国际并购交易的经验与教训.pptx

国际并购交易的经验与教训总法律顾问 於乐民2016/4/27中国对外并购历史演绎：四段论 199020002008试水期静默期成长期爆发期各个时期的特点：1)零星/ 无战略/外贸企业/无知者无畏/落魄而归2)几乎没有/国企经历一段关停并转的困难转折期。起步增多/偏重资源/几家大央企/学习培养/注意整合扩张/全方位/资源/市场/品牌/民企加入/主权基金中国对外并购历史演绎：四段论 Merger Acquisition 并购如同“找对象”区别一个是法人一个是自然人历史/健康/教育/财务Ground Rule/Legal RegimeMethodology/Terminology“Rule of Game”国际并购的交易规则 中式并购的特点转让日TransferDate 卖方买方不严格区分，也不分割什么“基准日” “交割日”“分帐日”，三个日子经常重叠在同一天；标的物所有权和占有权的转让日是一切的分水岭：风险，责任，收入，支出，帐务全部在转让日分割转让，转让日之前归卖方，转让日之后归买方。交易路线图（Sequence or “Road Map”）DEAL DYNAMICSEffective DateLongstop DateSigning DateClosing DateBID/DDNegotiationDocumentation出售准备工作Pre-sale Preparation过渡期Interim PeriodPost Closing西方并购游戏的整体法律框架是建立在这一“路线图”的基础之上。但其核心或“灵魂”是“保证条款”。两者构成了西方并购“游戏规则”之基础，也是有别于中式并购规则的地方。有一个英语词 收购协议（SPA）的架构 —Principal Provisions（主要条款） READ SPA?- Sale and Purchase of Shares or Assets（并购标的）- Purchase Price/Price Adjustment （价格）- Representation Warranty（陈述与保证）- Conditions Precedent（交割条件）- Covenant （约定事项）- Indemnification （赔偿担保）- Limitation on Liabilities （责任豁免）- Miscellaneous (“Boilerplate”)（其它规定）- Disclosure Letter/Schedule（披露函）- ExhibitsTHICKDeal DynamicsTime BarCaps FloorsClaim ProcedurePrice ReductionCondition PrecedentIndemnityCOVENANTWARRANTYDISCLOSURELIMITATION PRICE Effective DateClosing AdjustmentPost ClosingDue DiligenceData RoomDisclosure LetterBOILER PLATEPurchase Price AdjustmentPurchase PriceSeller’s CovenantsClosing DateEconomic DateExecution DateLongstop DateReps WarrantiesReps WarrantiesIntegration - Clause, Sequence ConsequenceDEAL DYNAMICSSeller’s DisclosureSeller’s Second DisclosureSeller’s CovenantConditions PrecedentBuyer’s Indemnity to SellerSeller’s Indemnity to BuyerBuyer’s Due DiligenceSeller’s Reps Warranty Bring-down“庖丁解牛”融会贯通避免“文化冲突”跨境并购: 经验与教训（一）SPA – Boilerplate Clause（“锅炉牌”条款）Entire AgreementThis Agreement, the Exhibits and Schedules attached hereto and the documents to be executed as required by this Agreement constitute the entire agreement among the Parties pertaining to the subject matter hereof, and supersede all