国际并购交易的经验与教训

国际并购交易的经验与教训中国对外并购历史演绎：四段论 静默期爆发期成长期199020002008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。3)起步增多/偏重资源/几家大央企/学习培养/注意整合4)扩张/全方位/资源/市场/品牌/民企加入/主权基金试水期中国对外并购历史演绎：四段论 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Merger&Acquisition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”）出售准备工作Pre-sale PreparationBID/DDNegotiationDocumentationPost Closing过渡期Interim PeriodEffective DateSigning DateClosing Date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 DEAL DYNAMICSLongstop Date收购协议（SPA）的架构 Principal Provisions（主要条款）-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）-ExhibitsREAD SPA?THICKDeal DynamicsWARRANTYTime BarCaps&FloorsClaim ProcedurePrice ReductionCondition PrecedentIndemnityEffective DateClosing AdjustmentPost ClosingDue DiligenceData RoomDisclosure LetterLIMITATION PRICEBOILER PLATEDISCLOSURECOVENANTIntegration-Clause,Sequence&ConsequenceExecution DateClosing DateLongstop DateSellers CovenantsPurchase PriceEconomic DatePurchase Price AdjustmentReps&WarrantiesReps&WarrantiesSellers Reps&Warranty Bring-downBuyers Due DiligenceDEAL DYNAMICS“庖丁解牛”Sellers Indemnity to BuyerConditions PrecedentBuyers Indemnity to SellerSellers DisclosureSellers Second DisclosureSellers Covenant融会贯通跨境并购:经验与教训（一）避免“文化冲突”SPA Boilerplate Clause（“锅炉牌”条款）Entire Agreement This 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 prior agreements,understandings,negotiations and discussions,whether oral or written,of the Parties pertaining to the subject matter hereof.supersede all prior agreements,understandings,negotiations and discussions,whether oral or written,of the Parties pertaining to the subject matter hereof.No Reliance Purchasers acknowledge that they are relying upon only those representations and warranties of Sellers that are expressly contained in this Agreement,as well as upon its own inspections and investigation.Purchasers are not relying upon any representations,warranties,statements,advice,documents,projections or other information of any type provided by Sellers or their Representatives,including without limitation any information memoranda issued to Purchasers,other than those representations and warranties expressly set forth in this Agreement.跨境并购:经验与教训（二）避免“被锁定”教训二：避免“被锁定”商场如战场！赚钱如抢钱！区别是“周瑜打黄盖”买卖双方表面上谈判地位是平等的，但实际上因为各种原因是不平等的。一个惯用的谈判伎俩是通过签订所谓中程协议改变原本不平等的谈判地位，变被动为主动。所谓中程协议（InterimAgreement）是指：1）保密协议；2）框架协议或意向书；3）委托代理协议；4）上市公司的公示；5）没有协议名称的但具有法律约束力的文件。教训二：避免“被锁定”1保密协议里的“不得竞争条款”Non-compete2收购上市公司买卖双方共同发布的Public Announcement3没有协议名称的约束性法律文件如开发方案 FDPWATCH OUTYOUR OWNADVISORSBe beware you are only one of clients to your advisors跨境并购:经验与教训（三）跨境并购:经验与教训（四）小心“未来或有债务”USAC Environmental Remedial ProgramUSAC Gypsium Stack ReclamationUSAC Cooling Pond Water跨境并购:经验与教训（四）尽可能避免对未来卖方承担的环保责任的赔偿责任设上限（CAP）!“Sell it or get out rather than clean it!”能卖则卖Be very cautious about future contingent liabilities!对夕阳产业的投资要十分小心!不要轻易进入！尽职调查时不仅要 查询现有的法律规定，更要关注已经提出的议案，以及已知立法议事日程DCF model is not a good tool to price in clean-up cost!折现法的局限性跨境并购:经验与教训（五）A smart deal cannot save a lousy project!一个好的交易挽救不了一个坏的项目Command“big picture”（掌握“大局”）Distinguish issues of first-tiered and second-tiered分清什么是重要的问题，什么是次要的问题。Dont let“petite smart lawyering”kill a good project不要让“小聪明”坏了好项目。Sometimes“price is above all”or“price is everything”有时价格最重要。“Project Smart”First!“Deal Smart”Second!项目第一！交易第二！跨境并购:经验与教训（五）Closing may be the end of your M&A deal,交割可能是贵司并购交易的结束，1But it is the beginning of your M&A venture;但是，交割是贵司并购项目的开始；2Hopefully,it is not the beginning of an end.但愿，它不是一个结束的开始。3VENTURE企业系冒险2016/4/27