina Bay Financial Centre25th Floor, Tower 312 Marina BoulevardSingapore 018982T +65 6410 2200F +65 6410 2288
SydneyClifford ChanceLevel 16No. 1 O’Connell StreetSydney NSW 2000T +612 8922 8000F +612 8922 8088
Tokyo Clifford ChanceAkasaka Tameike Tower7th Floor2-17-7, AkasakaMinato-kuTokyo 107-0052T +81 3 5561 6600F +81 3 5561 6699
WarsawClifford Chance Norway House ul.Lwowska 1900-660 WarsawT +48 22 627 11 77F +48 22 627 14 66
Washington, D.C.Clifford Chance2001 K Street NWWashington, DC 20006 – 1001T +1 202 912 5000F +1 202 912 6000
J201504100047029
*Linda Widyati and Partners in association with Clifford Chance.
