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►► 大中华地区对外并购交易 - 收购方法律顾问排名表 (按金额排名) 2008年
公司名称
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高伟绅律师事务所 盛信律师事务所 万盛国际律师事务所
4 5 6 7 8 9 10 11 12 13 14 15= 15=
Ashurst 王律师事务所 海问律师事务所 金杜律师事务所 Bugge Arentz-Hansen and Rasmussen 路伟国际法律事务所 伟凯律师事务所 Loyens & Loeff 新加坡旭龄及穆律师楼 苏利文•克伦威尔律师事务所 司特曼律师事务所 Mannheimer Swartling Vinson & Elkins
a number of high-stake outbound transactions in natural resources, has seen the same market sentiment. “The large SOEs are proceeding cautiously at this point. We don’t see any moves by our Chinese clients to immediately expand their acquisitions of overseas assets,” said Paul Deemer, co-managing partner of the firm’s Beijing and Shanghai offices. “However, we do expect that the climate for Chinese overseas acquisitions will improve later in the year, particularly if it becomes clear that the slowdown has bottomed,” Deemer added. In light of a lower level of activity in the legal services market, clients’ bargaining power is greater than a year ago. Many law firms have been offering clients an array of alternative fee arrangements and discounted billing rates. However, general counsel of companies that are not financially challenged insist that quality of services, efficiency and ability to complete deals within a tight timeframe are the top selection criteria for external legal advisers.
Challenges to overcome
The lack of international experience and the unfamiliarity with foreign legal and business environments have always been the barriers to the globalisation efforts of domestic companies. And bringing a transaction to completion is becoming more difficult due to global turmoil. 12
金额 (百万 美元) 18,670 13,165 12,781 12,740 5,112 4,113 3,797 3,777 3,471 3,372 3,357 3,115 3,103 2,120 1,813 1,813
交易数量 6 2 2 1 3 2 2 1 2 3 1 2 1 2 1 1
“The regulatory and stakeholder environments in Western and emerging markets are likely to become more complex and difficult to navigate as recessionary conditions begin to bite. That means Chinese companies will need to plan their overseas investments carefully,” said Alastair Da Costa, DLA Piper’s managing director for Asia. Outbound M&A deals of Chinese companies share the same pitfalls as any international M&A transaction. Chinese investors are strongly advised to seek expert advice and engage legal counsel with extensive expertise and experience in cross-border transactions. Deemer of Vinson & Elkins suggested that the three key elements for a successful deal are: finding assets or companies at prices that reflect their true value; carrying out a thorough due diligence; and negotiating agreements that provide solid protection to the buyer. “We expect that there will be more distressed sellers in the market, and those will need to be carefully vetted to assure the buyer that it’s getting what it pays for,” said Deemer. ALB
海外并购或 将成为主流 不
久前，国内公司还是境外投资机构的首选收 购对象。如今，许多中国企业已成为跨国并 购交易中的买家。2008年，中国在海外投资的总价 值和成交数创下海外并购的历史新高。 随着境外其它地区的市场逐渐触底以及融资渠道 更加畅通，业内人士预计2009年中国企业将完成更 多海外收购。众多律所对为中国客户提供跨境交易 顾问服务给予厚望，希望该类业务的上升能够弥补 金融危机对其它业务领域造成的影响。
资源类企业主导跨国并购
资源类企业的海外并购交易量，尤其是在澳大利 亚、非洲和拉美市场，增长最为强劲。中国铝业 与美国铝业联手以143亿美元联合收购力拓股权， 成为2008年亚洲规模最大的一笔交易。 中钢集团因以13亿美元收购澳洲中西部公司，成 为首个成功收购澳大利亚上市资源公司的国有企业。 中海油以25亿美元收购挪威离岸石油公司Awilco， 以及中石油以19亿美元收购加拿大上市石油公司 Tanganyika，均受到国际市场瞩目。 在资源丰富的地区，经验丰富且行业影响力较大 的跨国律师事务所颇受中国企业青睐。 的近的合伙人 Ian McCubbin 曾带领团队为中钢 集团收购 Midwest 提供法律顾问服务。 他透露，在过去12个月内，中国公司委托该所 进行的跨境并购工作量增长了近两倍。并购收入 的半数来自国有企业主导的跨境交易，其中多数 在资源领域。 而对于与大型国有企业、上市公司和私营企业保 持长期合作关系的国内律所来说，在过去几年内， 他们的服务范围亦在不断扩大，以便满足客户在国 际交易中产生的法律需求。 金杜律师事务所合伙人郭桂英是代理跨境并购方 面的资深律师。在2008年12月举办的北京国际并购 论坛上，她表示，金杜在近两年来看到中国客户赴 海外投资的项目数量和规模不断增加。其中约80％ 的项目在资源和能源领域。 由于跨国交易多在外国司法管辖地进行，受当地 法律和法规的监管，因此国际律师事务所在此类交 易中具有得天独厚的优势，其作用至关重要。但国 内律所亦为交易中不可缺少的顾问角色，为中国收 购方提供相关中国法律服务。 凯文律师事务所合伙人张诗伟表示：“境外投资 通常涉及多个政府部门的复杂审批程序。协助客户 获得所有必要的审批许可是中国律师担当的重任之 一。”张诗伟近期曾为深圳中金岭南提供顾问服务， 协助该公司与印尼合作伙伴Antam合作，以4.7亿美 元共同收购澳大利亚Herald Resources。
“Large SOEs are proceeding cautiously at this point … However, we do expect that the climate for Chinese overseas acquisitions will improve later in the year, particularly if it becomes clear that the slowdown has bottomed” Paul Deemer, Vinson & Elkins ISSUE 6.1