Cross Border Acquisition Guide

Cross Border Acquisition Guide

Contents 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 2

Cross Border Acquisition Guide The Cross Border Acquisition Guide is an online, dynamic and searchable resource which provides an invaluable overview of the specific issues faced by a participant in the fast paced world of cross-border M&A. It will enable your team to anticipate hurdles and aid your decision making process. The guide is accessible 24 hours a day and is set out in a clearly structured and readable format which will enable you to find the answer to your query quickly and easily. It is updated quarterly by our global M&A team and is supported by our dedicated Online Services team. The guide provides contact details which will direct you to the relevant members of our global M&A team if you are looking for more involved 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 an M&A transaction in your choice of up to 19 key jurisdictions n n You can effortlessly produce a summary comparative table containing very brief details of the M&A rules in relevant jurisdictions, which are hyperlinked to more detailed information You can instantly create a comprehensive guide to the M&A rules in a particular country For example, in a couple of clicks you can find answers to queries such as: n n n n n How many directors are required to incorporate a company in Japan, Poland or the Netherlands? Are Heads of Agreement binding in Thailand or Singapore? What are the mandatory takeover and squeeze out thresholds in France, Germany and England & Wales? Is Works Council consultation required in Belgium before you sign a deal? What are the restrictions and market practices on break fees in Hong Kong and Japan? 3

Cross Border Acquisition Guide Structuring and executing modern M&A transactions can be difficult and highly complex, especially multi-jurisdictional deals and public company acquisitions. s Cross Border Acquisition Guide helps potential acquirers, sellers, targets and their advisers to scope complex M&A transactions in both the public and private spheres and to analyse and optimise structures and ensure swift execution. This service provides a concise, tailored and practical overview of the legal issues faced, giving a higher chance of success. We currently cover 19 jurisdictions across the world with more being regularly added: 4

Jurisdictions covered: Australia Belgium Czech Republic France Germany Hong Kong Hungary Italy Japan Luxembourg The Netherlands Poland Russia Singapore Spain Thailand UK Ukraine USA Jurisdictions covered 5

Critical issues covered by the guide The guide categorises key information under the following headings: 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 6

Tailored Report Using the guide, it is quick and easy to generate a tailored report focused on the jurisdictions and issues which are relevant to your transaction. Below is a sample tailored report which shows the key stakebuilding considerations for a public takeover in Belgium and Singapore. 7

Comparative Table You can create comparative summary tables to assess the differences between the M&A rules of various countries. Below is a sample comparative table showing a comparative analysis of public takeover requirements in Belgium, Czech Republic, England & Wales, Germany, Hong Kong and Russia. This may assist in assessing which transaction faces higher execution risk. 8

Company Incorporation You can factor in any timing and logistical issues when setting up a company by viewing our Company Incorporation Guide. Below is a sample comparative report which shows key facts to bear in mind when incorporating a company in Belgium, Czech Republic, England & Wales, France and Germany. 9

This market colossus is ranked highly across key jurisdictions in mainland Europe, the UK, Asia, Latin America and the Middle East. Its well-earned reputation for excellence comes from an ability to advise on the whole range of corporate and M&A-related matters, across industries 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 10

Our Mergers and Acquisitions group Your team offers applied expertise - based on our involvement in headline transactions including acquisitions, takeover bids, hostile bid situations, mergers, demergers and reorganisations. Our substantial experience of working on M&A projects of all sizes enables us to make a valuable contribution right from the start. We deliver cross-border deal expertise through a dedicated network of more than 190 Corporate partners based across 23 countries and 33 offices*. We provide you with access to local teams 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 and industry knowledge to each deal. This integrated approach gives you access to complementary areas of law including Competition; Finance and Capital Markets; Tax; Employment and Litigation/Dispute Resolution. We work closely with your in-house team, keeping your commercial objectives at the forefront of our thinking, 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. * has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh. 11

Online Services - Global M&A Toolkit The Global M&A Toolkit is the essential interactive resource for anyone involved in M&A transactions. It brings clarity to the increasingly complex world of cross-border M&A and provides practical information and solutions to meet the challenges you face as an M&A professional. The Global M&A Toolkit comprises a growing collection of web-based transaction tools and indepth analysis of the most important market and regulatory developments in M&A regimes across the globe. It features special access to Clifford Chance's leading cross-border M&A databases, informative videos, guides (including the Cross Border Acquisition Guide), handbooks and publications covering the key issues in Global M&A. www.cliffordchance.com/globalm&atoolkit 12

Online Services - other products Our other Online Services provide instant access to a variety of tailored know-how information and include: Our industry-focused Alerter - regular email updates of key developments in the Finance, Communications and Media and Energy sectors. Webinars - we have recently introduced a series of live and interactive audio-visual broadcasts, which are essentially online seminars accessed through your web browser. The programme started in mid-2009 and has covered current developments and emerging trends in corporate finance transactions, such as structuring transactions in difficult economic times and developments in restructuring. We have received very positive feedback from a wide range of clients on both the content and format. As well as being broadcast live, the back catalogue is available on the website (www.cliffordchance.com). COMPLY - With regulators taking an increasingly tough stance against breaches of competition / antitrust and anti-corruption law, there is a need for a robust compliance training tool for your employees. COMPLY trains, tests and monitors your employees on all relevant aspects of competition / antitrust and / or anti-corruption law. Compliance officers can also monitor progress through the reporting tool which makes COMPLY both a cost and time effective service to deploy. Cross Border Financing Guide - gives you online access to the information that can make or break your financing deal. It offers a concise and practical overview of the key legal and market developments in the financial arena in jurisdictions around the world. This is used very widely by our banking clients and is hugely valued by those operating in the debt markets. To obtain access to any of these services please contact the Online Services Team. Contact details are provided at the back of this document. 13

Global M&A team Australia Michael Lishman T: +61 892625 502 E: michael.lishman@cliffordchance.com Mark Pistilli T: +61 28922 8001 E: mark.pistilli@cliffordchance.com Brazil Anthony Oldfield T: +55 113019 6010 E: anthony.oldfield@cliffordchance.com Belgium Philippe Hamer T: +32 2533 5912 E: philippe.hamer@cliffordchance.com Tony Reeves T: +32 2533 5943 E: tony.reeves@cliffordchance.com China Emma Davies T: +86 212320 7215 E: emma.davies@cliffordchance.com Terence Foo T: +86 106535 2299 E: terence.foo@cliffordchance.com Kelly Gregory T: +86 212320 7234 E: kelly.gregory@cliffordchance.com Stephen Harder T: +86 212320 7320 E: stephen.harder@cliffordchance.com Glen Ma T: +86 212320 7217 E: glen.ma@cliffordchance.com Tim Wang T: +86 106535 2266 E: tim.wang@cliffordchance.com Czech Republic Alex Cook T: +420 22255 5212 E: alex.cook@cliffordchance.com David Kolacek T: +420 22255 5212 E: david.kolacek@cliffordchance.com France Catherine Astor-Veyres T: +33 14405 5325 E: catherine.astor-veyres@cliffordchance.com Thierry Schoen T: +33 14405 5247 E: thierry.schoen@cliffordchance.com Germany Peter Dieners T: +49 211 4355 5468 E: peter.dieners@cliffordchance.com Andreas Dietzel T: +49 697 199 1761 E: andreas.dietzel@cliffordchance.com Bernd Meyer-Witting T: +49 697 199 3115 E: bernd.meyer-witting@cliffordchance.com Arndt Stengel T: +49 697 199 1486 E: arndt.stengel@cliffordchance.com Hong Kong Cherry Chan T: +852 2826 3484 E: cherry.chan@cliffordchance.com Roger Denny T: +852 2826 3443 E: roger.denny@cliffordchance.com Mark Shipman T: +852 2825 8992 E: mark.shipman@cliffordchance.com Italy Umberto Penco Salvi T: +39 028063 4241 E: umberto.pencosalvi@cliffordchance.com Paolo Sersale T: +39 028063 4274 E: paolo.sersale@cliffordchance.com Japan Tatsuhiko Kamiyama T: +81 35561 6395 E: tatsuhiko kamiyama@cliffordchance.com Andrew Whan T: +81 35561 6615 E: andrew.whan@cliffordchance.com Luxembourg Claudie Grisius T: +352 485050 280 E: claudie.grisius@cliffordchance.com Christian Kremer T: +352 485050 201 E: christian.kremer@cliffordchance.com Poland Nick Fletcher T: +48 22429 9520 E: nick.fletcher@cliffordchance.com Agnieszka Janicka T: +48 22429 9531 E: agnieszka.janicka@cliffordchance.com Qatar Richard Parris T: +974 4491 7041 E: richard.parris@cliffordchance.com Romania Nadia Badea T: +40 216666 102 E: nadia.badea@cliffordchance.com Perry Zizzi T: +40 216666 145 E: perry.zizzi@cliffordchance.com 14

Russia Marc Bartholomy T: +7 495797 9893 E: marc.bartholomy@cliffordchance.com Nicholas Rees T: +7 495258 5090 E: nicholas.rees@cliffordchance.com Singapore Simon Clinton T: +65 6410 2269 E: simon.clinton@cliffordchance.com Lee Taylor T: +65 6410 2290 E: lee.taylor@cliffordchance.com Spain José María Fernández-Daza T: +34 91590 9466 E: josemaria.fernandez-daza@cliffordchance.com Ignacio Ojanguren T: +34 91590 7569 E: ignacio.ojanguren@cliffordchance.com Thailand Andrew Matthews T: +66 2401 8822 E: andrew.matthews@cliffordchance.com The Netherlands Jeroen Koster T: +31 20711 9202 E: jeroen.koster@cliffordchance.com Turkey Simon Williams T: +90 212 339 0067 E: simon.williams@cliffordchance.com UAE Guy Norman T: +971 43620 615 E: guy.norman@cliffordchance.com Ukraine Jared Grubb T: +380 44390 2236 E: jared.grubb@cliffordchance.com United Kingdom Matthew Layton T: +44 207 006 1229 E: matthew.layton@cliffordchance.com Simon Tinkler T: +44 207 006 1684 E: simon.tinkler@cliffordchance.com United States Sarah Jones T: +121 2878 3321 E: sarah.jones@cliffordchance.com Online Services Team Find out how the Cross Border Acquisition Guide can benefit your company. To get access, for subscription details or a product demonstration, please contact the Online Services team. Online Services helpdesk T: +44 20 7006 4444 E: onlineservices@cliffordchance.com 15

33* offices in 23 countries Abu Dhabi 13th and 14th Floors Al Niyadi Building Airport Road Sector W-14/02 PO Box 26492 Abu Dhabi United Arab Emirates T +971 2 419 2500 F +971 2 419 2600 Amsterdam Droogbak 1A 1013 GE Amsterdam PO Box 251 1000 AG Amsterdam The Netherlands T +31 20 7119 000 F +31 20 7119 999 Bangkok Sindhorn Building Tower 3 21st Floor 130-132 Wireless Road Pathumwan Bangkok 10330 Thailand T +66 2 401 8800 F +66 2 401 8801 Barcelona Av. Diagonal 682 08034 Barcelona Spain T +34 93 344 22 00 F +34 93 344 22 22 Beijing 33/F China World Office Building 1 No. 1 Jinguomenwai Dajie Chaoyang District Beijing 100004 People s Republic of China T +86 10 6505 9018 F +86 10 6505 9028 Brussels Avenue Louise 65 Box 2, 1050 Brussels Belgium T +32 2 533 5911 F +32 2 533 5959 Bucharest Badea Excelsior Center 28-30 Academiei Street 12th Floor, Sector 1, Bucharest, 010016 Romania T +40 21 66 66 100 F +40 21 66 66 111 Doha Middle East LLP QFC Branch, Suite B, 30th Floor, Tornado Tower Al Funduq Street West Bay PO Box 32110 Doha State of Qatar T +974 4 491 7040 F +974 4 491 7050 Dubai 3rd Floor, The Exchange Building Dubai International Financial Centre PO Box 9380 Dubai United Arab Emirates T +971 4 362 0444 F +971 4 362 0445 Düsseldorf Königsallee 59 40215 Düsseldorf Germany T +49 211 43 55-0 F +49 211 43 55-5600 Frankfurt Mainzer Landstraße 46 60325 Frankfurt am Main Germany T +49 69 71 99-01 F +49 69 71 99-4000 Hong Kong 28th Floor Jardine House One Connaught Place Hong Kong T +852 2825 8888 F +852 2825 8800 Istanbul Kanyon Ofis Binasi Kat. 10 Büyükdere Cad. No. 185 34394 Levent, Istanbul Turkey T +90 212 339 0000 F +90 212 339 0099 Kyiv 75 Zhylyanska Street 01032 Kyiv, Ukraine T +38 (044) 390 5885 F +38 (044) 390 5886 London 10 Upper Bank Street London E14 5JJ United Kingdom T +44 20 7006 1000 F +44 20 7006 5555 Luxembourg Kremer Associés & 2-4, Place de Paris B.P. 1147 L-1011 Luxembourg Grand-Duché de Luxembourg T +352 48 50 50 1 F +352 48 13 85 Madrid Paseo de la Castellana 110 28046 Madrid Spain T +34 91 590 75 00 F +34 91 590 75 75 Milan Piazzetta M. Bossi, 3 20121 Milan Italy T +39 02 806 341 F +39 02 806 34200 Moscow Ul. Gasheka 6 125047 Moscow Russia T +7 495 258 5050 F +7 495 258 5051 Munich Theresienstraße 4-6 80333 Munich Germany T +49 89 216 32-0 F +49 89 216 32-8600 New York 31 West 52nd Street New York NY 10019-6131 USA T +1 212 878 8000 F +1 212 878 8375 Paris 9 Place Vendôme CS 50018 75038 Paris Cedex 01 France T +33 1 44 05 52 52 F +33 1 44 05 52 00 Perth Level 12, London House 216 St Georges Terrace Perth WA 6000 Australia T +618 9262 5555 F +618 9262 5522 Prague Jungamannova Plaza Jungamannova 24 110 00 Prague 1 Czech Republic T +420 222 555 222 F +420 222 555 000 *Riyadh Al-Jadaan & Partners Law Firm P.O.Box 3515, Riyadh 11481 Fifth Floor, North Tower Al-Umam Commercial Centre Salah-AlDin Al-Ayyubi Street Al-Malaz, Riyadh Kingdom of Saudi Arabia T +966 1 478 0220 F +966 1 476 9332 Rome Via Di Villa Sacchetti, 11 00197 Rome Italy T +39 06 422 911 F +39 06 422 91200 São Paulo Rua Funchal 418 15º- andar 04551-060 São Paulo-SP Brazil T +55 11 3019 6000 F +55 11 3019 6001 Shanghai 40th Floor, Bund Centre 222 Yan An East Road Shanghai 200002 China T +86 21 2320 7288 F +86 21 2320 7256 Singapore One George Street 19th Floor Singapore 049145 T +65 6410 2200 F +65 6410 2288 Sydney Level 16 No. 1 O'Connell Street Sydney NSW 2000 Australia T +612 8922 8000 F +612 8922 8088 Tokyo Akasaka Tameike Tower 7th Floor 2-17-7, Akasaka Minato-ku Tokyo 107-0052 Japan T +81 3 5561 6600 F +81 3 5561 6699 Warsaw Norway House ul.lwowska 19 00-660 Warsaw Poland T +48 22 627 11 77 F +48 22 627 14 66 Washington, D.C. 2001 K Street NW Washington, DC 20006-1001 USA T +1 202 912 5000 F +1 202 912 6000 LLP, October 2011. 10 Upper Bank Street, London, E14 5JJ www.cliffordchance.com 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 LLP, or an employee or consultant with equivalent standing and qualifications. 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. * has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh