outbound m&a publication-20111101 · 2012. 1. 5. · taipei 106, taiwan, r.o.c. tel ：...

A Guide to A Guide to A Guide to A Guide to Outbound M&AOutbound M&AOutbound M&AOutbound M&A

for Chinese Investorsfor Chinese Investorsfor Chinese Investorsfor Chinese Investors

中国投资者海外并购指南中国投资者海外并购指南中国投资者海外并购指南中国投资者海外并购指南

October 2011

2011年 10月

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This guide has been prepared by Jun He Law Offices with the assistance of the following law firms:

本指南由君合律师事务所，及有赖以下律师事务所协助编撰:

Angola 安哥拉安哥拉安哥拉安哥拉: Angola Legal Circle Advogados

www.mlgts.pt

Contact: Catarina Levy Osório

Av. Lenine, 123, 2º andar

Edifício Millennium Angola

Luanda

Angola

Tel.: (+244) 934 630 424

Tel.: (+244) 934 630 424

[email protected]

Argentina 阿根廷阿根廷阿根廷阿根廷: Marval, O'Farrell & Mairal

www.marval.com.ar

Contact: Luciano Ojea Quintana

Av. Leandro N. Alem 928

7th floor

(C1001AAR) Buenos Aires

Argentina

Tel. +54.11 4310. 0131

Fax +54.11 4310.0200

[email protected]

Australia 澳大利亚澳大利亚澳大利亚澳大利亚: Clayton Utz

www.claytonutz.com

Contact: Graham Taylor

Level 15, 1 Bligh Street

Sydney NSW 2000 Australia

PO Box H3, Australia Square

Sydney NSW 1215

DX 370 Sydney

Tel: +61 2 9353 4169

Fax: +61 2 8220 6700

[email protected]

Brazil 巴西巴西巴西巴西: Demarest e Almeida

www.demarest.com.br

Contact: Rocha, Paulo Frank Coelho Da

Av. Pedroso de Moraes

1.201 - Centro Cultural Ohtake

São Paulo - SP - Cep: 05419-001

Brazil

Tel: +55 11 3356-1822

Fax: +55 11 3356-1700

[email protected]

Canada 加拿大加拿大加拿大加拿大: Blake, Cassels & Graydon LLP

www.blakes.com

Contact: Frank P. Arnone

199 Bay Street

Suite 4000, Commerce Court West

Toronto ON M5L 1A9

Canada

Tel: 416-863-2400

Fax: 416-863-2653

[email protected]

France 法国法国法国法国: Bredin Prat

www.bredinprat.fr

Contact: Olivier Saba

130, rue du Faubourg Saint-Honoré

75008 Paris

France

Tel : +33 1 44 35 35 35

Fax : +33 1 42 89 10 73

[email protected]

Germany 德国德国德国德国: Hengeler Mueller

www.hengeler.com

Contact: Hendrik Haag

Bockenheimer Landstraße 24

60323 Frankfurt am Main

Germany

Tel: +49 69 17095-0

Fax: +49 69 725773

[email protected]

India 印度印度印度印度: Dua Associates

duaassociates.com

Contact: Ranji Dua

Tolstoy House

15, Tolstoy Marg

India

New Delhi - 110 001

Tel: +91 (11) 2371 4408

Fax: +91 (11) 2331 7746, 2335 7097

[email protected]

Italy 意大利意大利意大利意大利: Bonelli Erede Pappalardo

www.beplex.com

Contact: Prof. Avv. Renzo Cavalieri

Via Barozzi 1,

Milan,

Lombardy

Italy

20122

Tel +39 02 77 11 31

Fax +39 02 77 11 3260

[email protected]

Japan 日本日本日本日本: Anderson Mori & Tomotsune

www.amt-law.com

Contact: Hiroshige Nakagawa

Izumi Garden Tower, 6-1, Roppongi 1-

chome, Minato-ku, Tokyo 106-6036,

Japan

Tel: +81-3-6888-1000

Fax: +81 3 6888 3174

[email protected]

Macau 澳门澳门澳门澳门: MdME

www.mdme.com.mo

Contact: Goncalo Mendes da Maia

Alameda Dr. Carlos D'Assumpção, 180,

Edf. Tong Nam Ah, 16-andar, R-T, Macau

Tel. +853 2833 3332

Fax. +853 2833 3331

[email protected]

Malaysia 马来西亚马来西亚马来西亚马来西亚: Skrine

www.skrine.com

Contact: Phua, Pao Yii

Unit 50-8-1, 8th Floor,

Wisma UOA Damansara

50 Jalan Dungun

Damansara Heights

50490 Kuala Lumpur

Malaysia

Tel: +60 3 2081 3999

Fax: +60 3 2094 3211

[email protected]

Mozambique 莫桑比克莫桑比克莫桑比克莫桑比克: SCAN - Advogados e Consultores

www.scan.co.mz

Contact: Fabricia Almeida Henriques

Avenida Julius Nyerere, 2399

Bairro da Sommershield

Maputo Moçambique

Tel: +258 21 491 580/87/88

Fax: +258 21 491 576

[email protected]

Netherlands 荷兰荷兰荷兰荷兰: De Brauw Blackstone Westbroek N.V.

www.debrauw.com

Contact: Geert Potjewijd

2906 / 2908 China World Office 2

No. 1 Jianguomenwai Avenue

Beijing 100004

People's Republic of China

Tel: +86 (10) 5965 0501

Fax: +86 (10) 5965 0550

[email protected]

New Zealand 新西兰新西兰新西兰新西兰: Simpson Grierson

www.simpsongrierson.com

Contact: Stephen Ward

Level 27, 88 Shortland Street

Private Bag 92518

Auckland, New Zealand

Tel: +64-9-977 5432

Fax: +64-9-977 5067

[email protected]

Portugal 葡萄牙葡萄牙葡萄牙葡萄牙: Morais Leitão, Galvão Teles, Soares da Silva Sociedade de Advogados, R.L.

www.mlgts.pt

Contact: Nuno Galvão Teles

Rua Castilho, 165 – 1070-050 Lisboa

Tel: +351 213 817 438

Fax: +351 213 826 629

[email protected]

Russia 俄罗斯俄罗斯俄罗斯俄罗斯: ALRUD

www.alrud.ru

Contact: Maxim Alekseyev

17, Skakovaya str., Moscow, 125040,

Russia

Tel: +7 (495) 234 96 92

Fax: +7 (495) 956 3718

[email protected]

Singapore 新加坡新加坡新加坡新加坡: Allen & Gledhill LLP

www.allenandgledhill.com

Contact: Andrew M. Lim

One Marina Boulevard #28-00

Singapore 018989

Tel: +65 6890 7706

Fax: +65 6302 3149

[email protected]

South Africa 南非南非南非南非: Bowman Gilfillan

www.bowman.co.za

Contact: Charles Young

165 West Street

Sandton Johannesburg South Africa

Tel: +27 (0)11 669 9000

Fax: +27 (0)11 669 9001

[email protected]

Spain 西班牙西班牙西班牙西班牙: Uria Menendez

www.uria.com

Contact: Juan Martin Perrotto

2909 China World Office 2

No. 1 Jianguomenwai Avenue

100004 Beijing PRC

Tel:+86 (10) 5965 0708

Fax:+86 (10) 5965 0750

[email protected]

Sweden 瑞典瑞典瑞典瑞典: Advokatfirman Vinge KB

www.vinge.com

Contact: Katarina Nilsson

Rm 1206-1209 Shanghai Times Square 93 Huaihai Zhong Road 200021 Shanghai Tel: +86 21 5382 0196 Fax: +86 21 5382 2353 [email protected]

Taiwan 台湾台湾台湾台湾: Tsar & Tsai Law Firm

www.tsartsai.com.tw

Contact: Paul Tsai

8th Fl., 245 DunHua S. Rd., Sec. 1

Taipei 106, Taiwan, R.O.C.

Tel： +886-2-27814111

Fax： +886-2-27213834

[email protected]

UK 英国英国英国英国: Slaughter and May

www.slaughterandmay.com

Contact: Lisa Chung

47th Floor, Jardine House

One Connaught Place, Central

Hong Kong

Tel: (852) 2521 0551

Fax: (852) 2845 2125

[email protected]

US 美利坚合众国美利坚合众国美利坚合众国美利坚合众国: Cravath, Swaine & Moore LLP

www.cravath.com

Contact: Richard Hall

Worldwide Plaza

825 Eighth Avenue

New York, NY 10019-7475 USA

Tel: (212) 474-1000

Fax: (212) 474-3700

[email protected]

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Important Note 重要提示

This guide is intended to provide Chinese investors with general information in connection with M&A transactions in 25 jurisdictions.

本指南意在为中国投资者提供有关在 25个司法辖区进行的并购交易的一般信息。

The information contained in this guide is not intended to be used, and must not be used, as legal advice, either on general questions related to M&A transactions or on questions relating to any specific transaction. Specific advice must be taken before acting in relation to any of the issues covered in this guide.

本指南中包含的信息无意用作且不得被用作对与并购交易相关的一般问题或与任何特定交易相关的问题的法律

意见。在就本指南所涉及的任何问题进行行为之前，必须采纳具体的建议。

The information contained in this guide is given as at 1 October 2011.

本指南中所包含的信息截至 2011年 10月 1日。

Please note that the articles in this guide have been prepared in English and translated into Chinese. The English language version of each article shall therefore be the sole definitive version and the Chinese translation is provided for information only.

请注意：本指南中的文章是以英文起草并被译为中文。因此，每篇文章的英文文本应为唯一的最终版本，中文

翻译仅供参考。

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Contents 目录

Introduction 引言 ................................................................................................................................................. 1

General articles on outbound M&A 境外并购所涉及的议题 ................................................................................ 3

PRC Governmental Approvals for outbound investment 中国对境外投资的政府审批 ........................... 4

Protection of Chinese investors against political risk 中国投资者对外并购交易中的政治风险防范 ..... 15

Key tax considerations for Chinese investors 中国投资者境外并购交易的主要税务考虑 ................... 28

Merger Control 跨境并购控制 .............................................................................................................. 43

Common due diligence and negotiation issues on private M&A transactions 私人并购交易中常见的尽职调查及谈判问题 ......................................................................................... 53

Jurisdiction guides 各国指引 .............................................................................................................................. 63

Angola 安哥拉 ...................................................................................................................................... 64

Argentina 阿根廷.................................................................................................................................. 72

Australia 澳大利亚 .............................................................................................................................. 83

Brazil 巴西 ............................................................................................................................................ 97

Canada 加拿大 .................................................................................................................................. 111

France 法国 ....................................................................................................................................... 121

Germany 德国 .................................................................................................................................... 133

Hong Kong 香港................................................................................................................................. 144

India 印度 ........................................................................................................................................... 156

Italy 意大利 ........................................................................................................................................ 166

Japan 日本 ......................................................................................................................................... 178

Macau 澳门 ........................................................................................................................................ 190

Malaysia 马来西亚 ............................................................................................................................. 200

Mozambique 莫桑比克 ....................................................................................................................... 214

Netherlands 荷兰 ............................................................................................................................... 223

New Zealand 新西兰 .......................................................................................................................... 235

Portugal 葡萄牙 .................................................................................................................................. 249

Russia 俄罗斯 .................................................................................................................................... 262

Singapore 新加坡............................................................................................................................... 275

South Africa 南非 ............................................................................................................................... 287

Spain 西班牙 ...................................................................................................................................... 298

Sweden 瑞典 ...................................................................................................................................... 312

Taiwan 台湾 ....................................................................................................................................... 323

United Kingdom 英国 ......................................................................................................................... 335

United States of America 美利坚合众国 ............................................................................................ 349

1

Introduction 引言

One of the natural consequences of China’s increasing economic influence and power in recent years has been its interest in acquiring overseas assets. In 2010 China ranked 5th globally for outbound direct investment, behind USA, Germany, France and Hong Kong. As part of this outbound trend, Chinese investors have become increasingly interested in M&A as an investment tool and it would be tempting to conclude from the sometimes excessive media attention that corporate China has been on a buying spree.

近年来中国日益增长的经济影响力和力量的自然后果之一是其对收购海外资产的兴趣。2010 年，中国在全球对

外直接投资中排名第五，仅次于美国、德国、法国和香港。作为这一对外投资趋势的一部分，中国投资者对将

并购作为一种投资工具越来越感兴趣，且从有时过度的媒体关注中得出中国企业已处于抢购风潮中的结论将是

很吸引人的。

The reality is somewhat more modest although it would be reasonable to conclude that China is becoming an increasingly important player on the worldwide M&A stage.

尽管可以合理地得出结论：中国正在成为全球并购舞台上日益重要的参与者，但是现实的情况却较为温和。

The most significant headline grabbers have been the many large transactions in the oil and gas and mineral resources sectors and, prior to the 2008 global economic crisis, in the financial services sector. However there has, more recently, been a growing proportion of transactions in high tech companies, consumer related companies and brands, and machinery and specialized equipment.

石油和天然气以及矿产资源等行业的许多大型交易一直是最重要的头版头条新闻，且在 2008年全球经济危机之

前，头版头条新闻集中于金融服务业。然而最近，高科技公司，消费相关的企业和品牌，以及机械和专用设备

的交易所占比例越来越大。

The following map of the world shows China’s geographical concentration of overall outbound investment between January 2005 and July 2011:

以下的世界地图显示了 2005年 1月和 2011年 7月之间中国全部对外投资的地理集中情况：

2

The purpose of this guide is to serve as an introduction for Chinese investors to key issues faced on M&A

transactions in a wide range of jurisdictions that are representative of China’s current outbound activity.

本指南的目的是为中国投资者介绍其在中国目前对外投资活动中有代表性的广泛司法辖区中所面临的主要问

题。

We have included a set of general articles on issues to be addressed wherever the target investment is

located, including a review of:

我们收入了处理目标投资所在地问题的一套一般性文章，包括对以下问题的回顾：

• PRC governmental approvals;

中国政府批准；

• tax issues;

税务问题；

• merger control issues;

并购控制问题；

• political risk issues; and

政治风险问题；以及

• due diligence and common transaction negotiation issues.

尽职调查和一般交易谈判问题。

This is followed by answers from law firms in 25 jurisdictions to questions commonly asked by prospective

Chinese investors in connection with M&A transactions involving private and listed company targets.

后面有 25个司法辖区的律师事务所对预期的中国投资者常问的与私有和上市目标公司的并购交易相关的问题的

回答。

We would like to express our sincere appreciation to the law firms that have assisted us in this project.

我们对曾协助我们进行此项目的律师事务所表示我们由衷的感谢。

We hope that you will find this guide useful. If you have any comments or questions, please contact the

undersigned or your usual contact at Jun He Law Offices.

我们希望本指南对您有所帮助。如果您有任何意见或问题，请联系以下签名人或您在君合律师事务所的惯常联

系人。

Stephen Wozencroft 伍森科律师伍森科律师伍森科律师伍森科律师

Suite 2008, 20th Floor, Jardine House 1 Connaught Place Central, Hong Kong 香港中环康乐广场 1 号

怡和大厦 20 楼 2008 室 E-mail 电子邮件: [email protected]

Telephone 电话: (852) 2167 0000

He Fang 何芳何芳何芳何芳律师律师律师律师

China Resources Building, 20th Floor 8 Jianguomenbei Avenue, Beijing 100005, P. R. China 中国北京建国门北大街 8 号

华润大厦 20 层

E-mail 电子邮件: [email protected]

Telephone 电话: (86-10) 8519 1300

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General articles on outbound M&A 境外并购所涉及的议题

PRC Governmental Approvals for outbound investment 中国对境外投资的政府审批

4

PRC PRC PRC PRC Governmental Approvals for outbound Governmental Approvals for outbound Governmental Approvals for outbound Governmental Approvals for outbound

investmentinvestmentinvestmentinvestment

中国对境外投资的政府审批中国对境外投资的政府审批中国对境外投资的政府审批中国对境外投资的政府审批

A. OVERVIEW OF THE REQUIRED APPROVALS FOR OUTBOUND INVESTMENT 对外投资所需审批概述对外投资所需审批概述对外投资所需审批概述对外投资所需审批概述

1. What are the governmental approvals required for China outbound investment?

中国对外投资需要哪些政府审批中国对外投资需要哪些政府审批中国对外投资需要哪些政府审批中国对外投资需要哪些政府审批？？？？

An outbound investment by a Chinese investor outside the financial/insurance/securities sectors is typically subject to the approval by, and registration with, the following three governmental bodies (or their respective branches), namely:

中国投资者对外投资金融、保险、证券行业以外的行业一般由下列三个政府部门（或其各自的分支机构）

审批和登记，即：

•••• the National Development and Reform Commission (“NDRC”);

国家发展和改革委员会（““““国家发改委国家发改委国家发改委国家发改委””””）；

•••• the Ministry of Commerce (“MOFCOM”); and

中华人民共和国商务部（““““商务部商务部商务部商务部””””）；及

•••• the State Administration of Foreign Exchange (“SAFE”).

国家外汇管理局（““““外管局外管局外管局外管局””””）。

Approval by the State Asset Supervision and Administration Commission (“SASAC”) will also be required if the outbound investment involves state-owned assets.

涉及国有资产的对外投资同时还需要国务院国有资产监督管理委员会（““““国资委国资委国资委国资委””””）的审批。

A Chinese investor making an outbound investment in the financial/insurance/securities sectors will be subject to (at least) the approval by the relevant financial/insurance/securities regulator and registration with SAFE. We will discuss outbound investments in the financial/insurance/securities sectors in Section F below.

中国投资者对外投资金融、保险、证券行业（至少）由外管局相关金融/保险/证券管理部门审批登记。我们

将在以下 F部分讨论金融/保险/证券行业的对外投资。

2. How long will it take to complete the approval process?

完成整个审批过程需要多长时间完成整个审批过程需要多长时间完成整个审批过程需要多长时间完成整个审批过程需要多长时间？？？？

If no anti-trust filing is required, the approval process may be completed within three or four months. However, if an anti-trust filing is required, that process alone may take up to six months. In addition, the approval process will be subject to varying local practices.

如果不需要反垄断申报，审批过程在三或四个月内可以完成。但是，如果需要反垄断申报，则该申报过程

本身就需要六个月时间。另外，审批过程因地方实践而不同。

October 2011 PRC Governmental Approvals for outbound investment 中国对境外投资的政府审批

5

3. What is the approval perspective for the different governmental bodies?

不同政府部门的审批角度是什么不同政府部门的审批角度是什么不同政府部门的审批角度是什么不同政府部门的审批角度是什么？？？？

NDRC will focus on the proposed transaction itself such as the information in relation to the Chinese investor, the background of the transaction, the target company, the current status of the transaction, the due diligence results of the transaction, and the structure of the transaction. MOFCOM will focus on the status of the overseas company to be set up or acquired, its constitutional documents (such as articles of association) and the relevant investment contract or agreement in relation to such company. In most cases, both NDRC and MOFCOM approval will be required.

国家发改委关注拟进行的交易本身，如有关中国投资者的信息、交易背景、目标公司、交易当前状态、交易

尽职调查结果，和交易结构。商务部关注拟设立或收购的海外公司的状态，其设立文件（如章程）和与该公

司有关的相关投资合同或协议。多数的情况都需要发改委和商务部的审批。

SAFE will examine the Chinese investor’s source of foreign exchange, register the outbound investment and approve the conversion of RMB into foreign currency and remittance of foreign currency as purchase payment. SAFE approval or filing will generally be required in all outbound investments.

外管局审查中国投资者外汇的来源，登记对外投资及批准人民币转换成外币和作为购买款的外币的汇款。所

有对外投资一般都需要外管局审批或备案。

Where state-owned assets are involved, SASAC’s approval is required in order to prevent the stripping of state-owned assets during the outbound investment process.

涉及国有资产的对外投资，需要国资委的审批，以防对外投资过程中国有资产的流失。

B. NDRC APPROVAL 发改委审批发改委审批发改委审批发改委审批

1. What is the approval limit of NDRC for outbound investment?

发改委审批对外投资的权限是什么发改委审批对外投资的权限是什么发改委审批对外投资的权限是什么发改委审批对外投资的权限是什么？？？？

Where the Chinese investor makes an investment of US$300 million or more in resource development or makes an investment of US$100 million or more in an outbound investment project other than resource development, the outbound investment application is required to be submitted to NDRC at the national level for approval. Furthermore, if the Chinese investor makes an investment in countries and areas that have not established diplomatic relations with China or in certain sensitive business sectors, NDRC approval at the national level is also required.

中国投资者投资能源开发总额 3 亿美元或以上，或除能源开发以外的其它对外投资项目总额 1 亿美元或以

上，对外投资申请需要提交到国家级发改委进行审批。另外，如果中国投资者向未与中国建立外交关系的

国家和地区，或特定敏感业务领域进行投资，也需要国家级发改委进行审批。

Resource development projects below US$300 million and other outbound investment projects below US$100 million are subject to NDRC approval at the provincial level. If a state-owned enterprise directly governed by the central SASAC (“Central Enterprise”) implements an investment project of such size, the enterprise is not required to seek NDRC approval at provincial level but only needs to report the transaction to NDRC for the record.

3 亿美元以下的资源开发项目和 1 亿美元以下的其它对外投资项目由省级发改委审批。如果直接由中央国资

委管理的国有企业（“中央企业”）进行前述规模的对外投资，企业不需要省级发改委的审批，仅需要向发

改委报告交易备案。

Notwithstanding the above, in the case of a resource development project below US$300 million but above US$30 million or other outbound investment project below US$100 million but above US$10 million, NDRC at the provincial level must report to the central NDRC for filing before granting the approval.

尽管有前述规定，3 亿美元以下 3000 万美元以上的资源开发项目，或 1 亿美元以下 1000 万美元以上的其它

对外投资项目，省级发改委在审批之前必须向中央发改委报告备案。


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2. What specific approvals from NDRC are required to be obtained? What application documents are required to be submitted for obtaining the approval from NDRC? Which matters is NDRC required to consider during the approval process?

需要获得发改委的哪些特别审批需要获得发改委的哪些特别审批需要获得发改委的哪些特别审批需要获得发改委的哪些特别审批？？？？申请发改委审批需要提交哪些申请材料申请发改委审批需要提交哪些申请材料申请发改委审批需要提交哪些申请材料申请发改委审批需要提交哪些申请材料？？？？审批过程中发改委需要考审批过程中发改委需要考审批过程中发改委需要考审批过程中发改委需要考

虑哪些事项虑哪些事项虑哪些事项虑哪些事项？？？？

Project Information Report 项目信息报告项目信息报告项目信息报告项目信息报告

A project information report is required to be submitted to NDRC for an overseas acquisition project or an overseas competitive bidding project with an investment amount of more than US$100 million. The project information report is required to be submitted before conducting substantial work in relation to the relevant project, such as concluding a binding agreement, making a firm offer or submitting an application to the approval authority of the country where the outbound investment project is located. The report is required to set out general information in relation to the relevant bidding project or acquisition project and seek a preliminary confirmation from NDRC.

投资金额超过 1 亿美元的海外收购项目或海外竞标项目需要向发改委提交项目信息报告。项目信息报告需

要在进行与相关项目有关的实质性工作之前递交，如签署具有约束力的协议，报实盘或向对外投资项目所在

国家审批机构递交申请。报告要求说明与相关竞标项目或收购项目有关的基本信息，并寻求发改委的初步确

认。

Central Enterprises are permitted to submit the project information report directly to NDRC whereas other enterprises are required to submit the project information report to NDRC through its local branch.

中央企业直接向发改委提交项目信息，其他企业需要通过发改委的地方分支机构向发改委提交项目信息报

告。

NDRC will issue a confirmation letter within seven working days of acceptance of the project information report. The confirmation letter will form part of the required application documents during the subsequent formal application process.

发改委将在收到项目信息报告之日起七个工作日内发出确认函。确认函将构成为后续正式审批程序所需申请

文件的一部分。

Formal Approval 正式审批正式审批正式审批正式审批

The Chinese investor is required to submit a project application report together with the following documents to NDRC for its outbound investment project:

中国投资者需要向发改委提交项目申请报告以及下列文件进行其对外投资项目的审批：

• board resolution of the Chinese enterprise or the applicable resolution for the investment;

中国企业的董事会决议或投资决议；

• documents evidencing the status of assets, the management and the good standing of the Chinese investor and the foreign partner(s);

证明中国投资者和外国合作者资产状况、管理和信誉良好的文件；

• any letter of intent for financing issued by a bank;

银行出具的任何的融资意向书；

• if the capital contribution made by the Chinese investor is in the form of securities or property in kind (including intellectual property, technology, shares or creditors' rights), an evaluation report issued by an assets appraisal firm is required.

如果中国投资者的出资为证券或实物（包括知识产权、技术、股份或债权），则需要资产评估机构出具

的评估报告。


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NDRC will take the following matters into account when deciding whether or not to approve an application for outbound investment:

发改委决定是否批准对外投资申请时，将会考虑下列事项：

• compliance with Chinese laws and industry policy, national sovereignty, security and public interest; and principles of international law;

符合中国法律和产业政策、国家主权、安全和公共利益；以及国际法的原则；

• compliance with the requirements of sustainable economic and social development, and the strategic resources required for China’ s national economic development; requirements for national industrial structure and promotion of the import of more advanced technology, product, equipment and labour force; absorption of advanced foreign technology;

符合经济和社会可持续发展的要求，和中国国家经济发展需要的战略资源；国家产业结构的要求和推动

更多先进技术、产品、机器和劳动力进口的要求；吸收国外先进技术；

• compliance with the regulations of national capital project management and foreign debt management;

符合国家资本项目管理和外债管理的规定；

• whether the investor has corresponding investment strength.

投资者是否具有相应的投资实力。

NDRC is required, within 20 working days from its acceptance of the application, to grant the formal approval or submit an examination opinion to the State Council. The timing may be extended another 10 working days if the approval is not granted within the above time-frame. Additional time may also be taken if NDRC needs to entrust a consultation institution to assess the outbound investment.

发改委需要在收到申请之日起 20 个工作日内进行正式批准或向国务院提交审查意见。如果在上述时间内未

能批准，则该期限可以延长 10个工作日。如果发改委需要委托咨询机构评估该对外投资，则该期限可再延

长 10个工作日。

C. MOFCOM APPROVAL 商务部审批商务部审批商务部审批商务部审批

1. What is the MOFCOM approval limit for outbound investment?

商务部审批对外投资的权限是什么商务部审批对外投资的权限是什么商务部审批对外投资的权限是什么商务部审批对外投资的权限是什么？？？？

Approval Limit of MOFCOM 商务部审批权限商务部审批权限商务部审批权限商务部审批权限

MOFCOM is responsible for approving the following outbound investments：

商务部负责审批下列对外投资：

• investment in a country which has not established diplomatic relations with China or in a specific country or region in a list otherwise determined jointly by MOFCOM and Ministry of Foreign Affairs and other relevant departments;

向未于中国建立外交关系的国家或商务部会同外交部及其他相关部门制定的清单上的特殊国家或地区进

行投资；

• where the amount of the investment of the Chinese party is US$ 100 million or more;

中方投资总额 1 亿美元或以上；

• where the outbound investment involves the interests of multiple countries or regions; and

对外投资涉及多个国家或地区的利益；及

• setting up a special-purpose company overseas.


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设立海外特殊目的公司。

Approval Limit of Provincial MOFCOM 省级商务部门审批权限省级商务部门审批权限省级商务部门审批权限省级商务部门审批权限

The provincial-level branches of MOFCOM are responsible for the following outbound investments:

省级商务部门负责审批下列对外投资：

• where the amount of investment of the Chinese party is US$ 10 million up to US$ 100 million;

中方投资总额在 1000 万美元至 1 亿美元之间；

• outbound investment in the field of energy or minerals; and

对外投资能源或矿产领域；及

• outbound investment which needs to attract other investment from China.

需要从中国境内招商。

2. What specific approvals from MOFCOM must to be obtained？？？？ What application documents are required to be submitted for obtaining such approvals? Which matters does MOFCOM need to consider during the formal approval process?

需要获需要获需要获需要获得商务部的哪些特别批准得商务部的哪些特别批准得商务部的哪些特别批准得商务部的哪些特别批准？？？？获得该批准需要提交哪些申请材料获得该批准需要提交哪些申请材料获得该批准需要提交哪些申请材料获得该批准需要提交哪些申请材料？？？？商务部正式审批过程需要考虑商务部正式审批过程需要考虑商务部正式审批过程需要考虑商务部正式审批过程需要考虑

哪些事项哪些事项哪些事项哪些事项？？？？

Pre-reporting of the outbound investment plan 对外投资计划的前期报告对外投资计划的前期报告对外投资计划的前期报告对外投资计划的前期报告

MOFCOM requires pre-reporting of outbound investment in order to understand, on a timely basis, the status of the Chinese outbound investment. The requirement for pre-reporting of an outbound investment plan only applies where the Chinese enterprise makes an outbound acquisition. Central Enterprises are required to report to MOFCOM and SAFE whereas other enterprises are required to report to MOFCOM and SAFE at a provincial level. The Chinese investor is only required to provide some general information and complete a standard pre-reporting form published by MOFCOM and SAFE.

商务部要求对外投资的先期报告，以及时了解中国对外投资的状况。仅在中国企业进行对外收购时要求提

交对外投资计划的前期报告。中央企业需要向商务部和外管局报告，其他企业需要向省级商务部门和外管

部门报告。中国投资者仅需要提供一些基本信息并完成商务部和外管局公布的标准前期报告表格。

The pre-reporting form is part of the formal application document and must be further submitted in the subsequent formal approval process.

前期报告为正式申请文件的一部分，且必须在后续正式批准过程中进一步提交。

Formal Approval 正式审批正式审批正式审批正式审批

Where MOFCOM approval is required in connection with an outbound investment, the Chinese investor is required to submit the following documents to MOFCOM or its provincial-level branches for approval:

有关对外投资需要商务部审批，中国投资者需要向商务部或其省级部门提交下列文件供审批：

• application form;

申请表格；

• the business license of the Chinese investor;

中国投资者的营业执照；

• the articles of association of the overseas target enterprise and the relevant agreement or contract;

海外目标企业的章程和相关协议或合同；


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• the approval or filing document issued by the relevant approval department; and

相关审批部门出具的批准或备案文件；及

• the pre-reporting form if it is an outbound acquisition investment.

前期报告表格，如果是对外收购。

If the application for outbound investment falls within the approval authority of a provincial-level branch of MOFCOM, that branch is required to make a decision on whether to approve the application within 15 working days.

如果对外投资的申请提交至商务部省级审批分支机构，该机构需要在 15个工作日内决定是否批准申请。

If central MOFCOM approval is required, the relevant provincial-level branch of MOFCOM is required to conduct a preliminary examination within 10 working days and submit its preliminary approval opinion together with the application documents to MOFCOM. MOFCOM then has 15 working days to make a decision on whether to approve the application.

如果需要商务部审批，相关的商务部省级机构需要在 10 个工作日内进行初步审查，并将初步审查意见以及

申请文件提交至商务部。商务部在 15个工作日内决定是否批准申请。

MOFCOM or the provincial-level branch of MOFCOM will issue a certificate to the Chinese investor if the application is approved.

商务部或商务部省级分支机构向中国投资者出具批准该申请的证书。

Additionally, except otherwise provided by law, if the outbound investment does not require the approval of MOFCOM or the provincial-level branches of MOFCOM, the approval procedure will become much simpler. The Chinese investor is not then required to submit the set of application documents mentioned above and is required only to complete an application form published on the website of MOFCOM. Central Enterprises are required to submit the completed application form to MOFCOM for approval whereas non-Central Enterprises are required to submit the completed application form to the provincial-level branches of MOFCOM for approval. MOFCOM or the provincial-level branches of MOFCOM will verify such application form within three working days upon acceptance and then issue the certificate to the Chinese investor if the application form is filled out completely and in compliance with legal requirements.

另外，除法律规定外，如果对外投资不需要商务部或商务部省级分支机构审批，则审批程序变得简单的

多。中国投资者不需要提交上述一系列申请文件，仅需要完成商务部网站上公布的申请表格。中央企业需

要向商务部提交完成的申请表格供审批，非中央企业需要向商务部省级分支机构提交完成的申请表格供审

批。商务部或商务部省级分支机构在收到申请之日起三个工作日内核实该申请表格，如果申请表格填写完

整并符合法律要求，则向中国投资者出具证书。

The certificate for outbound investment issued by MOFCOM or its provincial-level branches (as applicable) is required for subsequent foreign exchange and various registrations.

后续外汇和各种登记都需要商务部或其省级分支机构（如适用）出具的对外投资证书。

The matters that MOFCOM will take into account when deciding whether to approve an application include:

商务部在审批申请时需要考虑的事项包括：

• national sovereignty, security and public interest;

国家主权、安全和公共利益；

• compliance with Chinese laws and international treaties between China and other countries;

符合中国法律和中国与其他国家之间的国际条约；

• the relationship between China and other relevant countries;

中国和其他相关国家的关系；

• involvement of any technology and goods in respect of which China prohibits export.


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包含中国禁止出口的任何技术和货物。

Anti-trust Review 反垄断审查反垄断审查反垄断审查反垄断审查

If the outbound acquisition constitutes a concentration of business operators and meets the following anti-trust filing threshold provided by Chinese anti-trust law, the Chinese investor is obligated to file an anti-trust application to MOFCOM in advance, failing which the concentration shall not be implemented:

如果对外收购构成经营者集中并符合中国反垄断法规定的下列反垄断申报，中国投资者有义务事先向商务

部申报反垄断申请，未能申报，则不得进行该集中：

• the total amount of the global turnover realized by all business operators participating in the concentration during the previous accounting year exceeds RMB10 billion with at least two business operators each achieving a turnover of more than RMB400 million within China during the previous accounting year;

上一会计年度中参与集中的所有经营者实现的全球营业总额超过人民币 100 亿，且至少有两个经营者

的上一会计年度中在中国的营业额超过人民币 4 亿元；

• the total amount of the turnover within China realized by all business operators participating in the concentration during the previous accounting year exceeds RMB2 billion with at least two business operators each achieving a turnover of more than RMB400 million within China during the previous accounting year.

上一会计年度中参与集中的所有经营者在中国内实现的营业总额超过人民币 20 亿，且至少有两个经营

者上一会计年度中在中国的营业额超过人民币 4 亿元。

MOFCOM is required to complete the preliminary review within 30 days from acceptance of all the anti-trust filing application documents and decide whether any further review is needed. An extension of 90 days is allowable if further review is needed. Additional time may also be taken if certain special circumstances provided by law occur.

商务部需要收到所有反垄断申报申请文件之日起 30 日内完成初步审查，且决定是否需要任何进一步审查。

如果需要进一步审查，则可延长 90 天。如果法律规定的特定特殊情况发生，也可以延长 90 天。

The applications for NDRC and MOFCOM approvals for outbound investment and anti-trust filing may proceed simultaneously.

向国家发改委和商务部申请对外投资和反垄断申报申请的审批可以同时进行。

D. SAFE APPROVAL 外管局审批外管局审批外管局审批外管局审批

1. What is the jurisdiction of SAFE?

外管局的管辖范围是什么外管局的管辖范围是什么外管局的管辖范围是什么外管局的管辖范围是什么？？？？

Registration with SAFE is required for all “direct outbound investment”, which is defined as the establishment of an overseas enterprise or the purchase and holding of shares abroad for the purpose of obtaining the ownership, controlling right or management right of an existing overseas enterprise or project.

所有“对外直接投资”，即设立海外企业或为获得已有海外企业或项目的所有权、控制权或管理权而购买

和持有国外股票，需要外管局登记。

The Chinese investor must submit its application to the local branch of SAFE in the relevant province, autonomous region or municipality under direct central government administration (these are typically at the same hierarchical level within the Chinese administrative system). These local branches of SAFE have jurisdiction to issue foreign exchange registration certificates for outbound direct investment.

中国投资者必须向省、自治区或直辖市（在中国行政制度中为相同层级）外管局的地方分支机构提交其申

请。该等外管局地方分支机构有权出具对外直接投资的外汇登记证书。


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2. Which approvals need to be obtained from SAFE during an outbound investment process? What application documents are required to be submitted for obtaining the approval from SAFE?

对外投资需要获得外管局的哪些批准对外投资需要获得外管局的哪些批准对外投资需要获得外管局的哪些批准对外投资需要获得外管局的哪些批准？？？？获得外管局的批准需要提交哪些申请文件获得外管局的批准需要提交哪些申请文件获得外管局的批准需要提交哪些申请文件获得外管局的批准需要提交哪些申请文件？？？？

Pre-reporting of the outbound investment plan 对外投资计划的前期报告对外投资计划的前期报告对外投资计划的前期报告对外投资计划的前期报告

Please refer to paragraph 2 of Section C above in relation to pre-reporting requirements to SAFE.

有关外管局先期报告要求请参见上述 C部分第 2段。

Application for initial expenses remittance 申请筹备费用汇款申请筹备费用汇款申请筹备费用汇款申请筹备费用汇款

Initial expenses means expenses related to the outbound direct investment before setting up the project or the enterprise, including:

筹备费用指项目或企业设立之前有关对外直接投资的费用，包括：

• any deposit that the Chinese investor is required to pay when acquiring the shares or assets of the overseas enterprise in accordance with the laws and regulations of the country where the project is located or the requirements of the seller;

根据项目所在国家的法律和法规规定或卖家要求收购海外企业股份或资产需要支付的任何存款；

• any bidding deposit during a tender process for the outbound project;

对外项目投标程序中任何投标保证金；

• expenses required to make any market investigation, lease any office or equipment, employ staff and engage any intermediary agency.

任何市场调查、租赁任何办公室或机器、雇佣员工和任何中介机构需要的费用。

Such initial expenses generally may not exceed 15% of the planned total investment. If the initial expenses exceed 15% of the planned total investment, special SAFE approval of such initial expenses will be required. The balance of the initial expense funds must be repatriated to China if the transaction is not approved by the approval authority within six months from the date of the remittance of such initial expense.

该筹备费用一般不超过计划投资总额的 15%。如果筹备费用超过计划投资总额的 15%，需要外管局对该筹

备费用的特别批准。如果该等筹备费用汇款之日起六个月内，该交易未被审批机构批准，筹备费用资金的余

额必须返回中国。

The Chinese investor is required to submit the following documents to the local branch of SAFE if the investor has initial expenses to be remitted abroad:

如果投资者有汇往国外的筹备费用，中国投资者需要向外管局地方分支机构提交以下文件：

• standard application;

标准申请表；

• photocopy of the business license and organization code certificate of the domestic enterprise;

国内企业营业执照和组织机构代码证的复印件；

• relevant documents in connection with the outbound bidding, acquisition of shares or assets or establishment of a joint venture;

有关对外投标、收购股份或资产或设立合资企业的相关文件；

• application documents submitted by the Chinese investor to the approval department in charge of the outbound investment; and


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中国投资者向主管对外投资的审批部门提交的申请文件；及

• written undertaking made by the Chinese investor for use of the preliminary expense.

中国投资者使用筹备费用的书面许诺。

Foreign exchange registration for outbound investment 对外投资外汇登记对外投资外汇登记对外投资外汇登记对外投资外汇登记

The following application materials must be submitted to local SAFE in order to apply for the foreign exchange registration of the outbound investment：

对外投资外汇登记申请必须向地方外管局提交下列申请资料：

• standard application form;

标准申请表格；

• written explanation on the sources of foreign exchange;

外汇来源的书面说明；

• photocopy of the business license and organizational code certificate of the Chinese investor;

中国投资者营业执照和组织机构代码证的复印件；

• approval issued by the approval department in charge of the outbound investment; and

负责对外投资的审批部门出具的批准；及

• in the case of any preliminary expense remitted abroad, a written explanation and the remittance receipt.

书面说明和汇款收据，如果任何筹备费用汇往国外。

The law does not specify how long it takes for the Chinese investor to be issued with the foreign exchange registration certificate. It would typically take 10 working days for the Beijing branch of SAFE to issue the certificate if the application satisfies the relevant requirements.

法律没有规定中国投资者多长时间能获得外汇登记证书。一般如果申请符合相关要求，北京市外管局 10 个

工作日会出具证书。

E. SASAC APPROVAL 国资委审批国资委审批国资委审批国资委审批

Outbound investments using state-owned assets are subject to SASAC approval and, in addition, to NDRC and MOFCOM approval and SAFE registration. The requirement for SASAC approval results from the government’s purpose to prevent the loss of state-owned assets.

国有资产对外投资应由国资委审批，并且需要发改委和商务部审批，以及外管局登记。国资委审批是为政

府防止国有资产流失之目的。

What specific approvals from SASAC are required to be obtained? How long does it take for the specific approvals to be obtained? What application documents need to be submitted?

需要国资委哪些具体审批需要国资委哪些具体审批需要国资委哪些具体审批需要国资委哪些具体审批？？？？获得具体审批需要多长时间获得具体审批需要多长时间获得具体审批需要多长时间获得具体审批需要多长时间？？？？需要提交哪些申请材料需要提交哪些申请材料需要提交哪些申请材料需要提交哪些申请材料？？？？

Confirmation of the appraisal value of in-kind property 实物财产评估价值确认实物财产评估价值确认实物财产评估价值确认实物财产评估价值确认

If the Chinese investor makes investment using state-owned property in kind, such investment must be appraised by a qualified appraisal institution. The appraisal valuation is required to be filed with and verified by SASAC (or its relevant provincial-level branch or the state-owned shareholder of the Chinese investor or the state-owned Chinese investor itself in some cases). The appraisal value confirmed by SASAC will generally form the basis of the investment value.


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中国投资者用国有实物财产进行投资，该投资必须由具有资格的评估机构评估。评估价值需要向国资委（或

其相关的省级机构或某些情况下由中国投资者的国有股东或中国投资者自身）备案并核实。国资委确认的评

估价值一般构成投资价值的基础。

SASAC is required to complete the filing or approval procedure within 20 working days upon acceptance of the application document.

国资委需要在收到申请文件之日起 20个工作日内完成备案或审批程序。

Title Registration 产权登记产权登记产权登记产权登记

Title registration with SASAC (or its local branch) with respect to state-owned assets is required both prior to and after the outbound investment is made. The first registration (i.e. the project establishment registration) must be completed before the investment amount is approved by SAFE to be remitted abroad, but after obtaining the approval of NDRC and MOFCOM. The second registration (i.e. the occupation registration) must take place within 60 days after the outbound invested enterprise has been set up.

对外投资之前和之后都需要国资委（或其地方分支机构）有关国有资产的产权登记。第一次登记（即项目设

立登记）必须在外管局批准投资总额汇往国外之前，获得发改委和商务部批准之后完成。第二次登记（即占

有登记）必须在对外投资的企业建立后 60 天内进行。

The following documents are required to be submitted to SASAC (or its local branch) for the first title registration:

第一次产权登记需要向国资委（或其地方分支机构）提交下列文件：

• approval documents in relation to the project feasibility study;

有关项目可行性研究的批准文件；

• approval by the relevant governmental bodies in charge of the investor;

主管投资者的有关政府机构的批准；

• articles of association of the Chinese investor and the agreement or contract for establishing the outbound invested enterprise;

中国投资者章程和设立对外投资的企业的协议或合同；

• certificate on the source of the investment amount; and

投资金额来源的证明；及

• other documents required by SASAC.

国资委要求的其他文件。

If there is no local SASAC branch in a given administrative region, by default the local finance department will be in charge of the registration.

指定的行政区域没有国资委地方机构机构，由地方财务部门将负责登记。

The legislation is silent on the specific time limit for SASAC to examine and issue the title registration form. According to Chinese Administrative License Law, local SASAC must make a decision on the administrative license within 20 days of accepting the application. If local SASAC considers that the application documents are incomplete or inconsistent with the statutory requirements, it must notify the applicant within five days from the date it receives the application documents, failing which the application documents will be deemed to have been accepted from the date when the documents were submitted to local SASAC. An extension of an additional 10 days may be allowed upon decision of the person-in-charge at SASAC.

立法未规定国资委审查和出具产权登记表格的特殊时间限制。根据中国行政许可法，地方国资委必须在收

到申请之日起 20 日内决定行政许可。如果地方国资委根据法定条件认为申请文件不完整或不一致，其必须

自收到申请文件之日起五日内通知申请人，否则申请文件将被视为自文件提交至地方国资委之日起已经被

接受。国资委负责人的决定时间可以延长 10日。


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F. APPROVALS FOR OUTBOUND INVESTMENT IN THE FINANCIAL/INSURANCE/ SECURITY SECTORS 金融金融金融金融/保险保险保险保险/证券行业对外投资的审批证券行业对外投资的审批证券行业对外投资的审批证券行业对外投资的审批

Which authority will be responsible for approving outbound investment in the financial /insurance/ securities sectors?

哪个机构负责审批金融哪个机构负责审批金融哪个机构负责审批金融哪个机构负责审批金融/保险保险保险保险/证券行业的对外投资证券行业的对外投资证券行业的对外投资证券行业的对外投资？？？？

If the Chinese investor is a financial/insurance/security institution and the outbound investment is in any of those sectors, the Chinese investor is required to obtain approval issued by the relevant financial/insurance/securities regulatory authority. If the Chinese investor is not a financial/insurance/securities institution but proposes to make outbound investment in any of those sectors, approvals issued by NDRC and MOFCOM (or their local counterparts) are also required in addition to the approval of the relevant financial/insurance/securities regulatory authority.

如果中国投资者是一个金融/保险/证券机构，且对外投资在任何该等行业，中国投资者需要获得相关金融/

保险/证券管理机构的批准。如果中国投资者不是金融/保险/证券机构，但是拟进行任何该等行业的对外投

资，除需要相关金融/保险/证券行业管理机构的批准之外，也需要发改委和商务部（或其地方的对应分支机

构）的批准。

The financial/insurance/securities regulatory authorities in China are: the China Banking Regulatory Commission (CBRC) in charge of the financial sector; the Chinese Insurance Regulatory Commission (CIRC) in charge of the insurance sector; and the China Securities Regulatory Commission in charge of the securities sector.

中国的金融/保险/证券管理机构是：中国银行业监督管理委员会（中国银监会）负责金融行业；中国保险监

督管理委员会（中国保监会）负责保险行业；以及中国证券监督管理委员会负责证券行业。

In addition to the above authorities, SAFE registration is also required for outbound investment in the financial/insurance/securities sectors, as is the SASAC approval if state-owned assets are involved.

除上述机构，金融/保险/证券行业的对外投资也需要外管局登记，如果涉及国有资产则需要国资委审批。

Jun He Law Offices is one of the leading full-service firms in the PRC. We have over 400 qualified lawyers in

our PRC offices and have offices in Hong Kong, New York and Silicon Valley. We have established an

Outbound Investment Group in response to the increasing demands of our clients for legal services on

outbound investment transactions. For further information, please contact He Fang ([email protected]) or

Stephen Wozencroft ([email protected]).

君合律师事务所是领先的提供全方位服务的中国律师事务所之一。我们中国办公室有 400 多位优秀律师，并在

香港、纽约和硅谷都有办公室。我们鉴于客户不断要求对外投资交易的法律要求，建立了对外投资组。更多信

息，请联系何芳([email protected]) 或 Stephen Wozencroft ([email protected]).

October 2011 Protection of Chinese investors against political risk 中国投资者对外并购交易中的政治风险防范

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ProteProteProteProtection of Chinese investors against political ction of Chinese investors against political ction of Chinese investors against political ction of Chinese investors against political riskriskriskrisk

中国投资者对外并购交易中的政治风险防范中国投资者对外并购交易中的政治风险防范中国投资者对外并购交易中的政治风险防范中国投资者对外并购交易中的政治风险防范

1. What is political risk?

什么是什么是什么是什么是““““政治风险政治风险政治风险政治风险””””？？？？

Cross-border investment poses specific issues and risks not traditionally found in national investments. Namely, and in addition to the economic risks present in any economic venture, cross-border investors are particularly exposed to political risk. This kind of risk is hard to define, but it aims at capturing the variety of measures that a State may take with respect to foreign investors and which may alter the expected outcome and/or value of their investment.

在跨国投资活动中，会遇到一些不同于与国内投资活动中惯常遇到的特殊问题和风险。也就是说，除了在

任何经济风投活动中出现的经济风险之外，跨国投资者还会特别遇到政治风险。这类风险很难作定义，但

是它主要是指一个国家对外国投资者可能采取的并且可能改变其预期的投资收获和／或价值的各种手段。

Forms of measures embodying political risk include the following 含有政治风险的各种手段包括:

• Firstly, foreign investors may be denied access to investment opportunities abroad.

首先，外国投资者在海外投资的机会可能遭拒绝。

• Secondly, once they have accessed the country and made an investment, foreign investors may be exposed to ill treatment of those investments, particularly by comparison with nationals.

其次，一旦外国投资者已经进入某国并进行了投资，它们的投资可能会遇到恶意对待，尤其是与该国国

民的投资相比较。

• Thirdly, even if the investor is not mistreated with respect to its investment, the investor may be denied access to foreign currency, or may be subject to other foreign exchange controls, limiting or blocking the remittance or repatriation by the investor of profits derived from the investment.

第三，即使投资者的投资未遇到恶意对待，投资者获取外币的权利仍可能遭拒绝，或可能受到其他外汇

监管，如限制或封锁投资者把从投资获得的利润汇往境外或带回母国。

• Fourthly, the investments may not only be mistreated, but also fully expropriated and taken over by the State in which the investment has been made.

第四，投资可能不仅受到了恶意对待，而且还被投资所在国家完全没收和接管。

Any measures constituting political risk may be absolutely legal and permissible under the national law of the State receiving the investment since, in principle, each State is an independent sovereign able to alter its internal laws as it pleases.

构成政治风险的任何手段均可能是在投资接受国的本国法项下完全合法而又允许的，因为原则上，每一个

国家均拥有独立的主权，能够按其自己的喜好变更自己的国内法律。

And even if the measures are illegal, the foreign investor may have limited access to courts in the host State to have their grievances solved, or may suffer the partiality of courts, particularly in matters which, by definition, involve the State to which those courts pertain.


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而且，即使手段不合法，外国投资者可能也只有有限的机会来向东道国的法院“申冤”，或甚至可能遇到

法院对被告的偏袒，尤其是在涉及该些法院所在国家政府的特定事宜上。

2. Why is it relevant for Chinese investors in M&A transactions?

为什么并购交易中的中国投资者该注意政治风险对为什么并购交易中的中国投资者该注意政治风险对为什么并购交易中的中国投资者该注意政治风险对为什么并购交易中的中国投资者该注意政治风险对？？？？

Chinese investors are increasingly venturing abroad. Investments in foreign countries are by definition exposed to political risk. That is particular the case in respect of investments in Latin America, where most States have applied measures which fall under the definition of political risk at some point in the last three decades.

中国投资者正在越来越多地投资于海外。在外国进行投资活动均必定意味着政治风险。这样的情况在对拉

丁美洲的投资活动中尤为明显，因为该地区的大多数国家在过去的三十年间采用过在某种意义上属于政治

风险定义内的手段。

Of course, the overall favorable investment climate in Latin America has significantly reduced political risk. But any investor should remain alert and keep an eye at the time of investment on structuring alternatives, which may prove useful if the future brings more difficult times.

当然，拉美在总体上的优惠投资环境已极大地减少了政治风险。但是，在投资于构建备选项目时，任何投

资者均应当具有保持警惕、密切注意的态度，因为这种态度在将来遇到投资困境时可能是有用的。

A couple of examples may be useful 我们来看以下两个有用的例子:

• A Chinese company acquires Company A in State B. Company A is a mining company whose main activity is developing and exploiting a copper mine in State B. The development and exploitation of the mine is made under a concession agreement entered into Company A and State B subject to the laws of State B. Under the agreement, Company A must pay 20% of its revenues to State B as compensation for the concession. After five years, copper prices are rocketing, but the finances of State B are in disarray. Congress of State B considers that the agreement with Company A was very badly negotiated and passes a law requiring Company A to pay 60% more of its revenues to State B. Such measure leaves Company A with only 20% of its revenues. Such measure is legal under State B. What can Company A or the Chinese investor do?

一家中国公司在 B 国收购了 A 公司。A 公司是一家采矿企业，主要的业务活动是开发、开采 B 国的铜

矿。矿产的开发、开采活动，依据的是 A 公司和 B 国政府根据 B 国的法律订立的一份特许协议。根据

该协议，A 公司必须将收益的 20％付给 B 国政府，作为前者获得特许权的补偿费。五年之后，铜的价

格飚升，而 B 国的财政情况则是一片混乱。B 国议会认为本国政府当年没有妥当地与 A 公司谈判协

议，于是通过了一部新的法律，要求 A 公司再将收益的 60％付给 B国政府。这样一来，留给 A 公司的

就只剩下收益的 20％。这样的国家手段在 B国是合法的。那么，A 公司或中国投资者能怎么办？

• A Chinese bank acquires Bank C in State D. Bank C is a banking institution acquired by the Chinese company when the economy of State D is just leaving behind a difficult crisis. After five years, Bank C is doing exceedingly well, and the Chinese bank expects the investment to continue to perform outstandingly. At such point in time, there is a regime change in State D which considers that a nationalization of Bank C will help State D in pursuing its economic goals more easily. State D offers only a compensation equal to the price paid for Bank C by the Chinese bank plus a nominal interest for the time elapsed since the investment was made. Other national and foreign banks in State D have been nationalized at better valuation ratios. The Chinese bank considers that price outrageously low, but knows that such price is legal under the laws of State D and that there is not a single principle in State D which requires it to treat all investors (national or foreign) in a similar manner. What can Bank C or the Chinese bank do?

一家中国的银行收购了 D国的 C 银行。C 银行是一家被中国公司在 D国刚刚渡过一场经济危机时收购

的金融机构。五年之后，C 银行业务非常好，而且中国的银行期望继续投资以获得更加出色的业绩。而

在此时，D国政权发生了变化，新政权认为将 C 银行国有化将有助于 D国更容易地实现其经济目标。D

国提出的补偿方案只相当于当年中国的银行为 C 银行支付的价格加上投资之后经过的这段时间的一般


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利息。而 D 国的其他国内银行和外国银行则已经按更高的估价比例被国有化了。中国的银行虽然认为

上述补偿之低非常不合理，但是也了解这一价格在 D 国法律项下是合法的而且 D 国并无一原则要求政

府给于所有的投资者（国内投资者或外国投资者）类似的待遇。那么，C 银行或中国的银行能怎么办？

One further sign of the relevance of investment protection for Chinese investors is the recent news that China and the European Union have kicked off discussions for a possible Multilateral (i.e. covering various States) Investment Treaty between them.

对于中国投资者而言，最近的一则新闻：中国和欧盟已经开始商谈双方之间可能的“多边投资条约”（即

涵盖各个国家的条约），也体现了投资保护日益而增的重要性。

3. What is international investment protection?

什么是什么是什么是什么是““““国际投资保护国际投资保护国际投资保护国际投资保护””””？？？？?

Historically, any of the examples of mistreatment listed above could only be solved for the foreign investor if it resorted to diplomatic protection of its home State. The usefulness of such route was, and continues to be, very limited since it is dependent on the interest of the home State in pursuing such diplomatic protection, and relies on general principles of international law which are far from clear and certain.

从历史角度来说，在上述任何一个例子中，如果外国投资者诉诸其母国的外交保护，争端才能得到解决。

这种外交保护途径的有效性过去是(并将继续是)非常有限的，因为在寻求该等外交保护时，将根据母国利益

而定，并且有赖于概念笼统的国际法普遍原则。

Over the years, States have tried to overcome such lack of a suitable mechanism for protection foreign investors venturing abroad by entering into a number of Treaties. Those Treaties are namely Bilateral Investment Treaties (BITs), and the convention for the creation of the International Center for the Settlement of Investment Disputes (ICSID).

多年以来，各国已尝试通过订立一些条约，来克服这种缺乏一套合适的机制来保护外国投资者进行海外投

资的情况。这些条约便是“双边投资条约”（Bilateral Investment Treaties，缩写为“BITs”）和“国际投

资争端解决中心”（International Center for the Settlement of Investment Disputes，缩写为“ICSID”）

创建公约。

4. What is a BIT?

什么是什么是什么是什么是““““双边投资条约双边投资条约双边投资条约双边投资条约””””?

A BIT is a Treaty between two States by virtue of which they reciprocally agree to afford the investors of the other State certain protections when those investors make investments in their territory.

“双边投资条约”是两个国家之间订立的一份条约，通过该条约，两国达成一致，在对方国家的投资者在

本国领土内进行投资时，向该等投资者提供一定的保护。

5. What are the main protections typically contained in BITs?

典型地包含在双边投资条约中的主要保护是什么典型地包含在双边投资条约中的主要保护是什么典型地包含在双边投资条约中的主要保护是什么典型地包含在双边投资条约中的主要保护是什么?

BITs, with varying degrees of protection, cover those areas of political risk which have mainly been of concern for foreign investors带有不同保护程度的双边投资条约，保护的是外国投资者主要关注的政治风险

领域:

• Promotion, admission, and establishment of investment. A typical promotion provision requires the recipient or host State to promote and encourage investment of investors of the other State. This kind of provisions are normally of little use since they are too general and rhetoric. A few BITs, however, do offer some specific protection in this area.


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投资的促进、准入和建立：一条典型的投资促进条款是要求投资接受国或东道国促进、鼓励对方国家的

投资者的投资。此条款起到的作用通常很小，因为规定过于宽泛、文字复杂。但是，还是有一些双边投

资条约确实提供这方面的某些特定保护。

• Fair and equal treatment: This is one of the key provisions of BITs since it establishes obligations for the recipient State on how it may treat the investors of the other State.

公平、公正待遇：这是双边投资条约的核心规定之一，因为这一规定为投资接受国建立起了如何对待对

方国家的投资者的义务。

Specifically, BITs usually contain an absolute requirement that investors of each contracting State shall be afforded fair and equitable treatment.

很明确的是，双边投资条约通常含有一项绝对要求，即每一个缔约国的投资者均应得到公平、公正的待

遇。

And such absolute protection is also combined with a relative protection under which each contracting State undertakes not to treat the investors of the other State worst than it treats the investors of other States. This provision, which is commonly referred to as the “most favored nation” treatment provision, allows an investor benefiting from a BIT which contains it to also benefit from better terms in BITs entered by the recipient State with third States.

这项绝对保护还与另一项相关的保护组合在一起，根据后者，每一个缔约国承诺在对待对方国家的投资

者时，所给予的待遇应不低于其给予他国投资者的待遇。一般被称作“最惠国”待遇规定的这项规定，

令从含有这项规定的双边投资条约中受益的投资者，也能从投资接受国与第三国订立的双边投资条约中

的更优惠条款中受益。

Less frequently, BITs contain another relevant treatment standard which requires host States to treat the investors of the other State no less favorably than investors of the host State. This standard is referred to as the “national treatment”, and, when included, is frequently subject to some qualifications and exclusions.

不常见的情况是，双边投资条约还含有另一项待遇标准，该标准要求东道国在对待对方国家的投资者

时，所给予的待遇不低于其给予自己国家的投资者的待遇。这一标准被称作“国民待遇”，而且即使被

包含在了双边投资条约中，还常常受制于某些资格要求和除外规定。

In the above mentioned example of the Chinese bank who suffers nationalization in State D, and in addition to the expropriation protection referred to below, the “most favored nation” and the “national treatment” clauses may prove useful since in the example the Chinese bank has been treated differently than other national and other investors.

在前述中国的银行在 D 国遭遇到国有化的例子中，除了下文所述的关于没收的保护之外，“最惠国”

和“国民待遇”条款可能是有效的应对手段，因为在该例子中，中国的银行已经受到与其他的国内投资

者和其他投资者不同的差别对待。

• Transfers: Most BITs include a provision guaranteeing the free transferability of payments related to an investment. In many cases, these provisions apply to transfers into the State as well as out of it. Of course, certain exceptions are normally included as well as certain terms for which the transfers or exchange transactions may be delayed.

资金转移：大多数双边投资条约包括一项保证与投资相关的款项可进行自由转移的规定。在许多情况

下，这一规定适用于款项转入和转出东道国的活动。当然，通常也有一些例外情形以及作为转移或兑换

交易可能被延迟的原因的某些条件被包括在这一规定内。

• Protection of concession contracts. Quite as in the previous example of a Chinese’s company investment in Company A in State B, a significant number of disputes between foreign investors and host States are related to concession contracts. In particular, due to the fact that the host State can normally alter the applicable law to contract, it has always been too easy to precede any breach of contract with an amendment of the applicable law so that the breach becomes fully legal. Accordingly,


19

some BITs expressly provide that host States must abide by concession and investment agreements with foreign investors.

特许合同的保护：在前述一家中国公司投资 B 国的 A 公司例子中，外国投资者和东道国之间很大一部

分争端是与特许合同相关的。尤其是，由于东道国通常能够变更合同的适用法律这一实际情况，所以东

道国总是很容易地在违约之前先修正适用法律，从而令原本的违约行为变成完全合法。因此，有些双边

投资条约明确规定，东道国必须遵守与外国投资者签订的特许协议和投资协议。

However, such express reference is not usually found in most BITS. Only two of the Chinese BITs with Latin American States (the China-Argentina and China-Costa Rica BITs) contain it. Thus, investors normally have to infer protection for breach of contracts with the host State under the other protection clauses such as the general treatment clauses or, in extreme cases, the expropriation clause.

但是，这样的明确规定在大多数双边投资条约中并不常见。中国与拉美国家签订的双边投资条约中，只

有两个条约（中国－阿根廷双边投资条约和中国－哥斯达黎加双边投资条约）含有这一规定。因此，投

资者通常不得不借用其他保护条款项下的内容来获得对于东道国违约情况的保护，例如一般的待遇条款

或在极端情形下的没收条款。

• Prompt and fair compensation in case of expropriation. Expropriation, whilst less frequent nowadays, has been one of the most typical actions against foreign investors.

发生没收后的立即、公平补偿：没收，尽管如今已很少见到，是针对外国投资者的最典型的国家手段之

一。

BITs rarely question the ability of the host State to expropriate any investment, but impose some conditions on the exercise of that power. Four conditions are very often imposed (although not every condition appears in every BIT) with respect to expropriation: (a) needs to be for a public purpose; (b) cannot be discriminatory; (c) must be effected following a proper process of law; and (d) requires full (i.e. prompt, adequate, and effective) payment of compensation for the investment taken over by the host State.

虽然双边投资条约对东道国没收任何投资的能力很少表示怀疑，但是对该等权力的行使设定了一些条

件。在对没收设定的条件中，常见的有以下四项（虽然每一项条件并不一定出现在每一个双边投资条约

中）：(a) 满足公共需要的；(b) 不能差别对待的；(c) 必须在某一适当法律程序后进行的；(d) 东道国对

所接管的投资给予全面（即立即、充分且有效地）补偿的。

Whilst outright expropriation has become less frequent, it has been replaced with less direct actions by the host State which, in effect, are tantamount to a total or partial expropriation of the foreign investment in as much as it greatly reduces its value. These “creeping” or “indirect” expropriations or takings become normally subject in the BITs to the same requirements indicated above for direct expropriations.

虽然被国家公然没收的情况已变得很少见，但这种手段却现已被东道国采取的较间接的手段所取代，这

些手段在效果上是与全部或部分没收外国投资的手段一样的，同样极大地减少了投资价值。这些“逐渐

的”或“间接的”国家没收或接管手段，在双边投资条约中通常受上述针对直接没收的相同要求所约

束。

Therefore, in the example previously mentioned of a Chinese company investing in a mining company in State B, who then suffers the host State attempts to amend the concession agreement, the Chinese investor may, if the BIT does not provide express protection for the breach of contract, benefit from indirect protection through the expropriation provision since the actions taken by State B may qualify as creeping or indirect partial expropriation.

因此，在前述一家中国公司投资 B 国的采矿企业、后者在后来遭遇到东道国企图修正特许协议的例子

中，中国公司可在双边投资条约未提供明确的违约保护情况下，通过关于没收的规定，从间接保护中受

益，因为 B国采取的行动可能符合逐渐的或间接的部分没收情形。

• Dispute resolution: The substantive provisions mentioned above could be useless if they could only be enforced vis-à-vis the host State by the other contracting State, and through diplomatic protection or the International Court of Justice.


20

争端解决：如果前文提到的实质性规定仅能由缔约的对方国家主张，并且通过外交保护或国际法庭来对

东道国强制执行，则这些规定就并不怎么实用。

Therefore, BITs typically allow private investors to directly demand their rights under the BITs, and to do so before some form of international arbitration which will normally be free of any doubt of partiality. As we will explain later on, the most frequent arbitration forum in this context is ICSID.

因此，典型的双边投资条约允许私人投资者直接要求行使它们在双边投资条约项下的权利，并且通常会

在无任何偏袒疑问的、某种形式的国际仲裁前主张。正如我们在稍后会说明的那样，本文背景下最常见

的仲裁机构是“国际投资争端解决中心”。

6. What investments are covered under BITs?

双边投资条约涵盖哪些投资活动双边投资条约涵盖哪些投资活动双边投资条约涵盖哪些投资活动双边投资条约涵盖哪些投资活动?

Most BITs apply to all investments since their scope of application is widely defined (e.g. the China-Chile BIT refers to “every kind of asset”). The main exception is pure financial investments such as fixed income, or minority investments in companies.

大多数双边投资条约适用于一切投资活动，因为它们的适用范围定义很宽泛（例如，中国－智利双边投资

条约就指明条约适用于“每一种资产”）。主要的例外情形是纯粹的金融投资活动（例如固定收益）或对

公司的少数参股投资活动。

BITs cover direct foreign investments (i.e. by a Chinese investor directly in a foreign country) but also, in varying degrees, indirect foreign investments (i.e. the investment made locally by a company in the recipient State that is controlled by a Chinese investor). The different level of protections that can be achieved for indirect investments calls for advice at the time of setting up the investment to make sure the best possible protection is found.

双边投资条约涵盖直接外国投资（如某一中国投资者直接在某一国进行投资），不过也不同程度地涵盖了

间接的外国投资（如位于投资接受国的、受某一中国投资者控制的某一公司在当地进行的投资）。为了确

保间接投资能够获得最佳的保护，在投资立项时便最好寻求法律意见来分析间接保护能够获取的不同程度

的保护。


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7. What BITs has China entered into with Latin American States?

中国与拉美国家已签订哪些双边投资条约中国与拉美国家已签订哪些双边投资条约中国与拉美国家已签订哪些双边投资条约中国与拉美国家已签订哪些双边投资条约?

China has the following BITs with Latin American States中国与拉美国家已签订的双边投资条约如下:

STATE 国名国名国名国名 SIGNATURE DATE 签字日签字日签字日签字日 ENTRY INTO FORCE 生效日生效日生效日生效日

Argentina阿根廷阿根廷阿根廷阿根廷 November 5, 1992

1992 年 11 月 5 日

June 17, 1994

1994 年 6 月 17 日

Barbados巴巴多斯巴巴多斯巴巴多斯巴巴多斯 July 20, 1998

1998 年 7 月 20 日

October 1, 1999

1999 年 10 月 1 日

Bolivia波利维亚波利维亚波利维亚波利维亚 May 8, 1992

1992 年 5 月 8 日

Pending

未定

Chile智利智利智利智利 March 23, 1999

1999 年 3 月 23 日

October 14, 1995

1995 年 10 月 14 日

Colombia哥伦比亚哥伦比亚哥伦比亚哥伦比亚 November 22, 2008

2008 年 11 月 22 日

Pending

未定

Costa Rica哥斯达黎加哥斯达黎加哥斯达黎加哥斯达黎加 March 25, 1999

1999 年 3 月 25 日

October 8, 2004

2004 年 10 月 8 日

Cuba古巴古巴古巴古巴 April 24, 1995

1995 年 4 月 24 日

July 1, 1994

1994 年 7 月 1 日

Ecuador厄瓜多尔厄瓜多尔厄瓜多尔厄瓜多尔 March 21, 1994

1994 年 3 月 21 日

July 1, 1997

1997 年 7 月 1 日

Guyana圭亚那圭亚那圭亚那圭亚那 March 27, 2003

2003 年 3 月 27 日

Pending

未定

Honduras洪都拉斯洪都拉斯洪都拉斯洪都拉斯 June 26, 1996

1996 年 6 月 26 日

Pending

未定

Jamaica牙买加牙买加牙买加牙买加 October 26, 1994

1994 年 10 月 26 日

April 1, 1995

1995 年 4 月 1 日

México墨西哥墨西哥墨西哥墨西哥 July 11, 2008

2008 年 7 月 11 日

June 6, 2009

2009 年 6 月 6 日

Peru秘鲁秘鲁秘鲁秘鲁1

BIT 双边投双边投双边投双边投

资条约资条约资条约资条约

June 9, 1994

1994 年 6 月 9 日

February 1, 1995

1995 年 2 月 1 日

FTA 自由自由自由自由

贸易协议贸易协议贸易协议贸易协议

April 28, 2009

2009 年 4 月 28 日

March 1, 2010

2010 年 3 月 1 日

Trinidad and Tobago

特立尼达和多巴哥特立尼达和多巴哥特立尼达和多巴哥特立尼达和多巴哥

July 22, 2002

2002 年 7 月 22 日

May 24, 2004

2004 年 5 月 24 日

Uruguay乌拉圭乌拉圭乌拉圭乌拉圭 December 2, 1993

1993 年 12 月 2 日

December 1, 1997

1997 年 12 月 1 日

1 For Peru, we have included both signature and entry into force dates for the BIT and the recently signed China-Peru Free Trade

Agreement (FTA) since the FTA also includes investment protection provisions. 对于秘鲁，我们包括了双边投资条约和最近签署的中国－秘鲁自由贸易协议的签字日和生效日，因为自由贸易协议也包括了投资保护

规定。


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8. Do all the BITs offer the same level of protection?

所有的双边投资条约都提供相同水平的保护吗所有的双边投资条约都提供相同水平的保护吗所有的双边投资条约都提供相同水平的保护吗所有的双边投资条约都提供相同水平的保护吗?

No. All BITs contains approximately the same kind of provisions, but the level and certainty of protection varies since each BIT is the result of the historic position of each State as a recipient of investment or a provider of investment and its bargaining power at the time of negotiating the BIT.

不相同。所有的双边投资条约虽然含有大致相同种类的条款，但是保护的程度和确定性却各不相同，因为

每一个双边投资条约都是每一个国家作为投资接受国或投资提供国的历史地位以及其在双边投资条约谈判

时的谈判能力的结果。

In this respect, it is worth noting that the Chinese BITs with Latin American States are not particularly favorable for the foreign investors when compared to other BITs of developed nations since at the time China entered into many of those BITs its policy of investment abroad was likely more influenced by the great inflow of investments in China than its future (now current) expansion as foreign investor. In particular, the Chinese policy as to BITs seemed to significantly change around 1998, when it started to agree to BITs more favorable to investors.

在这方面，值得说明的是，中国与拉美国家签订的各个双边投资条约与其他发展中国家双边投资条约相

比，对外国投资者均不特别优惠。因为在中国签订这些双边投资条约之时，其当时的海外投资政策有可能

更大程度地受到大笔投资流入中国这一情况的影响，而不是中国在对当时而言的将来（也就是现在）作为

外国投资者向外进行投资扩张情况的影响。尤其是，中国对双边投资条约的政策似乎在 1998 年前后发生了

显著变化，自那时起中国开始同意双边投资条约做出对投资者更优惠的规定。

For example, Chinese BITs with Latin American States entered into before 1998 accord to the restrictive Chinese policy with regard to Bilateral Investment Treaties in that period (e.g. limited access to international arbitration for settlement of disputes). But such trend has been reversed, and the latest BITs entered into by China with Latin American States (i.e. Barbados, Guyana, Colombia, Costa Rica, Trinidad and Tobago, and México) clearly demonstrate much improvement for foreign investors on this matter.

例如，中国与拉美国家在 1998 年前签订的双边投资条约与那个时期中国关于双边投资条约的限制性政策保

持一致（例如：有限地允许国际投资争端解决仲裁的使用）。但是，这一趋势如今已经发生了逆转，中国

与拉美国家（即巴巴多斯、圭亚那、哥伦比亚、哥斯达黎加、特里尼达和多巴哥以及墨西哥）最新签订的

双边投资条约均清楚地显示了中国在这一问题上对外国投资者的许多改进。

9. Can Chinese investors benefit from the protection of more BITs when investing in Latin America?

中国投资者在投资拉美时能够从更多的双边投资条约保护上受益吗中国投资者在投资拉美时能够从更多的双边投资条约保护上受益吗中国投资者在投资拉美时能够从更多的双边投资条约保护上受益吗中国投资者在投资拉美时能够从更多的双边投资条约保护上受益吗?

As shown in the chart above, China has entered into a significant number of BITs with Latin America States but, still, geographical coverage is not perfect, and, in addition, its protections do not always compare favorably with other BITs.

如上表所示，虽然中国已与拉美国家签订了相当数量的双边投资条约，但是在地理覆盖上依然并不理想，

而且所提供的保护与其他双边投资条约提供的保护相比，并不总是很优惠。

Therefore, whether a Chinese investor can benefit from BITs other than the Chinese ones may become very relevant.

因此，一个中国投资者是否能够从中国签订的双边投资条约以外的双边投资条约中受益，就可能变得与该

投资者切身相关。

As a matter of fact, the answer is yes and there are two main ways to achieve the result of attaining greater protection.

事实上，回答是肯定的，而且主要有两个方法来获得更大程度的保护。


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• Most favored nation clause: Firstly, if China has already a BIT with the host State of a given investment, and such BIT contains the most favored nation clause referred to above, then it will generally benefit from some other protections afforded by the host State in other BIT with third countries.

最惠国条款：首先，如果中国已与某一特定投资接受国签署了一个双边投资条约，而且这一双边投资条

约含有最惠国条款，则中国投资者通常会从投资接受国在与第三国签订的其他双边投资条约中提供的某

些其他保护上受益。

As an example, the most favored nation clause in the China-Argentina BIT may allow Chinese investments in Argentina to benefit from protections in the BITs entered into by Argentina, which are numerous, and include: Algeria, Armenia, Australia, Austria, Belgium-Luxembourg, Bolivia, Bulgaria, Canada, Chile, China, Costa Rica, Croatia, Cuba, Denmark, Ecuador, Egypt, El Salvador, Finland, France, Germany, Guatemala, Hungary, India, Israel, Italy, Jamaica, Republic of Korea, Lithuania, Malaysia, Mexico, Morocco, Netherlands, Nicaragua, Panama, Peru, Philippines, Poland, Portugal, Romania, South Africa, Spain, Sweden, Switzerland, Thailand, Tunisia, Turkey, Ukraine, United Kingdom, USA, Venezuela, and Vietnam.

例如，中国－阿根廷双边投资条约中的最惠国条款，可允许中国在阿的投资从阿根廷与他国签订的其他

双边投资条约（这样的条约有很多，包括阿根廷与以下国家签订的双边投资条约：阿尔及利亚、亚美尼

亚、澳大利亚、奥地利、丹麦、厄瓜多尔、埃及、萨尔瓦多、芬兰、法国、德国、危地马拉、匈牙利、

印度、以色列、意大利、牙买加、韩国、立陶宛、马来西亚、墨西哥、摩洛哥、荷兰、尼加拉瓜、巴拿

马、秘鲁、菲律宾、波兰、葡萄牙、罗马尼亚、南非、西班牙、瑞典、瑞士、泰国、突尼斯、土尔其、

乌克兰、英国、美国、委内瑞拉以及越南）中的保护中受益。

• Structuring the investment through other State. BITs normally protect companies from a foreign State even if they are owned and controlled by persons in a third State.

通过其他国家构建投资：双边投资条约通常保护公司免受外国政府侵扰，即使这些公司是由位于第三国

的人士拥有、控制的亦不例外。

Accordingly, if a Chinese investor wants to invest in, for example, Bolivia (State which does have a BIT with China, but has not become applicable yet), or Guatemala (State which does not have a BIT with China), and also wants to attain some BIT protection for the investment, it may do so in certain cases by effecting the investment through a properly constituted company in a different country having BITs with the desired recipient States (e.g. States with BITS with Bolivia and Guatemala include: Argentina, Austria, Chile, France, Germany, Netherlands, Spain, Sweden, and Switzerland).

因此，如果某一中国投资者想要投资如波利维亚（其与中国业已签订双边投资条约，但条约尚未生效）

或危地马拉（其与中国尚无双边投资条约）这样的国家，而且想要为投资获得一定的双边投资条约保

护，则其可在某些情况下，通过在与投资最终目的地国签有双边投资条约的另一个第三国（如与波利维

亚和危地马拉签订有双边投资条约的国家，包括：阿根廷、奥地利、智利、法国、德国、荷兰、西班

牙、瑞典以及瑞士）适当设立一家公司，来实现最终的投资目的。

For example, by structuring its investments through a holding company in Spain, Chinese investors may attain the protection of the network of Spanish BITs in the region:

例如，中国投资者以通过位于西班牙的控股公司构建其投资的方式，可获得西班牙在拉美地区的双边投

资条约的网络保护。


24

STATE 国名国名国名国名 SIGNATURE DATE 签字日签字日签字日签字日 ENTRY INTO FORCE 生效日生效日生效日生效日

Argentina阿根廷阿根廷阿根廷阿根廷 October 3, 1991

1991 年 10 月 3 日

September 28, 1992

1992 年 9 月 28 日

Bolivia波利维亚波利维亚波利维亚波利维亚 October 29, 2001

2001 年 10 月 29 日

July 9, 2002

2002 年 7 月 9 日

Chile智利智利智利智利 October 2, 1991

1991 年 10 月 2 日

March 28, 1994

1994 年 3 月 28 日

Colombia哥伦比亚哥伦比亚哥伦比亚哥伦比亚 June 9, 1995

1995 年 6 月 9 日

September 22, 2007

2007 年 9 月 22 日

Costa Rica哥斯达黎加哥斯达黎加哥斯达黎加哥斯达黎加 July 8, 1997

1997 年 7 月 8 日

June 9, 1999

1999 年 6 月 9 日

Cuba古巴古巴古巴古巴 May 27, 1994

1994 年 5 月 27 日

June 9, 1995

1995 年 6 月 9 日

Dominican Republic 多多多多米尼加共和国米尼加共和国米尼加共和国米尼加共和国

March 16, 1995

1995 年 3 月 16 日

October 7, 1996

1996 年 10 月 7 日

Ecuador厄瓜多尔厄瓜多尔厄瓜多尔厄瓜多尔 June 26, 1996

1996 年 6 月 26 日

June 18, 1997

1997 年 6 月 18 日

El Salvador萨尔瓦多萨尔瓦多萨尔瓦多萨尔瓦多 February 14, 1995

1995 年 2 月 14 日

February 20, 1996

1996 年 2 月 20 日

Guatemala December 9, 2002

2002 年 12 月 9 日

May 21, 2004

2004 年 5 月 21 日

Honduras洪都拉斯洪都拉斯洪都拉斯洪都拉斯 March 18, 1994

1994 年 3 月 18 日

May 23, 1996

1996 年 5 月 23 日

Jamaica牙买加牙买加牙买加牙买加 March 13, 2002

2002 年 3 月 13 日

November 25, 2002

2002 年 11 月 25 日

Mexico墨西哥墨西哥墨西哥墨西哥 October 10, 2008

2008 年 10 月 10 日

April 3, 2008

2008 年 4 月 3 日

Nicaragua尼加拉瓜尼加拉瓜尼加拉瓜尼加拉瓜 March 16, 1994

1994 年 3 月 16 日

March 28, 1995

1995 年 3 月 28 日

Panama巴拿马巴拿马巴拿马巴拿马 November 10, 1997

1997 年 11 月 10 日

July 31, 1998

1998 年 7 月 31 日

Paraguay巴拉圭巴拉圭巴拉圭巴拉圭 October 11, 1993

1993 年 10 月 11 日

November 22, 1996

1996 年 11 月 22 日

Peru秘鲁秘鲁秘鲁秘鲁 November 17, 1994

1994 年 11 月 17 日

February 16, 1996

1996 年 2 月 16 日

Trinidad and Tobago

特里尼达和多巴哥特里尼达和多巴哥特里尼达和多巴哥特里尼达和多巴哥

July 3, 1999

1999 年 7 月 3 日

September 17, 2004

2004 年 9 月 17 日

Uruguay乌拉圭乌拉圭乌拉圭乌拉圭 April 7, 1992

1992 年 4 月 7 日

May 6, 1994

1994 年 5 月 6 日

Venezuela委内瑞拉委内瑞拉委内瑞拉委内瑞拉 November 2, 1995

1995 年 11 月 2 日

September 10, 1997

1997 年 9 月 10 日


25

The following chart exemplifies an imaginary potential structure:

下示意图表现潜在的投资结构:

Therefore, a well chosen investment structure today may yield a more adequate international investment protection for a rainy day.

因此，设计一个良好的投资结构可为将来需要的时候提供出更充分的国际投资保护。

中国的最终投资者中国的最终投资者中国的最终投资者中国的最终投资者

从双边投资条约和税务从双边投资条约和税务从双边投资条约和税务从双边投资条约和税务

角度考虑合角度考虑合角度考虑合角度考虑合适的控股公司适的控股公司适的控股公司适的控股公司

具有双边投资条约保护具有双边投资条约保护具有双边投资条约保护具有双边投资条约保护

的国家的国家的国家的国家((((右框中为由于右框中为由于右框中为由于右框中为由于

西班牙结构而获得投西班牙结构而获得投西班牙结构而获得投西班牙结构而获得投

资保护的资保护的资保护的资保护的更多的更多的更多的更多的国家国家国家国家））））

中国公司中国公司中国公司中国公司

（（（（中国中国中国中国））））

西班牙控股公司西班牙控股公司西班牙控股公司西班牙控股公司（（（（西班西班西班西班

牙牙牙牙））））

波利维亚波利维亚波利维亚波利维亚、、、、多米尼加共和国多米尼加共和国多米尼加共和国多米尼加共和国、、、、

萨尔瓦多萨尔瓦多萨尔瓦多萨尔瓦多、、、、危地马拉危地马拉危地马拉危地马拉、、、、洪都拉洪都拉洪都拉洪都拉

斯斯斯斯、、、、尼加拉瓜尼加拉瓜尼加拉瓜尼加拉瓜、、、、巴拿马巴拿马巴拿马巴拿马、、、、哥伦哥伦哥伦哥伦

比亚以及巴拉圭比亚以及巴拉圭比亚以及巴拉圭比亚以及巴拉圭

阿根廷阿根廷阿根廷阿根廷、、、、智利智利智利智利、、、、哥斯达黎哥斯达黎哥斯达黎哥斯达黎

加加加加、、、、古巴古巴古巴古巴、、、、厄瓜多尔厄瓜多尔厄瓜多尔厄瓜多尔、、、、牙买牙买牙买牙买

加加加加、、、、秘鲁秘鲁秘鲁秘鲁、、、、墨西哥以及乌拉墨西哥以及乌拉墨西哥以及乌拉墨西哥以及乌拉

圭圭圭圭


26

10. What is ICSID?

什么是什么是什么是什么是““““国际投资争端解决中心国际投资争端解决中心国际投资争端解决中心国际投资争端解决中心””””????

As indicated above, it has been traditionally difficult for foreign investors suffering some form of mistreatment in their foreign ventures not only to find substantive protection in the form of applicable rules against such mistreatment, but also, even when they were applicable, to have them applied in a proper, independent and unbiased forum or jurisdiction.

如前文所说，对于在对外投资中受到了某种形式的恶意对待的外国投资者来说，传统上不仅很难找到以可

适用的规则来对抗该等恶意对待的切实保护，而且甚至在有可适用的规则时也很难在一个适当、独立、公

正的裁判庭上或管辖区域内让该等规则得到主张。

To provide for such an institution, several States formed the International Center for Settlement of Investment Disputes or “ICSID”, which is an institution providing arbitration for foreign investors and States. China signed the Convention creating ICSID in 1990, and its adhesion became effective in 1993.

为了提供这样一个机构，一些国家共同成立了“国际投资争端解决中心”（ International Center for

Settlement of Investment Disputes，缩写为“ICSID”）。这是一个为外国投资者和国家之间提供仲裁的机

构。中国政府已于 1990年在国际投资争端解决中心创建公约上签字，并自 1993年起该公约对中国生效。

For example, a foreign investor having entered into a concession or investment agreement with a host State which contains a dispute resolution clause consenting jurisdiction to ICSID will allow the foreign investor to have any dispute in connection with the agreement ultimately heard by an arbitral tribunal constituted under the auspices of ICSID.

例如，如果某一外国投资者已与某一东道国签订了一份特许协议或投资协议，而且该协议中含有同意接受

国际投资争端解决中心管辖的争端解决条款，则该外国投资者会把与该协议有关的任何争端提交给国际投

资争端解决中心支持下成立的仲裁庭，由后者进行最终审理。

And most importantly, if the relevant BIT providing protection for the foreign investment provides for ICSID arbitration, the foreign investor who considers that the host State has violated one of its undertakings vis-à-vis the foreign investor may claim against the host State before an ICSID arbitral tribunal.

而且最重要的是，如果为外国投资提供保护的相关双边投资条约规定了由国际投资争端解决中心进行仲

裁，则在外国投资者认为东道国已违反了其对外国投资者的某一承诺的情况下，外国投资者可在国际投资

争端解决中心仲裁庭对东道国提出索赔。

As mentioned above, Chinese BITs have evolved towards a more protective approach for investors. One of the areas of improved protection is precisely greater access to ICSID in Chinese BITs. Before 1998, out of 7 BITs entered by China with Latin American States, only 2 (the China-Peru and China-Chile BITs) provided for ICSID arbitration and only did so for claims relating to the amount of compensation in case of expropriation. In contrast, all Chinese BITs with Latin American States entered into after 1998 (BITs with Guyana, Barbados, Mexico, Colombia, Trinidad and Tobago, and Costa Rica), and the new China-Peru Free Trade Agreement which contains investment protection provisions similar to those of a BIT, which expressly provide for the investor’s right to submit the dispute for resolution by international arbitration in ICSID.

如上所述，中国的双边投资条约已经在向为投资者提供更具有保护性的手段这一趋势发展。已得到改进的

保护领域之一，是中国的双边投资条约中增加了通过国际投资争端解决中心仲裁解决争端的机会。1998 年

之前，在中国与拉美国家签订的 7 个双边投资条约中，只有 2 个条约（中国－秘鲁双边投资条约和中国－

智利双边投资条约）规定了由国际投资争端解决中心进行仲裁，而且规定只在出现国家没收的情况下进行

与补偿金额有关的索赔时才能选择这一仲裁方式。而与之对比的是，1998 年之后，中国与拉美国家签订的

所有双边投资条约（即与圭亚那、巴巴多斯、墨西哥、哥伦比亚、特里尼达和多巴哥以及哥斯达黎加分别

签订的双边投资条约），以及中国新近与秘鲁签订的自由贸易协议（含有与双边投资条约中的投资保护规

定相似的投资保护规定），均明确地规定了投资者有权将争端提交国际投资争端解决中心，由后者通过国

际仲裁予以解决。


27

11. Are ICSID awards useful?

国际投资争端解决中心做出的裁决有用吗国际投资争端解决中心做出的裁决有用吗国际投资争端解决中心做出的裁决有用吗国际投资争端解决中心做出的裁决有用吗?

Pursuant to the ICSID Convention, each State party to the Convention must recognize an award rendered by an ICSID arbitral tribunal as if the award were a final judgment of its courts.

根据国际投资争端解决中心创建公约，公约的每一个签约国必须对国际投资争端解决中心仲裁庭做出的裁

决予以承认，就如同该裁决是由其国内法院做出的最终判决一样。

Therefore, an ICSID award can be easily recognized in each State party to the ICSID Convention, and, subject to rules on sovereign immunity from execution in the State where enforcement is sought, enforced in each such State.

因此，国际投资争端解决中心做出的任何一份裁决都能够很容易地得到国际投资争端解决中心创建公约的

每一个签约国的承认，而且除非在寻求强制执行的国家中主权豁免实行规则的规定，在每一个该等国家中

能够容易地得到强制执行。

Uría Menéndez is 600-lawyer international law firm with 16 offices around the world acknowledged as the leading firm in Spain, Portugal and Latin America. Uría Menéndez Beijing Office, the first and only Iberian law firm in this city, is run by international lawyers with extensive experience in European and Latin American investments, finance, mergers and acquisitions. The focus of the Beijing office is to assist investors in the region with their outbound investments into Spain, Portugal and, particularly, Latin America, where the firm has five offices, an unparalleled transaction record and execution capabilities that have earned us a reputation for having the world’s best network in the region. For further information, please contact in Europe, Javier Illescas ([email protected]); in Portugal, Ana Sa Couto ([email protected]); in Latin America, Luis Acuña ([email protected]); or in China, Juan Martín Perrotto ([email protected]).

乌利亚律师事务所是一家拥有 600 多位律师的国际性律所，在西班牙、葡萄牙和拉美被公认为居领先地

位，目前在全世界共拥有 16 家分支机构。乌利亚律师事务所北京代表处是北京第一家也是唯一一家来自伊

比里亚半岛的律师事务所。代表处的执业律师在欧洲和拉丁美洲的并购与投融资方面具有丰富的经验。北

京代表处的业务重心，是为中国企业在西班牙、葡萄牙，尤其是在拉丁美洲的投资方面提供顾问、咨询服

务。我们在拉美设有 5 家办事处。卓越的独立执行能力让我所被公认为该地区最好的律师网络。如欲了解

更多信息，请按以下方式联系我们：欧洲：Javier Illescas ([email protected])；葡萄牙：Ana Sa Couto

([email protected])；拉美：Luis Acuña ([email protected])；中国：Juan Martín Perrotto ([email protected])。

October 2011 Key tax considerations for Chinese investors on Outbound M&A transactions 中国投资者境外并购交易的主要税务考虑

28

Key tax considerations for Chinese investors Key tax considerations for Chinese investors Key tax considerations for Chinese investors Key tax considerations for Chinese investors

中国投资者境外并购交易的主要税务考虑中国投资者境外并购交易的主要税务考虑中国投资者境外并购交易的主要税务考虑中国投资者境外并购交易的主要税务考虑

A. GENERAL 概述概述概述概述

1. Why does tax play an important role in M&A transactions?

为何税为何税为何税为何税收收收收在并购交易中具有重要作用在并购交易中具有重要作用在并购交易中具有重要作用在并购交易中具有重要作用?

Tax plays a key role in determining a deal's success or failure. Without conducting a proper tax due diligence investigation or using a tax-efficient acquisition structure, Chinese outbound investors may become liable for historical tax liabilities of the target company and do not benefit from a tax-efficient investment structure. This part of the guide discusses the tax issues involved in Chinese outbound M&A transactions and how to deal with them.

税收对决定一宗并购交易的成败具有重要作用。如果不进行适当的税务尽职调查，或不采用节税的收购架

构，则中国对外投资者可能不仅要对目标公司的历史税收债务负责，而且不能获得节税投资架构所带来的

好处。本指南的这一部分着重讨论中国境外并购交易中所涉及的主要税务问题，以及这些问题的解决方

案。

2. What are the crucial tax issues involved in M&A transactions? How should these issues be dealt with?

跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨跨？？？？应如何解决这些问题应如何解决这些问题应如何解决这些问题应如何解决这些问题????

The potential tax issues include, among others

跨国并购可能涉及的税务问题包括但不限于:

• liability of the target company for taxes which relate to the period prior to the M&A transaction (the "historical tax risk");

目标公司应承担的在并购交易前产生的纳税义务（“历史税务风险”）；

• transaction taxes, such as stamp duty, VAT and real estate transfer tax; and

交易税，如印花税、增值税、及房地产转让税等；以及

• taxes which would not be due if the acquisition structure was set up in a more tax-efficient manner, such as withholding taxes, capital gains tax and Chinese corporate income taxes.

各种预提税、资本利得税及中国的企业所得税等，如果采用节税的收购架构则可能不必缴纳这些税。

These issues can in general be addressed in the following ways:

这些问题一般能通过以下方法来予以解决:


29

• potential historical tax risks associated with the target company should be identified in a proper tax due diligence investigation;

通过适当的税务尽职调查来发现与目标公司有关、可能的历史税务风险；

• specific tax warranties and indemnity clauses should be included in the share purchase agreement to provide coverage for the investor if historical tax risks materialise;

在股权收购协议中规定具体的税务担保和赔偿条款，以便在历史税务风险变成现实时为投资者提供必

要的保护；

• transaction taxes may not be due or may be reduced if the structure is set up in a more efficient way for instance by choosing for a share deal instead of an asset deal; and

如果采用节税的投资架构（譬如选择股份交易而不是资产交易等），则有可能避开或减少部分交易

税；以及

• it may be possible to use a more tax-efficient acquisition structure and reduce (potential) taxes after the M&A transaction.

通过采用节税的收购架构来减少并购交易后（可能的）税负。

3. What are the differences between a share deal and an asset deal from a tax perspective? Should a share deal or an asset deal be preferred?

从税务角度从税务角度从税务角度从税务角度看看看看，，，，股权收购和资产收购有哪些不同股权收购和资产收购有哪些不同股权收购和资产收购有哪些不同股权收购和资产收购有哪些不同？？？？应应应应首选首选首选首选股股股股权收购权收购权收购权收购还是资产还是资产还是资产还是资产收购收购收购收购?

Share deal 股股股股权收购权收购权收购权收购 Asset deal 资产资产资产资产收购收购收购收购

Advantages

优点优点优点优点 • less transaction tax may be due;

须缴纳的交易税较少

• capital gains tax on the sale of shares may be deferred; and

出售股权的资本利得税可递延；以及

• the tax attributes, such as loss carry-forward, of the target may remain available.

目标公司的税务资产，如损失的结

转，仍然可用。

• historical tax risks generally remain with the entity that sells the assets; and

历史税务风险一般属于出售资产的实体；

以及

• the investor may benefit from additional depreciation as a result of a step-up of the tax basis of the acquired assets upon completion of the transaction

投资者可从因所收购资产的税基增加而产

生的额外折旧中获益。

Disadvantages

缺点缺点缺点缺点 • historical tax risks remain with the

target company; and

历史税务风险伴随目标公司；以及

• no step-up of the tax basis of the assets of the acquired target company.

所收购目标公司资产的税基没有增

加。

• (more) transaction tax could become due upon the transaction;

交易时可能须缴纳更多的交易税；

• the seller is generally subject to tax with respect to the capital gain realised in connection with the sale of the assets; and

卖方一般须就出售资产所实现的资本利得

纳税；以及

• tax attributes can generally not be transferred in an asset deal and may be lost.

在资产交易中，税务资产一般不能转让，

且可能丧失。

Whether to pursue an asset deal or a share deal from a tax perspective depends on the specific facts and circumstances of the transaction. However, ultimately non-tax considerations often play a major role in determining whether the contemplated transaction will be structured as an asset deal or share deal or a combination of both at different levels.


30

从税务角度讲，是选择资产收购还是选择股份收购，取决于具体交易情况。但最终通常是一些非税务因素

决定了一项交易的具体方式，如采用股权收购、资产收购或在不同层次上综合利用这两种方式。

B. HOLDING STRUCTURES VS. DIRECT INVESTMENT STRUCTURE 控股控股控股控股架架架架构构构构与与与与直接投资直接投资直接投资直接投资架架架架构构构构

1. What do holding structure and direct investment structure refer to?

什么是控股什么是控股什么是控股什么是控股架架架架构构构构和和和和直接投资直接投资直接投资直接投资架架架架构构构构?

A direct investment structure refers to the situation where a Chinese parent company holds shares directly in a foreign subsidiary, as shown in Diagram 1. A holding structure refers to the situation where a Chinese parent company holds shares in a foreign operating company through a foreign intermediate holding company, as shown in Diagram 2.

直接投资架构是指：一家中国母公司直接持有一家外国子公司的股份，如下图 1 所示。而控股架构是指：一

家中国母公司通过一家外国中间控股公司持有一家外国运营公司的股份，如下图 2所示。

2. What are the downsides of investing directly in the investment destination country for Chinese investors

中国投资者在投资目的中国投资者在投资目的中国投资者在投资目的中国投资者在投资目的地国家地国家地国家地国家////地区地区地区地区进行直接投资有哪些进行直接投资有哪些进行直接投资有哪些进行直接投资有哪些不利之处不利之处不利之处不利之处?

Besides the more stringent regulatory approval and foreign exchange control in the case of direct investment structure, Chinese investors will probably:

采用直接投资架构除将受到更严格的监管审批和外汇管制外，中国投资者还可能:

• become subject to withholding tax at source at a rate which would be reduced if the investment was made using an intermediate holding company. As a result, the investor may also end up with an excess foreign tax credit (see Section E);

须以较高税率在来源国缴纳预提税，（而如果利用一家中间控股公司来进行投资，则所适用的预提税

税率可能会降低）。因此，投资者有可能最终产生超额外国税收抵免额（参见后面第 E部分）；

• become subject to Chinese capital gains tax at the time of the sale of the investment;

须在出售该项投资时在中国缴纳资本利得税；

• become subject to additional Chinese tax (see Section E); and

须缴纳其他中国税（参见第 E部分）；以及

• have less flexibility in respect of future restructurings and divestments.

Diagram 1 图 1 Diagram 2 图 2

China Co

中国公司

Hold Co

控股公司

Operating

Co 运营公司

China Co

中国公司

Operating

Co 运营公司

China中国

Country A A国

Country H

H国

China中国

Country A A国


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未来进行重组和剥离时灵活性较低。

3. What benefits may Chinese investors derive from using holding structures for their outbound investments

中中中中跨跨跨跨中中中中中中中中中中中中中中中中对对对对外外外外中中中中中中中中中中中中外外外外外外外外外外外外外外外外架架架架构构构构可可可可可可可可可可可可跨跨跨跨跨跨跨跨可可可可可可可可?

Generally speaking, Chinese outbound investors may derive the following benefits from using a foreign intermediate holding company for outbound investment purposes:

一般来讲，中国投资者通过利用外国控股公司进行对外投资可以获得如下好处:

(a) consolidation of the company's foreign subsidiaries under one holding company structure for management and reporting purposes;

将多家外国子公司统一在一家控股公司之下管理和列报；

(b) use of the holding company as a platform for future business acquisition and other business opportunities;

利用控股公司作为未来收购及其他商业机会的平台；

(c) flexibility for future spin-offs, restructuring and divestment;

将来可灵活地进行分拆、重组和剥离；

(d) increased financial flexibility and improved treasury efficiency;

更高的财务灵活性和资金使用效率；

(e) facilitation of raising capital;

更易于筹集资本；

(f) better management and exploitation of intellectual property rights (some countries offer favourable tax regimes for intellectual property rights); and

更好的管理和利用知识产权（一些国家为知识产权提供非常优惠的税制）；以及

(g) investment protection under the bilateral investment treaties between the holding company jurisdiction and the investment destination country.

可获得控股公司所在地与投资目的地国家/地区之间签订的《双边投资协定》的保护。

From a tax perspective, the benefits that can be derived from a holding structure include:

从税务角度讲，采用控股架构可获得如下好处:

(a) access to the double tax treaty network of the holding company's jurisdiction, potentially resulting in reductions of applicable withholding tax rates;

可以利用控股公司所在国家/地区签订的《避免双重征税协定》的网络，从而有可能降低适用的预提

税率；

(b) tax-efficient repatriation of profits;

减轻利润分配时的税负；

(c) deferring Chinese corporate income tax; and

递延中国的企业所得税；以及

(d) deferring capital gains tax upon the sale of an investment.

递延出售投资时的资本利得税。

The two most important benefits, i.e. reducing dividend withholding tax and deferring capital gains tax, are illustrated in the following two structures that were implemented by Chinese investors recently.


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关于控股架构能带来的两种最重要的税收上的好处，即：降低股息预提税和递延资本利得税，请看下面两

个由中国投资者近期采用的控股架构。

Recent implemented holding structures by Chinese outbound investors 中国对外投资者近期采用的控

股架构

Chinese investors used the two-tier Dutch holding structure, set out in Structure 1, to acquire shares in a Kazakh oil company. The tax benefits include:

如下图所示，中国投资者使用一个两层荷兰控股公司架构来收购一家哈萨克斯坦石油公司。其税收方面的

好处包括:

• reduced withholding tax on dividends distributed by the Kazakh Operating Company from 10% to 5%;

哈萨克斯坦运营公司分配利润时的股息预提税从 10%减少至 5%；

• no corporate income tax in the Netherlands;

荷兰公司收到的股息在荷兰免交企业所得税；

• no withholding tax in the Netherlands on distributions by Dutch Hold Co 1 to China Co

荷兰控股公司分配利润给中国母公司的时候在荷兰不缴纳预提税。

Recently Chinese investors acquired a Brazilian Target Company indirectly by using a Dutch holding company to acquire another Dutch holding company, as shown in Structure 2. The tax benefits include:

最近，中国投资者还通过利用一家荷兰控股公司收购另一家荷兰控股公司，从而间接收购了一家巴西目标

公司，如架构 2所示。其税收上的好处包括:

• 15% capital gains tax in Brazil is not applicable to the transfer of shares by the US seller;

美国股东出售股权时不必在巴西缴纳 15%的资本利得税；

• no corporate income tax in the Netherlands;

荷兰控股公司在荷兰免交企业所得税；

• no withholding tax in the Netherlands on distributions by Hold Co A to China Co.

荷兰控股公司 A分配利润给中国母公司时在荷兰不缴纳股息预提税。

Structure 1 架架架架构构构构 1

China 中国

Netherlands 荷兰

China Co 中国公司

Hold Co 2 控股公司 2

Operating Co 运营公司 Kazakhstan 哈萨克斯坦



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4. What anti-tax avoidance rules need to be considered in establishing a holding structure?

在构建控股在构建控股在构建控股在构建控股架架架架构时须考虑哪些反避税构时须考虑哪些反避税构时须考虑哪些反避税构时须考虑哪些反避税规则规则规则规则?

When setting up a holding structure, Chinese investors need to consider the applicable legal and tax provisions in the relevant jurisdictions. Certain anti-tax avoidance rules merit special attention, including:

在构建控股架构时，中国投资者须考虑相关国家/地区法律和税收方面的相关规定。须特别注意某些反避税

规则，包括:

• anti-treaty shopping or anti-abuse rules in the investment destination country;

投资目的地国家/地区的反滥用税收协定规则和其他反法律滥用的规定；

• substance requirements for the holding company in the holding company jurisdiction; and

控股公司所在国家/地区对控股公司实质方面的要求；以及

• Chinese laws concerning outbound investment, including foreign tax credit rules, CFC (controlled foreign company) rules and residence rules.

中国有关对外投资的法律/法规，包括外国税收抵免规则、受控外国公司 (CFC) 和税收居民认定等相

关规则。

5. What anti-tax avoidance rules need to be considered in establishing a holding structure?

在构建控股在构建控股在构建控股在构建控股架架架架构时须考虑哪些反避税构时须考虑哪些反避税构时须考虑哪些反避税构时须考虑哪些反避税规则规则规则规则?

Ideally, the holding company location would:

理想情况下，控股公司所在国家/地区将:

• provide access to an extensive network of double tax treaties, thereby eliminating or reducing withholding taxes at source;

提供广泛的《避免双重征税协定》网络，使来源国的预提税减少或消除；

• exempt foreign income derived by resident companies;

对居民公司获得的外国收入免税；

• not levy withholding tax on dividends, interest and royalty outflows and other local taxes;

对居民公司支付的股息、利息和特许使用费不征收预提税和其他本地税；

Brazil 巴西

US 美国

Netherlands 荷兰

US Co 美国公司


Operating Co

运营公司 Brazil 巴西


Hold Co A 控股公司 A

China Co 中国公司


Operating Co 运营公司

Sale 出售

China 中国

Netherlands 荷兰

Structure 2 架架架架构构构构 2


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• have no CFC or other anti-tax avoidance legislation; and

没有受控外国公司法或其他反避税规定；以及

• allow for the choice of functional currency and would not tax currency exchange gains.

允许选择功能性货币，且不对货币兑换收益征税等。

However, no jurisdiction in which a multinational enterprise can establish a holding company today meets all of the criteria of the ideal location. Therefore, when trying to identify the most suitable holding jurisdiction for a specific investment, Chinese investors should take into account the following factors:

然而，今天没有哪个国家/地区，可以满足理想控股公司所在地的所有标准。因此，在为一项具体的投资

选择最适合的控股公司设立地时，中国对外投资者需要考虑以下因素:

• the country where the investment will be made;

将要进行投资的国家/地区；

• the type of investment and the availability of local tax incentives;

投资类型和当地是否有税务优惠政策；

• the funding of the transaction; and

交易的融资方式；以及

• anti-tax avoidance or anti-abuse rules in the countries concerned.

所涉国家/地区的反避税或反滥用规定等。

6. Are there any non-tax considerations for choosing a holding jurisdiction?

在选择控股公司设立地时是否还有其他的非税因素值得考虑在选择控股公司设立地时是否还有其他的非税因素值得考虑在选择控股公司设立地时是否还有其他的非税因素值得考虑在选择控股公司设立地时是否还有其他的非税因素值得考虑?

There are also some non-tax considerations for choosing a holding jurisdiction, including:

在选择控股公司设立地时，还有一些非税收因素值得考虑，包括:

• political and investment climate, and investment protection, including bilateral investment protection treaties;

政治和投资环境以及投资保护，包括《双边投资协定》；

• applicable company law and the availability of reputable service providers;

适用的《公司法》以及是否有信誉良好的服务提供商；

• treasury considerations, including monetary and foreign exchange controls;

财务方面的考虑，包括货币管制；

• infrastructure; and

基础设施；以及

• costs.

成本等。

7. What are the typical holding company jurisdictions for outbound investment purposes? Why are Hong Kong, the BVI and the Cayman Islands less preferable as holding company jurisdictions for Chinese outbound investors?

用于设立对外投资的控股公司的典型国家用于设立对外投资的控股公司的典型国家用于设立对外投资的控股公司的典型国家用于设立对外投资的控股公司的典型国家////地区有哪些地区有哪些地区有哪些地区有哪些？？？？为何香港为何香港为何香港为何香港、、、、英属维尔京群岛和开曼群岛不英属维尔京群岛和开曼群岛不英属维尔京群岛和开曼群岛不英属维尔京群岛和开曼群岛不是是是是

中国中国中国中国对对对对外投资者外投资者外投资者外投资者设立设立设立设立控股公司控股公司控股公司控股公司的理想选择的理想选择的理想选择的理想选择?

Typical holding company jurisdictions include the Netherlands, Luxembourg, Switzerland and Ireland.

典型的设立控股公司的国家/地区包括荷兰、卢森堡、瑞士和爱尔兰。


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Compared to these jurisdictions, the BVI and the Cayman Islands have some obvious disadvantages与这

些国家相比，英属维尔京群岛和开曼群岛有一些明显的劣势:

• They do not have double tax treaties with other countries; and

其未和其他国家/地区签有《避免双重征税协定》；以及

• They are blacklisted by some countries as "tax havens" or low tax jurisdictions.

其被部分国家/地区列入“避税地”或低税国家/地区的黑名单。

As a result, if Chinese investors invest through a holding company located in the BVI or the Cayman Islands, no reduction of withholding taxes may be available in the country where the investment was made.

这直接导致，如果中国投资者利用一家位于英属维尔京群岛或开曼群岛的控股公司来进行对外投资，则其

可能无法在投资所在国获得预提税的减免。

Hong Kong has concluded about 20 double tax treaties, and only half of the treaties are in force. Consequently, Hong Kong companies may, depending on the investment destinations, have the same problem as BVI or Cayman Island companies have.

而香港则只和二十多个国家/地区签订了《避免双重征税协定》，并且只有十个左右是生效的。因此，香

港公司可能会面临和英属维尔京群岛公司或开曼群岛公司同样的问题（取决于投资所在国家/地区）。

Therefore, Hong Kong, the BVI and the Cayman Islands in general would not be the ideal location to set up a holding company to directly hold investments in foreign countries. Of course, a (existing) holding company in one of these three jurisdictions may benefit from a holding structure described above by setting up a holding company in a typical holding company jurisdiction. (For the impact of Chinese law, see Section E.)

所以，总的来讲，香港、英属维尔京群岛以及开曼群岛不是中国对外投资者设立一家控股公司来直接持有

在其他国家/地区的投资的理想选择。当然，在上述三个地区的（既有）控股公司，也可通过其再在荷兰、

卢森堡、瑞士和爱尔兰这些典型控股公司设立国家/地区设立控股公司来进行对外投资，从而受益。（有关

中国法律的影响，参见第 E部分。）

C. EQUITY FINANCING VS. DEBT FINANCING 股权融资股权融资股权融资股权融资与与与与债债债债权权权权融资融资融资融资

1. From a tax perspective, should equity financing or debt financing be preferred for M&A transactions?

从税收角度讲从税收角度讲从税收角度讲从税收角度讲，，，，并购交易应首选哪种融资方式并购交易应首选哪种融资方式并购交易应首选哪种融资方式并购交易应首选哪种融资方式（（（（股权融资还是债权融资股权融资还是债权融资股权融资还是债权融资股权融资还是债权融资））））?

From a tax perspective, debt financing is a more efficient way to finance a business as the interest charged to the borrower on the debts is generally deductible for tax purposes and thus reduces the amount of taxable income. However, certain rules in the investment destination countries may limit the amount of debt financing by disallowing deduction of interest payment made in respect of the debt financing. (See question 4.)

从税收角度讲，债权融资是一种更为有利的融资方式。这是因为由借款人支付的利息在计税时一般都被允

许扣除，从而减少应纳税所得额。然而，投资目的地国家/地区的一些法律规定可能通过不允许利息税前扣

除来限制债权融资的数额。（参见本部分问题 4）

2. What are the other considerations for choosing between equity financing and debt financing?

在选择使用股权融资还是债权融资时还有哪些因素值得考虑在选择使用股权融资还是债权融资时还有哪些因素值得考虑在选择使用股权融资还是债权融资时还有哪些因素值得考虑在选择使用股权融资还是债权融资时还有哪些因素值得考虑?

In most cases, debt financing does not require sacrificing any ownership interest in the business in exchange for funding. In contrast, equity financing requires the founder to give up a partial interest in the business. In terms of costs, debt financing will be relatively fixed and foreseeable. Regardless of profits or losses, the debt must be paid. Conversely, equity financing will provide a company with more reliable long-term capital without the obligation to pay a fixed and foreseeable return to shareholders. Furthermore, as opposed to equity financing, debt financing is usually relatively easier to access.


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在大多数情况下，债权融资不需要以放弃（企业的）任何所有权来换取融资。相反，股权融资则需创始人

放弃（企业的）部分权益。而在成本方面，债权融资的成本相对较固定和可预见。然而，借款企业无论是

盈利还是损失，均需偿还债务。相反，股权融资则因为无需向股东支付固定及可预见的回报，而能为企业

提供更为可靠的长期资本。不过和股权融资相比，债权融资通常更容易获得。

3. What are the ways to structure loans for M&A purposes?

用于并购目的的贷款的融资构架方式有哪些用于并购目的的贷款的融资构架方式有哪些用于并购目的的贷款的融资构架方式有哪些用于并购目的的贷款的融资构架方式有哪些?

The ways to structure loans for M&A purposes include the use of:

用于并购目的贷款的融资构架方式包括利用:

• intergroup finance companies established in jurisdictions with favourable tax regimes, such as Switzerland, the Netherlands and Luxembourg;

在有优惠税制的国家/地区（如瑞士、荷兰、卢森堡等）成立的集团间财务公司；

• special financing instruments that blend the characteristics of both equity and debt (so-called hybrid financing instruments); and

同时具有股权融资和债权融资特点的特殊融资工具（即所谓的混合融资工具）；以及

• entities that are treated as taxable entities in one country, but are treated as transparent entities (e.g., partnerships) in another country (so-called hybrid entities).

在一个国家/地区被视为应税实体，而在另一个国家/地区则被视为税法上透明的实体（即所谓的混合

式实体）等。

4. What is debt push-down? Why does the debt need to be pushed down? How can this be achieved?

什什什什什什什什什什什什什什什什跨跨跨跨什什什什什什什什 (debt push-down) ？？？？为何需要进行债务下为何需要进行债务下为何需要进行债务下为何需要进行债务下推推推推？？？？如何实如何实如何实如何实现现现现债务下债务下债务下债务下推推推推？？？？

Debt push-down is the process of enabling the tax deductible finance costs on acquisition debt to be set off against the operating profits of the target company.

债务下推是指：将因并购所进行的债权融资所产生的可税前扣除融资成本来抵消目标公司营业利润的过

程。

From a tax perspective, a debt push-down can be advantageous in the following situations:

从税务角度讲，债务下推在下述情况下有利:

• The acquiring company does not have sufficient taxable income to be set off by the interest expenses incurred by the debt;

收购公司没有足够多的应纳税所得供债务产生的利息支出来抵消；

• Strict rules apply to interest deduction in the borrower's country; or

借款公司所在国家/地区对利息扣除适用严格的规定；或者

• There are higher corporate income tax rates in the target country.

目标公司所在国家/地区的企业所得率较高等。

The conventional acquisition method is to set up a leveraged acquisition vehicle in the same country as the target, and then relieve the interest expense either through tax consolidation or by merging the target and the acquisition vehicle. Debt push-down may also be achieved through intercompany loans and other methods.

传统收购方法是先在目标公司所在同一国家/地区设立一个高财务杠杆公司进行收购，然后再通过合并纳税

或通过将目标公司与该收购公司合并，来实现利息费用的扣除。债务下推也可通过公司间贷款及其他方法

来实现。


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5. What are the rules that limit the interest deduction for tax purposes?

有哪些限有哪些限有哪些限有哪些限制制制制利息利息利息利息税前税前税前税前扣除扣除扣除扣除的规则的规则的规则的规则？？？？

In respect of debt financing of M&A transactions, the applicable rules that limit the deduction of interest include the following:

对于并购交易的债权融资所产生的利息，可能适用的限制利息税前扣除的规则包括：

• Earning stripping rules 收入剥离规则

In some jurisdictions, the deduction of interest is denied if the loan is attracted directly or indirectly in connection with certain M&A activities. However, some countries, such as the Netherlands, do not apply the earning stripping rules if the taxpayer had valid business reasons for entering into the transaction and funding the transaction with debt or when other conditions are met.

在某些国家/地区，如果贷款直接或间接与某些并购活动有关，则贷款利息不能税前扣除。而在某些

国家/地区，例如荷兰，如果纳税企业有足够的商业理由来进行某项交易，并通过债务来为该交易融

资，或当满足其他一些条件时，则不适用收入剥离规则。

• Thin capitalisation rules资本弱化规则

Thin capitalisation rules are aimed at disallowing the deduction of certain interest expenses incurred by the debtor when the debt to equity ratio of the debtor exceeds a certain threshold.

资本弱化规则规定：当债务人的负债-权益比超过某个门槛时，不许债务人在税前扣除其利息支出。

• General anti-tax avoidance rules 一般反避税规则

Interest deduction can also be denied on the basis of the general anti-tax avoidance rules in some countries. In addition, some countries have adopted anti-tax haven rules. According to these rules, costs and expenses are not deductible if they arise from transactions with entities located in a listed tax haven. Along the same lines, some countries impose higher withholding taxes when payments are made to entities located in the so-called tax havens.

部分国家/地区的一般反避税规则也可能不允许某些利息的税前扣除。此外，部分国家/地区还通过了

“反避税地”规则。根据这些规则，如果成本和费用的支出是因为与位于规则所列避税地国家/地区

的实体交易而产生的，则不能被扣除。此外，部分国家/地区还对向位于这些所谓的避税地国家/地区

的实体所进行的支付征收更高的预提税。

D. EXIT STRATEGY 退退退退出出出出策略策略策略策略

1. What tax issues concern Chinese investors on a disposal? What are the solutions?

中国投资者处中国投资者处中国投资者处中国投资者处置置置置资产时资产时资产时资产时会遇到会遇到会遇到会遇到哪些税收问题哪些税收问题哪些税收问题哪些税收问题？？？？有哪些解决有哪些解决有哪些解决有哪些解决办法办法办法办法？？？？

Under Chinese corporate income tax law, capital gains realised as a result of a sale of assets and/or shares are taxable at a rate of 25%. Such gains may be subject to tax in the country where the investment was made as well. Certain measures can be taken to achieve a tax free or a tax reduced disposal, such as structuring in a way so that advantage can be taken of certain statutory exemptions, packaging up assets or selling a different company in the chain of ownership. For this purpose, Chinese investors should already focus on the impact of the possible exit before they enter into the share purchase agreement.

根据《中国企业所得税法》，由出售资产和/或股份所实现的资本收益，须缴纳 25%的所得税。这些收益可

能同时需要在投资目的地国家/地区纳税。投资者可采取某些措施来实现免税或减税处置，如可以利用某些

法定税收减免、打包资产或出售所有权链上的其他公司等。因此，中国投资者应在签订股权收购协议以前

就应该注意退出投资时的税收问题。


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2. How could Chinese investors exit their investments?

中国投资者应如何中国投资者应如何中国投资者应如何中国投资者应如何退退退退出其投资出其投资出其投资出其投资？？？？

In general, both disposal and liquidation of the subsidiary can be used by outbound investors to exit their investments. Disposal can be further divided into share disposal and asset disposal. Because asset disposal may attract more transaction taxes as explained in Section A, we will discuss only the share disposal and liquidation in this Section.

一般来讲，境外投资者可通过出售或清算外国子公司来退出其投资。出售可进一步分为股份出售和资产出

售。如前面 A 部分所述，由于资产出售可能会导致较多的交易税，因此本部分我们只讨论股份出售和清

算。

3. What are tax-efficient ways to dispose shares in a foreign subsidiary?

出出出出售售售售外国外国外国外国子子子子公司股公司股公司股公司股份份份份的时的时的时的时候可以采候可以采候可以采候可以采用哪些方用哪些方用哪些方用哪些方法来节法来节法来节法来节省税收省税收省税收省税收？？？？

In the case of a direct investment structure as shown in Diagram 1 in Section B, if the Chinese company disposes its shares in a foreign operating subsidiary, the capital gains derived from the disposal might be taxed in both China and the country of which the subsidiary is a resident.

对于 B 部分图 1 所示的直接投资构架，如果中国公司出售其持有的外国子公司股份，则由此获得的收益可

能需要在中国及子公司所在国两国缴纳资本利得税。

To defer capital gains tax, there are two alternative solutions:

有两种方法来递延出售外国子公司股权应缴纳的资本利得税：

• Solution 1: use of a holding structure as shown in Diagram 2 in Section B:

方法 1：利用 B部分图 2所示的控股架构

a. In this case, the holding company will dispose of the shares in the operating company, ideally with no tax being paid in the holding company jurisdiction because of its participation exemption regime or in the investment destination country because of its treaty with the holding company jurisdiction;

在这种情况下，控股公司将出售运营公司的股份，理想情况是，既不需要在控股公司所在国缴税

（因为该国的参股免税制度），也不需要在投资目的地国缴税（因为该国与控股公司所在国签订的

税收协定）；

b. Subject to China’s CFC rules, as long as the gains are not distributed to its Chinese parent, Chinese tax will not be due. (For the impact of China's CFC legislation on this, please see Section E.)

利用控股公司作为未来收购及其他商业机会的平台只要处置收益未分配给其中国母公司，也无需在

中国缴税。（有关中国受控外国公司法对此情形的影响，参见后面第 E部分。）

• Solution 2: use of a two-tier holding company structure

方法 2：利用一个两层控股公司架构

Another solution is to use a two-tier company structure in the holding company jurisdiction. The shares in the operating subsidiary can be indirectly sold through disposing the shares in the lower tier holding company by the top tier holding company. The gains will be exempted in the holding company jurisdiction. However, due consideration should be given to the possible consequences of the anti-tax avoidance rules of the investments destination country and the Chinese CFC rules on such a transaction.

另一个办法是在控股公司所在国使用一个两层控股公司架构。在这种架构下，可通过由上一层控股公司

出售下一层控股公司的股份来间接出售运营子公司的股份。收益将在控股公司所在国家/地区免税。不

过，须考虑投资目的地国家的反避税规则和中国的受控外国公司法对这种交易可能产生的影响。


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4. Under what circumstances a liquidation of the subsidiary may be considered as a way to exit investment?

在哪些在哪些在哪些在哪些情况情况情况情况下下下下，，，，可将清算可将清算可将清算可将清算外国外国外国外国子子子子公司作公司作公司作公司作为为为为一一一一种种种种退退退退出投资的方式出投资的方式出投资的方式出投资的方式？？？？

In some jurisdictions, capital gains deemed realised by the shareholder of a company that is liquidated are tax free. In such an event, liquidation can be considered as a tax-efficient way to exit investments.

在部分国家/地区，被清算公司的股东由于清算被视为实现的资本利得是免税的。在这种情况下，可将清

算作为一种退出投资的节税方式。

Holding company jurisdictions usually exempt dividend and capital gains derived by resident companies from qualifying participations. At the same time, capital losses (including currency losses) with respect to qualifying subsidiaries are not deductible. However, the deduction of losses realised upon the liquidation of a subsidiary is nevertheless allowed by some countries, such as the Netherlands, provided that certain conditions are met. In this case, liquidation is a more tax-efficient way to exit investment than disposal of shares.

控股公司所在国家/地区通常对居民公司子公司分得的股息和获得的资本利得免税。同时，与合格子公司有

关的资本损失（包括货币损失）不能税前扣除。但如果满足某些条件，部分国家（譬如荷兰）也允许扣除

由清算子公司所实现的损失。在这种情况下，清算是一种比股权出售更为节税的退出投资的方式。

E. CHINESE TAX LAW 中国税中国税中国税中国税法法法法

1. Is it possible for a foreign holding company to be deemed as a resident company of China for tax purposes? If so, what the consequence would be?

一一一一家外国控股公司家外国控股公司家外国控股公司家外国控股公司是否有是否有是否有是否有可可可可能能能能被被被被认认认认定定定定为中国税为中国税为中国税为中国税法法法法上的上的上的上的居民居民居民居民公司公司公司公司？？？？如如如如果果果果是是是是，，，，其其其其结果结果结果结果如何如何如何如何？？？？

Under Chinese tax law, a company incorporated under foreign law may be recognised as resident company for tax purposes if its place of effective management is located in China.

根据中国税法，一家根据外国法律成立的公司，如果其实际管理机构所在地位于中国，则其可能被认定为

是中国税法上的居民公司。

If a foreign holding company is considered a tax resident of China, the foreign company may:

如果一家外国控股公司被认定为是中国的税收居民，则该外国公司可能：

• be subject to corporate income tax in China on its worldwide income;

需要在中国就其全球所得缴纳企业所得税；

• no longer be a resident in the country of incorporation for double tax treaty purposes and even for domestic law purposes, depending on the double tax treaties and laws of that country; and

从《避免双重征税协定》、甚至从国内法角度，不再是其注册/成立国的居民；以及

• no longer be entitled to the benefits provided by the double tax treaties of the country where it is incorporated in accordance with the OECD Commentary on Model Tax Conventions.

根据经合组织对《税收协定范本》的解释，不再有资格获得由其注册/成立国签订的《避免双重征税

协定》所提供的好处。

Therefore, Chinese investors must ensure that any foreign holding company that was set up for outbound investment purposes should be effectively managed in the country where it is incorporated in order to benefit from the double tax treaty network of the holding company jurisdiction. In this regard, local trust companies may provide local directors and related services to the holding company and relieve Chinese investors' concern to a large extent.

因此，中国投资者必须确保为对外投资目的而成立的外国控股公司，均应在其成立的国家进行实际管理，

以便从该控股公司所在国家/地区的《避免双重征税协定》网络中获益。在这方面，本地信托公司可为该

控股公司提供本地董事及相关服务，并在很大程度上减少中国投资者的担心。


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2. What is the impact that China's foreign tax credit regime may have on Chinese outbound investment?

中中中中跨跨跨跨中中中中外外外外跨跨跨跨跨跨跨跨中中中中中中中中中中中中中中中中中中中中可可可可中中中中对对对对中中中中跨跨跨跨中中中中外外外外中中中中中中中中中中中中中中中中跨跨跨跨跨跨跨跨中中中中中中中中？？？？

China taxes resident companies on their worldwide income at a rate of 25%. To avoid double taxation, China allows taxpayers to claim credit for the foreign corporate income taxes that they have directly paid or indirectly borne on their foreign source income, provided that certain conditions are met.

中国对居民公司来自全球范围内的所得征收 25%的企业所得税。为避免双重征税，在满足某些条件的前提

下，中国允许居民企业就其来源于国外的所得所直接缴纳或间接承担的外国企业所得税申请抵免。

The features of the Chinese foreign tax credit regime include the following:

中国的外国税收抵免制度具有如下特点：

• Both direct and indirect foreign tax credit 外国税收的直接和间接抵免

Both the foreign income taxes paid by a Chinese company and paid by its qualifying foreign subsidiaries can be credited against the Chinese parent company's tax liability in China vis-à-vis the same foreign income.

无论是由中国公司还是由其合格外国子公司在外国缴纳的所得税，均可被用来抵消该中国公司在中国

的所得税纳税义务。

• Indirect foreign tax credit -Share requirements 外国税收间接抵免——持股要求

A Chinese company may only claim an indirect foreign tax credit for income tax paid by three tiers of foreign subsidiaries, in which a Chinese company must directly or indirectly own at least 20 percent of the shares.

中国公司只能就其直接或间接持有 20%及以上股份的三层外国子公司所缴纳的外国所得税申请外国税

收间接抵免。

• Ordinary foreign tax credit with a per country limitation 分国、普通抵免制

For each jurisdiction, the foreign tax credit is capped. The cap for each jurisdiction is 25% of taxable income derived from that particular jurisdiction for the relevant year. Any excess foreign tax credit may be carried forward for 5 years.

对于每个国家/地区，外国税收抵免额均有上限。每个国家/地区的抵免上限为相关年份自该国/地区

的取得的应税收入的 25%。超额外国税收抵免额可以被结转 5年。

Given the requirements applicable to the foreign tax credit rules, Chinese outbound investors should:

由于外国税收抵免规定的上述要求，中国境外投资者应：

• structure their investment properly to avoid that the tax credit for foreign tax paid cannot be claimed;

适当对其投资进行构架设计以避免不能为所缴纳的外国税收申请抵免；

• avoid ending up with excess foreign tax credits by eliminating or reducing withholding tax at source; and

通过消除或降低预提税以避免产生超额抵免额；以及

• defer Chinese tax for business purposes if the effective foreign tax burden on foreign source income is lower than 25%.

如果来源于国外的所得的有效税负低于 25%，则应该基于合理商业目的递延缴纳中国的所得税。

It should be noted that recently special rules that exclusively apply to Chinese oil companies have been released by the State Administration of Taxation and Ministry of Finance. The new rules offer Chinese oil companies that derive income from overseas a more favourable tax treatment in respect of foreign tax credits.


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须指出的是，中国国家税务总局和财政部最近发布了专门适用于中国的石油公司的特别规定。新规定在外

国税收抵免方面，为中国的石油公司提供了更加优惠的税收政策。

3. What is the impact that China's controlled foreign subsidiary rules (CFC rules) may have on China outbound investments?

中国的受控外国公司规则中国的受控外国公司规则中国的受控外国公司规则中国的受控外国公司规则（（（（CFC 规则规则规则规则））））可可可可能对中国对外投资者产生哪些能对中国对外投资者产生哪些能对中国对外投资者产生哪些能对中国对外投资者产生哪些影响影响影响影响？？？？

China's CFC rules will apply provided that

中国的 CFC规则适用于下述情形:

• a Chinese company by itself, or together with individual Chinese residents, controls a foreign company;

中国公司，或中国公司和中国居民个人，控制一家外国公司；

• the subsidiary is established in a jurisdiction where the effective tax burden is lower than 12.5%; and

该外国子公司设立于一个有效税负低于 12.5%的国家/地区；

• the subsidiary does not distribute its profits or reduces the distribution of its profits without having any reasonable business need for it.

该外国子公司并非出于合理经营需要对利润不作分配或减少分配。

If the Chinese CFC rules apply, the Chinese parent company is deemed to have received, as dividends from the foreign enterprise in the current period, the portion of the foreign enterprise's profits that is attributable to the Chinese resident enterprise.

如果适用中国的 CFC 规则，则中国母公司被视为已从该外国公司收到其利润中应归属于该中国母公司的部

分，即把这部分利润作为股息计入该母公司的当期收入。

However, a Chinese resident enterprise will not be deemed to have received dividend from its CFC if the CFC meets any of the following criteria:

但如果该受控外国公司满足下述条件之一，则中国居民公司将不被视为已从其受控外国子公司收到股息：

• The CFC is located in a non low tax jurisdiction as designated by the State Administration of Taxation (e.g., USA, UK, France, Germany, the Netherlands, Japan, Italy, Canada, Australia, India, South Africa, New Zealand and Norway);

该受控外国公司位于中国国家税务总局所列出的非低税国家/地区（如美国、英国、法国、德国、荷

兰、日本、意大利、加拿大、澳大利亚、印度、南非、新西兰及挪威等）；

• The CFC derives its income mainly from active business operations; and

该受控外国公司主要取得积极经营活动所得；以及

• The CFC's annual profit is less than RMB5 million.

该受控外国子公司的年度利润总额低于 500 万元人民币。

As a result of the application of the CFC rules, a Chinese parent company might have to pay tax in China on income that it has not received. Therefore, caution must be given to the possible consequences of a contemplated investment. In this regard, the combined impact of China's foreign tax credit rules and CFC rules on outbound investments should also be analysed.

由于适用 CFC 规则，中国居民公司可能必须就其并未收到的所得在中国纳税。因此，必须对预期投资在这

方面可能产生的后果给予足够的重视。在这方面，还应该对中国的外国税收抵免制度与受控外国公司规则

对对外投资所产生的综合影响进行分析。


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• De Brauw has a dedicated tax practice specialised in dealing with EU and international tax issues and is renowned for its work on high-end transactions and tax planning.

荷兰百思通律师事务所拥有致力于欧洲和国际税法事务的专业团队，并以其从事的高端法律服务和税收筹

划而闻名。

• We are the only top-tier Netherlands law firm with an office in China. Our Chinese legal staff and tax advisors (all native Mandarin speakers) are located both in China and the Netherlands.

我们是荷兰唯一一家在中国设立办事处的顶级律师事务所。我们在中国和荷兰两地拥有以中文为母语的

律师和税务顾问.

• For more information, please contact our Beijing office's resident partner Geert Potjewijd ([email protected]) or go to www.debrauw.com.

更多详情，请联系我们驻北京代表处的常驻合伙人普志平 (Geert Potjewijd) 博士

([email protected]) ，或访问我们的网站：www.blackstonelawoffice.cn.




outbound investment transactions. For further information, please contact Liu DingFa, David

([email protected]) or your usual contact at Jun He.

君合律师事务所是中国最主要的提供全面服务的律所之一。我们在我们的中国办公室拥有 400 多名有资格从业

的律师并在香港、纽约和硅谷拥有办公室。我们已设立了一个对外投资组以应对我方客户对对外投资交易法律

服务的不断增长的需求。如需了解更多信息，请联系刘定发([email protected]）或者您在君合的惯常联系人。

October 2011 Merger Control 跨境并购控制

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Merger Control Merger Control Merger Control Merger Control

跨境并购控制跨境并购控制跨境并购控制跨境并购控制

Merger control is an important consideration in any global M&A transaction, as most jurisdictions around the world now have merger control rules governing both domestic and foreign-to-foreign mergers, which often require pre-clearance from the competition authority before the transaction can be completed. Whilst the specific rules differ from country to country, this section highlights some of the key issues which commonly arise in any merger control analysis.

在任何跨境并购交易中并购控制是重要的考虑因素，因为现时全球各地很多司法管辖区已实施并购控制规则，

监管本地企业以及外商与外商的并购交易，因此通常在并购交易完成之前必须先取得竞争监管当局批准。尽管

每个国家的具体规定并不一样，下文重点分析在任何并购控制中普遍出现的一些主要考虑因素与有关事宜。

A. PRELIMINARY CONSIDERATIONS 初步初步初步初步考虑因素考虑因素考虑因素考虑因素

1. How do I know whether my transaction will be subject to a merger filing requirement?

我怎样知道我我怎样知道我我怎样知道我我怎样知道我的交易是否的交易是否的交易是否的交易是否必必必必须须须须遵守遵守遵守遵守并购提请审批的规并购提请审批的规并购提请审批的规并购提请审批的规定定定定？？？？

In most jurisdictions, merger control rules will apply to: (i) certain types of transactions (often referred to as “concentrations”) which (ii) meet certain thresholds (usually by reference to turnover or value of assets). The filing requirement is often independent of the substantive analysis of the competition issues, although in some jurisdictions there may be an exemption for foreign-to-foreign transactions which do not have an effect on competition.

在大多数司法管辖区，并购控制规则将适用于：(i) 一些类别的交易（通常称为“经营者集中”）且该等交易 (ii)

达到某些标准（通常以营业额或资产价值计算）。提请规定通常与关于竞争忧虑的实质性的分析无关，虽

然在一部分司法管辖区内，一些对竞争并不构成影响的外商与外商交易可能获得豁免提请当局审批。

2. What types of transactions are likely to be caught?

哪哪哪哪类类类类交易交易交易交易很可很可很可很可能受能受能受能受到到到到规范规范规范规范？？？？

In many jurisdictions, merger control is associated with mergers, amalgamations and the acquisition of control (via shares or assets). In most jurisdictions, this covers sole and joint control.1 The definition of “control” includes not only shareholdings exceeding 50% but may also include minority interests where accompanied by veto rights over strategic decisions, such as the budget, the business plan, major investments or the appointment of senior management.

在很多司法管辖区，并购控制与合并、兼并、（通过股份或资产）控制权收购相关连。在大多数司法管辖

区，这包括单独和共同的控制。2 “控制”的定义不单包括拥有超过 50% 股权，也可能包括那些对战略性决

定，例如预算案、业务计划、重大投资或高级管理层任命等拥有否决权的少数股东权益。

In some jurisdictions (e.g. Germany), any acquisition of shares exceeding a certain percentage (whether or not it confers control) will trigger a merger filing requirement.

1 Although some countries, such as Japan and Korea, do not have the concept of joint control.

2 虽然在一些国家例如日本和韩国并没有共同控制的概念。


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在一些司法管辖区（例如德国），凡收购股份超过某个比率（不论是否附有控制权）将引发关于并购提请

审核的规定。

As a result, joint ventures are often likely to fall within the merger control rules (discussed in more detail below).

因此，合资企业通常很可能受并购控制规则规管（下文详细讨论）。

3. Are there any special rules for certain sectors?

现现现现时有否时有否时有否时有否任任任任何特别规则规管何特别规则规管何特别规则规管何特别规则规管某某某某些行业些行业些行业些行业？？？？

In some jurisdictions, special rules may apply to specific sectors such as (amongst others) finance, banking, insurance, media and energy. For example, different rules may apply to the calculation of turnover in these sectors, or a separate approval process may be required.

在一些司法管辖区，一些行业例如金融业、银行业、保险业、媒体和能源产业可能受一些特别规则规管。

比如，这些行业的营业额计算可能适用不同规则，或者适用不同的审批程序。

B. JURISDICTIONAL TESTS 司司司司法法法法管辖权管辖权管辖权管辖权测试测试测试测试

1. What are the most common types of tests?

最普遍最普遍最普遍最普遍是哪些是哪些是哪些是哪些类类类类别的别的别的别的测试测试测试测试？？？？

Jurisdictional tests are often determined by reference to the parties’ global and domestic turnover and/or value of assets. These are commonly applied without regard to: substantive competition issues, the nationality of the parties, the country where the transaction takes place or the law applicable to the transaction, although in some jurisdictions there may be certain exemptions for foreign-to-foreign transactions.

司法管辖权测试通常根据各方的全球和本地营业额和/或资产价值决定。不论以下各项如何，这些测试均普

遍适用：实质性的竞争问题、各方的国籍、交易发生的国家或适用于该交易的法律，虽然在一些司法管辖

区，外商与外商的交易可能会获得一些豁免。

2. Which undertakings are relevant for this analysis?

哪些哪些哪些哪些经营经营经营经营者须进行这项者须进行这项者须进行这项者须进行这项分析分析分析分析？？？？

In general, the relevant undertakings for the jurisdictional analysis are the undertaking(s) acquiring sole (or joint) control and the undertaking over which control is being acquired. Accordingly, the rest of the seller group’s turnover is generally not taken into account, but this will depend on the rules of the specific country.3

一般来说，凡收购另一企业的单独（或共同）控制权以及本身的控制权正被收购的企业，均须进行司法管

辖权分析。因此，卖方集团的其余营业额一般不会计算在内，但这将视乎具体国家的有关规定。

4

For the purpose of calculating the turnover of the undertaking(s) acquiring control, the turnover relating to all entities belonging to the group is often considered. This may be wider than the concept of legal control, and may result in the inclusion of companies that would not in other contexts be considered as

3 For example, in Brazil and Russia, the seller group’s turnover is relevant to the jurisdictional analysis.

4 例如在巴西和俄罗斯，卖方集团的营业额也与司法管辖权分析有关。


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part of the group. For example, in the EU, if the undertaking concerned jointly controls a JV undertaking with third parties, the turnover of the JV is split equally between its controlling parents, irrespective of the size of their financial or voting interests.

在计算控制权收购方的营业额时，与该集团属下所有实体相关的营业额通常也计算在内。这可能比法定控

制权概念的范围更大，以及可能导致在其它情况下不会被视为该集团一部分的公司也计算在内。例如在欧

洲联盟，如果有关企业与第三方共同控制一家合资企业，该合资企业的营业额便由各家控股母公司平分，

不论该等母公司的财力如何或拥有多少投票权益。

3. How is turnover calculated?

营营营营业业业业额额额额如何计如何计如何计如何计算算算算？？？？

In general, the relevant turnover is commonly the amount derived from the sale of products and the provision of services. Turnover is often allocated according to the geographic location of the customer, corresponding to its most recent audited financial year (allowing for adjustments for acquisitions and divestments that occurred after the date of the audited accounts). This is often the “net” turnover, after deduction of sales rebates, value added tax and other taxes directly related to turnover; intra-group turnover should generally be disregarded.

一般来说，有关营业额通常是从产品销售和服务提供所得的款项。营业额通常根据顾客的地理位置分配，

相对于其最近期的经审计财政年度（允许就经审计账目编制之日后发生的收购和剥离而作出调整）。这通

常是“净”营业额，即扣减销货回扣、增值税以及其它与营业额直接相关的税项，而集团内部营业额通常不会

计算在内。

4. If the jurisdictional thresholds are met, does this always mean that a merger filing must be submitted? What do “mandatory” and “voluntary” merger regimes mean?

若若若若达到达到达到达到司司司司法法法法管辖管辖管辖管辖权权权权测试测试测试测试的的的的标标标标准准准准，，，，是否是否是否是否必必必必须须须须就就就就并购提请文件并购提请文件并购提请文件并购提请文件？？？？“强制性强制性强制性强制性”和和和和“自愿性自愿性自愿性自愿性”并购并购并购并购机机机机制制制制所所所所指指指指为何为何为何为何？？？？

This will depend on the merger control regime of the relevant jurisdiction. In most jurisdictions, notification is “mandatory”, which means that a filing must be made if the jurisdictional thresholds are met (subject to any exemptions, e.g. for foreign-to-foreign mergers). However, in some jurisdictions such as the UK, Singapore and Indonesia, notification is “voluntary” in the sense that there is no obligation under the merger control rules to apply for clearance before implementation of a transaction. In practice, however, there may be compelling reasons to apply for clearance prior to completion. In particular,

这将视乎有关司法管辖区的并购控制机制而定。在大多数司法管辖区，发出通知是“强制性”的，即如果达到

关于司法管辖权测试的标准（假设不能取得任何豁免，例如外商与外商的并购交易），必须就并购提请文

件。但在一些司法管辖区例如英国、新加坡和印尼，发出通知是“自愿性”的，即并购控制规则并没有规定必

须在交易落实之前申请批准。但在实践上，可能有充分理由应在交易完成之前申请批准。尤其是：

(i) If the competition authority suspects that a completed merger may raise competition concerns, it is likely to seek initial “hold separate” undertakings not to integrate the businesses further until the merger has been cleared.

竞争事务当局如果怀疑某项已完成的并购交易可能引起竞争忧虑，很可能会要求相关企业初步承诺“分

开持有”而不进一步把有关业务整合，直至该并购交易已取得批准。

(ii) There is the risk of ultimately being ordered to divest part of the business being acquired or unwind the transaction in the event that the competition authority considers that the transaction (in the original form) gives rise to significant competition concerns.

竞争事务当局如果认为该交易（以其原本形式）会引起重大竞争忧虑，最终有可能命令相关企业剥离部

分被收购的业务或解除该交易并复原至交易前的结构状态。


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(iii) The fact that a merger has not been notified does not mean that it will not be reviewed. Competition authorities will monitor merger activity that has not been notified and/or third parties may bring mergers to the authority’s attention.

即使某项并购交易没有向竞争事务当局作出提请，并不表示当局不会留意并审核该交易。竞争事务当局

会监察没有上报的并购活动，以及/或第三方可能将并购活动事宜通知竞争事务当局。

The question whether in a particular case prior clearance should be actively sought from the competition authority is one for the parties (and in particular, the purchaser) to consider with their advisers. Normally it will be wise to do so where a material competition issue is involved.

至于某项交易应否事先积极寻求竞争事务当局批准，应由有关方（尤其是买方）咨询其法律顾问。如果该

交易涉及重大竞争忧虑，通常最好应事先寻求竞争事务当局批准。

5. Is there any exemption for foreign-to-foreign mergers?

外商与外商的并购交易是否获得外商与外商的并购交易是否获得外商与外商的并购交易是否获得外商与外商的并购交易是否获得任任任任何何何何豁免豁免豁免豁免？？？？

Again, this depends on the specific rules of the relevant jurisdiction. In some jurisdictions, merger control will apply only to a transaction which relates to assets situated in that jurisdiction or to shares of a company conducting business in that jurisdiction, or which otherwise affects competition in that jurisdiction. In other jurisdictions, whilst there may not be an outright exemption from filing, the competition authority may accept a simplified filing (requiring less detailed information) for foreign-to-foreign mergers which do not raise any competition concerns in that jurisdiction.

这也视乎有关司法管辖区的具体规则而定。在一些司法管辖区，并购控制将只适用于与位于该司法管辖区

的资产有关的交易、或与在该司法管辖区经营业务的公司股份有关的交易、或对该司法管辖区内竞争造成

影响的交易。在其它司法管辖区，尽管可能不获完全豁免提请审核，但竞争事务当局可能允许在该司法管

辖区内不会引起任何竞争忧虑的外商与外商并购项目，以简化形式办理提请（要求提交的详细信息较

少）。

6. What are the possible consequences if the parties fail to make a filing?

如如如如果各果各果各果各方方方方没没没没有提请审有提请审有提请审有提请审核核核核，，，，可可可可能能能能会会会会有什么有什么有什么有什么后果后果后果后果？？？？

Failure to comply with the merger filing requirement can have serious consequences, including:

不遵守提请审核规定可导致严重后果，包括：

(i) Competition authorities can impose financial penalties on the parties. The maximum penalty may be in the form of a fixed sum (e.g. RMB 500,000 in the PRC) or a percentage of the aggregate turnover of the undertaking concerned (e.g. 10% in the EU); and/or

竞争事务当局可对各方施加经济惩罚。最高惩罚可能以定额罚款形式（例如：在中国为人民币 500,000

元）或有关企业总营业额的某个比率（例如：在欧洲联盟为 10%）；以及/或

(ii) Competition authorities will generally also have the power to order the parties to unwind a completed transaction.

竞争事务当局通常也会有权力命令各方修改已完成的交易。


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C. JOINT VENTURES 合合合合资资资资企企企企业业业业

Are joint ventures caught by merger control rules?

合合合合资资资资企企企企业业业业现现现现时是否受并购控时是否受并购控时是否受并购控时是否受并购控制制制制规则规范规则规范规则规范规则规范？？？？

Joint ventures may be caught by merger control rules, depending on the purpose and structure of the JV. In some jurisdictions, any establishment of a newly formed JV will trigger the notification requirement, whilst in other jurisdictions, JVs may be caught where it involves the merger of two or more previously independent undertakings or the acquisition of direct or indirect control of the whole or parts of one or more other undertakings.

合资企业可能受并购控制规则规范，视乎该合资企业的成立目的和结构。在一些司法管辖区，任何新合资

企业的成立将引发通知规定，但在其它司法管辖区，合资企业如涉及合并两家或以上以往独立的企业或者

全部或部分收购一家或以上其它企业的直接或间接控制权，将受并购控制规则规范。

A common question in relation to JVs is whether it is “full function”. In the EU, for example, only JVs which perform on a lasting basis all the functions of an autonomous economic entity (a so-called “full function” JV) will be caught by the merger control rules. The question of autonomy is assessed on the facts: the JV must have sufficient personnel facilities and resources to enable it to perform the functions normally carried out by other undertakings operating on the same market. If the JV is required to take most of its raw material requirements from its parents or to sell its production mainly to its parents, this will generally indicate that the JV is not sufficiently autonomous.

与合资企业有关的普遍问题是该合资企业是否属于“全功能”。例如在欧洲联盟，只是那些持久地执行自主经

济实体所有功能的合资企业（即“全功能”合资企业）才受并购控制规则规范。而自主权是根据以下情况评

估：该合资企业必须拥有充足的人力和其它资源，令其可履行在同一市场中经营的其它经营者通常执行的

功能。若合资企业必须从其母公司购买生产原材料或主要向母公司出售其生产，这通常表示该合资企业并

不充分自主。

Joint ventures which do not fall within the merger control rules may still be subject to investigation under the rules against anti-competitive agreements and/or abuse of dominance.

至于不受并购控制规则规范的合资企业，在针对反竞争协议和/或滥用优势的规则下可能仍须接受调查。

D. IMPLICATIONS FOR THE CORPORATE DEAL 对对对对企企企企业交易的业交易的业交易的业交易的影响影响影响影响

1. If a filing is required, what are the likely implications for the deal?

如如如如果必果必果必果必须须须须办办办办理提请理提请理提请理提请手续手续手续手续，，，，可可可可能对该交易有哪些能对该交易有哪些能对该交易有哪些能对该交易有哪些影响影响影响影响？？？？

If a filing is required, this will have significant implications for the corporate deal. Firstly, if the relevant merger control regime is suspensory in nature, this means that the transaction cannot be completed until merger clearance is obtained. Therefore, the parties will need to factor in a significant period of time between signing and completion for the preparation of the merger filing (including translations, if necessary) and the relevant merger review periods.

如果必须办理提请文件手续，这将对企业交易构成重大影响。第一，如果有关的并购控制当局的批准为完

成交易的先决条件，这表示该交易要等待取得并购批准后才能完成。因此，各方将需在签订与完成准备提

请文件（如有需要，包括文件翻译）和各个相关并购审核时期之间预留相当长的时间。

Secondly, the parties must consider whether the transaction is likely to raise significant competition concerns, as they will need to assess the risk that the deal might get blocked or the competition authority may seek commitments from the parties (e.g. to divest part of the business) as a condition to merger clearance. If there is a high risk of intervention by the competition authority, the parties must consider and negotiate what they would be willing to offer up to the competition authority in order to secure merger clearance.


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第二，各方必须考虑该交易是否可能引起重大竞争忧虑，因而各方将需评估该交易可能受到阻碍或竞争事

务当局可能要求各方作出承诺（例如剥离一部份业务）作为并购批准条件等有关的风险。如果竞争事务当

局很大可能会干预，各方必须考虑并商讨他们愿意向竞争事务当局作出什么承诺以取得并购批准。

Thirdly, the parties must be careful in how they conduct their businesses between signing and completion to ensure that there is no actual/constructive integration or coordination of the parties’ businesses before merger clearance is obtained (often known as “gun-jumping”).

第三，各方必须在签订与完成准备提请文件期间审慎进行他们的业务，以确保在取得正式并购批准之前各

方的业务不会发生实际上或在法律上被界定为整合或协调（通常称为“偷步”）。

It is therefore important to determine at an early stage the jurisdiction(s) in which a merger filing is required so that the relevant preparation and review periods can be factored into the deal.

因此，各方应在初期阶段知道哪些司法管辖区规定必须办理并购提请，以便把有关的准备和审核所需的时

间也列入交易时间表内。

2. How will a merger filing affect the deal documentation?

并购提请如何并购提请如何并购提请如何并购提请如何影响影响影响影响交易文件的准备交易文件的准备交易文件的准备交易文件的准备？？？？

The parties will need to include in the agreement the relevant merger clearance(s) as a contractual pre-condition to completion of the transaction. They may also want to include certain “cooperation” clauses for the purposes of preparing and drafting the merger filing (often the responsibility of the purchaser).

各方将需把并购批准在交易协议上订明为交易完成的先决条件。他们可能也需订明一些“合作”条款，以便准

备和草拟并购提请文件（通常是买方的责任）。

Where competition concerns are likely, the parties may want to negotiate the allocation of the competition risk, for example, by including an indemnity against losses resulting from any divestment to a third party if required by a competition authority, or by including a break fee arrangement if merger clearance is not obtained.

若有可能引起竞争忧虑，各方可能希望谈判有关分担竞争风险的事宜，例如订明如果竞争事务当局规定必

须向第三方剥离业务，则应对因此导致的损失作出弥偿，或者订明如果不能取得并购批准则需支付终止交

易费。

E. NOTIFICATION PROCESS通知通知通知通知程程程程序序序序

1. What are the various steps in preparing and submitting a merger filing?

准备和提交并购提请文件的程准备和提交并购提请文件的程准备和提交并购提请文件的程准备和提交并购提请文件的程序序序序为何为何为何为何？？？？

Firstly, the merger filing must be drafted. This will generally include a significant amount of information both on the parties’ businesses and the markets in which they are active (particularly if the purchaser and target are active in the same or similar markets). Preparation for a merger filing will often take 3–4 weeks or even longer for complex transactions or markets.

首先，必须拟备关于并购的提请文件。这通常包括关于各方业务和他们活跃的市场的大量资料（尤其是如

果买方和目标公司均活跃于相同的或相类似的市场）。准备关于并购的提请文件通常需要 3 至 4 个星期，

如果该交易或涉及的市场很繁复则需要更长时间。

It is worth noting that, in many jurisdictions, the merger filing cannot be submitted (and therefore the formal review period cannot commence) until a binding agreement has been signed or, in the case of public bids, the bid has been announced. It may be possible to convince the competition authority to accept the merger filing on the basis of a “good faith intention” to conclude an agreement (e.g. on the basis of a Memorandum of Understanding or a Letter of Intent).


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应注意在很多司法管辖区，必须在签订具有约束力的协议或（如属公开竞购）竞购已被公布后，才可就并

购提请文件（因而正式审核期此时才开始）。如果能够令竞争事务当局相信有“真诚意向”达成协议（例如根

据谅解备忘录或意向书），他们可能接纳该并购提请。

Secondly, many jurisdictions will include a process called “pre-notification”. The parties will send a draft of the merger filing to the competition authority for its review and comments before it is formally submitted. These discussions are confidential and often take place before the transaction is announced; they can be helpful to the parties for a number of reasons, including:

第二，很多司法管辖区设定一项“预先通知”的程序。各方在正式提交并购提请文件前，先把文件的草稿送交

竞争事务当局审阅和评论。这些讨论是保密的，且通常在该交易公布前发生；这些讨论对各方也有帮助，

原因包括：

(i) They enable the parties to obtain informal advice on jurisdictional issues (if any).

各方可因此获得有关司法管辖权事宜（如有）的非正式意见。

(ii) They assist in identifying any special concerns officials may have (e.g. on market definition), thereby enabling the parties to address these in the filing and, if appropriate, to consider changes to the transaction.

这些讨论有助了解官员可能关注的任何特别事项（例如市场界定），各方因此可以在该正式提请中先行

处理该等事项，或者如有需要则考虑改变有关交易。

(iii) They allow the parties to discuss waivers from the strict filing requirements thereby minimising the risk of a formal notification being subsequently declared incomplete.

各方可藉此商讨豁免严格遵守关于提请的某些规定，因而避免有关的正式通知在发出后才被指不完整。

(iv) Where the parties consent, they may enable the competition authority to start the process of third party consultation before formal notification.

各方如同意，他们可令竞争事务当局在正式通知发出前开始第三方咨询程序。

Thirdly, before the formal review period commences, the competition authority must accept the filing as complete. In some jurisdictions, this is a fairly straightforward process provided the submitted filing is well-prepared as advised by local counsel. However, in other jurisdictions (particularly those which do not allow for pre-notification), the competition authority may come back with supplementary questions on the submitted filing, which the parties must respond to in full before the filing is then accepted as complete. This process can add several weeks to the review timetable.

第三，在正式审核期间开始前，提请文件必须令竞争事务当局接纳为完整。在一些司法管辖区，只要提请

文件按照本地法律顾问的指示准备妥当，这是颇为简单的程序。但在其它司法管辖区（尤其是不允许预先

通知的司法管辖区），竞争事务当局可能会就提请文件提出补充性问题，经各方详细回复后，提请文件才

被接纳为完整。这项程序会令审核时间延长几个星期。

2. What are the formal review procedures and possible outcomes?

正式审正式审正式审正式审核核核核程程程程序序序序包包包包括括括括哪些哪些哪些哪些步骤以及可步骤以及可步骤以及可步骤以及可能有哪些能有哪些能有哪些能有哪些结果结果结果结果？？？？

The initial review period (commonly referred to as “Phase I”) will often involve the competition authority sending detailed requests for information to the parties and to third parties, including customers and competitors; it may also hold meetings as part of this process.

初步审核期（通常称为“第一阶段”）通常涉及竞争事务当局向各方和第三方（包括顾客和竞争者）发出有关

提供资料的详细要求；竞争事务当局亦可能于这阶段举行会议。

At the end of Phase I, the competition authority will reach one of the following decisions:

在第一阶段程序结束时，竞争事务当局将作出以下其中一项决定：


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(i) Clearance: The deal may proceed because it does not give rise to serious competition concerns.

批准批准批准批准：：：：该交易可继续推进，因为它没有引起严重竞争忧虑。

(ii) Clearance subject to commitments: Even where a deal raises serious competition concerns, it may nevertheless be the subject of a Phase I clearance decision subject to conditions, e.g. that the parties must divest certain businesses within a certain period following completion or must give commitments regarding their future behaviour. If parties wish to secure a Phase I clearance subject to such conditions, they must offer appropriate commitments which then often extends the Phase I review period.

附附附附有有有有承诺承诺承诺承诺的批准的批准的批准的批准：：：：某交易即使引起严重竞争忧虑，仍可在附有限制性条件的情况下作出第一阶段许可决

定，例如各方必须在交易完成后一段时间内剥离某些业务或必须就各方日后行为作出承诺。各方如欲在

附有该等条件的情况下取得第一阶段许可，必须表明有关承诺，第一阶段的审核期间通常会因而延长。

(iii) Launch of Phase II investigation: The deal raises serious competition concerns such that a more detailed investigation is necessary. It is worth noting, however, that in some jurisdictions Phase II is launched even when there are no competition concerns – this may occur if the Phase I timetable does not allow sufficient time for the competition authority to complete its review.

开开开开展第二阶段调展第二阶段调展第二阶段调展第二阶段调查查查查：：：：该交易引起严重竞争忧虑，因而有必要进行较详细调查。但应注意是，在一些司法

管辖区，即使没有竞争忧虑也会开展第二阶段调查 — 如果第一阶段调查的时间表没有足够时间让竞争

事务当局完成审核，这情况便可能发生。

Phase II proceedings commonly involve detailed in-depth investigations which place significant burdens on all parties involved. There may also be procedures to “stop the clock” if the parties have not supplied information required by the competition authority for its investigation. In some cases this can result in a significantly lengthier review process.

第二阶段程序通常涉及详细深入的调查，对所有有关各方均构成沉重的负担。此外，如果各方没有提供竞

争事务当局调查所要求的资料，竞争事务当局也可依循一些程序暂停调查。在一些个案中，这会导致审核

过程大大延长。

Following the in-depth investigation, the competition authority will generally either clear the deal (often subject to conditions) or prohibit it (unless the deal has already been abandoned by the parties).

在进行更深入调查后，竞争事务当局一般会许可该交易（通常附有条件）或禁止该交易（除非各方已放弃

该交易）。

F. SUBSTANTIVE ANALYSIS 实实实实质性质性质性质性的的的的分析分析分析分析

1. What are the key theories of harm in horizontal mergers?

横向合横向合横向合横向合并有哪些主要并有哪些主要并有哪些主要并有哪些主要竞竞竞竞争争争争优优优优虑虑虑虑？？？？

Horizontal mergers are mergers between firms that operate at the same level in the supply chain. There are two main ways in which horizontal mergers may raise significant competition concerns:

横向合并指在供应链中同一水平经营的企业合并。在以下两个主要情况中，横向合并可能引起重大竞争忧

虑：

(i) In the case of non-coordinated (or unilateral) effects, will the merger eliminate important competitive constraints on one or more firms, which consequently would enjoy increased market power? These concerns can arise in situations whereby the merged entity would have a significant market share.

如属非协同性（或单方面）影响，合并会否排除对一家或以上企业的重要竞争限制，结果令其拥有更大

市场权力？若合并后的实体将在市场拥有重大占有率，便会引起这些竞争忧虑。


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(ii) In the case of coordinated effects, is the pre- and/or post-merger market structure oligopolistic (e.g. limited to only three or four major players) and will the merger will facilitate "tacit collusion" between the members of that oligopoly, thus leading to the raising of prices, reduction of output or other harmful effects on competition? In making this assessment, the structure of the market and the past behaviour of firms on the market (notably whether there is a stable economic environment conducive to tacit collusion, whether it is possible to monitor compliance with the terms of tacit coordination and whether there is a form of deterrent mechanism to prevent deviation) will be examined.

如属协同性影响，合并前和/或合并后的市场结构是否属于寡头垄断（例如市场上只有三或四家主要企

业经营）以及该合并会否造成该寡头垄断市场各成员“暗中勾结”，因而导致价格上升、产量减少或对竞

争造成其它不良影响？在作出此评估时，将对市场结构和市场内各企业以往的行为（尤其是否存在稳定

经济环境引致暗中勾结的情况、能否监察针对暗中协调的条款没有被违反、以及是否设有阻吓机制以防

止出现偏差）进行研究。

2. What other factors are relevant in the substantive analysis?

在进行实在进行实在进行实在进行实质性质性质性质性的的的的分析分析分析分析时还时还时还时还会会会会考虑哪些其考虑哪些其考虑哪些其考虑哪些其它它它它相相相相关关关关因素因素因素因素？？？？

• Whether the merging firms are close competitors: If the parties' products are particularly close substitutes (compared with those of other competitors), this will generally increase the risk of significant price rises following the merger as rivals' products are less likely to act as a constraint on pricing.

合并的企业是否激烈的竞争对手：若合并各方的产品特别可以互相取代（相比于其它竞争对手的产

品），这通常会令有关产品的价格在企业合并后明显提高，因为竞争对手的产品不再成为定价的阻力。

• Entry and expansion conditions: If barriers to market entry or expansion by other players are low (and such entry or expansion is realistic) a substantial increase in market share and concentration may nevertheless not raise competition concerns.

有关进入和扩展市场的情况：如果其它企业进入或扩展市场受到的障碍很低（而该市场进入或扩展是可

以实现的），市场占有率大增和经营者集中未必会引起竞争忧虑。

• Actual or potential competition: The ability of the merged group to raise prices may be constrained by actual or potential competition from other undertakings, including their ability to increase output (e.g. if they have spare capacity) and increase sales if the merged group were to seek to increase prices.

实际或潜在竞争：合并后的集团提高价格的能力可能受到来自其它企业的实际或潜在竞争所限制，包括

假如合并后的集团想提高价格，该等其它企业是否有能力提高产量（例如：如果他们还有备用的生产

力）和增加销量。

• Buyer power: The merged group may also be constrained by countervailing power of customers (including their ability to switch to other suppliers).

买方能力：合并后的集团也可能受到顾客的对抗能力所限制（包括他们能否转到其它供应商）。

• Other relevant supply and demand considerations: These may include whether the merging parties are vertically integrated or otherwise control or exercise influence over the supply of inputs or demand for outputs, e.g. through ownership of intellectual property rights.

其它相关的供应和需求考虑因素：这可能包括合并各方是否纵向整合或者对投入品的供应或产量的需求

有控制权或影响力，例如通过拥有知识产权。

• Whether the merger eliminates an important competitive force: Some firms may have more of an influence on the competitive process than their market shares may suggest, e.g. a recent new entrant which may have innovative new products or may be expected to play the role of a maverick in a concentrated market.


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该合并是否排除一股重要竞争力量：一些企业对竞争过程所产生的影响力可能大于其市场占有率所反

映，例如一家最近新加入的企业可能有创新的产品或可能被期望在一个高度集中的市场内标新立异。

3. What about other types of mergers (i.e. vertical and conglomerate)?

其其其其它类它类它类它类别的别的别的别的合合合合并并并并（（（（即纵向合即纵向合即纵向合即纵向合并和并和并和并和综合企综合企综合企综合企业业业业））））怎怎怎怎么么么么样样样样？？？？

Vertical mergers are mergers between firms that operate at different, but complementary, levels in the chain of production and/or distribution. They may give rise to competition concerns, in particular if they could have the effect of foreclosing market access by, for example, limiting competitor access to upstream raw materials or components (input foreclosure), or to downstream distribution channels (customer foreclosure), or by making such access more expensive, thereby increasing rivals' costs. Serious competition concerns should only arise if the merging parties have a substantial level of market power in one or more relevant markets, in circumstances where customers may be adversely affected by the concentration.

纵向合并指在生产和/或分销链中在不同的但互补的层面经营的企业之间的合并。这类合并可能引起竞争忧

虑，尤其是如果有关的合并会导致阻止其它企业进入市场，例如通过限制竞争对手取得上游原材料或部件

（阻止获得投入品）或下游分销渠道（阻止获得顾客），或者令竞争对手花费更多款项才可获得投入品或

顾客，因而令竞争对手的成本提高。只有当合并各方在一个或以上的有关市场拥有很高的市场权力，因而

经营者集中对顾客构成不利影响，才会引起严重的竞争忧虑。

Conglomerate mergers involve firms that operate in different product markets. In general, they do not raise competition issues. However, in circumstances where the products acquired are complementary to the purchaser’s own products, such a merger may give rise to concerns about so-called "portfolio power". This may occur when the market power deriving from a portfolio of brands exceeds the sum of its parts, thereby enabling the merged group to exercise market power in individual markets more easily. Generally the competition authority faces a high evidentiary burden when seeking to develop theories of harm based on conglomerate effects.

综合企业合并指在不同产品市场经营的企业合并。一般来说，他们不会引起竞争忧虑。但在一些情况下，

如果被收购的产品与买方本身的产品是互补的，如此的合并可能引致所谓“组合力量”的关注。当各品牌组合

产生的市场权力大于品牌单独产生的市场权力的总和，便会令合并后的集团更容易在个别市场中运用其市

场权力。一般情况下，竞争事务当局如果要根据综合企业的影响来判断会产生的对竞争不良后果，须提供

有力的证据。

Slaughter and May is a leading international law firm recognised throughout the business community for

its commercial awareness and commitment to clients. With offices in London, Brussels, Hong Kong and

Beijing, we provide top-quality corporate and M&A (including in areas such as competition, tax and

pensions and employment), commercial and financial legal advice to market leaders throughout the

world. We have 125 partners and over 600 other lawyers worldwide, with a total staff of over 1300. For

further information, please contact Lisa Chung ([email protected]) or visit our website:

www.slaughterandmay.com.

司力达事务所是一家具领导地位的国际律师事务所，我们对商业事务的了解和对客户委托事项付出的努力

备受商界赏识。我所在伦敦、布鲁塞尔、香港和北京设有办事处。我们为世界各地的市场领先企业提供最

优质的企业及兼并与收购(并包括竞争、税务、退休金和劳动关系等范畴)、商业和财务法律意见。我们在

全球共有 125位合伙人和其他 600名律师，员工总数超過 1300 多人。如您需要更多信息，请联系钟慕贞

律师([email protected])或浏览我所的网站：www.slaughterandmay.com。

October 2011 Common due diligence and negotiation issues on private M&A transactions 私人并购交易中常见的尽职调查及谈判问题

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Common due diligenceCommon due diligenceCommon due diligenceCommon due diligence and negotiation and negotiation and negotiation and negotiation issues issues issues issues on on on on

private M&A transactionsprivate M&A transactionsprivate M&A transactionsprivate M&A transactions

私人并购交易中常见的尽职调查及谈判问题私人并购交易中常见的尽职调查及谈判问题私人并购交易中常见的尽职调查及谈判问题私人并购交易中常见的尽职调查及谈判问题

A. DUE DILIGENCE

1. What is due diligence and why is it conducted?

何何何何谓尽职调谓尽职调谓尽职调谓尽职调查查查查且且且且为何要进行为何要进行为何要进行为何要进行尽职调尽职调尽职调尽职调查查查查？？？？

In an M&A context due diligence is the process of investigation by the prospective purchaser of the relevant target company or business prior to implementing the transaction in question. The purchaser will invariably conduct some kind of due diligence investigation although the scope will often vary considerably.

在并购情况下，尽职调查是指预期买方在实施有关交易前对相关目标公司或业务进行调查的程序。尽管调

查范围常常会有很大的不同，但买方总会进行某类尽职调查。

The reasons for conducting due diligence include the following:

进行尽职调查的原因包括：

• to identify problems and risks that may affect a decision on whether to proceed or to withdraw;

确定可能影响是继续进行还是退出交易的决议的问题和风险；

• to help value the target or, if unforeseen problems come to light, revise a price offered in a non-binding letter of intent or similar document;

有助于对目标公司进行评估或者，如果出现未能预见的问题，则可以修改不具有约束力的意向书或类似

文件中所提出的价格；

• in many jurisdictions (particularly those based on English common law), there is no duty on the seller to disclose information relating to the relevant company or business being sold;

在很多司法辖区（特别是以英国普通法为基础的司法辖区），卖方无义务披露与正在出售的相关公司或

业务有关的信息；

• to find out more about the target business with a view to facilitating post-acquisition operational and integration matters; and

查明目标企业的更多情况以便促进收购后的运作和整合事宜；且

• to identify relevant terms and conditions for inclusion in the transaction documentation.

确定交易文件中包含的相关条款和条件。


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2. To what extent is due diligence a more important consideration for Chinese investors on outbound M&A transactions than domestic transactions?

在何种范围在何种范围在何种范围在何种范围内内内内，，，，对于中国投资者对于中国投资者对于中国投资者对于中国投资者来说尽职调来说尽职调来说尽职调来说尽职调查在查在查在查在海海海海外并购交易中外并购交易中外并购交易中外并购交易中比比比比其在国其在国其在国其在国内内内内交易中是更重要的考虑事交易中是更重要的考虑事交易中是更重要的考虑事交易中是更重要的考虑事

项项项项？？？？

Due diligence is potentially even more significant for purchasers on cross-border transactions in view of the different legal, regulatory, political, language and cultural considerations. In research conducted by KPMG (World class aspirations: The perceptions and the reality of China outbound investment), the failure to identify important financial, operational or management issues during due diligence was identified by respondents as one of the most serious mistakes a Chinese company can make in its outbound M&A.

鉴于不同的法律、监管、政治、语言和文化考虑因素，尽职调查对于跨境交易的买方而言可能更为重要。

在毕马威会计师事务所（世界级的愿望：中国对外投资的理念和现实）进行的调查中，尽职调查过程中未

能确定重要的财务、经营或管理问题被调查对象确定为是中国公司在其海外并购中所犯的最严重的错误之

一。

3. What kind of due diligence investigation is conducted?

应进行何种应进行何种应进行何种应进行何种尽职调尽职调尽职调尽职调查查查查？？？？

It is common for a significant part of the due diligence investigation to be based on documents and information made available by the seller. However, this may, depending on the purchaser’s requirements, be supplemented by searches of publicly available information, target management presentations and interviews, site visits and investigative searches (such as personal background checks and general market intelligence).

常见的是：尽职调查的很重要一部分是基于卖方所获得的文件和资料。但是，这可以（取决于买方的要

求）通过搜索可公开获得的信息、目标公司的管理展示和访谈、实地访察以及调查搜索（例如：个人背景

调查和一般市场信息反馈）进行补充。

4. Who conducts the due diligence and how is the process co-ordinated?

由谁来由谁来由谁来由谁来进行进行进行进行尽职调尽职调尽职调尽职调查查查查且且且且如何如何如何如何协调协调协调协调其程其程其程其程序序序序？？？？

Due diligence is generally conducted by a team, comprising at least:

尽职调查一般由至少包含以下人士的小组进行：

• the purchaser’s own personnel;

买方自己的人员；

• a firm of accountants; and

会计师事务所；和

• the purchaser’s lawyers.

买方的律师。

The above team would, between them, cover operational, financial, tax and legal matters. Depending on the nature of the investigation, additional outside specialists may be engaged such as environmental specialists, building surveyors, insurance brokers, pension actuaries and IT consultants.

以上小组将会在他们之间涵盖运营、财务、税务和法律事务。根据调查的性质，可能还会聘请其他外部专

家，诸如环境专家、建筑勘查人员、保险经纪人、养老金精算师以及信息技术顾问。

Given the potential number of people involved, it will be important to establish a properly co-ordinated due diligence exercise. This will include procedures to ensure that:


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考虑到所涉人员的数量，建立妥善协调的尽职调查做法将会很重要。这将包括确保以下事宜的程序：

• due diligence is conducted by advisers in accordance with the client’s instructions and priorities;

尽职调查由顾问根据客户的指示和优先次序进行；

• persons with appropriate expertise review relevant information;

有适当专门知识的人审查有关信息；

• proper records are maintained of documentation reviewed and by whom;

保持文件资料的适当记录并进行审查以及由何人保持和审查；

• duplication of effort is avoided within the due diligence team;

避免尽职调查小组内的重复努力；

• effective lines of communication are established within the advisory teams and between advisers and the client.

在顾问小组内以及顾问和客户之间建立有效的沟通。

5. How is the due diligence investigation initiated?

如何发如何发如何发如何发起尽职调起尽职调起尽职调起尽职调查查查查？？？？

Where the purchaser drives forward the due diligence process, it is common for the purchaser’s legal advisers to commence the process with the submission of a due diligence questionnaire or request list to the seller or its advisers. Given that this is submitted at an early stage of the transaction, it will often be in general terms and cover requests in relation to areas such as:

在买方推动进行尽职调查程序的情况下，通常由买方的法律顾问开始该程序并向卖方或其顾问提交尽职调

查问卷或请求列表。考虑到该问卷或列表在交易的早期阶段提交，其常为一般条款并涉及与下列领域有关

的请求：

• general corporate information on target group companies;

有关目标集团公司的一般公司信息；

• accounting and other financial matters;

会计和其它财务事项；

• commercial and trading agreements;

商业和贸易协议；

• compliance issues in relation to the target group (such as licences held);

与目标集团有关的合规问题（诸如所持有的许可）；

• litigation and other claims by and against the target group;

由目标集团公司或针对目标集团公司提起的诉讼和其它权利主张；

• properties and other assets owned or used by the target group;

目标集团拥有或使用的财产和其它资产；

• environmental and safety;

环境和安全；

• employees and pensions;

员工和养老金；


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• insurances;

保险；

• intellectual property and information technology; and

知识产权和信息技术；以及

• taxation.

税务。

In response to the questionnaire, it is common for the seller to provide hard copy documents to the purchaser or to make available the requested information in a data room.

为回答问卷，通常卖方会向买方提供纸质文件或者获得资料室中所要求的信息。

Where a company or business is being offered as part of an auction procedure to more than one prospective purchaser, the seller may initiate the due diligence process by providing an information memorandum or due diligence report prepared by the seller’s advisers. In each case the relevant document would provide information in relation to the target group and its business.

在公司或业务作为拍卖程序的一部分提供给一个以上预期买方的情况下，卖方可以通过提供由卖方的顾问

准备的信息备忘录或尽职调查报告发起尽职调查程序。在每一种情况下，相关文件中均应当提供与目标集

团及其业务相关的信息。

6. What are data rooms and how are they used?

何何何何谓谓谓谓资料资料资料资料室且室且室且室且其如何使用其如何使用其如何使用其如何使用？？？？

Data rooms are often established by a seller in order to make due diligence information available to a prospective purchaser. They are established primarily for the following reasons:

资料室常由卖方设立以便向预期买方提供尽职调查信息。资料室主要是为以下原因设立：

• to control access of the purchaser to confidential information; and

控制买方获得保密信息；以及

• in auction procedures to facilitate access by different prospective purchasers to the relevant information.

在拍卖程序中为不同的预期买方获得相关信息提供便利。

The data room may either be a physical data room containing hard copies of documents or a virtual data room set up on-line, often by an outside service provider. It is common for a seller on cross-border transactions to establish a virtual data room in order to provide the purchaser and its advisers with convenient access to documents.

资料室可以是含有文件纸质文本的有形资料室或者是在线设立的虚拟资料室（通常由外部服务提供商设

立）。跨境交易的卖方设立虚拟资料室以便为买方及其顾问提供便利获取文件很普遍。

Where a physical data room is set up, the seller will typically prescribe procedures to deal with matters such as available hours of access, and whether photocopying and recording devices are permitted in the data room.

在设立有形资料室的情况下，卖方通常会规定处理访问时间以及资料室中是否允许复印和录音设备等事宜

的程序。

Where a virtual data room is set up, the seller will prescribe whether documents may be downloaded.

无论是否设立虚拟资料室，卖方均会规定是否可以下载文件。


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7. What is the timing of the due diligence conducted?

尽职调尽职调尽职调尽职调查的时间是什么查的时间是什么查的时间是什么查的时间是什么？？？？

In some cases, a potential purchaser will be permitted to commence a due diligence investigation subject only to signature of a confidentiality undertaking. In many cases, the due diligence process will commence after the parties have signed a letter of intent, memorandum of understanding or similar document.

在某些情况下，允许潜在买方仅须签署保密承诺即开始尽职调查。在许多情况下，尽职调查程序将在双方

签署意向书、谅解备忘录或类似文件之后开始。

Whenever the process commences, it will in practice be an ongoing process until the signature of binding agreements.

无论程序何时开始，实践中其将为一个持续进行的过程直至签署有约束力的协议。

8. What is the normal scope of the due diligence report?

尽职调尽职调尽职调尽职调查报告的正查报告的正查报告的正查报告的正常常常常范围是什么范围是什么范围是什么范围是什么？？？？

The scope and length of due diligence report will depend on the purchaser’s requirements. It is important for clients and advisers to address clearly in the relevant letter of engagement the required scope of report.

尽职调查报告的范围和时间长短将取决于买方的要求。重要的是客户和顾问要在相关的业务约定书中明确

说明所要求的报告范围。

In most cases, a report is delivered in writing. A report may be relatively short, containing only “high level” specific issues and problems identified in the due diligence together with recommendations on how to deal with such issues and problems. This is often referred to as an “exceptions report” and might include, for example, details of:

在多数情况下，报告以书面形式交付。报告可以相对较短，只包含“高水平”的具体问题和尽职调查中确

定的难题，还有如何处理这些问题和难题的建议。这常常被称为“例外报告”并且可能包括（例如）如下

具体内容：

• potential “deal breakers” (meaning matters identified in the due diligence that might result in the prospective purchaser withdrawing);

潜在“破坏交易者”（意为尽职调查中确定的可能导致预期买方退出的事项）；

• matters that should be dealt with as conditions to be satisfied prior to completion of the relevant transaction, such as the requirement for regulatory or third party consents;

作为相关交易完成前应满足的条件所应处理的事项，诸如监管机关要求或第三方同意；

• contracts containing termination or other rights exercisable by a counterparty as a result of a change in control of the relevant target company or sale of business;

含有因相关目标公司控制权的变更或业务出售而导致交易对方可行使的终止交易权或其它权利的合同；

• contracts containing material commitments or obligations that may have to be satisfied after completion of the transaction;

含有交易完成后可能必须满足的实质性承诺或义务的合同；

• restrictions on operation of the target business;

对目标业务运营的限制；

• actual or potential claims by third parties; and

第三方的实际或可能的权利主张；以及


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• other areas that might require specific contractual protection.

可能需要特定合同保护的其它领域。

Many due diligence reports go into considerably more detail and include not only details and analysis of material issues (for example in an executive summary) but also summaries of the target group’s material contracts and other business information. Such a report will form a useful manual for the purchaser of information on a wide range of legal, financial and operational matters.

许多尽职调查报告深入到相当多的细节，并且不仅包括实质性问题的详细资料和对其的分析（例如，在执

行摘要中），而且包括对目标集团的重大合同和其他业务信息的总结。这样一个报告将对买方形成有关广

泛的法律、财务和经营事宜的有用资料手册。

In addition to a written due diligence report, some clients wish to receive an oral presentation in order to supplement the written report and provide an opportunity for a “Q&A” session.

除了书面的尽职调查报告外，有些客户希望收到口头说明以便补充书面报告并提供“问答”会的机会。

B. NEGOTIATION OF RISK ALLOCATION ISSUES 风险风险风险风险分配分配分配分配问题问题问题问题谈判谈判谈判谈判

1. What is the difference between warranties and indemnities?

保证和保证和保证和保证和弥偿弥偿弥偿弥偿的区别是什么的区别是什么的区别是什么的区别是什么？？？？

A considerable part of any agreement for the purchase of a company or business will comprise buyer protection provisions. The most common form of buyer protection are the warranties. These comprise statements of fact about the target group which, if proven to be untrue, may result in the right of the purchaser to recover damages. In certain circumstances, a breach of warranty may also result in the right to terminate the agreement if the breach comes to light prior to completion of the transaction.

购买公司或业务的任何协议的相当部分内容将包含买方保护规定。买方保护的最常见形式是保证。这些保

证包含对目标集团的事实陈述，该事实陈述如被证明不真实，可能导致买方获得损害赔偿的权利。在某些

情况下，如果在交易完成前发生违约，违反保证也可能导致终止协议的权利。

In most jurisdictions, a purchaser must, in order to succeed in a claim for breach of warranty, prove that it has suffered loss which, in the case of a purchase of shares in a company, includes proving a reduction in the value of the shares purchased. It may not always be straightforward to bring a claim for breach of warranty. Accordingly, it is common practice in some jurisdictions for purchasers to seek to negotiate provisions enabling damages to be calculated on an indemnity basis. If there is a breach of warranty, this would enable the purchaser to recover damages equal to the loss or liability that would not have arisen but for the breach of warranty.

在多数司法辖区，买方必须（为了在违反保证的索赔中获胜）证明其遭受了损失，该证明在购买公司股份

的情况下，包括证明所购买的股份价值减少。并不总是对违反保证直接提出索赔。因此，在某些司法辖

区，通常的做法是，买方寻求谈判能使损害赔偿按照弥偿基准进行计算的条款。如果存在违反保证，这将

使买方获得的损害赔偿相当于如果没有违反保证本来不会产生的损失或责任。

Where problems come to light during the due diligence process, it is common for the purchaser to seek to negotiate specific indemnities to protect against the relevant risk. The effect of an indemnity is to require the seller to make a payment to the purchaser in respect of the loss arising in relation to the matter indemnified. For example, an indemnity might be given against the potential risks of a third party claim against the target group after completion of the transaction. If the third party claim materialises, a purchaser of the shares in the target company would not be required to show any reduction in value of the shares purchased but would recover the loss or liability of the target company in relation to the third party claim.

如果在尽职调查过程中出现问题，买方通常会寻求谈判具体的弥偿以免受相关风险。弥偿的效力是要求卖

方对于与弥偿的事项相关所引起的损失向买方进行付款。例如，对于交易完成后因对目标集团提出的第三

方索赔的潜在风险可给予弥偿。如果第三方要求将弥偿物质化，不要求目标公司股份的买方表明所购买的

股份价值有任何减少，但是对与该第三方索赔相关的目标公司损失或责任将会获得赔偿。


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2. What is the “disclosure process” and how does seller seek to limit its liability under the warranties by disclosure?

何何何何谓谓谓谓““““披露披露披露披露程程程程序序序序””””，，，，且卖且卖且卖且卖方如何方如何方如何方如何寻求通寻求通寻求通寻求通过过过过披露披露披露披露限限限限制制制制其在保证下的责其在保证下的责其在保证下的责其在保证下的责任任任任？？？？

One of the ways in which a seller will seek to limit his liability under the warranties will be by means of disclosure of information to qualify those warranties. The ways in which the disclosure process is conducted will vary depending on the relevant jurisdiction and may include:

卖方寻求限制其在保证下的责任的一个方式就是通过信息披露以限定这些保证。披露程序所进行的方式因

相关的司法辖区而有所不同并且可能包括：

• qualifications drafted into the warranty; and

起草入保证中的限定性条件；以及

• a schedule to the sale and purchase agreement containing exceptions to the warranties; or

含有保证例外规定的销售和购买协议的附件；或者

• a separate disclosure letter written by the seller and accepted by the purchaser.

由卖方书写并被买方接受的单独披露函。

3. What other risk allocation issues are commonly negotiated by sellers and purchasers on cross-border transactions?

卖卖卖卖方和方和方和方和买买买买方对方对方对方对跨境跨境跨境跨境交易交易交易交易通常通常通常通常所所所所谈判谈判谈判谈判的其的其的其的其它它它它风险风险风险风险分担分担分担分担问题有哪些问题有哪些问题有哪些问题有哪些？？？？

The nature and extent of the provisions designed to allocate risk between the seller and purchaser by means of warranties, indemnities and disclosures will depend on:

旨在通过保证、弥偿和披露在买卖双方之间分配风险的规定的性质和范围将取决于：

• the law firms drafting and negotiating the relevant documents;

起草相关文件并对其进行谈判的律师事务所；

• market practices in the target company’s jurisdiction;

目标公司司法辖区的市场惯例；

• the governing law of the relevant document; and

相关文件的适用法律；以及

• bargaining strength of the parties.

双方的讨价还价能力。

Commonly negotiated issues on cross-border M&A transactions include the following:

跨境并购交易中常见的谈判问题包括：

• the measure of damages in the event of a warranty claim (see above);

在出现保证权利主张（见以上）情况下的损害赔偿措施；

• limitations of liability in favour of the seller designed to prevent:

旨在防止以下情况的有利于卖方的责任限制：

- individual claims by the purchaser below a specified “de minimis” amount;

买方提出的低于特定“非常小”数额的个别索赔；


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- claims against the seller until a purchaser has aggregate claims above a certain amount;

直到买方的总索赔额高于一定数额才对卖方提出的索赔；

- claims above an aggregate cap on liability;

超出责任最高总额的索赔；

• time limits for bringing claims;

提出索赔的期限；

• the extent to which warranties should be unqualified or qualified by knowledge/ awareness of the seller;

因卖方知情/了解而使保证应当受到限定或不受限定的范围；

• whether knowledge by the purchaser of a breach of warranty (otherwise than as a result of the disclosure process) should restrict its right to claim;

买方对违反保证（除因披露程序导致以外）知情是否应当限制其索赔权；

• the extent to which a purchaser should be able to seek general warranties, for example that the seller has made a “full disclosure” of all material matters;

买方能够寻求一般保证的范围，例如，买方已经“全面披露”了所有重大事项；

• the extent to which a seller should be permitted to limit its liability under the warranties by general disclosures such as a disclosure of documentation provided as part of the due diligence process;

在何种程度范围内允许卖方通过一般性披露限制其在保证下的责任，例如对作为尽职调查程序一部分而

提供的文件资料的披露；

• the standard of disclosure required in order to limit the seller’s liability;

为限制卖方责任所要求的披露标准；

• the consequences of events occurring or coming to light between signature of legally binding agreements and completion of the transaction.

在签署有法律约束力的协议和完成交易之间发生或出现的事件的后果。

C. PRICE ADJUSTMENT ISSUES 价价价价格调格调格调格调整问题整问题整问题整问题

1. What kind of completion price adjustments are common on private M&A transactions?

在在在在私私私私有并购交易中有哪些有并购交易中有哪些有并购交易中有哪些有并购交易中有哪些类常见类常见类常见类常见的交易完成价的交易完成价的交易完成价的交易完成价格调格调格调格调整整整整？？？？

Many private M&A transactions are structured so that there is a mechanism to adjust the purchase price after completion of the transaction through some kind of audit procedure. This mechanism may range from a completion audit by reference to a full profit and loss account and balance sheet to an adjustment by reference to a single component of the target group’s accounts.

许多私有并购交易均进行了规划以便使其具有通过某些审计程序调整交易完成后购买价的机制。这一机制

的范围从通过参考完整的损益账户和资产负债表所进行的交易完成审计直到通过参考目标集团账户的单一

组成部分所进行调整。

It is common for M&A transactions to be structured on a “debt free cash free” basis. In broad terms, this involves a valuation that assumes there is no debt in the business. This is particularly common on auction procedures as it enables comparisons of valuations made by different bidders in respect of businesses that have different proportions of equity and debt as part of their financing structures. By way of example, a company may still have the same value whether it is financed by equity or debt or a mixture of both.

通常的做法是对并购交易以“无债务自由现金”为基础进行规划。广义上说，这涉及一项假定业务中不存

在债务的评估。这在拍卖程序中特别普遍，因其能对不同投标人就作为其融资结构的一部分的具有不同比


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例股权和债务的业务所作的评估进行比较。举例来说，无论公司通过股权或债务或者二者兼有形式进行融

资，公司可能仍具有相同的价值。

In order to reflect the debt free component of the transaction, the seller will often repay debt prior to completion or, alternatively, part of the proceeds of sale will be applied towards financing repayment. The net proceeds (taking into account repayment of the relevant debt) to the seller will be the same in either case.

为了反映交易的无债务组成部分，卖方常会在完成交易之前偿还债务或者，作为替代方法，将销售收益的

一部分用于融资偿还。在每一种情况中卖方的净收益（把对相关债务的偿还考虑进去）均相同。

In order to reflect the cash free component of the transaction, the seller may extract cash via a pre-completion dividend or use excess cash to repay group debt.

为了反映交易的自由现金组成部分，卖方可通过交易完成前红利提取现金或者使用超额现金偿还集团债

务。

In most cases, despite the concept of “cash free”, the purchaser will require the target to have a normal level of working capital (i.e. current assets less current liabilities) at completion.

在多数情况下，尽管有“自由现金”的概念，买方会要求目标公司在交易完成时拥有正常水平的营运资本

（即：流动资产减去流动负债）。

Accordingly, a completion audit is generally conducted to verify the net debt (i.e debt less cash) and working capital. Adjustments will be made between a “target” or “baseline” level of working capital agreed by the parties prior to completion and the actual amount of working capital as at completion. Similarly, adjustments will be made to ensure that the purchaser pays $ for $ for any cash in the business and receives a $ for $ deduction for any debt. The adjustment provisions will need to be drafted carefully to ensure that items such as debt or cash are not adjusted more than once.

因此，为核实净债务（即：债务减去现金）及营运资本,一般要进行交易完成审计。将对交易完成前双方约

定的“目标”或“基准”水平的营运资本和交易完成时的实际营运资本数额进行调整。同样,还将进行调整以确保

买方对业务中的任何$支付$并对任何债务所扣除的$收到$。调整规定需仔细起草以确保债务或现金项目不

被调整一次以上。

2. How are transactions commonly structured on a “fixed price” basis that does not involve a completion price adjustment?

以以以以不不不不涉及涉及涉及涉及交易完成价交易完成价交易完成价交易完成价格调格调格调格调整的整的整的整的““““固定固定固定固定价价价价格格格格””””为为为为基础基础基础基础的交易是如何进行规划的的交易是如何进行规划的的交易是如何进行规划的的交易是如何进行规划的？？？？

In particular in market conditions that favour the seller or on private equity sales where the seller wishes to have certainty in relation to the proceeds received at completion, the seller may propose a fixed price based on a historical balance sheet (which may be an audited balance sheet or one agreed by the parties). This balance sheet is often referred to as the “locked box” balance sheet. The purchaser will be reliant on undertakings given by the seller to ensure that there is no “leakage” of value from the target group between the relevant date of the accounts and completion, except in relation to permitted payments. The effect of such a structure will be to give the purchaser economic ownership of the business from the relevant balance sheet date and therefore the profits/losses will accrue to the benefit/detriment of the purchaser from that date.

特别是在有利于卖方的市场条件下或者在卖方希望交易完成后所收到的收益具有确定性的私有股权买卖

中，卖方可能根据历史资产负债表（可能为经审计的资产负债表或者双方同意的资产负债表）提出固定价

格。这一资产负债表常被称为“锁着的箱子”资产负债表。买方将依赖卖方所做的承诺，以确保在相关的

账户日期和交易完成日期之间除与允许的付款有关之外，不存在从目标集团“泄露”的价值。该规划结构

的效果是自相关的资产负债表之日起将给予买方对业务的经济所有权，从而使利润/损失自该日起自然增加

为卖方的利益/损害。


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3. What are “earnout” adjustments and when are they used?

何何何何谓谓谓谓““““额额额额外对价外对价外对价外对价””””调调调调整整整整，，，，其如何使用其如何使用其如何使用其如何使用？？？？

Earnout provisions refer to provisions that provide the seller an element of deferred consideration payable after completion if the target group achieves certain (usually financial) benchmarks. Commonly earnouts are calculated by reference to net profits or EBITDA (earnings before interest, tax, depreciation and amortisation) over an “earnout period” after completion of up to about three to five accounting periods. Typically, the seller would receive an agreed percentage of an amount by which the target group’s actual performance during the earnout period exceeds the agreed financial benchmarks. Earnouts are common in a number of different types of transaction such as (a) transactions where the parties are unable to agree a valuation, (b) in relation to businesses that have a relatively short track-record or (c) in situations where the seller’s management will continue to run the business after completion.

“额外对价”条款，是指在交易完成后，如果目标集团获得某些（通常是财务）基准价，则向卖方提供应付的

延期对价部分的规定。通常，“额外对价”是在完成大约三到五个会计期间后在“额外对价期间”通过参考净利

润或者息税折旧摊销前利润（利息、税、折旧和摊销前的利润）而进行计算的。一般来说，卖方会收到约

定比例的、目标公司在额外对价期间的实际业绩超过约定的财务基准价的金额。额外对价在许多不同类型

的交易中都很常见，例如：(a)双方无法约定评估的交易；(b)对于拥有相对较短记录的业务或者(c)在交易完

成后卖方运营业务的管理还将继续的情况下。

Jun He Law Offices is one of the leading full-service firms in the PRC. We have over 400 qualified lawyers in our PRC offices and have offices in Hong Kong, New York and Silicon Valley. We have established an Outbound Investment Group in response to the increasing demands of our clients for legal services on outbound investment transactions. For further information, please contact Stephen Wozencroft ([email protected]) or your usual contact at Jun He.



服务的不断增长的需求。如需了解更多信息，请联系 Stephen Wozencroft （[email protected]）或者

您在君合的惯常联系人。

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Jurisdiction guides 各国指引

October 2011 Angola 安哥拉

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AngolaAngolaAngolaAngola 安哥拉安哥拉安哥拉安哥拉

A. GOVERNMENTAL AND REGULATORY APPROVALS 政府和政府和政府和政府和监监监监管机管机管机管机关关关关批准批准批准批准

1. Are there any governmental or regulatory approvals, reviews or filings required specifically by foreign buyers and, if so, please give brief details (such as relevant body/authority and timing requirements)?

是否是否是否是否存存存存在对外国在对外国在对外国在对外国买买买买方特别要方特别要方特别要方特别要求求求求的的的的任任任任何政府何政府何政府何政府或监或监或监或监管机管机管机管机关关关关的批准的批准的批准的批准、、、、审查审查审查审查或或或或申报申报申报申报，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例

如如如如，，，，有有有有关关关关机构机构机构机构////机机机机关及关及关及关及时限要时限要时限要时限要求求求求）？）？）？）？

Foreign investment is generally restricted and subject to prior approval of the Angola National Private Investment Agency (“ANIP”) and/or the National Bank of Angola (“BNA”).

外国投资一般都受到限制，并须得到安哥拉国家私人投资局 (Angola National Private Investment

Agency，以下简称 “ANIP”) 及/或安哥拉国家银行(National Bank of Angola，以下简称 “BNA”) 预先批准。

Private Investment is defined and governed by Law 20/11 of May 2011 (“Private Investment Law”) which sets out the eligibility requirements in order to apply for incentives and benefits available from the Government.

私人投资于 2011 年 5 月第 20/11 号法律(“私人投资法”)所定义及受其规管，当中载明了向政府申请奬励及

福利的合资格要求。

A minimum investment of US$ 1 million is required by such provisions that further set out the possibility of lower investment if accepted the BNA within its discretionary powers on a case by case basis.

投资的最低额为 100 万美元；更低金额的投资须由 BNA根据个别情况按自由裁量权来决定是否批准。

2. Are there any industry sector controls on investment?

是否是否是否是否存存存存在对投资的在对投资的在对投资的在对投资的任任任任何行业控何行业控何行业控何行业控制制制制？？？？

Certain industries sectors are subject to control on investment. These industries include Banking (pursuant to the Financial Institutions Law), Insurance (pursuant to the General Insurance Law), Broadcasting and Telecommunications (pursuant to the Telecommunications Law), Fishing and Biological Water Resources, Oil and Gas and Mining

特定行业的投资是受到管制的。这些行业包括银行业（根据金融机构法）、保险业（根据一般保险法）、

广播及电讯业（根据电讯法）、渔业及生态水资源业、矿业、石油及天然气业。

3. Are there merger control regulations and, if so, please give brief details (such as relevant body/authority and timing requirements)?

是否是否是否是否存存存存在并购控在并购控在并购控在并购控制法制法制法制法规规规规，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例如如如如，，，，有有有有关关关关机构机构机构机构////机机机机关及关及关及关及时限要时限要时限要时限要求求求求）？）？）？）？

In general, there are no applicable merger control regulations for foreign participations except for the Broadcasting and Telecommunications industry where these participations are limited to 30% of the share capital and for the Fishing and Biological Water Resources industry, where foreign participations must not exceed 49% of the share capital.

一般来说，外国股权投资并没有适用的并购控制法规，但广播及电讯业的外国股权则限于资本额的 30%，

而在渔业及生态水资源业，外国股权不得超出资本额的 49%。


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4. Are there any exchange control restrictions?

是否是否是否是否存存存存在在在在任任任任何外汇管理限何外汇管理限何外汇管理限何外汇管理限制制制制？？？？

There are exchange control and currency regulations that affect investments in Angola and the repatriation of income or capital overseas.

在安哥拉具备规管影响到投资及海外收入或资本调回的外汇管制和货币法规。

However, foreign exchange controls have been progressively liberalized through the Foreign Exchange Law (“FEL”) which sets out the possibility of full repatriation of profits, dividends and proceeds from the sale of foreign investments subject to prior approval of the ANIP and the BNA.

然而，在外汇法(“FEL”)之下，外汇管理已逐步开放；当中规定了在 ANIP及 BNA 预先批准下，外国投资在

销售中的盈利、股息及收益调回的可行性。

B. TYPES OF CORPORATE LEGAL ENTITIES 公司公司公司公司法人法人法人法人实体实体实体实体类类类类型型型型

What are the most common types of corporate legal entities established under the laws of your jurisdiction?

根据您根据您根据您根据您所在司所在司所在司所在司法法法法辖区的辖区的辖区的辖区的法法法法律所设立的律所设立的律所设立的律所设立的最常见最常见最常见最常见的公司的公司的公司的公司法人法人法人法人实体实体实体实体类类类类型有哪些型有哪些型有哪些型有哪些？？？？

Corporate legal entities in Angola may be established by way of a branch, subsidiary or a representative office which are mandatory to be registered under the Comercial Register.

在安哥拉，以分公司、子公司或常设代表处成立的公司法人实体须作出强制性的商业登记。

The most common types of private corporate legal entities are:

最常见的公司法人实体类型有：

- Joint Stock Companies have the capital divided into shares. The liability of the shareholders is limited to the amount invested by them in the company. Except in exceptional circumstances set out in the law or in the articles of association, the shares may be nominative or issued to the bearer. A Joint Stock Company must have a minimum of 5 (five) shareholders.

股份有限公司股份有限公司股份有限公司股份有限公司的资本被分为股份。股东的责任限于其投资于公司的金额。除了法律或公司章程规定的

例外情况外，股份可以是记名或不记名的；而股份有限公司须具有最少 5名股东。

- Limited Liability Companies have the share capital divided into the so-called “Quotas”. Each shareholder will be liable up to the amount of the whole capital of the company and within its limit. A Limited Liability Company must have a minimum of 2 (two) shareholders. Traditionally it is the preferred type of corporate legal entity for smaller family businesses allowing a lighter, flexible and more manageable structure, notwithstanding the regulatory requirements regarding shareholders and assignment of shares.

有限责任公司有限责任公司有限责任公司有限责任公司的资本被分为 “股” (Quota)。每一股东的责任仅至公司的整个资本额，并以其为限制；其

必须具有最少 2名股东。传统上这类公司法人实体类型为小家庭经营企业的首选，具有较简单、灵活及

易于管理的结构，即使具有股东及股权转让上的监管要求。

C. SOURCES OF LAW AND REGULATION IN RELATION TO LISTED AND PRIVATE COMPANY M&A 与上与上与上与上市市市市公司和公司和公司和公司和私营私营私营私营公司的并购相公司的并购相公司的并购相公司的并购相关关关关的的的的法法法法律律律律法法法法规规规规来源来源来源来源

There are no specific competition laws and regulations applicable to M&A transactions. The existing provisions are set out in the Commercial Code that regulates M&A requirements and procedures protecting the creditors and shareholders’ rights.

并没有适用于并购的特别竞争法律法规。规管保护债权人及股东权利的并购要求及程序规定于商法典内。


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What are the principal sources of law and regulation applicable to M&A transactions in your jurisdiction? What are the principal issues dealt with in such laws and regulations in relation to M&A?

您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有关关关关的的的的

主要问题有哪些主要问题有哪些主要问题有哪些主要问题有哪些？？？？

Commercial Code 商商商商法法法法典典典典

The Commercial Code is applicable to all corporate entities formed and registered in Angola and generally regulates two ways of executing a merger:

商法典适用于所有于安哥拉成立及登记的企业实体，并规定了两种执行合并的方法：

• Incorporation – total transfer of assets of one or more companies to another company and the attribution of parts, shares or quotas of the latter to the partners of the extinct companies;

简单合并– 将一间或多间公司的资产全部移转至另一间公司，而后者的部分、股份或股则移转给被消

灭公司的股东；

• Simple Merger – incorporation of a new company which will be transferred the assets fo the extinct companies with the latter shareholders acquiring parts, shares or quotas in the new company.

成立公司 – 成立一间新公司并将被消灭公司的资产移转至新公司，被消灭公司的股东取得新公司的部

分、股份或股。

The management of the companies intending to close a merger must prior execute a draft merger agreement which includes, in addition to other requirements, a clear legal and economic description of the merger plan. Each company’s management body shall submit the merger draft agreement to the approval of an independent accountant or financial analyst. Such approval is based on and in accordance with the principles of comprehensive and fair reporting between shareholders exchanges, specifying:

进行合并公司的管理机关须预先签署一份合并协议的草案，当中包括合并计划的其他要求、一份在法律上

及经济上清晰的说明。每一公司管理机关须向独立的会计师或财务分析师提交合并协议草案，以待批准。

有关批准须根据股东之间的综合及公平为原则，应载有：

• the methods followed in the definition of the proposed exchange report;

计划交易报告内的定义所遵从的方法；

• the justification of the plan to be executed by the management, the members of the statutory audit board, the accountants and/or financial analysts including but not limited to the specifications of the amounts arrived at in each of the plans, the total amounts related to the figures used in the determination of the proposed values and the specific difficulties faced during the evaluation process.

管理机关、法定监督机构、会计师及/或财务分析师的理由，包括但不限于每一计划金额的说明理由、

决定计划中价值所使用分项的总数及在评估过程中所面对的困难。

The management body of each merging company is bound to publicize the resolution that approves the merger within 15 days from the date of the General Meeting.

每一合并公司的管理机关须于股东大会通过合并的 15 天内公布有关决议。

Moreover, within 30 days following the publication, company creditors whose credits were incurred prior to the publication may take judicial action against the merger on the grounds it would be prejudicial to their rights, under the terms of Civil Procedure Code (“CPC”).

再者，根据民事诉讼法典(“CPC”)内的规定，于公布后的 30 天内，具有于公布前已产生债权的债权人可基于

合并将有损其利益而对合并进行司法程序。


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D. THE CONDUCT OF LISTED COMPANY M&A 上上上上市市市市公司的并购行为公司的并购行为公司的并购行为公司的并购行为

The Capital Market in Angola is still at an embryonic stage. Nevertheless the Government already incorporated a Capital Market Commission which will regulate the future capital markets assuring the proper formation of its professionals. Moreover, there is, yet, no stock exchange in Angola and therefore no listed companies.

安哥拉的资本市场尚处于萌芽阶段。尽管如此，政府已成立一个规管未来资本市场的资本市场委员会，并

保证其专业人士的适当组成。此外，在安哥拉并未有证券交易所，而因此也没有上市公司。

As such, currently Angola does not have a regulated securities exchange market, thus queries related to the transfer of listed companies do not apply.

所以，安哥拉现在并没有受规管的证券交易市场，而上市公司转让的问题并不适用于安哥拉。

1. What are the principal methods of acquisition?

主要收购方式有哪些主要收购方式有哪些主要收购方式有哪些主要收购方式有哪些？？？？

N/A 不适用。

2. Are hostile bids permitted?

是否是否是否是否允许敌允许敌允许敌允许敌意收购意收购意收购意收购？？？？

N/A 不适用。

3. In what circumstances (if any) is a mandatory bid obligation incurred?

在什么在什么在什么在什么情况情况情况情况下下下下（（（（如有如有如有如有））））会会会会产生产生产生产生强制性强制性强制性强制性要约收购要约收购要约收购要约收购义义义义务务务务？？？？

N/A 不适用。

4. Is there a minimum price at which the offer must be made?

是否是否是否是否存存存存在要约在要约在要约在要约必必必必须须须须遵循遵循遵循遵循的的的的最低最低最低最低价价价价格格格格？？？？

N/A 不适用。

5. What are the key documents in a takeover bid?

在要约收购中有哪些重要文件在要约收购中有哪些重要文件在要约收购中有哪些重要文件在要约收购中有哪些重要文件？？？？

N/A 不适用。

6. Do takeover documents require pre-approval by any regulatory body prior to publication?

收购文件在公开前是否需收购文件在公开前是否需收购文件在公开前是否需收购文件在公开前是否需经任经任经任经任何何何何监监监监管机管机管机管机关关关关的的的的预先预先预先预先批准批准批准批准？？？？

N/A 不适用。


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7. How long does a takeover take?

要约收购需要多长时间要约收购需要多长时间要约收购需要多长时间要约收购需要多长时间？？？？

N/A 不适用。

E. PRELIMINARY AGREEMENTS 初步协议初步协议初步协议初步协议

1. Is it common for the parties on private M&A transactions to enter into an “agreement” such as a Memorandum of Understanding (MOU), Letter of Intent (LOI), Termsheet, Framework Agreement or other? If so, to what extent (if any) do the parties generally endeavour to create legally binding obligations?

私私私私有并购交易有并购交易有并购交易有并购交易各各各各方签方签方签方签署一署一署一署一项项项项““““协议协议协议协议””””（（（（例例例例如备如备如备如备忘录忘录忘录忘录、、、、意意意意向书向书向书向书、、、、关键性关键性关键性关键性条款条款条款条款、、、、框框框框架架架架协议或协议或协议或协议或其其其其它它它它））））是否是否是否是否很很很很

普遍普遍普遍普遍？？？？如如如如果果果果是这是这是这是这样样样样，，，，各各各各方方方方一般一般一般一般在何在何在何在何等等等等范围范围范围范围内内内内（（（（如有如有如有如有））））创创创创设具有设具有设具有设具有法法法法律约律约律约律约束力束力束力束力的的的的义义义义务务务务？？？？

In M&A transactions involving Angola companies the parties may enter into preliminary agreements. There is no legally required form for such agreements and they are often described as “Memorandum of Understanding”, a “Letter of Intent”, a “Term sheet” or other.

涉及安哥拉公司并购交易的各方可签署初步协议。法律并没有此类协议的要求，它们通常被称为“备忘

录”、“意向书”、 “关键性条款”或其他。

Preliminary agreements are commonly executed when the parties do not wish to assume legally binding obligations but intent to set out some principles for the negotiation and subsequent transaction. There is no standard form for such documents.

初步协议一般由不愿意受法律义务约束、但意图为磋商及随后交易设定原则的当事人签署；而这类型文件

并没有标准的形式。

2. Does the execution of a non-binding LOI/MOU result in a duty for the parties to negotiate in good faith and, if so, what does this duty involve?

签签签签署署署署不具有约不具有约不具有约不具有约束力束力束力束力的意的意的意的意向书向书向书向书////备备备备忘录忘录忘录忘录是否是否是否是否会导致会导致会导致会导致产生产生产生产生各各各各方进行方进行方进行方进行诚诚诚诚信信信信谈判谈判谈判谈判的的的的义义义义务务务务，，，，如如如如果会果会果会果会产生产生产生产生，，，，这这这这一义一义一义一义

务包务包务包务包括括括括什么什么什么什么？？？？

According to the Angolan Civil Code, in the formation and execution of a contract the parties must deal in good faith. In other words the freedom of contract is limited by the principle of good faith. Thus, if there is failure to act in good faith, providing false or misleading information, statements or documents, or not providing them when required, the party may be liable for damages.

根据安哥拉民法典，参与及签署合同的各方须以善意进行磋商，即缔约自由限于善意原则内。因此，任何

善意的违反、提供虚假或误导性的信息、陈述或文件，当事人可能需对损害负责。

3. Are lock-out / exclusivity agreements (meaning agreements by the seller not to (for example) negotiate or enter into an agreement with third parties) common on private M&A transactions?

私私私私有并购交易中有并购交易中有并购交易中有并购交易中锁定锁定锁定锁定////排排排排他他他他性协议性协议性协议性协议（（（（是是是是指卖指卖指卖指卖方签方签方签方签署署署署的不与的不与的不与的不与（（（（例例例例如如如如））））第三第三第三第三方方方方谈判或谈判或谈判或谈判或签订签订签订签订协议协议协议协议的的的的协议协议协议协议））））是是是是

否否否否很普遍很普遍很普遍很普遍？？？？

The lock-out/exclusivity agreements are not very common in Angola. Nevertheless, such agreements are not forbidden by law.

锁定/排他性协议在安哥拉并不普遍；然而，这类协议并没有被法律禁止。


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4. In connection with proposed acquisition of listed company, is it common for the bidder and target to enter into any preliminary agreement and, if so, what kind of issues are commonly dealt with?

与上与上与上与上市市市市公司公司公司公司拟拟拟拟进行的收购相进行的收购相进行的收购相进行的收购相关关关关，，，，投投投投标人标人标人标人（（（（要约要约要约要约人人人人））））和目和目和目和目标标标标公司签公司签公司签公司签署任署任署任署任何何何何初步协议初步协议初步协议初步协议是否是否是否是否普遍普遍普遍普遍，，，，如如如如果果果果是是是是，，，，

通常通常通常通常要处理哪些要处理哪些要处理哪些要处理哪些类类类类问题问题问题问题？？？？

N/A 不适用。

5. Are there any regulatory constraints specifically aimed at payment of break fees (meaning payments from the buyer or seller to the other (or payments payable by the target company) if the deal does not proceed) on M&A transactions?

是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支付终止支付终止支付终止支付终止交易费交易费交易费交易费（（（（是是是是指指指指在交易不在交易不在交易不在交易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其他方进行的其他方进行的其他方进行的其他方进行的付付付付

款款款款（（（（或或或或者者者者由由由由目目目目标标标标公公公公司应司应司应司应付付付付的款项的款项的款项的款项））））））））的的的的任任任任何何何何监监监监管限管限管限管限制制制制？？？？

There are no specific regulatory constraints related to payment of break fees if the deal does not proceed. General rules apply.

并没有专门针对因交易不继续进行而支付终止交易费的专门规范，应适用一般规则。

F. MINORITY SHAREHOLDER RIGHTS 少数少数少数少数股股股股东东东东权利权利权利权利

What are the principal rights given by law to a person acquiring a non-controlling interest in a company?

法法法法律对于收购律对于收购律对于收购律对于收购一一一一公司非控股权益之公司非控股权益之公司非控股权益之公司非控股权益之人赋予了人赋予了人赋予了人赋予了哪些主要权利哪些主要权利哪些主要权利哪些主要权利？？？？

According to the Commercial Code, the minority shareholder is protected from "unfair damages", although there is no clear definition of the type of behaviors that can consist in "unfair damage". As such, there are some examples actions which may consist in "unfair damage", namely when majority shareholders (or shareholders acting together):

根据商法典，虽然并没有构成“不公平损害”行为类型的清晰定义，但少数股东仍受保护并免于“不公平

损害”。这里，有些涉及“不公平损害”行为的例子，尤其是多数股东共同作出：

•••• Divert business away from the company to another company;

将业务从公司转移到另一公司；

•••• Pay themselves excessive salaries and benefits are not justified and the company is not able to afford;

在不正当及公司不能负担的情况下，向它们自身支付过高的报酬及利益；

•••• Approve special resolutions that have the effect of unfairly damaging the minority shareholders, such as executing a share issuance with the purpose to reduce the minority shareholders rights;

通过特别决议不公平地损害少数股东，例如以减少少数股东权益为目的而发行股权；

•••• Fail or refuse to provide the minority shareholders with financial information of the company;

未能或拒绝向少数股东提供公司的财务信息；

•••• Fail or refuse to pay a dividend to the minority shareholder in breach of the company's Articles of Association or other implied or express agreement;

在违反公司章程或其他暗示或明示的协议下，未能或拒绝向少数股东支付股息；

•••• Manage the company in a way that is detrimental to the minority shareholders; and

以不利于少数股东的方式经营公司；及


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•••• Repeatedly breach the company's Articles of Association.

重复地违反公司章程。

G. EMPLOYEES 员工员工员工员工

1. Does a share acquisition trigger any statutory obligations for the buyer?

股权收购是否股权收购是否股权收购是否股权收购是否会引会引会引会引发发发发买买买买方的方的方的方的任任任任何何何何法定义法定义法定义法定义务务务务？？？？

According to the General Labor Law a change in the employer legal status, corporate structure or work center ownership does not extinguish the employment relationship and does not constitute just cause for termination of the employment contract.

根据一般劳动法，雇主法律状况、企业结构或工作场所所有权的转变均不会终止劳动关系，亦不是构成合

理终止劳动合同的理由。

Change or alteration of the legal status is deemed to be succession, merger, transformation, division or another legal change undertaken by the company.

法律状况的改变有继承、合并、组织变更、分立或由公司承担的其他法律上的变更。

Change of ownership is deemed to be the conveyance, lease assignment or any other fact or act which involves the transfer of the company's exploitation, or that of the work center or part of same, through a legal transaction executed between the previous owner and the new one.

所有权的转变有通过前所有人与新所有人作出法律交易而进行的让与、出租或涉及转让公司经营、其整个或

部分工作场所的行为。

If the change of ownership or the assignment of the exploitation of the company, work center or part of same, is a result of a court decision, the provisions set forth above are applicable if such court decision so expressly determines, and provided the company business remains the same.

若所有权的转变或公司经营、整个或部分工作场所的转让是基于法院的决定，而法院亦作出明示决定，以上

措施应予以适用而公司业务亦将以保留。

Provided that the business is maintained, the new employer takes the position of the former employer in the employment contracts and becomes subrogated to the rights and obligations arising from the employment relationship, even if such have ceased before the change of employer.

若业务被保留，新雇主将取得前雇主于劳动合同的地位及取代因劳动关系而产生的权利及债务，即使有关劳

动关系在雇主转换前已结束亦然。

2. What employee issues arise in connection with the transfer of an undertaking, business or part thereof?

与与与与转让一转让一转让一转让一个个个个企企企企业业业业、、、、业务业务业务业务或或或或其其其其一一一一部部部部分分分分相相相相关会关会关会关会产生哪些产生哪些产生哪些产生哪些员工员工员工员工问题问题问题问题？？？？

The new employer shall maintain the work conditions that the former employer was required to maintain under a collective bargaining agreement or internal practice, without prejudice to the changes permitted by law.

在不影响法律容许的变更下，新雇主应保留前雇主根据集体协商协议或内部运作而采取的工作条件。

Following the employer change, the new employer shall inform the Labor General Inspection of such change, stating the reasons for the change and the future situation of the employees.

随着雇主的转变，新雇主应向劳动监察部门作出通知，并说明转变的理由及员工的未来状况。


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H. TRANSFER OF BUSINESS LEGISLATION 业务业务业务业务转让转让转让转让立立立立法法法法

Is there any legislation in your jurisdiction, the effect of which may result in liability of a purchaser of a business for the debts or obligations of the seller of the business?

您您您您所在司所在司所在司所在司法法法法辖区是否辖区是否辖区是否辖区是否存存存存在在在在可可可可能能能能导致导致导致导致业务业务业务业务买买买买方对业务方对业务方对业务方对业务卖卖卖卖方的债务方的债务方的债务方的债务或义或义或义或义务务务务承担承担承担承担责责责责任任任任的的的的任任任任何何何何法法法法律规律规律规律规定定定定？？？？

When a transfer of business occurs, the purchaser is not liable for the debts of the seller of the business.

当对业务作出转让时，买方无须承担卖方业务上的债项。

I. RECENT M&A ACTIVITY BY CHINESE INVESTORS 中国投资者中国投资者中国投资者中国投资者近来近来近来近来的并购活动的并购活动的并购活动的并购活动

Please give examples of recent PRC M&A activity in your jurisdiction.

请请请请给给给给出出出出您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区近来近来近来近来中国中国中国中国企企企企业并购活动的实业并购活动的实业并购活动的实业并购活动的实例例例例。。。。

Since 2004, there has been a significant PRC investment in Angola, mainly in public works, energy, water and telecommunication. In fact, the PRC is considered a privileged partner of the Angolan Government in the reconstruction of the country. However, there is no public data or records available on PRC M&A activity.

自 2004 年起，中国于安哥拉进行重大投资，主要在公共工程、能源、供水及电讯。事实上，安哥拉政府视

中国为重建国家的尊贵伙伴。但是，并没有中国企业并购活动的公开数据及记录。

ALC Advogados was founded by a group of lawyers qualified to practice in Angola. We assist both

international and Angolan clients in several areas of practice with special focus on corporate, private

investment, tax, real estate, labour, banking and finance amongst others. ALC Advogados is also a member

of the MLGTS Legal Circle and works very close with its other member firms in Mozambique, Brazil and

Macau and with Angola Desk, the internal structure of MLGTS (Morais Leitão, Galvão Teles and Soares da

Silva).

ALC Advogados 由一群安哥拉执业律师所组成。我们于不同领域协助国际及安哥拉客户，尤其集中于企业、

私人投资、税务、房地产、劳动、银行及金融领域。ALC Advogados 亦为MLGTS 法律圈的一员并于在莫桑比

克、巴西及澳门的其他成员、以及MLGTS (Morais Leitão, Galvão Teles and Soares da Silva) 在安哥拉的办事

处紧密工作。

October 2011 Argentina 阿根廷

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ArgentinaArgentinaArgentinaArgentina 阿根廷阿根廷阿根廷阿根廷

M A R V A L , O ' F A R R E L L & M A I R A L





In general, foreign investors wishing to invest in Argentina (either by starting up a new business or by acquiring an existing business or company) do not require prior governmental approval. There are exceptions, however, for certain regulated areas as specified in section 2 below.

一般情况下，有意在阿根廷投资的外国投资者（无论是使用新的业务，或通过收购现有的企业或公司）不需

要事先得到政府的批准。但也有例外，具体由以下第2节里描写。

Foreign investors in private companies should also take into account the following:

私人公司的外国投资者还应该考虑以下几点：

(i) Foreign companies willing to hold equity of an Argentine company must register with the Public Registry of Commerce (the “PRC”) of the jurisdiction where the Argentine company is incorporated and must comply with certain periodic reporting requirements. The registration process can take more than one month.

愿意持有阿根廷公司股权的外国公司必须与成立阿根廷公司具有管辖权的公共商业局(the “PRC”)登记，

并且符合定期报告的要求。登记手续有可能超过一个月的时间完成。

(ii) A foreign entity may also have a direct representation in Argentina by means of setting up and registering with the PRC a branch, a representation office and/or other form of permanent representation in Argentina. To such end, the foreign entity must register with the PRC of the jurisdiction where it plans to carry out its business activities and comply with certain periodic requirements.

通过设立和注册一个分行，代表处和/或其他形式的阿根廷常驻代表，外国公司也可以拥有在阿根廷直

接的代表。为了此手续，外国公司必须与计划开展业务的具有管辖权的公共商业局登记并符合一定的定

期要求。

In practice, registration of foreign investors coming from ‘low tax’ or ‘tax-free’ and offshore jurisdictions may face obstacles at the PRC. Likely, investment by foreign investors in publicly held companies through the public market may be restricted if such investors are domiciled or registered in certain tax havens and other jurisdictions such as Hong Kong, the Cayman Islands, BVI, and certain Middle Eastern jurisdictions.

在实践中，注册在“低税”或“免税”和离岸司法管辖区里的外国投资者，有可能在公共商业局面临障碍。假如

外国投资者本籍或注册在某些避税地和其他司法管辖区，如香港，开曼群岛，英属维尔京群岛，以及某些

中东司法管辖区的话,这些投资可能会受到限制。


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Certain industries have specific regulations that limit the percentage of participation of foreign investors in a company’s capital, or that require prior approval from the relevant governmental authorities for its shareholders.

某些行业有具体规定限制外国投资者参与公司资本的比例，或要求有关政府机关及其股东的事先批准。

These industries include, among others, aviation, energy, financial entities, insurance, mining and natural resources, shipping, telecommunications and broadcasting, and transport infrastructure.

这些行业包括航空，能源，金融机构，保险，矿业和自然资源，航运，电信和广播，及交通基础设施。


是否是否是否是否存存存存在并购控在并购控在并购控在并购控制法制法制法制法规规规规，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例如如如如，，，，有有有有关关关关机构机构机构机构/机机机机关及关及关及关及时限要时限要时限要时限要求求求求）？）？）？）？

Pursuant to the Argentine Antitrust Law certain transactions are deemed to be ‘economic concentrations’ when they result in the assumption of control of one or more companies by means of any of the following acts: (i) merger, (ii) transfer of businesses, (iii) acquisition of shares or equity interests, any interest thereto, convertible debt securities or securities that grant the acquirer control of, or a substantial influence over, the issuer, and (iv) any other agreement or act through which assets of a company are transferred to a person or economic group, or which gives decision-making control over the ordinary or extraordinary management decisions of a company.

根据阿根廷反垄断法，下列行为若导致於一个或多个公司的假定控制，將被认为是“经济集中”：（一）合并，

（二）企业转让，（三）收购股份或权益及其任何利息，可转换债务证券或证券授予收购控制，或有重大

影响力超过发行人，及（四）任何其他协议或行为导致其中一家公司的资产被转移到一个人或经济集团，

或在一家公司的普通或特别的管理决策提供决策控制。

These economic concentrations require the authorization of the antitrust authorities if the aggregate volume of business of the companies involved in the transaction exceeds Argentine Pesos 200 million (approximately US$ 47 million at the current exchange rate).

如果参与交易的公司的业务总量超过2億阿根廷比索（在目前的汇率约4,700万美元），这些经济集中的行

为需获得反垄断当局的批准。

There are certain transactions, however, which are exempted from said authorization.

不过,有一定的交易却不需要此批准。

In relation to transactions that take place abroad, the antitrust authorities have indicated that such transactions must be authorized [as to the Argentine market] if both parties carry on business in Argentina, either through a corporate presence or through sales made in Argentina.

关于在国外的交易，反垄断当局曾表示，如果双方在阿根廷经营业务，无论是通过企业的存在，或通过在

阿根廷的销售，此类交易必须得到批准[至于阿根廷市场]。

Antitrust authorization usually may take between 12 and 18 months. Although in practice, in order to avoid a divestment order and/or fine risks most economic concentrations are not closed until the antitrust approval is issued, the Argentine Antitrust Law permits to close the transaction without such approval.

通常反垄断的批准需要12至18个月。虽然在现实中，为了避免撤资法令和/或罚款的风险，大多数经济集中

的行为在发出反垄断批准前都不会终止，而阿根廷反垄断法允许在没有这种批准的情况下完成交易。


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Yes. In 2001 the Argentine government imposed a complex foreign exchange regime, which may have implications when foreign companies or individuals invest in Argentina. Its regulations relate to several types of transactions involving inflows and outflows of foreign currency to the Argentine foreign exchange market, such as foreign trade, financial indebtedness, direct and portfolio investments, purchases of foreign currency and derivative transactions.

是. 在2001年，阿根廷政府施加一个复杂的外汇体制，这可能使在阿根廷投资的外国公司或个人受到影响。

该规例涉及几类有关外币流入和流出阿根廷外汇市场的交易，如外贸，金融负债，直接投资和有价证券投

资，购买外币及衍生工具交易。

Cross-border transfers for foreign direct investments, repatriations thereof and payment of dividends are generally permitted subject to compliance with certain conditions.

一般来说外国直接投资及其调返，及支付股息的跨境转移是允许的，但是得符合一定的条件。

In connection with foreign financings, these are subject to a 365-day mandatory deposit in U.S. Dollars at a local financial entity, for an amount equal to 30% of the financing proceeds, which must be transferred to Argentina and sold for Argentine Pesos in the Foreign Exchange Market (the “FX Market”). Additionally, principal can only be repaid 365 days after the proceeds have been sold in the FX Market unless a qualifying exemption applies (e.g. international trade financings).

有关国外融资方面，这些必须受到一个在当地金融实体365天强制性美元存款，存款数目相等于融资所得款

项的30％，並必须转移到阿根廷和以阿根廷比索在外汇市场（以下简称“外汇市场”）出售。除非适用于一

个合资格的豁免（如国际贸易融资），本金只能在外汇市场出售365天之后偿还。




The main types of investment vehicles used by non-resident individuals and by foreign companies seeking to conduct a business in Argentina on a permanent basis are the branch, the corporation (sociedad anónima) and the limited liability company (sociedad de responsabilidad limitada). All of them must be registered before the PRC of the jurisdiction where the company intends to carry out its business activities.

非居民和外国公司最常设立的公司法人实体类型有: 分公司，股份公司（sociedad anónima）及有限责任公

司（sociedad de responsabilidad limitada）。这些都必须在拟经营地拥有管辖权的公共商业局注册。

Additionally, as pointed out above, if a foreign company wishes to become a shareholder or partner to a local company, it must previously register its by-laws and other qualifying documents with the PRC.

此外，正如上文所述，如果外国公司希望成为当地的一家公司的股东或合伙人，它必须把其章程以及其他

法律和资格证明文件在公共商业局登记。





The principal legal framework applicable to mergers and acquisitions of companies (either listed or not) is composed by all contract provisions contemplated in the Civil Code, in the Commercial Code, and by


75

certain regulations of the Argentine Companies Law (the “ACL”). In addition, certain regulations of the PRC and of the Argentine Securities Commission (“CNV”) (for listed companies) are also applicable.

主要适用于企业的兼并和收购的法律框架（无论有或没上市）是由“民法典”中设想的所有合约条款，“商法

典”以及阿根廷公司法的若干规定“（以下简称”ACL“）。此外，公共商业局和阿根廷的证券事务监察委员会

（”CNV”）（上市公司）的某些规定也适用。

Argentine legislation grants a broad contractual freedom for the parties to structure their transaction. Regulations do protect, however, certain interests of minority shareholders, of the creditors of the target companies’ creditors and certain other related third parties (i.e. employees), and address other standard matters usually involved in M&A transactions.

阿根廷的法律赋予了广泛的结构，其交易各方合同自由。但是, 条例会保护某些利益集团的少数股东的目标

公司的债权人和其他一些相关的第三方（即员工）和发表等标准债权人的事项，通常涉及并购交易。

CNV regulations protect principles of equal and fair treatment among shareholders, transparency, full and appropriate information, efficiency and equal treatment and protection of investors.

CNV 的法规保护股东平等的待遇，透明，充分和适当的信息，效率和保护投资者之间的平等和公平的待遇

的原则。




The two basic methods for acquiring a public company are a private stock purchase agreement between the purchaser and the controlling shareholder, and a public bid by a potential purchaser.

收购一家上市公司的两个基本方法是透过由买方和控股股东之间的私人购买协议，以及由购买者通过公开

招标。

In this respect, a crucial issue in preliminary conversations between the potential purchaser and the controlling shareholder is whether the purchase of a controlling interest or a ‘significant interest’ in the listed company will trigger the obligation to launch a public bid to all shareholders of such target company.

在这方面，买方和控股股东之间初步对话的一个关键问题是购买的控股权或在上市公司的一个“重大利益”会

否触发启动对于目标公司的所有股东公开招标。

Under Argentine law if a person intends to obtain control (either directly, indirectly or in a coordinated manner) of a company having its shares listed, and purchases enough shares to have a ‘significant interest’, such person shall previously launch a public bid in the terms of the regulations issued by the CNV. The mandatory public bid shall be addressed to all the shareholders.

根据阿根廷法律，如果一个人打算获得（直接，间接或以协调的方式）一家股票已上市公司的控制，并购

买足够成为“重大利益”的股份，该人首先得按照 CNV 的规定推出公开招标。强制性公开招标应发表给所有

的股东。

The launching of a public bid is not mandatory, however, when the target company has opted out of the mandatory public bid regime pursuant to the terms of CNV regulations. Also, the obligation shall not apply if the purchase of the ‘significant interest’ is not accompanied by the intention of gaining control of the company. “Significant interest” shall not be less than 35% of the shareholding of a company.

展开公开招标不是强制性的，但是目标公司得根据 CNV 的法规条款选择退出强制性公开招标制度。如果购

买的“重大利益”是没有获得公司的控制权的话, 此强制性的公开招标是不需要的。“重大利益”不得低于 35％

的公司股权。

Although it is not frequent, a potential purchaser may also launch a public bid to all the shareholders of the target company, without any preliminary negotiations with the majority shareholders.

虽然不频繁，购买者也可能向目标公司的所有股东展开公开招标，不与任何占大多数股股东进行初步谈

判。


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A less common (but yet possible) approach of accomplishing an acquisition of a listed company is (i) a statutory merger between the bidder and the target company, or (ii) a purchase of the assets and liabilities of the target company as a “going concern”, though the convenience of these structures may depend on different issues, including tax effects.

一个不太常见的（但有可能）完成收购上市公司的做法是：（一）投标人与目标公司之间的法定合并，或

（二）以“持续经营”购买目标公司的资产和负债，虽然結構的難易度可能依赖于不同的问题，包括税务影

响。



Yes, hostile bids on listed companies are permitted and regulated in Argentina, though they are not frequent.

是，阿根廷的规管容許及規管敌意收购上市公司，虽然并不频繁。



(a) A person intends to obtain control of a listed compay or to purchase a “significant interest”, either directly, indirectly or in a coordinated manner, as described in D.1. above.

任何人打算獲得控制上市公司或打算購買“重大利益”，無論是直接、間接，或在一個協調的方式，如在

上述 D.1所述的情況。

As mentioned above, the launching of the public bid is not mandatory: (i) when the target company has opted out of the mandatory public bid regime pursuant to the terms of CNV regulations and (ii) when the purchase of the ’significant interest’ is not accompanied by the intention of gaining control of the company.

如上所述，公开招标不是强制，如果：（一）当目标公司选择了根据 CNV 的法规条款退出强制性的公开招

标制度，及（二）购买的“重大利益”不伴有获得公司控制权的意图。

(b) The controlling shareholder holds 95% of the corporate stock of the listed company. In such case, either by the controlling shareholder’s decision or by request of a minority shareholder, the controlling shareholder shall be required to launch a public bid to the remaining minority shareholders of the company. The price to be offered shall be subject to CNV’s analysis and opinion. The procedure involves the deposit of the purchase price in a local bank for the minority shareholders to collect, the automatic transfer of the shares to the controlling shareholder and the registration of the transaction before local registries. This procedure also implies that the target company shall automatically become a private company.

控股股东持有上市公司的 95％法人股。在这种情况下，通过控股股东的决定，或由少数股东的要求，

控股股东需向该公司剩余的少数股东展开公开招标。要约的价格应遵守 CNV 的分析和意见。该过程包

括在当地银行存入给少数股东的收购价格订金，自动转让股份给控股股东及在当地注册部门登记交易。

这个过程也意味着目标公司将自动成为一家私营公司。



Yes. If, pursuant to one or more transactions within a period of 90 days, a person has acquired a ‘significant interest’ in an Argentine , such person’s obligation to launch a mandatory public bid shall be triggered and the price at which such interests were acquired shall determine the price of the mandatory public bid. Thus, such price cannot be lower than the maximum price the bidder has paid in such prior transactions.

是。如果透過在 90 天之内的一或多个交易，一个人收购了一家阿根廷公司的“重大利益”，这人展开强制性

公共投标的义务应被触发，而收购的价格应由强制性公开招标的价格来决定。因此，价格不能低于投标人

已在之前交易支付的最高价格。


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However, CNV’s regulations provide that the price of the mandatory bid may be reduced by 20% when the selling shareholders granted indemnities in favor of the purchaser.

然而，CNV的法规规定，当售股股东授予有利于买方的赔款时，强制性要求收购的价格可以减少 20％。

In addition, if the purchaser has made additional acquisition commitments, the price of the mandatory bid cannot be lower than the price agreed in such commitments.

此外，如果买方已作出额外的收购承诺，强制投标价格不能低于在这些承诺中所议定的价格。



The key documents in a takeover bid are:

在要约收购中的关键文件是：

• Minutes of the board of director's meeting of the purchaser informing about its irrevocable decision to launch the takeover bid, the terms of the bid and the authorized persons to carry out the proceedings.

买方董事会通知其展开要约收购不可撤销的决定，通知投标的条款和认可人士进行的行动的会议记录。

• Notice including the terms and conditions of the offer, the purchaser's identity and its capacity to comply with the obligations under the tender offer.

包括要约的条款及条件，购买者的身份和其符合要约收购义务的能力的通知。

• Guarantee of a local financial institution for the payment of the price.

当地金融机构支付价款的担保。

• Prospectus describing the terms of the offer, general and financial information on the purchaser, and of target company.

描述要约条款，买方一般和财务信息，和目标公司的章程。

• Notice should be given to the target company and to the CNV. The above mentioned documents should be filed with the CNV and upon authorization, new notices should be published informing about the CNV's approval to the transaction.

通知应发予目标公司和 CNV。上述文件应提交给 CNV 及在授权后，新的通知应当公布 CNV 对交易的

批准。

In addition, 15 days after the target company receives the initial notice of the purchaser's intention to launch a takeover bid, the board of directors of the target company should meet to consider the offered price and to issue a recommendation to the minority shareholders regarding the acceptance or rejection of the proposed takeover bid, among other matters.

此外，当公司收到买方进行要约收购的初始通知 15 天后，目标公司的董事局应考虑要约价格和建议少数股

东接受或拒绝建议的收购，及其他事项。



Takeover documents related to listed companies require the pre-approval by the CNV. In addition, the transaction may need the authorization from the governmental supervisory authority of the relevant industry (please see A.2 above) and/or by the antitrust authority.

相关上市公司的收购文件需要 CNV 的预先批准。此外，该交易可能需要相关行业的政府监督管理局（请参

见以上 A.2）和/或反垄断局的批准。


78



There is not a standard timing for the duration of a takeover process. The main reason is that generally the negotiations to determine the main terms of the transaction are carried out initially only between the purchaser and the controlling shareholders of the target company.

没有一个标准的时间。最主要的原因是因为一般有关交易主要条款的谈判在始初只由买方及目标公司的控

股股东之间进行。

In connection with public bids, the process involves different stages: (i) preparation of documents, (ii) authorization stage with the CNV, which duration may vary according to the terms of the offer or the documents submitted (if the terms are acceptable this term should not exceed 2 months), and (iii) the bid stage, which requires a minimum of 25 business days term for the acceptance of the bid.

在公共投标中，这个过程涉及到不同的阶段：（一）文件的编制，（二）CNV 的批准，其持续时间可能会

因要约条款或提交的文件(如果接受条款这任期将不会超过 2 个月）有所不同，（三）投标阶段，这需要至

少 25个营业日接受。



私私私私有并购交易有并购交易有并购交易有并购交易各各各各方签方签方签方签署一署一署一署一项项项项“协议协议协议协议”（（（（例例例例如备如备如备如备忘录忘录忘录忘录、、、、意意意意向书向书向书向书、、、、关键性关键性关键性关键性条款条款条款条款、、、、框框框框架架架架协议或协议或协议或协议或其其其其它它它它））））是否是否是否是否很普很普很普很普

遍遍遍遍？？？？如如如如果果果果是这是这是这是这样样样样，，，，各各各各方方方方一般一般一般一般在何在何在何在何等等等等范围范围范围范围内内内内（（（（如有如有如有如有））））创创创创设具有设具有设具有设具有法法法法律约律约律约律约束力束力束力束力的的的的义义义义务务务务？？？？

In private companies’ M&As, it is common for parties to execute MOUs, LOIs and Termsheets. Whether these documents are binding or non binding will depend on their respective terms. Generally, the binding provisions are related to exclusivity and confidentiality issues.

在私营公司的并购，签署备忘录、意向书、关键性条款、框架协议是很普遍的。这些文件是否具约束力，

将取决于各自的条款。一般来说，有约束力的规定都是有关独占性和保密性的。


签签签签署署署署不具有约不具有约不具有约不具有约束力束力束力束力的意的意的意的意向书向书向书向书/备备备备忘录忘录忘录忘录是否是否是否是否会导致会导致会导致会导致产生产生产生产生各各各各方进行方进行方进行方进行诚诚诚诚信信信信谈判谈判谈判谈判的的的的义义义义务务务务，，，，如如如如果会果会果会果会产生产生产生产生，，，，这这这这一义一义一义一义务务务务

包包包包括括括括什么什么什么什么？？？？

Whether the execution of a non-binding LOI/MOU results in a duty to negotiate in any way, depends on terms of such documents.

对于执行了一项不具约束力的意向书/备忘录是否会导致产生各方进行诚信谈判的义务，在于这些文件的条

款。

Therefore, a party who interrupts negotiations abruptly and without good cause may –in certain cases- be held liable on the grounds of “pre-contractual liability”.

因此，一方如无正当理由突然中断谈判可能-在某些情况下-被追究 “预售合同责任”的法律责任。


79


私私私私有并购交易中有并购交易中有并购交易中有并购交易中锁定锁定锁定锁定/排排排排他他他他性协议性协议性协议性协议（（（（是是是是指卖指卖指卖指卖方签方签方签方签署署署署的不与的不与的不与的不与（（（（例例例例如如如如））））第三第三第三第三方方方方谈判或谈判或谈判或谈判或签订签订签订签订协议协议协议协议的的的的协议协议协议协议））））是否是否是否是否

很普遍很普遍很普遍很普遍？？？？

Yes, lock-out/exclusivity agreements are common in private M&A transactions in Argentina.

是，并购交易中锁定/排他性协议合同在阿根廷私人并购交易是很普遍。




Preliminary agreements between a bidder and the listed company to be acquired are not common.

投标人和目标公司之间的初步协议不很常见。

However, it is usual that the selling controlling shareholders of listed companies enter into a preliminary agreement with the potential purchaser. The issues that are generally dealt with in such agreements include price and circumstances affecting the valuation of the shares, limited due diligence (which should be carefully considered so as not to breach the confidentiality obligations existing on listed companies), prohibition to negotiate shares or securities of the company with respect to directors or officers holding shares or securities, exclusivity for negotiations, and break-up conditions.

然而，出售控制目标公司的股东进入与潜在买方的初步协议是常見的。在这些协定中，一般处理的问题包

括价格和影响股份估值的因素，有限度的尽职调查（其中应慎重考虑，以免违反对上市公司现有的保密义

务），禁止以股份或证券與持有股份或证券公司董事或高级职员进行谈判，排他的谈判，终止交易条件。



款款款款（（（（或或或或者者者者由由由由目目目目标标标标公司应公司应公司应公司应付付付付的款项的款项的款项的款项））））））））的的的的任任任任何何何何监监监监管限管限管限管限制制制制？？？？

No, Argentine regulations have no regulations aimed at payment of break fees on M&A transactions. This issue will depend on the terms the contractual terms of preparatory agreements that the parties may have entered into.

没有，阿根廷法规中没有针对在并购交易中支付终止交易费的规定。这个问题将取决于双方协议的合同条

款。




The principal rights that Argentine law recognizes to minority shareholders are the following:

阿根廷法律承认少数股东的主要权利有以下几种：


80

(i) Shareholders representing at least 10% of the share capital may request surveillance of the company by the enforcement authority and, during the company's winding-up, may request partial distribution thereof provided that all corporate obligations are sufficiently guaranteed.

代表至少10％的股本的股东可以请求公司执法机关的监视，并在该公司的清盘中，可以要求部分的分

配，惟所有企业的责任须得到充分的担保。

(ii) Shareholders representing at least 5% of the share capital have the right to request to the board of directors to convene a shareholders' meeting, and may also oppose to the expiration of directors' and managers' liability.

代表至少5％的股本的股东有权要求董事会召开股东会，也有权反对董事和管理者的责任之到期。

(iii) Among the rights recognized to each single shareholder, Argentine law provides the following:

针对每一个股东的权利，阿根廷的法律规定如下：

a. Preemptive rights of ordinary shares, by means of which each shareholder may subscribe new shares within the same class in proportion to their current shareholdings;

普通股的优先购买权，其中每个股东可在同一类的股份中按其持股比例认购新股份;

b. Right to file claims against directors for breach of duties or for any other damage caused by willful misconduct, abuse of authority or gross negligence;

拥有针对董事违反职责、或故意的不当行为、滥用权力或重大过失引起的任何其他损害提出申索的

权利;

c. Right to withdraw from the company with reimbursement of the value of his/her shares in case of disagreement with the resolutions approved by the shareholders' meeting in relation to certain matters;

如果在股东会议中通过某些事项的决议持有不同意见，拥有权利撤出公司并获补偿;

d. Right to request receivership (intervention by the court) of the company as a precautionary measure, after evidencing the existence of a certain risk for the company's interests.

在证明对公司的利益存在某些的风险后，有权要求接管公司以作为预防措施（经由法院介入）。




A share acquisition does not affect the labour relationships of the target company. The shareholder of an employer company may freely decide the sale of its stock to a new shareholder or the transfer of the Company’s assets, as long as the employees’ labour rights are not adversely affected (e.g. reduction of remuneration or other benefits).

股权收购不会影响目标公司的雇佣关系。雇主公司的股东可以自由地决定出售其股份到一个新的股东或转

移公司的资产，但员工的雇佣权利须没有受到不利影响（如减少报酬或其他利益）。



The Argentine Labour Contract Law provides that if the employees of the assignor are transferred, all obligations arising from the employment contracts between the assignor and such employees at the time of the transfer are transferred to the successor company, including those obligations that have their origin


81

in the transfer. The employment agreements will continue with the successor or assignee and the employees will retain the seniority acquired with the assignor and all rights associated with it.

阿根廷劳动合同法规定，如果转让方的员工转移，所有转让方与员工之间在转让时的雇佣合同产生的责任

将转移至继承公司，包括其原产地在这些义务转移。该雇佣协议将与继承方或受让方继续有效，及员工将

保留其资历及所有相关的权利。

If the transfer has any adverse effect on an employee (e.g. loss of seniority, change of job conditions, reduction of remuneration, loss of benefits, timetable changes, etc), the employee is entitled to consider him or herself aggrieved and dismissed with cause, and therefore, to claim for collection of severance payment.

如果转让对员工造成不利影响（例如资历的减少、工作条件的变化、降薪、利益的损失、时间表的变化

等）员工有权视其为被侵害及合理解雇，并因此要求领取遣散费。

The assignor and the assignee will be jointly and severally liable with regard to the obligations emerging from the labour relationships existing at the time the transfer was effected.

转让方与受让方将共同及个别地承担在转让发生时存在的雇佣关系而出现的义务。




As a general principle, a purchaser of the shares of a company is not liable for the debts or obligations of the seller of such company. If the acquisition of the business involve to the shares but assets (as a ‘going concern’) of a company, then the purchaser will respond for many liabilities of the company unless a certain procedure is followed.

一般原则而言，公司股份的买方将不须承担卖方的债务或义务。如果收购的业务涉及不是股份而是公司资

产（作为持续经营），买方将须付公司的许多债项，除非经遵从某些程序。

Within the context of eventual bankruptcy of the seller, however, pursuant to the Argentine Bankruptcy Law unpaid creditors of such seller have certain remedies against third parties (i.e. a purchaser) if they have contributed (with scienter and fraud) to the insolvency of the seller and may be held liable to indemnify the damages caused, losing, in addition, all their rights in the relevant bankruptcy proceedings.

然而，在卖方的最终破产的情况下，根据阿根廷的破产法，如果他们做出了故意和欺诈的协助行为使卖方

破产，卖方的未獲支付的债权人有某些对第三方（例如第三方买方）的权利和第三方可能要弥偿造成的损

失、损害，及除此以外，他们拥有在有关破产程序的权利。




• SINOPEC/OXY: China Petroleum & Chemical Corporation, a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations completed the acquisition of the argentine subsidiary of U.S.A. Occidental Petroleum Corp. for US$ 2,450 million in February 2011.

中国石化/ OXY：中国石油化工集团公司，一间在本地及国际上市的公司，拥有上游，中游和下游业

务，于 2011年 2月以 2, 450 亿美元完成收购美国西方石油公司阿根廷的子公司。


82

• CNOOC/BRIDAS: The China National Offshore Oil Corporation, China’s largest producer of offshore crude oil and natural gas, bought 50% percent of Bridas Corp. in March 2010, which develops exploration and production of hydrocarbons in Argentina, Bolivia and Chile, and develops oil and gas business in various parts of the world.

中海油/ BRIDAS：中国海洋石油总公司，中国最大的海上原油和天然气生产商，于 2010年 3月收购了

Bridas Corp.的 50%股权，该公司在阿根廷，玻利维亚和智利开发碳氢化合物的勘探和生产及在世界各

地开发石油和天然气业务。

• ICBC/STANDARD: The Industrial and Commercial Bank of China, the largest bank among the big four state-owned commercial banks, purchased 80% of Standard Bank Argentina in August 2011.

工商银行/标准：中国工商银行，中国的四大国有商业银行中最大的银行，在 2011 年 8 月购买了

Standard Bank Argentina 的 80％股权。

• SHANGDONG/EMSE: Shandong Gold Mining Co. Ltd, engaged mainly in the exploration, mining and smelting of gold mines, signed a letter of intent with the Argentine company Energy and Minerals State Society (EMSE) in July 2011 to carry out exploration and possibly development of operations in the province of La Rioja.

山东/ EMSE：山东黄金矿业有限公司，主要从事金矿的勘探，开采和冶炼，在 2011年 7月与阿根廷公

司的能源和矿产国家协会（EMSE）签署了一份意向书，进行的探索和在拉里奥哈省的业务的潜在发

展。

M A R V A L , O ' F A R R E L L & M A I R A L

MARVAL, O'FARRELL & MAIRAL is the largest and one of the oldest law firms in Argentina. It currently has over 300 professionals and constitutes a full service law firm, covering a wide range of legal services to a broad client base of domestic and foreign companies and agencies in financial institutions, commerce and industry, and to diverse sectors of the public sector as well. The firm is consistently appointed as a leading firm by Chambers Global, Chambers Latin America, IFLR 1000, Latin Lawyer, Who’s Who Legal, International Legal Alliance, Managing Intellectual Property, World Tax, etc. For further information, please contact Luciano Ojea Quintana (email: [email protected]; tel.: +5411-4310-0131)

MARVAL, O'FARRELL & MAIRAL 是阿根廷最庞大、其中历史最悠久及有声望的律师事务所。近年来，事务所

的增长相当可观，目前拥有三百余位专业人仕及向金融、商业及工业企业还有政府各各机关提供全面服务。本

所经常被 Chambers Global, Chambers Latin America, IFLR 1000, Latin Lawyer, Who´s Who Legal,

International Legal Alliance, Managing Intellectual Property, World Tax, etc.任命为领先地位的综合性律师事务

所之一。如需要更多信息,请联系 Luciano Ojea Quintana (电子信箱: [email protected]; 联系电话: +5411-4310-0131).

October 2011 Australia 澳大利亚

83

AustraliaAustraliaAustraliaAustralia 澳大利亚澳大利亚澳大利亚澳大利亚





Foreign investment in Australia is regulated by the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) and government policy. The Foreign Investment Review Board examines foreign investment proposals and makes recommendations to the Federal Government on those proposals. The Federal Government minister responsible for foreign investment decisions is the Australian Treasurer.

澳大利亚的外商投资受《1975 年外资收购法》（FATA）以及政府政策的规范。外商投资审查委员会审查

外商投资方案并就这些方案向联邦政府提出建议。负责外商投资决策的联邦政府部长为澳大利亚财政部

长。

A "foreign person" for the purposes of the FATA means an individual who is not ordinarily resident in Australia and any corporation or trust in which there is a substantial (15 percent or more) foreign interest (even if it is not actually controlled) or where several foreigners have a 40 percent or more interest in aggregate. Additional criteria also apply to investments by foreign governments or their agencies.

就《1975 年外资收购法》的目的而言，“外国人”是指非为澳大利亚常住居民的个人以及其中拥有大量

（15%或更多）外国权益（即使其实际上并未被控制）或者数名外国人总计拥有 40%或更多权益的任何公

司或信托机构。额外标准也适用于外国政府或其机构的投资。

The following table shows the types of foreign investments where notification is required.

下表显示了需要进行申报的外商投资类型。

Nature of Investment1 投资性质

2 Notification / Threshold

3 申报 / 准入限制

4

Business Investments 商业投资商业投资商业投资商业投资

Direct investments or new businesses by foreign governments or their agencies

5

外国政府或其机构的直接投资或设立新企业

6

All investments must be notified

所有投资必须进行申报

1 The FATA applies to all foreign investments irrespective of the way they are structured (for example, quasi debt (such as

convertible notes). 2 《1975 年外资收购法》适用于所有的外商投资，无论其以何种方式组建（例如，准债务（诸如，可转换票据））。

3 Note that US investors are subject to different notification / threshold requirements under the US/Australia Free Trade

Agreement. 4注意：根据美国/澳大利亚自由贸易协定规定，美国投资人须遵循不同的申报/准入限制要求。

5 Direct investments comprise 10% or more of the target investment or which provide the investor with influence or control

over the target investment. Related entities are entities in which there is 15% foreign government investment or foreign government control 6直接投资包含 10%或以上的目标投资或者向投资者提供对目标投资的影响或控制。相关实体为其中有 15%的外国政府投资

或外国政府控制的实体。


84

Acquiring a substantial interest7 in an Australian

corporation or assets of Australian business Offshore takeover of a company with assets or business in Australia

收购在澳大利亚公司中的实质性权益

8或者澳大利

亚企业的资产离岸收购在澳大利亚拥有资产或业务

的公司

A$231 million (indexed annually)

2.31亿澳元（每年对该指数进行调整）

Nature of Investment9 投资性质

10 Notification / Threshold 申报 / 准入限制

Real Estate Investments房房房房地产投资地产投资地产投资地产投资

Acquiring vacant non-residential land

收购空置非住宅用地

All acquisitions must be notified

所有收购必须进行申报

Acquiring residential real estate

收购住宅房地产



Acquiring shares or units in Australian “land-rich” corporations or trusts

11

收购澳大利亚的“土地丰富”的公司或信托机构的

股份或信托单位

12



Acquiring developed non-residential commercial real estate subject to heritage listing

收购已开发的属于历史遗产名录中的非住宅商用房

地产

A$5 million

500 万澳元

Acquiring developed non-residential commercial real estate not subject to heritage listing

收购已开发的不属于历史遗产名录中的非住宅商用

房地

A$50 million

5000 万澳元

7 A substantial interest exists when a single foreigner (and any associates) has 15% or more of the ownership or several

foreigners (and any associates) have 40% or more in aggregate of the ownership of any corporation or trust or where such a foreigner, or in the case of a business the foreigner or several foreigners (and any associates) are in a position to determine the policy of the business 8 当单独一个外国人（及任何关联方）拥有15%或以上的所有权或者数个外国人（及任何关联方）共计拥有任何公司或信托

机构所有权的40%或以上；或者在该外国人，或（在为一个企业的情况下）该外国人或数个外国人（及任何关联方）处于决

定企业政策的地位。 9 The FATA applies to all foreign investments irrespective of the way they are structured (for example, quasi debt (such as

convertible notes). 10

《1975 年外资收购法》适用于所有的外商投资，无论其以何种方式组建（例如，准债务（诸如，可转换票据））。 11

“Land rich” corporations and trusts are those whose Australian non rural land is >50% of its total assets by value. The 15% individual / 40% aggregate foreign interest threshold (as described in note 4) applies to most acquisitions of shares and units in such “land rich” corporations and trusts 12

“土地丰富”的公司和信托机构是指其非农业用地价值超过其总资产50%的那些澳大利亚公司和信托机构。15%的个人

/40%的外商权益总额限制（按注脚第4项的说明）适用于该类“土地丰富”的公司和信托机构的大部分股份和信托单位收

购。


85



Specific additional restrictions on foreign investment apply to the industry sectors of:

对外商投资的其他具体限制适用于以下行业领域：

•••• transport;

交通；

•••• banking;

银行业；

•••• telecommunications;

电信；

•••• shipping; and

航运；以及

•••• civil aviation.

民航。



All media sector investors (whether foreign or domestic) are subject to cross media ownership and media diversity requirements that apply to regulated assets (currently commercial television, commercial radio and certain newspapers). There are also ownership restrictions which apply to a number of former Government owned enterprises.

所有媒体行业投资者（无论是外商还是国内投资者）均须遵守适用于所监管的资产（目前为商业电视台、

商业电台及某些报纸）的跨媒体所有权和媒体多样化要求。还存在适用于众多前政府拥有的企业的所有权

限制。

The Competition and Consumer Act 2010 (Cth) prohibits acquisitions if the effect, or likely effect, is to substantially lessen competition in any substantial market in Australia as a whole or in a State or Territory in Australia. There is no compulsory pre-notification requirement for mergers or acquisitions in Australia. However, the Australian Competition and Consumer Commission (ACCC) has an informal clearance process which enables merger parties to seek its view on whether it will seek an injunction to stop the merger.

《2010 年竞争与消费者法案》禁止其效果或可能的效果将会在整个澳大利亚或澳大利亚的任何州或领土上

的任何重大市场上实质上减少竞争的收购。对于在澳大利亚进行的并购不存在强制性预先申报要求。但

是，澳大利亚竞争和消费者委员会（ACCC）存在一项非正式批准程序，使得并购方能就该委员会是否会发

布一项停止并购的禁令征求该委员会的意见。

Merger parties are encouraged, and it is common practice, to notify the ACCC where both of the following apply:

在以下两项均适用的情况下，鼓励并购双方（且通常的做法是）向澳大利亚竞争和消费者委员会进行申

报：


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•••• the products of the merger parties are either substitutes or components; and

并购双方的产品为替代品或组件；和

•••• the merged firm will have a post merger market share of greater than 20 percent in the relevant market/s.

被收购的公司在相关市场上将拥有超过 20%的并购后市场份额。

Such an approach can be made on a confidential basis. However, the ACCC will usually reserve the right to make market inquiries once the transaction becomes public and any confidential clearance will be qualified at least to that extent.

该方法可在保密基础上进行。但是，一旦交易公开，澳大利亚竞争和消费者委员会通常将会保留进行市场

调查的权利，且至少在该范围内将适用任何保密批准。



There are no exchange control restrictions on movement of currency into or out of Australia.

对货币进出澳大利亚不存在外汇管制限制。




The principal distinction under Australian law is between private and public companies.

根据澳大利亚法律，最主要的区分是私营公司和上市公司之间的区分。

Private companies:

私营公司：

• are not permitted to have more than 50 shareholders; and

不允许有 50名以上的股东；且

• are prohibited from making any invitation to the public to subscribe for shares under a prospectus.

禁止邀请公众根据招股说明书认购股份。

Public companies are companies other than private companies.

上市公司为除私营公司以外的公司。

Australia also has the world's fourth largest funds market and many assets (including property, infrastructure and other investments) are held by collective investment vehicles known as unit trusts (where a trustee holds assets, but the economic (or beneficial) interests in those assets belong to unit holders).

澳大利亚还拥有世界上第四大资金市场且众多资产（包括财产、基础设施和其它投资）均由集体投资工具

（被称为单位信托基金）（在受托人持有资产，但该资产的经济（或收益）利益属于单位持有人的情况下）

持有。


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您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有关关关关的主要的主要的主要的主要

问题有哪些问题有哪些问题有哪些问题有哪些？？？？

Corporations Act 公司公司公司公司法法法法

The Corporations Act 2001 (Cth) (Corporations Act) applies to all companies formed and registered under that legislation. In relation to M&A, the Corporations Act governs, for example:

《2001 年公司法》（公司公司公司公司法法法法）适用于根据该立法组建和注册的所有公司。涉及并购方面，公司法规范如下

方面：

• takeovers (see paragraph 1 of Section D below);

收购（见以下 D 条第 1段）；

• schemes of arrangement (see paragraph 1 of Section D below);

方案收购（见以下 D 条第 1段）；

• compulsory acquisition (“squeeze out”) procedures;

强制收购（“排挤”）程序；

• prohibitions on a company giving financial assistance for the purchase of its own shares;

禁止公司对购买其自己的股份给予财政援助；

• disclosure obligations in connection with certain changes of ownership in shares of listed companies;

与上市公司股份所有权的某些变化相关的披露义务；

• market misconduct, such as insider dealing;

市场不当行为，例如内幕交易；

• restrictions on payment of dividends; and

对支付红利的限制；以及

• restrictions on reductions of capital and share buy backs.

对减资和股份回购的限制。

Listing Rules 上上上上市市市市规则规则规则规则

Mergers and acquisitions of companies listed in Australia will also be affected by the Listing Rules of the Australian Securities Exchange (the “ASX Listing Rules”). The ASX Listing Rules regulate, amongst other things, disclosure and shareholder approval requirements for listed companies in connection with certain M&A transactions.

并购在澳大利亚上市的公司还将受《澳大利亚证券交易所上市规则》（“澳洲澳洲澳洲澳洲证券交易所上证券交易所上证券交易所上证券交易所上市市市市规则规则规则规则”）的

影响。澳洲证券交易所上市规则规范（除其他事项外）与某些并购交易相关的上市公司披露和股东批准要

求。


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The methods of acquiring a listed company are:

收购上市公司的方式有：

• a takeover offer (on-market or off-market) by the bidder to shareholders of the target company to purchase their shares; or

由投标人（要约人）对目标公司股东发出收购要约（在市场上或市场外）以购买其股份；或者

• the conduct by the target company of a statutory, court supervised process known as a “scheme of arrangement”, requiring a vote by the target company shareholders.

目标公司进行法定、法院监管程序（称为“方案收购”），要求目标公司股东进行表决。

A scheme of arrangement is an arrangement between a target company and its shareholders which is, if approved by a majority in number representing 75% of the value of the shareholders present, in person or by proxy, and voting at a meeting convened by the court, and subsequently confirmed by the court, binding on the target company’s shareholders.

方案收购是目标公司与其股东之间的一项安排，该安排如果经出席法院召开的会议的股东（亲自出席或通

过代理人出席）的多数（为代表出席会议的股东所持股份价值的 75%的数量）表决批准，并在事后被法院

确认，即对目标公司的股东具有约束力。

Given the involvement of the target company, it is only possible for a scheme of arrangement to proceed as a recommended bid.

由于目标公司的介入，方案收购只可能作为目标公司建议的要约进行。

It should be noted that there is no procedure under Australian law for a legal merger under which one of the merging companies ceases to exist by operation of law.

应当注意的是，澳大利亚法律不存在这样的法定合并程序：即根据该程序其中一个并购公司因法律实施而

不再存在。



Hostile bids (meaning those not recommended by the target company board) are permitted and are not uncommon in Australia.

在澳大利亚允许敌意收购（是指非由目标公司董事会建议的收购）且其屡见不鲜。



A bidder must make a mandatory offer where:

要约人在以下情况下必须发出强制性要约：

• the bidder and its associates acquire a "relevant interest" in 20% or more of the voting rights of the target company; or

要约人及其关联方收购目标公司拥有 20%或以上的表决权的“相关权益”；或者


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• the bidder and its associates already hold a "relevant interest" in between 20% and 90% of the voting rights of the target company and any one or more of them increase their collective relevant interest in voting rights in the target company by more than 3% in a 6 month period.

要约人及其关联方已经持有目标公司的拥有 20%到 90%的表决权的“相关权益”，且其任何一方或多

方在 6个月期间内将其在目标公司中的表决权的共同相关权益增加了 3%以上。

"Relevant interest" is broadly defined and includes a wide range of circumstances where a person might have direct or indirect control over how the voting rights are exercised or disposed of.

“相关权益”是从广义上定义的，包括一个人可能直接或间接控制如何行使或处置表决权的多种不同情

况。

“Associates” is also broadly defined to include formal relationships (such as companies is the same corporate group), formal agreements (such as agreements on how a person will vote) and informal relationships (such as persons who have an understanding to co-operate to obtain or consolidate control through the acquisition by any of them of voting rights of the target company). It is common for takeovers in Australia to proceed as mandatory offers.

“关联方”也是从广义上定义的，包括正式关系（诸如同一公司集团的公司），正式约定（诸如一个人如

何进行表决的约定）以及非正式关系（诸如那些理解要进行合作通过其任何一方收购目标公司的表决权以

获得或合并控制权的人）。在澳大利亚收购要约作为强制要约进行很普遍。



Where a bidder or any associate acquires shares within the four month period before the announcement of the bid, the offer to target company shareholders must not be on less favourable terms.

如果要约人或任何关联方在宣布要约前的四个月内收购股份的情况下，向目标公司股东发出的要约不得基

于更不利的条款。

In the case of a mandatory bid, the bidder may offer any form of consideration including cash, securities

or a combination of cash and securities.

在强制性收购的情况下，要约人可以提供任何形式的对价，包括现金、有价证券或现金和有价证券的结

合。



The nature and content of the documents on a public takeover will depend on whether the bid is recommended (and, if so, whether structured as a scheme of arrangement) or hostile. Key documents will include:

有关公开收购文件的性质和内容将取决于要约是被推荐的（并且，如果是，其是否作为方案收购来组织）

还是敌意的。主要文件将包括：

• for friendly transactions, a confidentiality agreement to enable confidential negotiations prior to announcement of the proposed transaction;

对于友好交易，则为拟进行的交易宣布之前能进行保密谈判的保密协议；

• the bidder’s announcement confirming its intention to make an offer (which will include matters such as the terms of the offer and conditions to which the offer is subject;

要约人确认其发出要约意向的宣布（其将包括要约条款和要约须遵守的条件等事项）；


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• the target's announcement confirming that it has received advice on the proposed transaction and either recommending or rejecting the transaction;

目标公司确认其已收到有关拟进行的交易的通知以及建议或拒绝该交易的宣告；

• for a takeover bid, a "bidder's statement" issued by the bidder (which will include the formal offer and will be accompanied by a form of acceptance by which target company shareholders may accept the offer) and, no more than 2 weeks later, a "target's statement" issued by the target board to its shareholders setting out its views and recommendation to accept or reject the offer;

对于收购要约，要约人发出的“要约人声明”（该要约人声明将包括正式要约并随附目标公司股东可能

接受该要约的接受文件）以及不超过 2周后，目标公司董事会向其股东发出的阐明其对接受或拒绝要约

的观点和建议的“目标公司声明”；

or, 或者，

• for a scheme of arrangement, a scheme implementation deed between the bidder and the target, a deed poll executed by the bidder in favour of the target shareholders (together containing the terms of the scheme) and the target's explanatory memorandum (often called a "scheme booklet") to shareholders notifying those shareholders that a meeting will be held at which they may vote on the scheme and providing them with information about the scheme.

对于方案收购，要约人和目标公司之间签订的方案收购契约；要约人为目标公司股东的利益签署的单方

契约（同时含有方案收购的条款）以及目标公司向股东发出的解释备忘录（通常称为“方案手册”），

其会通知这些股东将召开一次会议，这些股东在会议上可对方案进行表决并向其提供有关方案的资料。



Takeover documents (i.e. bidder's statement, target's statement or scheme explanatory memorandum) must be lodged with the Australian Securities and Investments Commission (ASIC), but do not require pre-approval before they are released.

收购文件（即要约人声明、目标公司声明或方案解释备忘录）必须交存澳大利亚证券投资委员会

（ASIC），但在其公开前不需要预先批准。



The timetable will depend on whether the bid is structured as a on-market takeover bid, off-market takeover bid or a scheme of arrangement.

时间表将取决于该要约是否构成市场收购要约，市场外收购要约或方案收购。

There are detailed rules in the Corporations Act with regard to timing matters. Indicative key dates for an off-market takeover offer only include:

公司法中对时限事项有具体规定。市场外收购要约的指示性关键日期仅包括：

•••• Day 0: announcement by bidder of firm intention to make an offer;

第 0 天：要约人宣布其将发出要约的确定意向；

•••• Day 28: formal offer document (bidder's statement) must be lodged with ASIC and ASX;

第 28 天：正式要约文件（要约人声明）必须交存澳大利亚证券投资委员会和澳洲证券交易所；

•••• Day 43: latest day for sending bidder's statement to target shareholders;

第 43 天：向目标公司股东发出要约人声明的最迟日期；


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•••• Day 58: latest date for sending target's statement to target shareholders;

第 58 天：向目标公司股东发出目标公司声明的最迟日期；

•••• Day 78: last day for bidder to waive bid conditions or extend offer period (if bid is conditional);

第 78 天：要约人放弃要约条件或延长要约期限（如果要约是附条件的）的最后一天；

•••• Day 85: offer period ends. Last date to extend offer period (if bid is unconditional).

第 85 天：要约期限终止。延长要约期限的最后日期（如果要约是不附条件的）。





In private company M&A transactions in Australia, parties sometimes enter into a preliminary document, which may be described by the parties variously as a “Memorandum of Understanding”, “Letter of Intent”, “Termsheet” or other.

在澳大利亚的私营公司并购交易中，双方有时会签订初步文件，该文件可能被各方不同地描述为“谅解备

忘录”、“意向书”、“关键性条款”或其它。

Typically this document will be on a non-legally binding basis. It may set out the proposed terms and conditions of the transaction, ranging from basic terms (such as price and conditions to closing) to more detailed terms providing a detailed roadmap for the deal. There is no standard form for such a document. However, it is important that the parties to use clear language to confirm which of the terms (if any) are intended to be legally binding and to avoid non-binding terms inadvertently creating legally binding obligations. Parties may also include in such a document, or in one or more separate agreements, legally binding provisions dealing with matters such as confidentiality, lock-out/exclusivity provisions (see paragraph 3 below) and break fees (see paragraph 5 below).

通常这一文件将不具有法律约束力。它可以规定交易的拟定条款和条件，从基本条款（如价格和交割条

件）到为交易提供具体路线图的更为具体的条款。该文件没有标准形式。但是，重要的是双方要使用清晰

的语言确认哪些条款（如有）被定为具有法律约束力并避免使不具有约束力的条款因疏忽而创设具有法律

约束力的义务。双方还可以在该文件或一个或数个独立的协议中纳入处理保密性、锁定/排他性规定（见以

下第 3段）以及终止交易费用（见以下第 5段）等事项的具有法律约束力的规定。




Under Australian law there is no legal obligation to negotiate in good faith at general law. Parties may elect to include a good faith negotiation obligation in an LOI/MOU or similar document, although these types of promises are very difficult to enforce. However, if a party makes false or misleading statements to another party, this may give rise to liability for fraud, deceit and/or misrepresentation.

根据澳大利亚法律，在一般法中，不存在进行诚信谈判的法律义务。双方可以选择将诚信谈判义务纳入意

向书/备忘录或类似文件中，尽管这些类承诺很难执行。但是，如果一方向另一方做出了错误或误导性说

明，这可以引起欺诈、欺骗和/或不正确说明的责任。

Australia has particularly broad misleading and deceptive conduct laws which cannot be contracted out of


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(although there are some contractual techniques which can be used to seek to mitigate their application).

澳大利亚存在特别广泛的不得从事误导性和欺骗性行为的法律，且该等法律适用不得通过合同约定被排除

（尽管存在可以用来寻求减轻其适用的某些合同技巧）。




Prospective purchasers often seek to negotiate an exclusivity period from a potential seller of a business. However, there is no accepted market practice in Australia as to when these types of exclusivity arrangements will be given.

预期的买方常常从潜在的业务卖方处寻求对排他期进行谈判。但是，对于何时进行这些排他性安排，澳大

利亚没有普遍接受的市场惯例。




It is not necessary to have any formal agreement, such as a merger agreement, between the bidder and target company in order to implement the acquisition of a listed company under Australian law.

根据澳大利亚法律，要约人和目标公司之间不必存在任何正式协议（如并购协议）以便进行上市公司的收

购。

However, it is common for bidders and target companies to enter into preliminary agreements dealing with matters such as:

但是，对要约人和目标公司来说，签署与下列事项有关的初步协议很普遍：

• confidentiality in connection with the provision by the target company of non-public information;

与目标公司提供非公开信息有关的保密性规定协议；

• exclusivity, under which the target company may agree not to (for example) withdraw a recommendation of the bidder’s offer and not to solicit third party offers or engage in discussions with third parties. Such agreements are subject to a “fiduciary out” clause enabling the target company directors to comply with Takeovers Panel Guidance and their fiduciary duties to the company and to consider and recommend any higher third party offer.

排他性协议，根据该协议目标公司可以同意不（例如）撤回对要约人的要约的推荐且不向第三方招揽要

约或与第三方进行讨论。该等协议须遵循“诚信义务的例外情况”条款使得目标公司的董事能够遵守收

购委员会指南及其对公司的信托义务并考虑和建议任何更高价格的第三方要约。

In addition to any agreement between a target company and bidder, bidders may seek undertakings from key shareholders to accept the bid once made or support the scheme of arrangement. However, these arrangements are often met with resistance and, if given, often include a superior proposal "out" for the shareholder. They also require very careful structuring, otherwise they may contravene takeover laws or be struck down by the Courts in a scheme of arrangement scenario.

除了目标公司和要约人之间的任何协议外，一旦要约做出，要约人可以寻求主要股东承诺接受要约或支持

方案收购。但是，这些安排常常受到抵制，且如果做出安排的话，常常要包含股东为更优越的提议而退出

的机制。他们还需要非常仔细地进行组织，否则可能违反收购法或在方案收购的情况中被法院驳回。


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Break fees arise more often in listed company M&A transactions in Australia than private M&A transactions.

在澳大利亚，上市公司的并购交易比私营并购交易更经常产生交易终止费用。

Under the Takeovers Panel Guidance Notes, a break fee payable by a target listed company must be “de minimis” (normally no more than 1% of the equity value of the target). The fee arrangement must also be publicly disclosed.

根据收购委员会指南，一个目标上市公司应付的交易终止费用必须“非常少”（通常不超过目标公司股权

价值的 1%）。该费用安排还必须进行公开披露。

At general law, issues such as directors duties, financial assistance and the law of penalties will need to be considered when a target is proposing a break fee.

在一般法中，在目标公司提出交易终止费用时，将需要考虑有关董事义务、财务援助以及处罚法律等问

题。




The general powers of managing a company are usually vested in the board of directors of an Australian company under its constitutional documents. Under the Corporations Act, certain actions may not be taken without the consent of the shareholders. Where a shareholder vote is required, it will, depending on the matter, require an “ordinary” or “special” resolution. An ordinary resolution requires more than 50% of the votes cast by shareholders voting in person or by proxy. A special resolution requires not less than 75% of the votes cast. Under the Corporations Act, the shareholders may remove a director by ordinary resolution irrespective of any provisions contained in the company’s constitutional documents or any agreement with the director. It is this statutory power of dismissal that gives a majority shareholder general management control of an Australian company.

根据澳大利亚公司的宪章性文件规定，管理公司的一般权力通常赋予公司的董事会。根据公司法，未经股

东同意不得采取某些行动。在需要股东投票的情况下，依据事件的情况，将需要一项“普通”决议或“特

别”决议。普通决议要求股东亲自或通过代理人所投票数的 50%以上通过。特别决议要求不少于所投票数

的 75%。根据公司法，股东可以通过普通决议免除董事职务，而不论公司宪章性文件中所包含的任何规定

或与董事的任何约定。正是这一法定免职权赋予了多数股东对澳大利亚公司的一般管理控制权。

The Corporations Act contains a number of provisions designed to ensure that the principle of “majority rule” is not abused. For example:

公司法含有大量旨在确保“多数决定原则”不被滥用的规定。例如：

• a holder of more than 25% of the issued shares would have the ability to block a special resolution in relation to matters such as alteration of the company’s constitutional documents, selective reductions of capital, selective share buy-backs and winding-up of the company;

拥有 25%以上的已发行股份的持有人将有能力阻止与下列事项相关的一项特别决议：诸如变更公司的

宪章性文件、有选择的减资、有选择的回购股份以及对公司进行清盘；


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• a holder of at least 5% of the votes that may be cast at a general meeting may requisition the directors to call a general meeting and to propose a resolution at a general meeting;

拥有可在股东大会上所投票的至少 5%的票数持有人可以请求董事召集股东大会并在股东大会上提出一

项决议；

• a member may seek relief if the affairs of the company are being conducted in a manner oppressive to, unfairly prejudicial to, or unfairly discriminatory against the member;

如果公司的事务是以对其成员进行压制、或不当地损害其成员或不公平地歧视其成员的方式进行的，该

成员可以寻求救济；

• a member may be entitled to bring proceedings in the event of certain corporate misconduct;

如果出现某些公司不端行为，成员有权提起诉讼；

• a member may petition for the company to be wound up by the court where the directors are acting in their own and not the company's best interests, where there is oppressive, unfairly prejudicial or unfairly discriminatory conduct or where the court is of the opinion it is "just and equitable" to do so.

在董事不为公司最大利益而为其自身利益行为的情况下，在存在压制、或不当损害或不公平歧视行为的

情况下，或者在法院认为这样做“公正与公平”的情况下，成员可请求法院对公司进行清盘。

In practice, an investor acquiring a minority shareholding in an unlisted Australian company will seek to negotiate contractual rights such as director appointment rights, rights to form part of the quorum required for board and shareholders’ meetings, information rights, pre-emption rights on additional issues of shares and share transfer rights. For listed companies, the listing rules also contain provisions designed to protect shareholders from potential economic harm from dilutive or related party transactions.

在实践中，收购非上市的澳大利亚公司少数股权的投资者将寻求对合同权利进行谈判，诸如董事委任权、

成为董事会会议和股东会会议所需的法定人数组成部分的权利、知情权、对额外发行的股份的优先购买权

和股份转让权。对于上市公司，上市规则中还包含旨在保护股东不因导致摊薄的交易或关联方交易而产生

潜在的经济损失的规定。




A share acquisition of an Australian company will not affect the employer/employee relationship. New contracts of employment will therefore not be required although appropriate steps will be necessary if those employees participate in group incentive or benefits schemes. A share purchase will not trigger any consultation obligations.

澳大利亚公司的股权收购不会影响雇主/员工关系。如果员工参加集团激励或福利计划，尽管有必要采取适

当的步骤，但无须因此签订新雇用合同。股份购买不会引发协商义务。



There is no automatic transfer of employee contracts on the transfer of a business in Australia. Legally, when a business is sold within the intention that the employees will transfer, there is a termination of the contract with the existing employer and a new contract with the buyer. However, under the Fair Work Act 2009 (Cth), each employee's period of service will generally be deemed to be service with the new employer. Importantly, there is no general requirement that the new business take on the employees of the previous business.


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在澳大利亚对业务转让不存在员工合同的自动转让。从法律上而言，当出售业务属于员工将进行转让的意

向之内时，存在与现有雇主终止合同并与买方签署新合同的情况。但是，根据《2009 年的公平工作法

案》，每位员工的服务期一般均将被视为是对新雇主的服务。重要的是，不存在新企业接纳前企业员工的

一般要求。

There is no obligation on an employer to consult with employees prior to selling a business.

业务出售之前，雇主没有义务与员工进行协商。




There is no legislation which results in the purchaser of a business being liable for the seller's debts or obligations.

不存在导致业务的买方对卖方的债务或义务承担责任的立法。




Recent PRC M&A activity in Australia has focused almost exclusively in the energy and resources industries and, more specifically, target business have generally been in the liquefied natural gas, coal and gold/copper mining sectors.

近期中国企业在澳大利亚的并购活动几乎排他性地集中于能源和资源行业，更具体地说，目标企业一般是

液化天然气、煤炭和金/铜矿开采行业。

Notable recent transactions include:

近期著名的交易包括：

• the investment by Sinopec Group in Australia Pacific LNG (advised by Clayton Utz) (approx. USD $1.5 billion);

中石化集团投资澳大利亚太平洋液化天然气有限公司（由克莱顿尤治律师行提供顾问意见）（约合 15

亿美元）；

• the current takeover bid by BCX Gold for Gold One International (approx. USD $530 million);

BCX 黄金投资股份有限公司当前收购第一黄金国际（约合 5.3 亿美元）；

• the subscription by Hunan Valin Iron and Steel Group Company for an interest in Fortescue Metals Group (advised by Clayton Utz) (approx. AUD $636 million);

湖南华菱钢铁股份有限公司认购福斯科金属集团的权益（由克莱顿尤治律师行提供顾问意见）（约合

6.36 亿澳元）；

• the partial takeover (70%) by China Guangdong Nuclear Power Holding Co. Ltd (advised by Clayton Utz) of Energy Metals Limited (approx. AUD $85 million); and

中国广东核电集团有限公司（由克莱顿尤治律师行提供顾问意见）部分收购（70%）能源金属有限公司

（约合 8,500 万澳元）；以及


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• the acquisition of a further 30% interest in the Ashton Coal Mine (approx. USD $250 million).

收购 Ashton煤矿另外 30%的权益（约合 2.5 亿美元）。

These transactions have followed numerous transactions in similar industries ranging in value from small strategic investments to large scale acquisitions (exceeding USD $1 billion).

这些交易遵循了类似行业中的众多交易，其价值从小的战略性投资到大规模收购（超过 10 亿美元）；

The value of PRC M&A activity in Australia (in terms of announced transactions) in the first 7 months of 2011 exceeds USD $5 billion.

2011年前 7个月中国企业在澳大利亚的并购活动价值（从所公布的交易来看）超过 50 亿美元。

Clayton Utz was founded in 1833 and today is one of the largest and most successful commercial law firms in Australia.

克莱顿尤治律师行成立于1833年，如今是澳大利亚最大和最成功的商业律师事务所之一。

We have 202 partners and over 1,500 legal and support staff based in Sydney, Melbourne, Brisbane, Canberra, Darwin and Perth.

我们拥有202名合伙人和 1,500 多名法律和后勤辅助人员工作在悉尼、墨尔本、布里斯班、堪培拉、达尔文和珀

斯市。

We provide the full spectrum of services for some of Australia’s largest corporations and financial institutions as well as public sector organisations, multinational companies with business interests in Australia, overseas international investment banks and major funds.

我们为一些澳大利亚的最大公司和金融机构以及公共部门机构、在澳大利亚有商业利益的跨国公司、海外的国

际投资银行和各大基金提供全面服务。

We have a reputation in the market for our innovative approach to complex transactions and litigation, and for our exceptional client service. Our focus is on building our capability in key and evolving practice areas and attracting the best lawyers in the market to work with us.

我们因我们对复杂交易和诉讼的创新方法以及我们卓越的客户服务而在市场上闻名。我们的重点是建立我们在

关键和不断发展的业务领域的能力并吸引市场上最好的律师与我们一起工作。

Our strong sense of corporate responsibility is reflected in our globally recognized pro-bono practice and in our involvement with a broad section of the Australian community.

我们强烈的企业社会责任感体现在我们的全球公认的公益实践以及我们对澳大利亚社区广泛领域的参与。

For further information, please contact Rory Moriarty, Partner on +61 2 9353 4764 ([email protected]) or Geoff Hoffman, Partner on +61 2 9353 4617 ([email protected]).

如需了解更多信息，请与合伙人 Rory Moriarty（电话+61 2 9353 4764；电子邮件：

[email protected]）或合伙人 Geoff Hoffman（电话：+61 2 9353 4617；电子邮件：

[email protected]) 联系。

October 2011 Brazil 巴西

97

BrazilBrazilBrazilBrazil 巴西巴西巴西巴西





Foreign investment in Brazil is governed by (a) Law no. 4.131 dated as of September 3, 1962, as amended (“Law 4.131”) which regulates the direct investment and can be made either through: (i) the remittance of an amount in foreign currency (as capital contribution to a Brazilian company or as the purchase price of existing equity interests); or (ii) the capitalization of companies with goods (i.e. equipment, machinery); and (b) Resolution 2689 dated as of January 26, 2000 enacted by the National Monetary Council ("NMC" and "Resolution 2689"), which regulates the indirect investment through the financial and capital markets, such as investments performed in shares issued by Brazilian corporations in the Brazilian stock exchange market.

巴西的外商投资受以下法律规范（a）规范直接投资的 1962 年 9 月 3 日 4.131 号法律及其修订（“4.131

号法律”），直接投资可通过以下方式进行：（i）汇付外币金额（作为向巴西公司的出资或者作为现有股

权的购买价）；或者（ii）将公司货物（即设备、机械）进行资本化；和（b）截至 2000 年 1 月 6 日由国

家货币理事会颁布的 2689 号决议（“国家货币理事会”和“2689 号决议”），该决议通过金融和资本市

场规范间接投资，例如，由巴西公司在巴西股票交易市场上发行股份进行的投资。

In both cases, foreign investments are subject to registration with the Brazilian Central Bank ("Central Bank") in order to allow the remittance of funds abroad (i.e. capital repatriation, payment of dividends and interest on net equity).

在两种情况下，外商投资均须向巴西中央银行（“中央银行”）进行登记以便使得资金能够向国外汇出

（即对净资产进行资本汇回，支付股息和利息）。

The Central Bank is the agency responsible for: (i) managing the day-to-day control over foreign capital flow in and out of Brazil (risk capital and loans under any form); (ii) setting forth the administrative rules and regulations for registering investments; (iii) monitoring foreign currency remittances; and (iv) allowing repatriation of funds. It has no jurisdiction over the quality of the investment and cannot restrict the remittances of funds resulting from the risk capital or loan, which are based on a registration with the Central Bank, through its Electronic Registration System.

中央银行是负责以下事项的机构：（i）对外资（风险资本和任何形式贷款）流入和流出巴西的日常控制进

行管理；（ii）提出对投资进行登记的行政法规和规章；（iii）监控外币汇款；以及（iv）允许资金汇出。其

对投资质量无管辖权且不能通过其电子登记系统限制基于中央银行登记的风险资本或贷款所产生的资金的

汇出。



Under Brazilian law, foreign investment stands for "any goods, machinery, equipment, cash and financial resources that enter Brazil for the production of goods or services, or for investment in economic activities, provided that in either case they belong to individuals or legal entities resident, domiciled or headquartered abroad". Foreign investment is ensured the same treatment as that afforded to domestic investments.


98

根据巴西法律，外商投资意味着“进入巴西的任何货物、机械、设备、现金和财政来源，目的是进行商品

生产或服务或者投资于经济活动中；但条件是，自任何一种情况下，这些货物、机械、设备、现金和财政

来源均属于居住于外国的居民个人或者总部位于外国的法人实体居民”。确保对外商投资能够享有给予国

内投资的相同待遇。

Nevertheless, participation of foreign investments in the following activities is prohibited: nuclear energy; health services; businesses neighboring international borders; post office and telegraph services; domestic flight routes; and the aerospace industry

1.

然而，外资被禁止参加以下活动：核能；保健服务；邻近国际边境的业务；邮局和电报服务；国内航线和

航空航天业

2。

Certain other sectors have restrictions regarding foreign investment. Examples of such sectors include:

某些其它部门对外商投资也有限制，这些部门包括：

• Property of Rural Land 农村土地产权

The acquisition of rural real estate property by foreign residents in Brazil or foreign legal entities authorized to do business in Brazil is ruled by Law No. 5.709 dated as of October 7, 1971, as amended ("Law 5.709").

巴西的外国居民或被授权在巴西进行业务的外国法律实体收购农村地产受 1971年 10月 7日 5.709 号法律

及其修订（“5.709 号法律”）的规范。

Law 5.709/71 states that a foreign individual resident in Brazil may only own rural lands up to 50 rural “modules”, a dimension measure determined for each region with similar economic and ecological characteristics and for the type of agricultural exploitation possible in said area. A foreign individual resident abroad may not acquire land in Brazil; however, this limitation is not applicable in the case of acquisition of land by succession law.

5.709 号法律/71 规定，在巴西的外国个人居民仅可以拥有最多 50 个的农村“模块”（这是具有类似经济

生态特征的各地区对于该地区可能的农业开发类型所确定的容积测量方法）的农村土地。在国外的外国个

人居民不可以收购巴西的土地；但是，这一限制不适用于按继承法收购土地的情况。

The law provides that foreign companies may only acquire rural lands to develop and implement agricultural, industrialization and/or colonization projects, and the authorization will only be granted if the project is a part of the corporate purpose of the foreign legal entity buying the land. The project must be approved by the Ministry of Agriculture, and by the Ministryof Commerce and Industry of Brazil, on a case by case basis.

法律规定外国公司仅可收购农村用地进行开发和执行农业、工业和/或殖民项目，且只有在项目是购买土地

的外国法律实体的公司目的的一部分时才能获得授权。项目必须经巴西农业部及商业和工业部在个案基础

上进行批准。

This limitation is also applied to foreign capital companies. Such understanding results from the Opinion No. 01/2008 of the Federal General Attorney's Office ("AGU"), which considered that Law 5.709 was entirely received by the Constitution, even though its Article No. 170, then in effect (such article was revoked by Constitution Amendment No. 6/1995), forbids the distinction between national capital companies and foreign capital companies. The Article No.1 of Law 5.709 establishes that the legal entities in which foreign individuals or legal entities take part, on any account, holding the majority of the capital or headquarters abroad, are subject to the regime set forth by this law.

本限制还适用于外国资本公司。这一理解是因联邦总检察长办公室（“AGU”）的01/2008号意见而产生，

该意见认为5.709号法律被宪法完全接受，尽管当时有效的第170条（该条被6/1995号宪法修正案撤销）禁

止将国家资本公司和外资公司进行区别。5.709号法律第1条确定，在任何情况下，外国个人或法律实体所

参加的持有国外总公司大多数资本的法律实体，均须受本法规定的制度限制。

1 Referring to the launch and orbital positioning of satellites, vehicles, aircraft and related activities, excluding the manufactures or

markting of said items and their accessories.

2 是指发射轨道定位卫星，车辆、航空器及相关活动，不包括对上述物品及其配件的制造或市场营销。


99

Although questionable from a legal standpoint, AGU Opinion No. 01/2008 became binding upon the president's approval. From that moment, the public administration began to adopt the conclusions of the AGU Opinion, applying the restrictions of the Law 5.709 not only to foreign companies, but also to foreign capital companies.

尽管从法律观点看该规定有问题，但是AGU的01/2008号意见经总统批准后成为具有约束力的意见。从那时

起，公共管理机关开始采用AGU意见的结论，将5.709号法律的限制不仅适用于外国公司，而且将其适用于

外国资本公司。

• Press and Broadcasting 新闻广播

At least 70% of the total and voting capital of newspaper and radio broadcasting companies must belong, directly or indirectly, to native Brazilians or persons naturalized for over 10 years, foreigners being entitled to hold up to 30%of the total and voting capital of such companies. Participation of foreign capital will only be indirect, through a legal entity incorporated under Brazilian law and headquartered in Brazil. Managerial and programming activities must also be entrusted to native Brazilians or persons naturalized for over 10 years.

报纸和广播公司的至少 70%的总资本和有表决权的资本必须直接或间接属于巴西本国人或者入籍 10年以上

的人，外国人有权持有该公司总资本和有表决权的资本的 30%。外资参股将仅为通过一家根据巴西法律注

册成立且总部位于巴西的法律实体间接参股。管理和规划活动还必须委托巴西本国人或者入籍 10 年以上的

人。

• Financial Institutions and Insurance 金融机构和保险

There are certain limitations on foreign investments in financial institutions, but these restrictions can be waived in the national interest. Supplementary legislation must still be enacted to regulate this matter, including for insurance companies.

对外商投资金融机构存在一定的限制，但是这些限制可以为国家利益而豁免。还必须颁布补充立法来规范

此事，包括对保险公司的立法。

• Brazilian Airlines 巴西航空公司

At least 80% of the total and voting capital airlines companies must belong to Brazilians. Managerial activities must also be entrusted to Brazilians.

3

航空公司至少 80%的总资本和有表决权的资本必须属于巴西人。管理活动也必须委托给巴西人。

4



Brazilian Competition Law No. 8.884 of 1994 is the main statute governing competition issues in Brazil. The governmental agency responsible for the enforcement the Competition Law is the Administrative Council for Economic Defense ("CADE"), a federal independent agency linked to the Ministry of Justice. CADE is also assisted by the Secretariat of Economic Law - SDE and the Secretariat of Economic Monitoring - SEAE.

1994 年 8.884 号巴西《竞争法》是巴西规范竞争问题的主要成文法。负责执行竞争法的政府机构是经济防

御行政委员会（“CADE”）——一家和司法部相联系的联邦独立机构。CADE 还由经济法秘书处-SDE 和

经济监控秘书处-SEAE进行协助。

The Competition Law applies to all individuals and legal entities that carry out business within the Brazilian territory and also to those abroad, to the extent that their conducts may produce effects in the Brazilian market.

3 There is a bill pending in Congress to amend the Brazilian Aeronautical Code which and raise the current 20% limit to 49%.

4这是议会尚未决定的对《巴西航空法》进行修改的法案，其将目前 20%的限制提高到 49%。


100

《竞争法》适用于在巴西领土内以及国外开展业务的所有个人和法律实体，条件是：他们的行为可能在巴

西市场上产生效应。

With respect to the provisions concerning merger control, the Competition Law provides that all acts or transactions, regardless to its format, capable of hindering or limiting competition, or resulting in the concentration of a relevant market share, shall be submitted to CADE' approval. In this regard, the Competition Law requires mandatory filings in cases of acts or agreements:

有关并购控制的规定，竞争法规定：所有能够阻碍或限制竞争或导致相关市场份额集中的行为或交易，不

管其形式如何，均应提交 CADE 批准。对此，《竞争法》要求在行为或协议有以下情况时，要进行强制性

申报：

• which results in the control of a market share exceeding twenty per cent (20%) of a given market (either individually or combined); or

导致对市场份额的控制超过既定市场的百分之二十（20%）（无论是单独或联合）；或者

• which any of the entities involved in the transaction or the respective "group of companies" to which they belong (including the resulting entity or combined transaction) had gross revenues in Brazil during the preceding fiscal year in excess of R$400 million.

参与交易的任何实体或其所属的各自“集团公司”（包括并购后的实体或联合交易）上一个会计年度在

巴西的营业总收入超过四亿雷亚尔。

In case any of the thresholds provided above are met, the transaction must be notified within fifteen business days as of the date of the first binding document executed between the parties.

如果满足了以上规定的任何限额，则在双方签署第一份具有约束力的文件之日起十五个营业日内必须对交

易进行申报。

In general terms, analysis by the Brazilian antitrust authorities usually takes from 6 (six) to 9 (nine) months to be concluded. In cases which summary proceeding is adopted this term could be significantly reduced, usually from 2 (two) to 3 (three) months.

一般来说，巴西反垄断机关进行分析通常需要六（6）到九（9）个月的时间才能得出结论。如果采用简易

程序，这一期限可能会大大减少，通常为二（2）到三（3）个月的时间。

We should note, however, that a Bill restructuring the Brazilian System for Competition Defense was approved by the Brazilian Congress in October 2011 and brings significant changes to the current law and the merger approval process.

但是，我们应当注意的是，2011年10月，巴西国会批准了对巴西的竞争防御制度进行调整的一项法案，该

法案给目前法律和并购审批程序带来了重大变化。

The most substantial changes brought by such Bill to the Brazilian merger control system are:

该法案给巴西的并购控制制度带来的最重大变化就是：

• Submission of transactions "a priori": the companies will have to submit their intended transactions to CADE and wait for clearance from the authorities before closing the transaction;

先行提交交易：公司必须向CADE提交其预定交易并在交易交割前等候当局的准许；

• Term for analysis: the maximum term for the analysis will be of 240 days, which may be extended for an additional period of 60 days at the parties' request, or 90 days upon CADE's decision. If CADE does not issue its decision within such timeframe, the transaction will be deemed approved unconditionally; and

审查期限：审查的最长期限将为240天，该期限经双方请求还可延长额外60天期限，或经CADE 决定可

延长90天。如果CADE 在该时限内未发布决定，将视为该交易被无条件批准；和

• Thresholds: the R$400 million threshold in gross revenues for the groups involved remains unchanged; however, a minimum revenue of R$30 million for any other group involved was introduced; also, the 20% market share for mandatory submission was eliminated.


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限额：参与并购的集团营业总收入四亿雷亚尔的限额仍未改变；但是，引入了对参与并购的任何其它集

团最低为三亿雷亚尔的营业总收入；而且，去掉了对强制性提交所要求的20%的市场份额。

After the new law is sanctioned and published, there will be a 6 (six) month period for it to become effective, and a 1 (one) year adaptation period during which the parties involved in a transaction will be able to request immediate implementation of the transaction. The one-year term may be extended for as long as CADE's resources are deemed insufficient to adopt the previous notification regime established by the new law.

新法批准公布后，将有六（6）个月的期限才会生效，且参与交易的双方在一（1）年的适应期内能够请求

立即执行交易。且只要CADE的资源被认定为不足以采用新法确定的预先申报制度，则可延长该一年的期

限。



Currently there are no exchange controls in effect, meaning that exchange transactions are permitted inbound and outbound through financial institutions duly licensed to operate in the exchange markets, provided the following conditions are met:

目前不存在有效的外汇管理，意为允许通过经正式许可在外汇市场上经营的金融机构进行境内外的外汇交

易，但应当满足以下条件：

• The transaction is legal

交易合法

• The transaction has economic substance

交易具有经济实质

• The parties comply with the provisions in relevant documentation

双方遵守了相关文件的规定

• All applicable taxes are duly paid

所有适用的税项均已按期支付

All foreign exchange transactions are performed through foreign exchange agreements. Through these agreements, individuals and companies that incur foreign currency obligations exchange Brazilian reais for foreign currency from local financial institutions authorized to deal in foreign exchange markets. Conversely, individuals and entities that earn income in a foreign currency exchange it for Brazilian reais.

允许所有外汇交易通过外汇协议履行。通过这些协议，发生外汇义务的个人和公司从授权在外汇市场上交

易的当地金融机构中用巴西雷亚尔换取外汇。相反，在外汇交易中赚取收入的个人和实体用该外汇收入换

取巴西雷亚尔。

As a general rule (with exceptions made for insurance companies when operating internationally, and diplomatic representations), individuals and companies domiciled in Brazil are not allowed to have bank accounts in a foreign currency in Brazil.

作为一般规则（对保险公司在全球运营时和外交代表除外）,居住在巴西的个人和公司不允许在巴西拥有外

币银行账户.

Foreign loan transactions are subject to electronic registration at the Central Bank and at this time are not required to have any prior approval or authorization by the authorities. Registration implies the assumption of liability by the parties involved for the legitimacy of the relevant documentation submitted to the financial institution licensed to operate in the exchange markets.

外国贷款交易须在中央银行进行电子登记，且现在不要求经当局进行任何事先批准或授权。登记意味着交

易各方对提交给被许可在外汇市场上进行经营的金融机构的相关文件的合法性承担责任。


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Brazil adopts the so-called "managed" or "dirty float" system for exchange rates, with the Central Bank occasionally intervening to change the direction of the value of the Brazilian real in order to pursue monetary policy.

巴西对汇率采取所谓的“管理”或“不自由浮动”制度，中央银行不定期介入其中改变巴西雷亚尔的价值

方向以便实行货币政策。

Exchange control policy is conducted by NMC, which can regulate exchange transactions. The NMC can impose temporary restrictions on imports and remittances of yields on foreign capital whenever there is a serious imbalance in the balance of payments. In these circumstances, the NMC can also grant the Central Banka full or partial monopoly over exchange transactions. However, these restrictions have not been applied for more than 20 years.

外汇管理制度由国家货币理事会实施，国家货币理事会可以规范外汇交易。国家货币理事会可以在国际收

支存在严重不平衡时对外国资本的进入和投资收益的汇出施加临时限制。在这些情况下，国家货币理事会

还可以授予中央银行对外汇交易的全部或部分垄断权。但是，这些限制二十多年都没有适用了。




The most common forms of business vehicle used in Brazil (including by foreign companies) are (i) the limited liability companies (limitadas), appropriate for companies that want less bureaucracy and disclosure; and (ii) the corporations (sociedades anônimas), normally used for ventures aiming at issuing securities (and which require more disclosure).

在巴西，所使用的最常见企业工具形式（包括外国公司使用的）是：（i）有限责任公司（limitadas），适

合于希望少一些官僚主义和信息披露的公司；和（ii）公司（sociedades anônimas），通常用于目的在于

发行证券的企业（其需要更多披露）。



您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有关关关关的主的主的主的主

要问题有哪些要问题有哪些要问题有哪些要问题有哪些？？？？

The main regulations and laws regulating M&A transactions in Brazil are:

巴西规范并购交易的主要规章和法律为：

• Civil Code (Federal Law n. 10.406/02) - establishes the main civil and commercial rules applicable to all kinds of Brazilian entities;

《民法典》（10.406/02 号联邦法律）-确立了适用于各类巴西实体的主要民商事规则；

• Corporations Law (Federal Law n. 6.404/76) - establishes the rules applicable to Corporations (both closely and publicly held);

《公司法》（6.404/76 号联邦法律）-确立了适用于公司（既包括封闭型公司也包括上市公司）的规

则；

• Central Bank regulations - Foreign investments must be registered with the Central Bank to allow full repatriation of capital and profits;

中央银行条例-外商投资必须向中央银行进行登记以便使资本和利润能够全额汇回。


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• National Monetary Council (CMN) – establishes the general rules on capital and financial markets; and

国家货币理事会（MNC）-确立了资本和金融市场的一般规则；以及

• Brazilian Securities and Exchange Commission ("CVM") regulations, especially:

巴西证券交易委员会（“CVM”）条例，特别是：

a) Instruction No. 361 of 2002, which contains rules applicable to public takeovers, covering mandatory or voluntary tender offers for publicly-held companies' shares (e.g, de-listing, sale of control and competing tender offers);

2002 年 361 号指令，其中包含适用于公开收购的规则，涵盖对上市公司股份（例如，退市、出售控制

权和相竞争的要约收购）的强制性或自愿性要约收购；

b) Instruction No. 319 of 1999, which establishes the rules applicable to mergers, spinoffs and consolidations involving publicly-held companies; and

1999年 319 号指令，其中确定了适用于涉及上市公司的兼并、剥离和合并的规则；以及

c) Instruction No. 480 of 2009, which establishes the rules applicable to the registration of a publicly-held company before the CVM.

2009年 480 号指令，其中确定了适用于在 CVM 登记上市公司的规则。




• Private Negotiations with the controlling shareholder 与控股股东的私人谈判

This mechanism is very common, since most Brazilian companies still have a defined controlling shareholder (or group of shareholders). It requires a previous negotiation between the parties about, among other things, the purchase price. As a general rule, the acquisition of control under these terms, either directly or indirectly, entitles the minority shareholders to tag-along rights where the buyer must make a public offer for the acquisition of the non-controlling voting shares of the target company for at least 80% of the price paid for the controlling voting shares (please see question 4"d" below). In addition, the potential buyer shall observe the target company's by-laws and shareholders' agreements, which may impose other requirements for the acquisition (such as the extension of tag-along rights to non-voting shares or a right of first refusal).

这一机制非常常见，因为多数巴西公司仍具有确定的控股股东（或股东集团）。它要求双方之间就（除其

它事项外）购买价进行预先谈判。作为一般规则，根据这些条款直接或间接地收购控制权，使得少数股东

在买方必须以对控股表决权股票（请见以下 4“d”项问题）所支付的至少 80%的价格发出收购目标公司非

控股的表决权股份的公开要约的情况下享有跟售权。此外，潜在买方应当遵守目标公司的内部细则和股东

协议，该内部细则和股东协议可能对收购施加其它要求（例如，延长对无表决权股份的跟售权或优先购股

权）。

• Acquisition of shares in the stock market 在股票市场上收购股份

This mechanism is effective in companies with dispersed ownership and high free float and generally does not require previous negotiations between the parties. It can also be combined with private negotiations with strategic shareholders. The mechanism may trigger an obligation by a potential buyer to perform a takeover offer. In addition, any share acquisition that results in the ownership of 5% or more of a publicly held company's type or class of shares must be disclosed to the Brazilian Securities and Exchange Commission (Comissão de Valores Mobi l iár ios) ("CVM").

这一机制对具有较分散所有权和较高公众持股量的公司有效，且一般不要求双方之间进行预先谈判。它也

可以结合与战略股东进行的私人谈判。此机制可能引发潜在买方履行收购要约的义务。此外，导致对上市

公司的类型或类别股份享有 5%或以上所有权的任何股份收购均必须向巴西证券交易委员会（Comissão

de Valores Mobil iár ios）（“CVM”）进行披露。


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• Takeover bid 要约收购

Takeover bids are also effective in companies with dispersed ownership.

要约收购也对具有分散所有权的公司有效。



Yes, hostile bids are permitted in Brazil, although Brazilian corporate legislation does not differentiate recommended bids from hostile bids, both being treated as voluntary takeover bids. In practice, the distinction depends on whether or not the bid is welcomed by the management or by the controlling shareholder, sometimes having been subject to previous negotiations with the potential buyer. While permitted, hostile takeover bids are uncommon, since historically Brazilian companies have typically had a defined and stable controlling shareholder.

是的，巴西允许敌意收购。尽管巴西的公司立法并未将建议收购和敌意收购相区分，但是二者均被视为自

愿要约收购。在实践中，其区分取决于管理层或控股股东是否欢迎该要约，有时须经与潜在买方进行预先

谈判。尽管允许敌意收购，但是敌意要约收购并不常见，因为历史上巴西公司一般均有一个确定且稳定的

控股股东。



According to the Corporations Law and CVM regulations, public offering for acquisition of securities or takeover bids are generally required:

根据《公司法》和 CVM 条例，对于下列情况一般要求公开发售收购证券或要约收购：

� for de-listing a publicly-held company. This must be performed by the company or its controlling shareholder (“De-listing Offering”);

上市公司退市。这必须由公司或其控股股东履行（“退市发售”）；

� as a result of disposal of the controlling interest of a publicly-held company (“Tag-Along Offering”); or

因处置上市公司的控股权益（“跟卖发售”）导致；或者

� if the increase of the controlling shareholder's equity participation (direct or indirect) affects the company's remaining shares' liquidity. (“Ownership Increase Offering”).

如果增加控股股东的参股（直接或间接）影响了公司其余股份的流动性（“所有权增加发售”）。

These mandatory offers must be registered with CVM.

这些强制性要约必须向 CVM进行登记。



Minimum price varies according to the offering. Below are the main rules:

最低价格根据发售的不同而有所不同。主要规则如下：

• De-listing Offering 退市发售

Fair price based on an appraisal report, which may consider the following criteria: net assets, net assets appraised at market value, discounted cash flow, comparison by multiples, stock prices on the securities market, or based on any other criteria accepted by the CVM.

基于评估报告的公平价格，其中可能考虑如下标准：净资产、以市场价值评估的净资产、现金流量贴现、

多重比较、证券市场的股票价格，或者基于 CVM 认可的任何其它标准。


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• Tag-Along Offering 跟卖发售

The general rule establishes that the minimum price must be equivalent to at least, except as otherwise provided in the company's by-laws at least 80% of the price paid for each controlling voting share (tag-along right). Nevertheless, (i) for companies listed on Level 2 listing segment of São Paulo Stock Exchange ("BM&FBovespa"), the price shall be 80% or 100% for preferred and common shares respectively, of the price paid for each controlling voting share, and (iii) 100% of the price paid for each controlling voting share, for companies listed on Novo Mercado listing segment of BM&FBovespa.

一般规则确定最低价格必须至少相当于（除非公司的内部细则中另有规定）对各控股表决权股份所支付价

格的至少 80%（跟售权）。然而，（i）对于在圣保罗证券交易所（“BM&FBovespa”）2 级上市部上市的

公司，该价格应分别为对各控股表决权股份所支付价格的优先股的 80%和普通股的 100%；和（ii）对于在

圣保罗证券交易所新市场上市部上市的公司，则为对各控股表决权股份所支付价格的 100%。

• Ownership Increase Offering. 所有权增加发售

Fair price based on an appraisal report, which may consider the following criteria: net assets, net assets appraised at market value, discounted cash flow, comparison by multiples, stock prices on the securities market, or based on any other criteria accepted by the CVM.

基于评估报告的公平价格，其可能考虑如下标准：净资产、以市场价值评估的净资产、现金流量贴现、多

重比较、证券市场的股票价格，或者基于 CVM 认可的任何其它标准。



The key documents in a takeover bid are: (i) the announcement of the offering by the bidder which must be published in the newspapers in which the target company usually makes its legal publications and disclosed to the market by the target company's investors' relations officer.

要约收购中的重要文件有：（i）要约人的发售公告必须在目标公司通常进行合法出版的报纸上公布并由目

标公司的投资者关系官员向市场进行披露。

The bid announcement must be made jointly by the potential buyer and the intermediating financial institution; and (ii) the appraisal report of shares of the target company prepared by a specialized company if the offer is launched by the company or by the controlling shareholders.

要约公告必须由潜在买方和中间的金融机构共同做出；以及（ii）如果要约由公司或控股股东发起，则为特

殊公司准备的目标公司的股份评估报告。



According to the CVM Regulation 361/02, an investor may acquire the controlling interest of a company through a public offering for acquisition of shares intermediated by a financial institution, either hostile or not. Such voluntary offering is generally not subject to registration with the CVM, except if the offering involves exchange of securities.

根据 CVM 条例 361/02，投资者可以通过公开发售收购由金融机构作为媒介的股份而收购公司的控股权

益，无论是否是敌意收购。该自愿要约一般无须向 CVM进行登记，除非发售涉及证券交易。



The term will depend on the type of public offering. In general, considering the registration with the CVM and the minimum term of an offering (which is 45 days), the procedure takes approximately 90 days.

收购期限取决于公开发售的类型。一般来说，考虑到向 CVM 进行登记和最低发售期限（为 45 天），该程

序约需要 90 天。


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私私私私有并购交易有并购交易有并购交易有并购交易各各各各方签方签方签方签署一署一署一署一项项项项““““协议协议协议协议””””（（（（例例例例如备如备如备如备忘录忘录忘录忘录、、、、意意意意向书向书向书向书、、、、关键性关键性关键性关键性条款条款条款条款、、、、框框框框架架架架协议或协议或协议或协议或其其其其它它它它））））是否是否是否是否

很普遍很普遍很普遍很普遍？？？？如如如如果果果果是这是这是这是这样样样样，，，，各各各各方方方方一般一般一般一般在何在何在何在何等等等等范围范围范围范围内内内内（（（（如有如有如有如有））））创创创创设具有设具有设具有设具有法法法法律约律约律约律约束力束力束力束力的的的的义义义义务务务务？？？？

Yes, in private M&A transactions it is common for the parties to enter into a preliminary document such as a Memorandum of Understanding or Letter of Intent.

是的，在私有并购交易中，双方通常要签署初步协议，例如备忘录或意向书。

As in most other jurisdictions, in Brazil this kind of document aims to set up the main terms and conditions of the transaction to be performed between the parties such as: transaction structure, purchase price and conditions of payment, conduction of due diligence, termination assumptions, definitive agreements and other. Usually the only binding provisions in such documents are those regarding confidentiality and exclusivity. It should also be pointed out that under Brazilian Competition Law, transactions which qualify to be submitted to the Competition Agency for approval must be submitted within 15 days from the signature of the first binding document.

如同在多数其它司法辖区一样，在巴西，此类文件旨在确立双方之间拟履行交易的主要条款和条件，例

如：交易结构、购买价格和付款条件、进行尽职调查，终止假定、最终协议及其它。通常，此类文件中唯

一具有约束力的规定是有关保密和排他性的规定。还应当指出的是：根据巴西《竞争法》，有资格提交竞

争机构批准的交易必须自首个具有约束力的文件签字起 15 天内提交。




According to Brazilian law, the contracting parties are obliged to negotiate in good faith. In case of violation of a MOU, the aggrieved party may claim losses and damages (which must be proved) in court as set forth in articles 422 and 465 of Civil Code.

根据巴西法律，缔约方有义务进行诚信谈判。如果违反备忘录，受损害的一方可以根据《民法典》第 422

条和第 465 条的规定就损失和损害（必须加以证明）在法院提出索赔。




In private M&A transactions in Brazil it is common for the parties to enter into an exclusivity agreement during a certain period, usually used for the buyer to carry out a due diligence review of the target company and for the parties to negotiate the definitive agreements of the transaction.

在私有并购交易中，双方在确定期限内签署排他性协议很常见，该排他性协议通常用于买方对目标公司开

展尽职调查审查及双方对交易的最终协议进行谈判。


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Preliminary agreements are common in acquisitions involving listed companies. The issues commonly dealt with in such documents are antitrust approvals, confidentiality and publication of material information report (timing and content).

有关上市公司的收购中初步协议很常见。此类文件中通常处理的问题是反垄断审批、保密规定和发布重大

信息报告（时间和内容）。




Although there are no regulatory constraints in Brazil regarding break fees, any break fees should bear a compatibility with the obligations set forth in the agreement, otherwise the enforceability of the break fee could be challenged in court.

尽管巴西不存在对终止交易费的监管限制，但是任何终止交易费均应与协议中规定的义务相符合，否则，

法院可能会对终止交易费的执行提出质疑。




In a corporation (sociedade anônima), pursuant to the Corporations Law holders of at least 5% of the capital stock are entitled to:

在公司中，根据《公司法》规定，至少 5%的资本持有人有权：

• require information to the Audit Committee on matters that are under its jurisdiction;

要求向审计委员会问询有关其管辖下事宜的信息；

• require a court order for complete view of all the company's books, where they are pointed out acts of violating any law or statute, or when there is a founded suspicion of serious irregularities caused by any of the organs of administration of the company;

要求法院命令全面审查公司的所有簿册，在这些簿册中他们被指具有违反任何法律或成文法的行为，或

者当有根据怀疑公司的任何行政管理机构所造成的严重违规行为时；

• convene the General Assembly when administrators do not meet within eight days of a reasoned request to convene the assembly, indicating the matter to be discussed; and

当行政人员未能满足八天的合理请求时召开股东大会，指出拟议事项；及

• obtain compensation on behalf of the company based on losses caused by any wrongdoing by any director or officer of the company, if the General Assembly decides not to request such compensation.

对于因公司的任何董事或高管人员的不当行为所造成的损失，在股东大会决定不请求该赔偿的情况下，

代表公司获得赔偿。


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In addition to the above rights:

除以上权利外：

• any voting shareholder of a publicly-held company is entitled to tag-along rights;

公开招股公司的任何有表决权的股东享有跟售权；

• a member of the board of directors may be elected by non-controlling shareholders of a publicly-held company holding (i) 10% of non-voting shares; (ii) 15% of voting shares, or 10% if the capital stock is composed only by voting shares; or (iii) 15% of the capital stock, if any of the thresholds in “i” or “ii” is met;

持有以下股份的公开招股公司的非控股股东可选举董事会成员：（i）10%的非表决权股份；（ii）15%

的表决权股份，或者在股本仅由表决权股份组成的情况下，为 10%；或者（iii）在满足第（i）或（ii）

项中任何限额的情况下，15%的股本；

• shareholders are entitled to install the Audit Committee, provided percentages varying as per listing status and capital stock are met; and

股东有权设立审计委员会，但条件是要满足随上市状态和股本变化的股权比例；且

• non-controlling investors holding preferred shares (irrespectively of the percentage) or 10% of the voting shares are entitled to elect a member of the Audit Committee (if it is installed).

持有优先股（不考虑其股比）或者 10%的有表决权的股份的非控股投资者有权选举一名审计委员会成

员（如果设立了审计委员会）。

In a limited liability company (limitadas), minority quotaholders are entitled to subscribe for additional capital in the proportion of their equityholding whenever the capital ins increased.

在有限责任公司中，无论何时增资，少数配额持有人均有权按其持股比例认购额外资本。




No, a share acquisition does not trigger statutory labor obligations for the buyer per se. Most statutory obligations (e.g., severance) are triggered by the termination of employees.

不会。股份收购不会引发买方本身的成文法劳动义务。多数成文法义务（如离职）是因解雇员工引发的。



In a transfer of an undertaking, business or a part thereof, the acquiror will be the successor or all labor liabilities related to the employees transferred from the selling company, and must provide the transferred employees with salary and benefit conditions at least equivalent to what was offered by the transferor company.

在转让一个企业、业务或其一部分时，收购方将为与卖方公司转让的员工相关的所有劳动债务的继承人，

且必须向被转让的员工提供至少相当于转让方公司所提供的薪金和福利条件。

Other issues to be observed include the company's total number of employees -- a certain number of disabled employees and apprentices must be hired depending on the number of total employees).

其它须遵守的问题包括公司的员工总数-某些有残疾的员工和学徒必须根据员工总数进行聘用。

If the acquisition triggers a change of the business name or if there is a change in the business activities in a way that it triggers a change in the employees’ representative union, the buyer may also have to execute new collective agreements with the union that represents the employees, as well as grant the rights provided under the applicable collective bargaining agreement of the new union.


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如果收购引发公司名称发生变更，或者如果业务活动有变化引发员工代表工会的变化，则买方还必须与代

表员工的工会签署新的集体协议并授予新工会适用的集体谈判协议下所规定的权利。




In Brazil the purchase of all or substantially all of the assets of a company does not necessarily insulate a bona fide acquirer from past liabilities from the seller if the acquirer continues to operate the assets in the same line of business, place, client portfolio, etc.. In this context, the fewer assets remain in the company selling the business, the greater the chances of a succession in interest for the purchaser, particularly in regards to taxes and labor liabilities.

在巴西，如果收购方继续在同一行业、地点和客户组合等方面经营资产，购买公司的全部或绝大部分资产

并不一定会使善意收购方免予承担卖方过去的债务，在这种情况下，出售业务的公司保有的资产越少，买

方继承利益的机会越大，特别是对于税务和劳动债务。

From a tax perspective, according to the Brazilian tax legislation (article 133 of the Tax Code), as a general rule the acquisition of tangible and intangible assets forming the business of a company generates tax succession for the acquirer (except in some specific cases, such as sale in a judicial proceeding involving bankruptcy). Therefore, under a tax perspective the purchaser of a business becomes responsible for the past tax liabilities related to such business.

从税务角度来看，根据巴西的税务立法（《税法》第 133 条），作为一般原则，收购构成公司业务的有形

和无形资产会对收购方产生税务继承（除非在某些特定情况下，例如在涉及破产的司法程序中进行出

售）。因此，根据税务观点，业务买方对与该业务有关的过去的税务债务负责。




• March 2010 - ECE aqcuired Brazilian mining company Itaminas for US$ 1,2 billion.

2010年 3月 – 欧洲经济委员会以 12 亿美元收购了巴西的一家矿业公司。

• May 2010 - Sinochem Corporation, a state owned Chinese company and the fourth largest oil company in China in the acquired 40% of the interest in the Peregrino oilfield located in the Campos basin offshore Brazil.

2010年 5月 – 中国化工进出口公司 - 一家中国国有公司且为中国第四大石油公司，收购了位于巴西坎

普斯盆地海湾的佩雷格里诺油田 40% 的权益。

• May 2010 - State Grid acquired seven power utility companies in Brazil from Spanish-owned Cobra, Elecnor and Isolux. Se ratificado pela Aneel (Agência Nacional de Energia Elétrica), for approximately US$1,8 Billion.

2010年 5月- 中国国家电网公司以约 18 亿美元收购了巴西的七家电力公用设施（输电）公司，这七家

公司之前分别属于西班牙的 Cobra, Elecnor 和 Isolux 集团。由国家电力能源机构批准。

• May 2011 - Chongquing Polycomp Internacional Corporation (CPIC).acquired a Brazilian fiberglass plant from North American Owens Corning (OC).

2011 年 5 月-重庆国际复合材料有限公司（简称 CPIC）从北美的欧文斯•康宁公司（OC）收购了一家

巴西玻璃纤维工厂。

• April 2011 - Sinochem Group acquired Statoil Petróleo do Brasil Ltda. and South America Holding BV, both companies from Statoil Group, oil and gas deal that reached approximately US$ 3 Billion.


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2011 年 4 月-中国化工进出口公司收购了属于挪威石油公司的巴西国家石油公司和南美控股公司，油气

交易达到约 30 亿美元。

Demarest e Almeida is one of the leading business law firms in Brazil, with over 60 years of experience in assisting clients from all over the world. At the heart of our continuing success lies our pre-eminent traditional, solid and client-driven posture.

德马雷斯特和阿尔梅达（（（（Demarest e Almeida）律师事务所是巴西主要的商业律师事务所之一，拥有对全世界

的客户提供帮助的 60 多年的经验。我们持续成功的核心在于我们卓越的传统、稳固和以客户为导向态度。

With offices in the most important cities of Brazil and in New York, Demarest e Almeida also has strong contacts with other independent law firms throughout Brazil, providing a complete and integrated services network for our clients.

由于在巴西多数重要大城市及纽约均拥有办公室，德马雷斯特和阿尔梅达还与整个巴西其它独立的律师事务所

拥有牢固的联系，能够为我们的客户提供全面、综合的服务网络。

Demarest e Almeida has a team of approximately 270 highly qualified lawyers, 250 legal trainees (law students) and a professional administrative staff proud of their commitment to excellence and efficiency in client services. Our firm is regarded as one of the top law firms in Brazil and Latin America, and is recognized as a true full-service law firm.

德马雷斯特和阿尔梅达拥有一个约 270 名高素质律师、250 名法律实习生（法学专业学生）和专业化的行政人

员组成的团队，他们为其在客户服务中追求卓越和效率而自豪。我们的律所被视为是巴西和拉丁美洲的顶级律

师事务所之一，并被公认为是真正的提供全面服务的律师事务所。

We are the Brazilian member of Lex Mundi, the world’s largest organization of independent law firms, with 160 member firms operating in more than 150 countries. The firm is also a member of The Interlex Group and the Employment Law Alliance, and has a strong and long lasting relationship with Marval, O'Farrell y Mairal, Argentina's largest law firm. These associations allow our clients have worldwide assistance from a single point of contact.

我们是世界上最大的独立律师事务所组织 Lex Mundi（其拥有在 150 多个国家运营的 160个成员律所）的巴西

成员。本所还是 Interlex 集团和就业法律联盟成员，并与阿根廷最大的律师事务所 Marval, O'Farrell y Mairal拥

有牢固和长期持久的关系。这些关系使得我们的客户能从单一的联系点获得全球范围的帮助。

Demarest e Almeida is consistently pointed out by legal publications and directories such as Chambers and Partners, Latin Lawyer, International Finance Law Review, Who´s Who Legal and Brazilian Análise Advocacia as one of the largest and most recognized law firms in Brazil, and many of our attorneys are named leaders in their fields.

德马雷斯特和阿尔梅达一直被法律出版物和名录（例如钱伯斯分类评级机构、《拉丁律师》、《国际金融法律

评论》、《杰出律师名录》（Who´s Who Legal）以及巴西的《分析宣传》（Análise Advocacia）杂志）指出

作为巴西最大及最被认可的律师事务所之一，我们的许多律师均为各自领域被提名的领导者。

Our more than 3,000 active clients are mostly multinational companies, including 15% of Fortune 500 companies and many of the largest Brazilian groups.

我们现有的 3,000 多名客户多数为跨国公司，包括财富 500 强公司的 15% 以及巴西最大的集团公司中的众多公

司。

Please feel free to visit our website www.demarest.com.br to learn more about our practice and our people.

欢迎访问我们的网站 www.demarest.com.br 了解有关我们的执业领域和人员的更多信息。

For additional information, feel free to contact 如需更多资料如需更多资料如需更多资料如需更多资料，，，，欢迎联系欢迎联系欢迎联系欢迎联系:

Altamiro Boscoli

Direct 直拨电话: (55 11) 3356-1501


Paulo Frank Coelho da Rocha

Direct 直拨电话: (55 11) 3356-1822


October 2011 Canada 加拿大

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Canada 加拿大加拿大加拿大加拿大




如如如如，，，，有有有有关关关关机构机构机构机构/机机机机关及关及关及关及时限要时限要时限要时限要求求求求）？）？）？）？

The Investment Canada Act applies to the establishment of a new Canadian business or the acquisition of “control” of a Canadian business by a non-Canadian. An acquisition of more than 50% of voting rights is deemed to be an acquisition of control, while acquiring 33-⅓-50% of voting rights creates a rebuttable presumption of control.

《加拿大投资法》适用于非加拿大人新设加拿大企业或收购加拿大企业的“控制权”。收购超过 50%的表决权

即视为收购控制权，而收购 33-⅓到 50%的表决权则构成可反驳推定的控制权。

In most cases, a reviewable transaction under the Investment Canada Act may not be completed unless it is determined to be of “net benefit to Canada” by the Minister of Industry, who often requires undertakings to arrive at this determination.

大多数情形下，《加拿大投资法》项下须经审查的交易除非经工业部部长认定“对加拿大利大于弊”，否则不

得完成。工业部部长有义务对此等交易作出认定。

A direct acquisition of a business by a “WTO investor”, or a direct acquisition of a business controlled by a non-Canadian WTO investor, requires a review application where the business book value is C$312-million or more. Lower thresholds apply for non-WTO investors. Regardless of size, an acquisition may be reviewable if the business is related to Canada’s cultural heritage or national identity or is reviewed on national security grounds.

如果企业的账面价值为 3.12 亿加元或更高，“WTO 投资人”直接该收购企业或直接收购非加拿大 WTO 投资

人控制的该企业则须经审查。非 WTO投资人适用较低的门槛金额。无论规模大小，如果企业涉及到加拿大

的文化遗产或国家特征或基于国家安全事由，则须经审查。

The initial review period is up to 45 days, with the possibility of unilateral extension for a further 30 days and thereafter only with investor consent. A longer period can apply in the case of a national security review.

初始的审查期间为 45 日，可能单方延长 30 日，随后经投资人同意可继续延长。在国家安全审查的情况

下，耗时更久。



Industry sector foreign ownership restrictions include:

对外国所有权有限制的行业领域包括：

• Agriculture (several provincial statutes regulate the purchase of land by non-Canadians);

农业（若干省级法律规管非加拿大人购买土地）；

• Transportation (Canada Transportation Act);


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交通运输（《加拿大交通法》）；

• Uranium (Non-Resident Ownership Policy in the Uranium Mining Sector);

铀（《铀开采业非居民所有权政策》）；

• Fisheries (Commercial Fisheries Licensing Policy for Eastern Canada);

渔业（《加拿大东部商业渔业许可政策》；

• Financial Services (Bank Act, Insurance Companies Act, Cooperative Credit Associations Act and Trust and Loan Companies Act);

金融服务（《银行法》、《保险公司法》、《合作信贷联合法》和《信托与贷款公司法》）；

• Telecommunications/Broadcasting (Telecommunications Act and Broadcasting Act);

电信/广播（《电信法》和《广播法》）；

• Book/Periodical Publishing and Distribution (Investment Canada Act); and

图书/期刊出版和发行（《加拿大投资法》）；和

• Film Distribution (Investment Canada Act).

电影发行（《加拿大投资法》）。



The Competition Act is enforced by the Commissioner of Competition, supported by the Competition Bureau.

竞争专员由竞争局提供支持负责执行《竞争法》。

All transactions are potentially subject to substantive merger review. Only transactions exceeding the following thresholds are subject to pre-merger notification:

所有的交易都可能受到实质性的兼并审查。只有超过以下门槛金额的交易方方须并购前通知：

• Size of parties: the parties, together with their affiliates, have aggregate assets in Canada with a book value, or aggregate gross revenues from sales in, from or into Canada, exceeding C$400-million.

交易方规模：交易方，连同其关联方在加拿大总资产的账面价值或出入加拿大的总销售收入，超过 4

亿加元。

• Size of transaction: the aggregate value of assets in Canada, or aggregate gross revenues from sales in or from Canada, of the target or the assets being acquired exceed C$73-million (this threshold is adjusted annually).

交易规模：目标公司在加拿大的资产总值或出入加拿大的销售总收入或被收购的资产超过 7300 万加元

（此门槛金额每年都进行调整）。

The following threshold also applies where the transaction involves the acquisition of shares:

如果交易涉及到股票，也适用以下门槛：

• Equity interest: the acquisition is for more than 20% of the voting shares of a public corporation or 35% of the voting interests in a private corporation. An increase to a more than 50% voting interest provides a second trigger.

股权：收购上市公司 20%以上的有表决权股票或私人公司 35%以上的有表决权权益。增持超过 50%有

表决权权益将再次触发。

The waiting period is 30 days after notification filing. If a supplemental information request (SIR) is issued, the transaction cannot close until 30 days after SIR compliance. The Commissioner can challenge a


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merger up to one year following completion if she believes that it will, or is likely to, substantially prevent or lessen competition.

等候期为申报通知后30日。如果发出增补信息请求（SIR），交易在符合SIR后30日后方能交割完成。倘若

认为交易将会或极有可能大大妨碍或削弱竞争，专员可在交易完成后最长一年的时间内对并购案提出质疑。



There are no Canadian exchange control restrictions. However, Canadian Payments Association Rules provide that cheques over C$25-million cannot be cleared and thus transactions above that amount are completed by electronic funds transfer.

没有任何加拿大外汇管理限制。不过，《加拿大支付协会规则》规定，超过2500万加元的支票无法结算，

因而超过该金额的交易可通过电子资金转账完成。




A corporation with share capital is the most common form of business entity. Corporations may be incorporated under provincial or federal law. Federal corporations may conduct business in every province without being licensed by the provinces.

具有股本的公司是最常见的商业实体形式。公司可依照省级或联邦法律设立。无需各省许可，联邦公司即可

在各省从事业务。

Unlike public corporations, private corporations are generally subject to restrictions on share transfers, limited to a maximum number of shareholders and prohibited from public security issuances. Many public corporation rules (including, for example, with respect to take-over bids) do not apply to private corporations. Generally, all shareholders have substantial rights with respect to fundamental changes (see Section F below).

不像上市公司，私人公司通常受股份转让的限制，限制股东最大数量并禁止公开证券发行。许多上市公司规

则（包括：例如，关于要约收购）不适用于私人公司。通常，所有的股东都对根本变化拥有实体的权利（参

见下文F节）。

Under federal and Ontario law, at least 25% of a corporation’s directors must be resident Canadians, except where there are fewer than four directors, in which case at least one must be a resident Canadian. Certain Canadian jurisdictions do not impose director residency requirements.

根据联邦和安大略省法律，公司董事至少25%必须为加拿大居民，除非少于四位董事，在此情形下，至少有

一位董事必须为加拿大居民。某些加拿大法域没有董事居民身份的要求。



您您您您所在所在所在所在司司司司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有关关关关的主要的主要的主要的主要


Private acquisitions are governed by contract and the relevant federal or provincial corporate statute.

非公开收购由合同和相关的联邦或省级公司法规范。


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Public securities regulation is a matter of provincial and territorial jurisdiction and all provinces and territories other than Ontario have adopted Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids (“MI 62-104”), which provides harmonized rules governing take-over bids. Ontario is Canada’s principal capital market and has harmonized its take-over bid rules with MI 62-104 through the Securities Act (Ontario) and OSC Rule 62-504 - Take-Over Bids and Issuer Bids. Compliance with Ontario’s take-over bid rules will, generally speaking, satisfy the requirements of the other jurisdictions (see Section D below).

公开证券监管是省和地区司法管辖的范畴，安大略省之外的所有的省和地区都已通过采用了多边文件 62-

104 – 要约收购和发行人要约（“MI 62-104”），该文件规定了规范要约收购的统一规则。安大略省是加拿

大的主要资本市场，通过《证券法》（安大略省）和 OSC 规则 62-504 – 要约收购与发行人要约拥有与 MI

62-104 一致的要约收购规则。符合安大略省要约收购规则，一般而言，就会满足其他法域的要求（参见下

文 D节）。

Public companies listed on a stock exchange in Canada, such as the Toronto Stock Exchange, are subject to the applicable stock exchange rules.

在诸如多伦多证券交易所等加拿大证券交易所上市的公众公司受相应的证交所规则约束。

Statutory plans of arrangement (see Section D below) are available under certain provincial corporate statutes and the Canada Business Corporations Act (“CBCA”).

某些省级公司法和《加拿大商业公司法》（“CBCA”）项下存在法定安排计划（参见下文 D节）。




The acquisition of a public company is typically completed by (i) take-over bid or (ii) plan of arrangement.

收购上市公司通常通过（1）要约收购或（2）安排计划来完成。

An acquirer’s offer to purchase the securities of a target company pursuant to a take-over bid can be highly conditional, other than inclusion of a financing condition. An offeror acquiring 90% of the securities of a class, excluding securities held by the offeror at the time of the bid, has a right of compulsory acquisition to purchase the remaining securities at the offer price or, if the securityholder objects, at a court-determined “fair value.” Provided an offeror acquires at least 66-⅔% of the securities, it can generally acquire the minority’s securities through a “second step” transaction.

收购人依照要约收购发出要约收购目标公司的证券经常附有条件，但不含融资条件。收购 90%某类别证券

（要约人要约时持有的证券除外）的要约人有权实施强制交易以按要约价格收购其余的证券，或者，如果

证券持有人反对，则以法院裁定的“公平价值”收购。但条件是，要约人收购至少 66-⅔%的证券，其方可

通过“第二步”交易收购少数持有人的证券。

A plan of arrangement is a court-approved, single-stage transaction governed by corporate legislation that requires target securityholder approval. An initial court order will require a target securityholders’ meeting and specify approval thresholds (typically 66-⅔% of the votes cast) and dissent rights. Following securityholder approval, the parties apply to the court for a final order that the arrangement is “fair and reasonable”, following which the transaction may close.

安排计划须经法院批准，由公司法律规范的单一阶段交易，需要目标公司证券持有人的批准。初始的法院

裁令要求目标公司证券持有人召开会议并明确批准的门槛（通常为投票表决的 66-⅔%）和异议权。证券持

有人批准后，各方向法院申请最终裁令认定，安排系“公平合理”，获得此裁令后，交易方可交割完成。



Hostile take-over bids are permitted. A plan of arrangement can only be undertaken in a supported deal.

允许恶意要约收购。安排计划仅可在受支持的交易中进行。


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Subject to an available exemption, any acquisition of, or obtaining control or direction over, voting or equity securities resulting in the acquirer holding 20% or more of the voting or equity securities of any class of a public company will constitute a take-over bid and require that an offer be made to all securityholders of the class on the same terms and conditions.

受可得豁免制约，任何收购有表决权证券或股票或获得该等证券或股票的控制权或指令权而导致收购方持

有上市公司任一类别的有表决权证券或股票20%或以上则构成收购要约并要求按同等的条款和条件向该类

别的所有证券持有人发出要约。

A commonly used take-over bid exemption is the “private agreement” exemption which permits purchases by private agreement with five or fewer vendors, provided that the purchase price (including fees and commissions) does not exceed 115% of the market price of the securities.

常用的要约收购豁免是“非公开协议”豁免，该豁免允许通过与五个或更少的卖方达成非公开协议进行购

买，但条件是购买价格（含费用和佣金）不超过证券市场价格的115%。



Canadian “pre-bid integration rules” require that consideration offered under a formal bid be at least equal to that paid by the offeror in purchases made within the previous 90 days.

加拿大的“要约前一体化规则”要求正式要约项下所提供的对价至少应等于之前 90 日内要约人在收购中所

支付的对价。



Friendly acquisitions are typically commenced by a non-binding letter of intent (“LOI”) from the offeror and a confidentiality and standstill agreement between the parties, followed by the negotiation of a support or arrangement agreement.

善意收购通常是从要约人发出意向书（“LOI”）和各方间的保密协议和停滞协议而开始，随后对支持协议或

安排协议进行磋商。

A take-over bid is made by way of a take-over bid circular in a form prescribed by Canadian securities laws, accompanied by a letter of acceptance and transmittal as well as other ancillary documents. Québec requires the translation of documentation into French. An offeror may commence an offer by mailing the documents to securityholders or publishing a bid summary in at least one major daily newspaper, with mailing of the documents to follow.

要约收购系通过加拿大证券法律规定的形式以要约收购通告的方式作出，随附承诺和转送函以及其他辅助

文件。魁北克要求将文件翻译为法语。要约人可通过向证券持有人投邮文件或先在至少一家主要的日报上

刊登要约摘要，随后再邮寄文件来开始要约。

Target directors must deliver a circular to securityholders in response to the bid, typically including a fairness opinion from a financial adviser.

目标公司董事会必须向证券持有人交付通告来答复要约，通常包括财务顾问出具的公平意见书。

To effect a plan of arrangement, the parties enter into a definitive arrangement agreement setting out the terms of the transaction, following which the court application is made for approval of the process. The proxy circular sent to securityholders in connection with the meeting must provide broadly equivalent disclosure to a take-over bid circular.

为实施安排计划，各方签订最终的确定性安排协议约定交易的条款，随后向法院提出申请批准该程序。就

会议议议议券持有人的委托代理通告必须广泛地提供相当于要约收购通告的披露。


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A take-over bid circular must be filed with securities commissions at the time of the offer but is not subject to pre-clearance review.

要约收购通告必须在要约时向证券委员会申报，但无须经事先批准审查。

An arrangement agreement and related proxy circular must be filed with securities commissions and, while they are not generally subject to regulatory review, both the court and the CBCA Director may provide comments on the proxy circular.

安排协议和相关的委托代理通告必须向证券委员会申报，不过通常无须经监管机构审查，法院和 CBCA 主

管可对委托代理通告提出意见和建议。



Take-over bids may be completed in as few as 35 days. This period is often extended to accommodate regulatory approvals, allow shareholders additional time to tender and permit the target to respond to competing bids. To acquire 100% of the target, a second-stage transaction to squeeze out the minority interest must be undertaken following the completion of the bid (see Section D.1 above).

要约收购可在少则 35 日完成。这一期间经常被延长以协调监管机构批准，给予股东更多时间接受要约并允

许目标公司答复竞争性要约。为了收购目标公司的全部，在完成要约之后，必须要进行第二步交易以挤出

少数股东的权益（参见上文 D节）。

A plan of arrangement requires approval at a meeting of the target’s shareholders which will typically be held 45 to 90 days after the arrangement agreement is entered into.

安排计划要求目标公司股东召开会议予以批准，该会议通常在签订安排协议后 45日至 90日间召开。





Negotiated acquisitions are typically commenced by a LOI from the offeror indicating interest. Generally, a LOI includes non-binding statements regarding the parties’ intentions and binding sections typically related to confidentiality of non-public information.

善意磋商的收购通常从要约人的表明其意向的 LOI 开始。通常，LOI包括关于各方意向的无约束力陈述，有

约束力的部分通常涉及非公开信息的保密。




While Canadian courts have acknowledged that a duty of good faith may apply in certain limited circumstances, generally Canadian courts have not recognized a duty to negotiate in good faith. LOIs will not typically give rise to either an express or implied duty to negotiate in good faith.

加拿大法院已经认可，在某些情形下可适用诚信的责任，通常加拿大法院不会认可诚信磋商的责任。LOI 通


117

常不会产生明示或默示的诚信磋商责任。


私私私私有并有并有并有并购交易中购交易中购交易中购交易中锁定锁定锁定锁定////排排排排他他他他性协议性协议性协议性协议（（（（是是是是指卖指卖指卖指卖方签方签方签方签署署署署的不与的不与的不与的不与（（（（例例例例如如如如））））第三第三第三第三方方方方谈判或谈判或谈判或谈判或签订签订签订签订协议协议协议协议的的的的协议协议协议协议））））是是是是


A LOI in a private M&A transaction may contain binding exclusivity provisions restricting the target's ability to solicit or discuss other offers or enter into an agreement with a third party in respect of a transaction for a defined period of time.

非公开并购交易中的 LOI 可能包含有约束力的独家条款，限制目标公司在规定的时期内就交易邀约或与第

三方讨论其他要约或签订协议的能力。


与上与上与上与上市市市市公司公司公司公司拟拟拟拟进行的收购相进行的收购相进行的收购相进行的收购相关关关关，，，，投投投投标人标人标人标人（（（（要约要约要约要约人人人人））））和目和目和目和目标标标标公司签公司签公司签公司签署任署任署任署任何何何何初步协议初步协议初步协议初步协议是否是否是否是否普遍普遍普遍普遍，，，，如如如如果果果果

是是是是，，，，通常通常通常通常要处理哪些要处理哪些要处理哪些要处理哪些类类类类问题问题问题问题？？？？

In a friendly transaction, it is common for parties to enter into a confidentiality and standstill agreement and a non-binding LOI, followed by the negotiation of the acquisition agreement.

在善意交易中，常见的是各方先签订保密协议和停滞协议以及无约束力的 LOI，然后再磋商收购协议。




Break fees are a matter of contract between the parties and generally range from 3.0% to 4.0% of transaction equity value. Reverse break fees generally range from 2.5% to 3.5% of transaction equity value.

终止费是各方之间的合同事宜，范围通常为交易值的 3.0%至 4.0%。反向终止费的范围通常为交易值的

2.5% 到 3.5%。

While there are no explicit legislative constraints, excessive break fees may risk being scrutinized by securities commissions or the courts. Securities commissions have indicated that tactics likely to deny or severely limit the ability of shareholders to respond to a competing bid may result in action.

尽管没有任何明确的法律约束，但过高的终止费可能有风险而遭受证券委员会或法院的严格审查。证券委

员会已经表示，有可能否定或严重限制股东答复竞争性要约能力的策略会导致诉讼。




Minority shareholders have a number of rights under corporate statutes designed to protect them from abuse by majority shareholders. For example, the CBCA provides, among other rights, that:


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小股东依照公司法律拥有若干权利以保护其遭到大股东虐待。例如，CBCA 规定，除了其他之外：

• a 5% shareholder may requisition a shareholders’ meeting;

持股 5%股东可要求召开股东会议；

• a 1% shareholder may submit a proposal to be raised at a shareholders’ meeting;

持股 1%股东可提交召开股东会议的提议；

• a shareholder may exercise dissent rights and be entitled to receive “fair value” for their shares (as determined by the court) in connection with certain fundamental corporate changes;

就某些根本性的公司变化，股东可行使异议权并有权获得其股票的“公平价值”（由法院裁定）；

• a shareholder may apply to the court to bring an action on behalf of the corporation or to intervene in a corporation action; and

股东可代表公司向法院提起诉讼或介入公司诉讼；和

• a shareholder may apply to the court for an order to rectify conduct of the corporation, its directors or a majority shareholder that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of, any stakeholder.

股东可向法院申请裁令矫正公司、其董事或大股东压迫性或不公正地损害或漠视任何持股人权益的行

为。

In addition, the rules of certain securities regulatory authorities contain requirements in connection with specified “related party transactions” involving public companies, subject to certain exemptions, including: (i) specific proxy circular disclosure in connection with a related party transaction that requires a shareholders meeting; (ii) a formal valuation of the subject matter of the related party transaction and any non-cash consideration offered in connection therewith; and (iii) approval of a majority of the votes cast by shareholders other than the related parties involved.

此外，某些证券监管机构的规则包含涉及上市公司特定“关联方交易”的要求，某些豁免除外，包括：(i)

就要求股东会议的关联方交易，特定的委托代理通告披露；(ii) 对相关方交易的标的和就此提供的非现金对

价的正式估值；和(iii) 除涉及到的关联方之外的股东过半数投票表决予以批准。




In a share acquisition, employment does not terminate upon the change of control and employees are entitled to continue employment on the same terms and conditions. In a unionized workplace, the acquisition transaction has no effect on bargaining rights or any collective agreement.

在收购股票中，聘用关系不因控制权变更而终止，雇员有权继续按同样的条款和条件维持其工作。在有工

会的工厂，收购交易对议价谈判权利或任何集体协议没有效力。



Other than in Québec, an asset purchase results in a deemed termination of employment; however, the obligations will be significantly reduced if continued employment is offered on comparable terms. In Québec, employment is automatically transferred to the purchaser on closing.


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除魁北克外，资产收购导致视为终止雇佣关系；然而，如果按相当条款提供继续留任，则大大减少义务。

在魁北克省，一经交割完成交易，则雇佣关系自动转移至买方。

Other than in Québec, the purchaser must comply with employment and labour standards statutes which provide that continuing employees carry forward their prior service and seniority for establishing entitlement to notice of termination and any severance pay.

除魁北克外，买方必须遵守雇佣和劳动标准法规，规定继续留任的雇员可将其以前的工龄和资历结转，有

权获得终止通知和任何遣散费。

In a unionized workplace, labour relations statutes provide that the purchaser is placed in the role of employer for the purposes of the union’s bargaining rights and any collective agreement.

在有工会的工作场所，劳动关系法律规定买方为工会谈判权利和集体协议之目的而被置于雇主的角色。




In a share transaction, both civil and regulatory liabilities of the corporation are transferred to the purchaser. In an asset transaction, liabilities generally do not flow to the purchaser unless related to a specific asset. In certain circumstances, the purchaser of a business or land may be liable for environmental liabilities of its predecessors in title.

在股份交易中，公司的民事和监管责任都转至买方。在资产交易中，责任通常不流向买方，除非涉及特定

资产。在某些情形下，企业或土地的买方可承担其前任名下的环境责任。

Creditors with a security interest in property will continue to have priority in relation to the purchaser after closing. In Ontario, unsecured creditors, such as trade creditors, may also be protected by bulk sales legislation which provides procedures to protect such creditors.

对财产拥有担保权益的债权人在交割完成交易后将继续对买方有优先权。在安大略省，无担保的债权人，

如贸易债权人也可通过大宗销售法律保护，该法律规定保护该等债权人的程序。

Where the seller is a non-resident of Canada, the purchaser of certain property, including (i) securities that derive (or at any time in the previous 60 months derived) their value primarily from Canadian real property interests and (ii) assets used by the non-resident in a business carried on in Canada, may be liable to withhold and remit to the tax authorities a portion of the purchase price on account of the non-resident seller's potential Canadian tax liability.

如果卖方为非加拿大居民，某些财产的买方，包括 (i) 其价值主要衍生于加拿大不动产权益的证券和(ii) 该非

加拿大居民在加拿大开展业务所使用的资产，可能基于该非加拿大居民卖方潜在的加拿大税责而须缴纳预

扣税并将该税款付至税务机关作为购买价格的一部分。



请请请请给给给给出出出出您您您您所在所在所在所在司司司司法法法法辖区辖区辖区辖区近来近来近来近来中国中国中国中国企企企企业并购活动的实业并购活动的实业并购活动的实业并购活动的实例例例例。。。。

China National Offshore Oil Corporation’s C$2.1-billion acquisition of OPTI Canada Inc. (announced July 2011).

中海油以 21 亿加元收购 OPTI Canada Inc.（2011年 7月公告）。

Jinchuan Group’s C$432-million acquisition of Continental Minerals Corporation (April 2011)

金川集团以 4.32 亿加元收购 Continental Minerals Corporation （2011年 4月）。


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China Petroleum & Chemical Corp. (Sinopec Limited)’s U.S.$4.65-billion acquisition of ConocoPhillips Co.'s 9.03% interest in Syncrude Canada Ltd. (June 2010).

中国石化以 46.5 亿美元收购 ConocoPhillips Co.在 Syncrude Canada Ltd.中 9.03%的权益（2010 年 6

月）。

The State Grid Corporation of China's C$1-billion PIPE investment in Quadra Mining Ltd. (March 2010).

国家电网以 10 亿美元 PIPE投资 Quadra Mining Ltd. （2010年 3月）。

China Sci-Tech Holdings Limited’s C$244-million acquisition of Chariot Resources Limited (March 2010).

中国科技集团有限公司以 2.44 亿加元收购 Chariot Resources Limited（2010年 3月）。

Blake, Cassels & Graydon LLP has one of the largest and most active mergers and acquisitions practices in Canada, having been involved in more than 750 public and private M&A transactions in the past five years, with an aggregate dollar value in excess of US$900-billion. Bloomberg and Thomson Reuters ranked Blakes as Canada’s busiest M&A law firm in 2010, 2009, 2008 and 2007, with No. 1 positions in Bloomberg’s 2010 M&A league tables in numerous categories, including No. 1 in Canadian Announced Deals by deal count and the No. 1 Canadian firm in Global Announced Deals by deal count.

布雷克律师事务所是加拿大并购业务最大且最为活跃的律师事务所之一。五年来，布雷克参与了 750

余宗公开和非公开的并购交易，总值超过 9000 亿美元。据彭博社和汤森路透报道，布雷克是 2007、

2008、2009 和 2010 年加拿大最为繁忙的并购律师事务所。本所在彭博社 2010 年并购排行榜的数项

排名中均位居第一，包括按交易量在加拿大已公布的交易中名列第一，按交易量在全球已公布交易的

加拿大律师事务所中排名第一。

As a known leader, Blakes’ M&A Group is recognized by a number of independent surveys and guides, including the 2011 editions of Chambers Global, IFLR1000, PLC Which Lawyer?, PLC Cross-border Mergers and Acquisitions Handbook, The Best Lawyers in Canada, The 2011 Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, The International Who’s Who of Business Lawyers and The Canadian Legal Lexpert Directory.

作为业内领袖，布雷克的并购团队受到众多独立调查和指南的广泛公认，包括：2011 年版的

Chambers Global、IFLR1000、PLC Which Lawyer? 、PLC 跨境并购手册、加拿大最佳律师、2011

年 Lexpert/美洲律师指南之加拿大律师 500强、国际知名商业律师和加拿大法律专家名录。

October 2011 France 法国

121

FranceFranceFranceFrance 法国法国法国法国





In principle, foreign investment in France is unrestricted and subject only to an administrative notification and/or a statistical filing.

除行政性或统计性的申报外，外国投资在法国不受任何限制。

However, where such investment is made in certain sensitive sectors (e.g., national defence, weapons, the military, gambling or strategic communications), a prior authorization by the French Ministry of Economy is required. The list of restricted activities and the types of investments requiring such approval vary depending on whether the investor is based in the European Union (“EU”) or not, the rules being stricter for non-EU investors.

但某些特殊领域（如国防，武装，军事，赌博或战略传播）的外国投资需事先经法国经济部批准。受限活

动及投资根据投资者是否来自欧盟成员国而不同：非欧盟投资者受到更多的限制。

Where prior authorization is required, the Ministry of Economy is required to render its decision within 60 days. Such decision may be subject to conditions.

需经批准的，法国经济部应在申报后 60 天内给予答复。该批准可附带条件。



In addition to the above-mentioned authorizations, the following industry sector related restrictions should be noted:

除上述审批外，行业性限制如下：

State-owned enterprises 国有国有国有国有企企企企业业业业

Transfer of shares of a State-owned enterprise to a private entity must be approved, depending on the circumstances, either by statute, decree, or decision of the Minister of Economy.

国企向私企转让股权须视情况以法律，政令或经济部长决定的形式经过审批。

Credit institutions and investment firms 信贷信贷信贷信贷机构机构机构机构与投资公司与投资公司与投资公司与投资公司

Acquisition of a direct or indirect shareholding in a credit institution or an investment firm is subject to the prior approval of the French Prudential Supervisory Authority (Autorité de Contrôle Prudentiel or “ACP”), if, as a result of the acquisition,

对信贷机构或投资公司的直接或间接的增持导致下列情况的，须事先通过法国审慎监督局（ACP）的批准：

• voting rights of the acquirer exceed thresholds of 1/10th, 1/5

th, 1/3

rd or 1/2; or

增持者的投票权比例超过 1/10，1/5，1/3或 1/2；或

• the buyer acquires the effective control of the management.

增持者取得目标公司事实上的管理权。

Insurance companies 保险公司保险公司保险公司保险公司


122

Acquisition of a direct or indirect shareholding in an insurance company is also subject to the prior approval of the ACP if, as a result of the acquisition,

对保险公司的直接或间接的增持导致下列情况发生的，也须事先通过法国审慎监督局（ACP）的批准：

• voting rights of the acquirer exceeds thresholds of 1/10th, 1/5

th, 1/3

rd or 1/2; or

增持者的投票权比例超过 1/10，1/5，1/3或 1/2；或

• the buyer acquires control of the insurance company.

增持者控制该保险公司。

Press and media sectors 新闻影音新闻影音新闻影音新闻影音业业业业

Press and audiovisual sectors are also subject to certain restrictions aiming at preserving diversity of ideas and freedom of speech.

在新闻影音业的投资也受到某些以保护思想多元化和言论自由为目的的约束。



French merger control rules are mainly contained in the French Commercial Code. They do not apply whenever EU merger control rules are applicable.

法国并购控制制度主要源自其商法典，且在欧盟委员会有绝对管辖权时不予适用。

Scope 范围范围范围范围

French legislation applies to “concentrations”, which may occur when:

法国并购规则适用于如下“集中”：

• two or more formerly independent undertakings merge; or

两个或多个独立的企业合并；或

• one or several persons who already control at least one undertaking, or one or several undertakings, acquire, directly or indirectly, control of all or part of one or several other undertakings.

已控制某企业的一方直接或间接获取另外一个或多个企业的控制权。

Control derives from rights, contracts or any other means which enable the party to exercise a decisive influence over an undertaking’s operations and having regard to factual or legal circumstances.

根据情况，控制权可以是导致对某企业的经营具有决定性影响的任何权益或合同。

Joint control based on strategic veto rights is also caught by the French merger control regime.

因战略性否决权而导致的共同控制权也在并购审查的范围之内。

Minority and other interests that do not reach the standard of joint control are not submitted to merger review.

并购审查不涉及未达到共同控制权标准的少数股东权益或其它权益。

If EU thresholds are not met, national control will apply if:

法国国家并购审查适用于：

• combined aggregate worldwide pre-tax turnover of all the parties involved in the merger is over EUR 150 million for the last fiscal year; and

上一财年所有当事人在全世界的税前总营业额合计大于 1.5亿欧元；且

• at least two or more of the parties involved have individually a pre-tax turnover within France of over EUR 50 million for the last fiscal year.

上一财年至少两个当事人在法国的税前营业额分别大于 5000 万欧元。

Notification procedure 申报程申报程申报程申报程序序序序


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Notification is mandatory and may be made at any time to the French Competition Authority (Autorité de la Concurrence or “ADC”) prior to completion, once the project is sufficiently well advanced.

申报审批具有强制性，且可在计划足够成熟之后、签署之前的任何时间提交至法国竞争事务监察总署

（ADC）。

The notifying party is the acquirer in the case of acquisitions, and both of the parties in the case of mergers or creation of joint-ventures.

并购中的申报方是买方；而合并及创建合资公司中的各方均有申报义务。

The notification file contains the following main sections:

申报文件主要包括：

• description of the transaction;

对交易的描述；

• presentation of the parties concerned;

对交易各方的介绍；

• brief description of relevant markets (delimitation, market shares of the parties and main competitors);

对相关市场（该市场的界定，各交易方的市场份额及主要竞争对手）的简要介绍。

Completion of the transaction is suspended until approval. Failure to notify exposes the parties to a concentration transaction to potentially high fines.

获得批准前不得冻结交易，而逃避审批则将被处以高额罚款。

The decision of the ADC may be challenged before the French State Council (Conseil d’Etat) within two months.

当事人可以在法国竞争事务监察总署做出决定后两个月内就该决定上诉至法国最高行政法院（Conseil

d’Etat）。



French government has suppressed virtually all constraints on the ability of French residents to freely conduct financial transactions abroad or in France with non-residents. Certain notification requirements to Bank of France for statistical purposes remain applicable (e.g., loans contracted abroad or bank loans in foreign currency).

法国政府已基本清除了所有限制法国居民与非法国居民在境内或境外自由进行金融交易的规定。但是出于统

计的原因，某些交易（如海外贷款或使用外汇的银行贷款）仍需申报至法国中央银行。




The three most common types of commercial corporate entities in France are:

法国最常见的三种商业公司有：

• Limited liability company (société à responsabilité limitée or “SARL”);

有限责任公司（société à responsabilité limitée or “SARL”）；

• Public limited company (société anonyme or “SA”); and

股份有限公司（société anonyme or “SA”）；和


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• Simplified joint-stock company (société par actions simplifiée or “SAS”) (increasingly popular thanks to its flexible regime).

简易股份公司（société par actions simplifiée or “SAS”）（此类型的公司因其灵活的制度而越来越受到

欢迎）。

The above-mentioned corporate forms mainly differ with regard to minimum number of shareholders, minimal capital requirements (if any), existence of preferred shares or other class of shares, management structure or share transfers rules.

上述企业的区别主要有最低持股人数，最低股本（如适用），是否存在优先股或不同类别的证券，公司的

管理结构或证券转让的相关规定。





French Commercial Code and French Civil Code provide the general statutory framework for M&A transactions. These two codes govern, for example:

法国商法典和民法典为企业并购活动提供基本的法律框架。其内容包括：

• corporate bodies (e.g., board of directors, shareholders’ general meetings, supervisory committees, etc.), their composition, powers and voting rules;

公司管理机构（如董事会，股东大会，监督委员会等）及其构成，权利及投票规则；

• issuance of shares, class of shares, political and pecuniary interests, transfer of shares;

证券的发行、分类、附带决策权和经济利益及其转让；

• prohibition of financial assistance;

禁止经济资助；

• misuse of corporate assets.

禁止滥用公司财产。

French Monetary and Financial Code and the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers or “AMF”) provide the legal framework for public takeovers, including notably the following aspects:

法国货币及金融法典及法国金融市场管理局（AMF）颁布的《一般规定》则为公开收购提供基本的法律框

架。其主要规定有:

• general procedure for tender offers;

公开收购的一般程序；

• defensive measures;

反收购措施；

• disclosure obligations;

披露义务；

• insider trading and market manipulation prohibitions.

禁止内幕交易及市场操纵。

The general legal framework applies mainly to Euronext Paris, a French regulated market which also has set out its own market rules. Alternext, which is a non-regulated market, is subject to specific and less burdensome set of rules.


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上述法律基本框架主要适用于法国的规范市场 Euronext Paris。该市场同时拥有自己的市场管理规范。适用

于 Alternext 等非规范化市场的规则要相对简单。




The most frequent methods used to take control of a listed company in France are the following:

在法国，收购上市公司的主要方式有：

• public tender offer;

要约收购;

• acquisition of a block of shares followed by a tender offer;

大宗股票收购后要约收购；

• merger, it being noted that this is mainly used for intra-group transactions.

兼并（该方式主要应用于企业内部重组)。



Hostile offers are not uncommon in France, and French law allows the implementation, by the target entity, of certain protective measures to defend itself against hostile offers.

敌意收购在法国并不罕见，而法国法也允许目标公司采取某些相应的自我保护措施。



A person (or a group of persons acting in concert) who acquires 30% or more of the equity securities or voting rights in a target must make an offer to acquire all its equity share capital. Mandatory tender offers may also be triggered if a person who holds between 30% and 1/2 of a French listed company's share capital or voting rights increases that holding by 2% or more within less than 12 consecutive months.

购买目标公司 30% 或更多股权或表决权的一方（单独或与其一致行动方）须发出收购该公司全部权益股本

的要约。如果一方已经单独或伙同他方共同持有某法国上市公司 30% 至 50% 股权或表决权，不管是该方

还是其任何一致行动方，又在连续 12月内额外收购目标公司 2%或以上的股权或表决权，该规定亦适用。

There are certain limited circumstances in which the AMF may waive the requirement to make a

mandatory offer.

在某些特殊情况下，法国金融市场管理局（AMF）可以免除发出强制要约的要求。



When an offer is made on a voluntary basis, the bidder is free to offer whatever price it wishes. The AMF is only required to assess whether the information given in the offer document (note d’information) as to the determination of price is understandable, comprehensive and consistent, in the context of a “multi-criteria approach”.

在自愿要约中，要约对价由要约人自由决定。法国金融市场管理局（AMF）只需要按照《一般规定》规定

的“多标准方法”, 核查要约文件（note d’information）中关于价格如何确定的信息是否合理、完整、一致。

When a mandatory bid is required, the AMF must approve the offer price which cannot be lower than the highest price paid for target shares by the bidder during the 12 preceding months. The AMF, however, has the power to grant exemptions from this requirement and to authorize the use of the multi-criteria


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approach when there has been an obvious change in the characteristics of the target or of the target shares’ market.

至于强制要约，该要约对价必须经法国金融市场管理局（AMF）批准，且不得低于要约人在之前的 12 个月

内收购目标公司股价的最高价格。但是，若目标公司或目标公司的股票市场的特征发生明显变化，法国金

融市场管理局（AMF）有权批准排除适用该要求，并准许使用 ‘‘多标准’’方法。



Key documents required in a public takeover bid may vary depending on whether the bid is hostile or not. In a recommended offer, the documents required may also depend on whether an independent fairness opinion is required. These documents include:

公开收购要约涉及一些主要文件。敌意要约和建议要约的主要文件有所不同。建议要约的主要文件也因是

否要求独立专家公平意见而有所不同。这些主要文件包括：

• Filling letter filed by the sponsoring bank on behalf of the bidder to the AMF, describing the terms and conditions of the offer and the bidder’s intentions and rationale regarding the target.

由担保银行以要约人的名义提交至法国金融市场管理局（AMF）的函件。该函件应说明要约的主要主要

特征及要约人针对目标公司的目的及意图；

• Offer prospectus (may be prepared and filed jointly by the bidder and the target in a friendly context): the prospectus must include notably the terms and conditions of the offer, the bidder’s industrial and financial strategy for the concerned companies for at least the next 12 months and the bidder’s intended labor policy.

收购说明书（在建议要约的情况下，该文件可以与目标公司共同制作）。该文件应涵盖要约条款，要

约人在随后至少 12个月的针对相关公司的经营、雇佣和财务战略。

• Target offer prospectus (unless the target has filed jointly the offer prospectus with the bidder): it must include any restrictive clause between the parties to the transaction or their shareholders that could affect the assessment of the bid or its outcome, the conditions under which the board of directors reached a reasoned opinion on the merits or risks of the offer for the target company, its shareholders and employees.

目标公司收购说明书（目标公司已与要约人共同提交了收购说明书的除外）。除了目标公司董事会关于

要约可得利益以及要约对目标公司及其股东和职员的影响的意见以外，如果交易双方或其股东签订了任

何有可能影响对要约的评估或要约结果的优惠条款，目标公司收购说明书还应包含该条款的详细信息。



Under French law, the parties may make public an offer without pre-approval by any regulatory body. Actually, before the AMF reviews the offer documents in order to declare whether the offer complies with the legal rules applicable (déclaration de conformité), the draft offer prospectus (note d’information) must have been published online on the AMF website and the offeror and target’s websites.

法国法律允许公开收购双方不经过任何批准而公开要约。事实上，在法国金融市场管理局（AMF）对要约

文件进行审批并宣布要约符合相关法律规定（déclaration de conformité）之前，要约文件应当已经在法国

金融市场管理局（AMF），要约人或目标公司的网页上公开了。



The timetable of a French takeover bid is strictly regulated by the General Regulation of the AMF. A typical French takeover may last for three to six months, depending on its complexity and the following main factors:


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法国金融市场管理（AMF）的《一般规定》对要约时间表有着严格的规定。在法国，一个典型的要约可能

持续 3至 6个月。时间长短取决于要约的复杂性和以下主要因素：

• friendly or hostile nature of the bid;

建议要约或敌意要约；

• whether an independent fairness opinion is required;

是否要求提供独立专家公平意见；

• whether additional information is requested by the AMF;

法国金融市场管理是否要求提供补充信息；

• whether the offeror and the target file separate prospectuses;

要约人与目标公司是否分开提交要约文件；

• competing offers;

是否存在竞争要约；

• potential litigation.

是否存在潜在纠纷。





It is common for parties to a private M&A transaction in France to enter into one or several preliminary agreements before the execution of the final agreement. The parties are free to determine the form, nature and effect of such preliminary agreements, depending on their objectives and the context of the transaction. Such agreements include “letters of intent”, “term sheets” or “memoranda of understanding” and must be drafted carefully in order to avoid any ambiguity as to their binding or non-binding nature. Indeed, if not otherwise specified, preliminary agreements are deemed to be legally binding when their terms are sufficiently clear and precise and are not qualified.

在法国的私有并购交易中，交易双方经常在签署最终协议前达成一个或多个初步协议。初步协议的形式，

性质及效力由双方根据各自的目的及交易的背景而自由决定。此类协议包括意向书，条款清单和框架协

议。为避免对其有无法律约束力的质疑，初步协议应谨慎起草。事实上，除有特殊约定，只有条款足够清

晰精确且无附加条件的初步协议才被认为具有法律约束力。




In principle, parties are free to terminate ongoing negotiations at any time, as long as they have not yet entered into any binding agreement. However, pursuant to French case law, commercial relationships must be conducted in good faith and with loyalty. For instance, where no preliminary agreement exists, courts may find tortious liability if a party wrongfully terminated negotiations (e.g., unilaterally, without any reason). Where a preliminary agreement exists, liability of the breaching party is of a contractual nature and the consequences of its breach depend on the contractual terms (e.g., break-up fees, specific performance, etc.).

一般来说，在未达成任何具有法律约束力的协议前，各方可以在任何时间自由决定终止谈判。但是法国判

例法规定商业往来必须遵循忠实诚信的原则。例如，法庭曾经在不存在任何初步协议的情况下判定终止谈


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判方承当侵权责任（如单方面终止谈判，无任何理由终止谈判）。谈判方签署初步协议的，因终止谈判而

承担的责任具有违约责任的性质，而违约的后果则取决于协议条款的规定（如分手费，强制执行，等）




Exclusivity agreements are indeed fairly common in private M&A transactions, especially in the advanced stages of an auction process or as a way to manage the works council consultation process (see below).

在协议收购交易中，排他协议确实相当常见，尤其是在投标程序的后期阶段。排他协议也可以作为一种管

理工会咨询程序的方式。




In a friendly context, parties often enter into preliminary agreements to deal with confidentiality issues covering exchange of information between them. If any such exchange of information has taken place, any non public material information so exchanged (possibly including business plans and elements of the projections) must be subsequently disclosed in the offer document. Great care should therefore be taken in determining the scope of the information exchanged between the offeror and the target.

建议收购中，交易双方通常达成初步协议以解决它们之间信息交流的保密问题。任何交流的不为公众所知

的重要信息（可能含商业计划书）必须在要约文件中予以披露。因此，要约人及目标公司在确定交流信息

范围的时候应倍加谨慎。

Moreover, in order to increase its chances of success, an offeror will usually seek acceptance undertakings from key target shareholders (engagements d’apport) before making the offer. Such undertakings must be disclosed to the target and to the AMF for public disclosure.

另外，为了增加要约的成功机率，要约人常在提出要约之前向目标公司主要股东寻求接受要约的承诺。该

承诺必须报告给目标公司和法国金融市场管理局（AMF），并由金融市场管理局（AMF）进行公开披露。




The use of break-up fees is not widespread in France and there is no case law, nor any clear consensus among practitioners, on their enforceability.

分手费在法国并不普遍。对于它们的强制执行力，既不存在相关判例，在执业律师间也不存在一致见解。

Break-up fees may hinder free interplay of offers and counter-offers in a competing process. There is also a fear that, if deemed contrary to the corporate interest, it may expose corporate officers to liability for mismanagement.

原因是其可能损害自由提出竞争要约的原则。另外，如果被认为不符合目标公司的企业利益，分手费会导

致目标公司管理层面临因管理不当而承担责任的风险。

Therefore, use of break-up fees should be justified, for instance by (i) the high strategic value of the transaction for the target, (ii) the unwillingness of the offeror to continue negotiations without a break-up fee or (iii) its non-excessive nature which does not make the rejection of the bid by the target’s shareholders a practical impossibility. In addition, the offeror would also have to agree to pay a reciprocal break-up fee to the target if it decides not to complete the transaction for any reason.


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因此，分手费的使用必须通过某些因素证明其合理性。这些因素包括：（i）相关交易对目标公司具有最高

战略意义；（ii）若目标公司不同意分手费，要约人可能不会继续谈判；或者（iii）分手费不会高到导致目

标公司股东认为不可拒绝该要约。另外，若要约人因任何理由决定不完成交易，也要同意向目标公司支付

同等分手费。




Under French law, where many decisions rest with the CEO and the board of directors, certain decisions must be approved by shareholders at shareholders’ meeting. In a SA, ordinary resolutions require simple majority of the votes cast whereas extraordinary resolutions require a 2/3

rd majority vote.

法国法律规定，企业的决策权集中在总经理及董事会，但是某些决定需要经由股东大会批准。在一个公开

股份公司，普通决议需要超过半数的选票通过，而特殊决议则需要超过２／３的选票才能被通过。

Safeguards are nevertheless available to preserve minority interests. For instance,

但是，法律也同时提供确保少数股东权益的机制。例如：

• a 5% shareholding (or less, if the share capital exceeds €750 000) allow the shareholder to submit matters to a shareholders’ general meeting;

持 5%（如公司注册资本大于 750 000欧元，少于 5%）股份的股东可以向某股东大会提交讨论日程；

• a 5% shareholding gives the right to apply for the appointment of an independent expert to investigate transactions carried on by the board of directors of the company;

持５％股份的股东有权申请任命一个独立的专家对公司董事会进行的某些交易进行评估；

• any shareholder may (i) challenge a shareholders’ resolution before a court on the ground of abuse of majority position (ii) petition for the appointment of a receiver or (iii) petition for winding-up;

任何股东均可以（1）以多数股东滥用权力为由向法庭申请取消某股东决议，（2）申请任命委托接管人

或经理人，或（3）申请破产。

In addition, minority shareholders may benefit from rights under a shareholders’ agreement, including director appointment rights, veto right on certain board or shareholders’ meeting decisions, anti-dilution rights or share transfer rights (pre-emption right, tag-along right, put-option, etc.).

此外，少数股东也可以通过股东协议获得董事会理事的任命权，对某些董事会或股东大会决议的否决权，

反稀释权，股票转让权（优先购买权，跟随权，卖出权……）等权利。




It is important to determine early in the negotiation process whether information must be provided to, or consultation must be made of, the personnel representatives of the target, the seller and/or the purchaser. Such information or consultation process must be completed prior to any definitive decision with respect to the transfer (and, in any event, prior to the execution of any binding agreement with respect to the transfer). Failure to comply with the above-mentioned obligations constitutes a criminal offense.

在谈判初期尽早确定是否需要咨询或提供信息给目标公司、卖方及买方的员工代表甚为重要。该信息提供

或意见咨询程序必须在交易最终完成之前进行（而且，若适用，在签署任何与该交易相关的具有法律约束

力的文件之前）。触犯上述要求的构成刑事犯罪。

These obligations only apply if there is a works council (mandatory for companies employing more than 50 employees).

该要求对拥有劳资联合委员会的企业（即所有雇佣超过 50个员工的企业）适用。


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The timing required for the consultation process mainly depends on the quality of labor relations. It is important to note that the works council does not have any power to block a transaction, but could, if it does not view the transaction favorably, significantly affect the timetable and disrupt the negotiations.

咨询劳资联合委员会的时间取决于劳资关系的优略。需要重点指出的是，劳资联合委员会虽然没有阻止某

交易的权利，它对该交易的反对态度却可能严重影响交易的时间表并破坏谈判的进度。



Pursuant to the French Labor Code, employee contracts are automatically transferred in case of transfer of an undertaking if the following conditions are met:

根据法国劳动法典的规定，企业转让符合下列条件的，劳工合同将自动跟随企业转移：

• the undertaking or business transferred may be considered as an “autonomous economic entity”; and

被转让的企业构成一个“独立的经济实体”；且

• such autonomous economic entity maintains its identity and continues its activities after the transfer.

该独立经济实体被转让后保留其独立存在并继续其原有的经营活动。




The transfer of a business as a going concern (fonds de commerce) does not, by itself, operate a transfer of the seller’s debts or obligations in relation to the transferred business. Such transfer of debts must be specifically provided for in the transfer agreement and receive the express consent of the creditor(s).

转让商业营业权不自动导致与被转让权益相关的卖方债务的转移。债务转移必须在转让协议中清楚约定且

经债权人明示同意。

In case of merger, all the assets and liabilities of the wound-up entity(ies) are automatically transferred to the remaining entity. A purchaser generally relies on contractual representations and warranties given by the seller in relation to the nature and extent of such pre-transfer liabilities.

在兼并合并中，被清盘公司的所有资产及债务均自动转移至存续公司。就该类转让前债务的性质与范围，

买方经常依靠卖方提供的声明与保证。




During the past decade, China has successfully positioned itself as a fast-growing outward foreign direct investment country in Europe. According to Invest in France Agency, the French national agency responsible for promoting and facilitating international investment in France, France ranks as the 4

th most

attractive investment destination for Chinese companies in Europe.

在过去的十年里，中国在欧洲的外国直接投资高速发展。法国政府投资部（IFA）是法国负责促进国际投资

并为国际投资提供便利的国家性机构。据其统计，法国是中国企业在欧洲投资的第四大国。

Chinese investors are now present in a wide range of industries in France, such as banking, aeronautics, maritime transport, telecommunication, petroleum, nuclear, metals, clothing, householder appliances, furniture, mass media, feed sector and tourism.

目前在法中国公司遍布于如银行，航天，海运，电信，石油，核能，冶金，服装，家电，家具，大众传

媒，食品及旅游等各大领域。

For the past three years, noticeable transactions include the following:


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近三年以来的重大交易有：

• China Investment Corporation (CIC) and GDF SUEZ have signed in August 2011 a Memorandum of Understanding for cooperation across multiple businesses (gas, power, water and waste, and energy efficiency services) and regions (in particular in Asia Pacific). CIC is in advanced exclusive talks with GDF SUEZ regarding a US$ 3.15 billion minority investment in the exploration & production division of GDF SUEZ, and would also acquire GDF SUEZ’s stake in the Atlantic LNG liquefaction plant located in Trinidad and Tobago for an amount of US$ 850 million. Bredin Prat, together with another firm, acted as legal counsel of GDF SUEZ.

中国投资公司与法国燃气苏伊士集团于 2011 年 8 月签署合作备忘录。双方将在天然气、电力、水务、

垃圾处理以及节能服务等领域开展合作。双方还认为，亚太地区将会是合作重点。中投公司拟投资

31.5 亿美元收购法国燃气苏伊士集团旗下从事油气勘探开发和生产业务的子公司 30%的股权, 8.5 亿美

元收购法国燃气苏伊士集团在特立尼达和多巴哥共和国的亚特兰大液化天然气码头的权益。贝丁事务所

在该交易中任法国燃气苏伊士集团的两个法律顾问之一。

• PetroChina completed its acquisition of a 50% stake in the European refining business of INEOS, a leading UK petrochemical company (assisted by Slaughter & May and Bredin Prat), for £622 million and the two joint ventures formed under the deal include trading and refining activities at INEOS' Grangemouth refinery in Scotland and Lavéra refinery in France;

中国石油以６亿２千２百万英镑成功收购英国领先的石化公司 INEOS 旗下欧洲炼油业务的 50%股权。该

交易下的两个合资公司包括 INEOS 在切莫斯和法国拉瓦莱的炼油厂；贝丁律事务所与司力达律师事务

所在该交易中为 INEOS提供了法律咨询；

• CITIC Securities and Crédit Agricole Corporate & Investment Bank (CACIB) have announced on June 9, 2011 that an agreement has been reached for CITICS to purchase from CACIB, a 19.9% equity stake for an aggregate consideration of US$ 374 million;

中国证券与法国农业信贷银行于 2011年 6月 9日宣布中国证券将以 3 亿 7千 4百万美元收购法国农业

信贷银行 19.9%的股份；

• Acquisition by a Chinese jewelry company Tesiro of Château Laulan Ducos, a famous French winemaker from the Medoc region;

中国通灵珠宝集团收购法国梅多克地区著名的葡萄酒制造商乐郎酒庄；

• The Chinese state-owned Yto Group Corp., an agricultural machinery manufacturer, acquired the French machinery corporation McCormick France S.A.S. (McCormick);

中国国有一拖集团有限公司收购法国农机生产商 McCormick 公司；

• Weichai Power, a leading Chinese diesel engine manufacturer, acquired the French diesel engine and gearbox maker Société des Moteurs Baudouin;

中国柴油机生产商潍柴动力收购法国柴油机及变速器生产商博杜安公司；

• Other companies, such as Haier, Bluestar Silicones, Huawei, Yingli Solar all have invested in France.

其他企业，如海尔，蓝星，华为，英利等，均投资在法国。

• We believe that, with the great potential of commercial exchange between China and France, which in 2010 exceeded US$40 billion, more and more Chinese investors will be attracted by France’s:

中法之间的商业交流（2010 年超过 400 亿美元）潜力无穷。我们深信越来越多的中国投资者会因如下

原因选择法国：

- highly skilled and productive human resources;

高技术、高产出的人力资源；

- innovative and R&D friendly environment;

创新与科研的友好环境；

- excellent industrial, energy and transport infrastructure; and

优秀的工业，能源与交通设施；

- strategic position for accessing European markets;


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通往欧洲市场的战略性地位；和

- competitive regulatory and tax environment.

有竞争力的法律与税收环境。

Bredin Prat is one of the world's leading independent law firms, committed to providing legal advice of the highest standards. The firm is known for its outstanding quality of service, combining technical excellence with commercial awareness and innovative thought.

法国贝丁律师事务所以为客户提供高水准的法律服务为宗旨，是全球知名的一流律师事务所之一。本所因其卓

越的服务质量，一流的技能，商业敏感与创新思想而著称。

In each of its practice areas (Corporate, Tax, Competition, Financing and Litigation & Arbitration), Bredin Prat is widely recognized as a leading firm. Many of its partners, individually, are consistently cited by peers and clients as leaders in their respective areas of specialization.

贝丁律师事务所在各专业领域（公司法，税法，竞争法，融资，争议解决与仲裁）均具有公认的领先地位。很

多贝丁律师事务所的合伙人在他们各自的专业领域，也是业界人士和客户公认的专家。

Bredin Prat has worked on the great majority of major public M&A transactions in France over the last 20 years, including high profile privatizations and landmark contested takeovers.

贝丁参与了近 20 年来法国众多的大型并购交易。其中包括备受瞩目的国有公司私有化和具有里程碑意义的敌

意要约。

Olivier SABA 奥奥奥奥利维利维利维利维耶耶耶耶萨霸萨霸萨霸萨霸

Olivier Saba is a partner with Bredin Prat specialising in capital markets as well as in mergers and acquisitions, involving primarily public companies.

奥利维耶萨霸先生是贝丁律师事务所的合伙人之一。他的执业领域主要集中于与上市企业相关的资本市场及

兼并与收购。

Mr Saba joined the firm in September 2003 after having spent six years in the New York, London and San Francisco offices of Shearman & Sterling. He holds a business degree from ESSEC, a law degree from the University of Paris II Panthéon- Assas and an LLM from Harvard Law School. He is admitted to the New York Bar and the Paris Bar.

萨霸先生在 2003年加入贝丁之前，曾先后在谢尔曼•思特灵的纽约，伦敦和旧金山分部工作过六年。萨霸先生

同时拥有法国高等经济商业学院的管理学学位，巴黎第二大学法学院的法学学位及美国哈佛大学的法学硕士学

位。他是美国纽约律师公会及法国巴黎律师公会的成员。

Hubert Yu ZHANG张煜张煜张煜张煜

Hubert Yu Zhang is an associate with Bredin Prat specialising in mergers and acquisitions. He holds a law degree from the University of Paris II and an LLM from Harvard Law School. He is admitted to the Paris Bar and the New York Bar.

张煜是贝丁律师事务所的一名律师。他的职业领域是兼并与收购。他拥有巴黎第二大学法学院的法学学位及美

国哈佛大学的法学硕士学位。他是美国纽约律师公会及法国巴黎律师公会的成员。

Jing WEI 魏静魏静魏静魏静

Jing WEI is an associate with Bredin Prat since 2011. She holds a law degree from the University of Paris II Panthéon- Assas and a B.A. from Peking University, China.

魏静于 2011年加入贝丁律师事务所。她拥有巴黎第二大学法学院的法学学位及中国北京大学的文学学位。

October 2011 Germany 德国

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GermanyGermanyGermanyGermany 德国德国德国德国





The direct or indirect acquisition of more than 25% of voting rights of a German enterprise, which constitutes a “blocking minority”, is subject to review by the Federal Ministry of Economics and Technology (“Ministry”) if the acquirer or its main shareholder is resident outside the European Free Trade Association.

如果并购的买方或者买方的主要股东来自于欧洲自由贸易联盟成员国之外，而并购标的是直接或间接取得

德国企业 25%以上的表决权，即至少取得“否决权小股东”的地位，则该项交易必须通过联邦经济技术部

的审查。

The Ministry is entitled to investigate whether the acquisition endangers the public order or national security within three months after (1) signing of the acquisition agreement or (2) publication of the decision to launch a takeover offer, or (3) publication of having obtained the control (“start date”).

联邦经济技术部有权在三个月内调查并购是否威胁到公共秩序或国家安全。三个月的期限从下列任一事件

发生的日期起算：（1）签署并购文件，或者（2）公布要约收购决定，或者（3）公布已经取得了控制权

（三项事件中最早发生的日期为“起算日期”）。

In order to obtain legal certainty at an earlier stage, the acquirer may apply for a clearance certificate from the start date. Such clearance certificate is deemed to be issued if the Ministry has not opened a formal investigation within one month after the receipt of the application.

为尽早获得法律确定性，从起算日期开始，买方可以主动向联邦经济与技术部申请“无问题证明”。如果

联邦经济技术部从收到申请之日起一个月内没有启动正式调查程序，则视为出具了“无问题证明”。

Since this review was introduced by Section 53 para. 3 of the Regulation implementing the Foreign Trade Law in 2009 to August 2011, the Ministry has not prohibited a single transaction.

从 2009年《联邦外贸法实施条例》第 53 条第 3 款引入上述审查程序至今（2011年 8月），联邦经济技术

部没有阻止过一起交易。



Generally speaking, Germany has a very liberal attitude towards foreign investment. Besides the review mentioned under A.1, there are a few business-oriented restrictions of foreign investments in sensitive areas. For example:

总体而言，德国对外国投资持非常开放的态度。除了上述审查之外，另外有一些针对敏感领域外国投资的

限制。例如：

• Foreign investment in the armament or crypto system manufacture may be subject to notification and possible investigation of the Ministry of Economics and Technology.


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在军工业和密码系统领域的投资需要申报。联邦经济技术部可能会就此启动调查程序。

• Aircrafts may usually only be registered when the owners are German nationals or companies.

一般而言，航空器只能登记在德国自然人或企业名下。

In some fields such as banking, insurance, pharmaceuticals, nuclear energy, public transportation and gastronomy, a public license is required for the operation of the business. To note is, however, that the licensing requirements apply for both domestic and foreign investors.

在银行、保险、制药、核能、公共运输和餐饮行业，无论是德国还是外国投资，都需要取得公共许可才能

开展业务。



Merger control regulations on the German domestic level or the EU level might apply, depending on the dimension of the transaction.

根据交易影响范围的不同，交易可能需要在德国或者欧盟层面通过经营者集中申报程序。

• On the German domestic level, M&A exceeding certain turnover thresholds must be notified to the German Federal Cartel Office in Bonn. In the first stage after receipt of complete notification, the Federal Cartel Office has one month to either clear the merger or enter into the second stage, during which the merger shall either be cleared or prohibited. The second stage generally lasts four months. Extension is only possible with consent of the notifying parties.

就就就就德德德德国国国国国国国国内法层面而言内法层面而言内法层面而言内法层面而言，如果交易各方的营业额达到一定额度，则必须就该交易向位于波恩的德国联邦

卡特尔局进行申报。联邦卡特尔局在收到完整的申报材料之后一个月内必须做出决定：是允许并购进

行，还是需要进入第二阶段的调查。如果决定展开第二阶段调查，联邦卡特尔局通常需要在四个月内做

出允许或者禁止并购的决定。在申请人同意延长的情况下，第二阶段的审查期限可以长于四个月。

• Investigations of the European Commission apply to mergers which are qualified as a “concentration” and have “community dimension”. Most EU merger control cases are cleared within the initial period, which lasts up to 25 working days (extendable to 35 days). In case the European Commission initiates formal proceedings and brings the review procedure to the second stage, the decision whether the concentration is compatible with the common market must be made within further 90 working days (extendable to up to 105 working days and up to 125 working days with notifying parties’ consent). Due to the high threshold for the applicability of the EU Merger Control Regulation, there were only 4711 transactions notified to European Commission from 1990 to June 2011. The vast majority of cases were cleared at an early stage. Only 21 mergers were prohibited.

需要需要需要需要向欧盟向欧盟向欧盟向欧盟委委委委员会员会员会员会进行申报的进行申报的进行申报的进行申报的是具有“共同体影响”的集中行为。大部分欧盟层面的经营者集中申报都

在第一阶段即获得了批准。第一阶段最长可达 25 天或 35 天。如果欧盟委员会决定启动正式程序，进

入第二阶段，那么审查必须在 90 天内必须结束（可以延长至 105 天。在申请人同意的情况下，可以延

长至 125 天）。由于欧盟审查的交易额门槛很高，从 1990年到 2011年 6月，一共只有 4711 项交易

被提交欧盟委员会审查。绝大部分申请迅速获得了批准。仅 21 项合并遭到禁止。



Except for applicable withholding or capital gain taxes, there are no limitations on the transfer of profits, dividends, interest or royalties by non-residents.

除了预提税和资本所得税，对非居民利润、分红、股息或者许可费的汇出没有任何限制。


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The most common corporations in Germany are as following:

德国最常见的公司形式有：

• GmbH (Gesellschaft mit beschränkter Haftung -- company with limited liability)

有限责有限责有限责有限责任任任任公司公司公司公司 (GmbH)

A GmbH is allowed to have much flexibility in its organization. Most GmbHs have a one-tier structure, composed only by the managing director(s). Supervisory board is only compulsory when a GmbH has more than 500 employees. The minimum register capital is EUR 25, 000 for a GmbH.

有限责任公司在组织方面有很大的灵活性。大部分有限责任公司采取单一结构，即只设执行董事。只有

在有限责任公司雇员人数超过 500 人的情况下才必须设立监事会。有限责任公司最低注册资本为 25，

000欧元。

• AG (Aktiengesellschaft – stock corporation).

股股股股份份份份公司公司公司公司（（（（AG））））

AG is the corporation form traditionally used for large publicly held enterprises. In comparison to UG and GmbH, the establishment and operation of a stock corporation is more strictly regulated. Most rules of the Stock Corporation Act are mandatory. The AG has a mandatory two-tier-structure, comprising of a management board and a supervisory board. The minimum register capital is EUR 50,000. AG can issue bearer shares and registered shares, both of which can be listed and traded on German stock exchanges.

股份公司是大型公众持股公司优先采取的公司形式。与同样采取股东有限责任制的有限责任公司比起

来，股份公司的设立和运作都受到更严格的规范。《股份公司法》的大部分条款是强制性条款。股份公

司必须采取双重结构，即既设立董事会，又设立监事会。股份公司的最低注册资本为 50，000 欧元。

股份公司可以发行不记名股和记名股，两种股票都可以在德国股票交易所上市并交易。

• SE (Societas Europaea – European company)

欧洲欧洲欧洲欧洲公司公司公司公司 (SE））））

A SE is a form of public EU company. A SE shall be registered in the member state of European Union where it has its head office. The minimum subscribed capital of a SE is EUR 120,000. As a relatively new legal form, SE has been proven successful in Germany. Some big companies have adopted this form, such as Allianz SE, BASF SE and Porsche SE.

欧洲公司是由欧盟 2157/2001 条例创设的欧洲公众公司。欧洲公司应在其总部所在的成员国进行登

记，最低认购资本为 120，000 欧元。作为一种相对较新的公司形式，欧洲公司在德国取得了成功。安

联、巴斯夫和保时捷等大公司都采取了这一形式。

• GmbH & Co. KG

有限有限有限有限两合两合两合两合公司公司公司公司（（（（GmbH & Co. KG））））

GmbH & Co. KG is a special but very popular form to do business in Germany. It is a limited partnership whose general partner is a limited liability company. It offers the flexibility and tax advantage of a partnership, yet also provides the overall limitation of liability of a corporation.

德国法上一种特殊的商业组织形式是 GmbH & Co. KG，即由有限责任公司担任无限合伙人的有限合

伙。这种形式兼具合伙的灵活性与税收优惠，以及公司的有限责任，所以在实务中被广泛采用。


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Traditionally there were few rules of German law dealing specifically with M&A. The general rules in the Civil Code (BGB), the Act of Companies with Limited Liability (GmbHG) and the Stock Corporation Act (AG) are all applicable to M&A transactions. This situation has changed in the recent years. The following regulations are the main sources of law dealing specifically with M&A:

德国法传统上很少有专门调整兼并与收购的专门立法。《民法典》、《有限责任公司法》和《股份法》等

民商领域基本立法提供了兼并与收购过程中需要遵循的基本规则。但近年来，新的立法使这一状况逐渐发

生了改变。以下是与兼并与收购紧密相关的法律：

• The Act Against Restraints of Competition (GWB) provides the merger control regulation on the German domestic level.

《《《《反限反限反限反限制竞制竞制竞制竞争争争争法法法法》》》》：建立德国层面的经营者集中审查机制。

• The Takeover Act (WpÜG) and its regulations (WpÜG-Angebotsverordnung) provide for a legal framework for public tender offers.

《《《《收购收购收购收购法法法法》》》》：提供了公开要约收购的法律框架。

• The Transformation Act (UmwG) stipulates the merger, split, assert transfer and change of formation for corporations.

《《《《转化法转化法转化法转化法》：》：》：》：对公司分离、合并、资产转移与公司形式变更做出了详尽的规定。

• The Regulation Implementing the Foreign Trade Law (Außenwirtschaftsverordnung) was amended in order to allow the German government to control foreign investment to safeguard the public order and national security.

修改后的《《《《对外对外对外对外贸法贸法贸法贸法实实实实施细施细施细施细则则则则》》》》：为德国政府监督外国投资，保障公共秩序和国家安全提供了途径。




The are three ways to acquire the shares of a listed company:

取得上市公司股票有三条途径：

• Through a privately negotiated share transaction with one or several major shareholders.

通过与一名或多名主要股东在股市之外进行股票交易。

• Through purchase on the stock exchanges. This type of transaction is normally handled through a bank.

通过在股市上购买。这种交易方式通常由银行来操作。

• Through a public tender offer. This approach is mainly regulated in the Takeover Act.

通过发出公开收购要约。《收购法》对此进行了详细规定。


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Though hostile bids in Germany are not seen as often as in the US or UK, they are possible in the German corporate environment.

在德国，敌意收购不如在美国或英国常见，但也完全可能发生。



A mandatory offer to all shareholders is triggered if one bidder acquires, or several bidders acting in concert acquire at least 30% of the voting rights over the target company in a way other than through a takeover bid.

如果收购方通过收购协议之外的其他方式取得了对目标公司的“控制“，则必须向所有股东发出收购要

约。为确定强制收购而必须的“控制”，原则上指取得 30%以上的投票权。

However, the bidder(s) may apply to the Federal Financial Supervisory Authority to request that certain voting rights be disregarded when calculating the 30% threshold.

但是，收购方可以向联邦金融监管局申请，不把某些特定的表决权计算在 30%的门槛之内。



Yes.

是的。

• The price at which the offer is made must be at least equal to the average weighted stock exchange price during the three months period preceding the publication of the decision to make a takeover bid.

出价至少应相当于公布收购决定之前三个月的平均股价。

• However, if the bidder has acquired shares in the target company during the six months period before launching the bid, the offer price must be at least equal to the highest price paid in such share acquisition.

但是，如果收购方在收购开始之前六个月内取得过目标公司的股票，则出价至少应该等同于在这一期间

内为取得股份而支付的最高股价。

• Furthermore, the bid price must not be lower than the purchase price for shares traded outside the offer, nor must it be lower than the purchase price of shares outside of an organised stock exchange during the first year after the end of the offer period.

此外，出价不得低于要约之外股票交易的价格，也不得低于要约结束后一年内在股票交易所之外购买股

票的价格。



The bidder of any public offer is required to prepare and publish an offer document in German, which must contain all information necessary to enable the shareholders of the target to make an informed decision as to whether or not to accept the bid. Particularly important is the information of the bidder, the target and the offered consideration. The offer document is to be approved by Federal Financial Supervisory Authority prior to publication.

任何发出公开要约的收购者都必须准备并公布一份德语要约文件。该文件必须包含一切必要信息，从而确

保目标公司持股人可以做出是否接受要约的决定。要约文件必须获得联邦金融监管局的批准。


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The management board and the supervisory board of the target company must together issue a detailed statement evaluating the bid.

目标公司的董事会和监事会必须共同出具一份针对要约的详细声明，对要约文件进行详细的评估。



Yes, the pre-approval from the Federal Financial Supervisory Authority is necessary before the publication of the offer document.

要约文件的公开，应当以取得联邦金融监管局的同意为前提。

After publication of the decision to launch a bid, or after the acquisition of “control” in case of a mandatory offer, the bidder normally has four weeks (extendable for another four weeks under certain conditions) to file the offer document to the Federal Financial Supervisory Authority. The Federal Financial Supervisory Authority usually has up to 15 working days to either approve or block the takeover.

在公开收购决定后四周内，或者如果在强制收购的情况下，在取得控制之后，收购方必须向联邦金融监管

局提交要约材料。如果收购方提出申请，且申请符合特定的条件，则该期限可以延长四周。联邦金融监管

局通常应在 15个工作日内决定允许或禁止收购。



The offer should provide an acceptance period of no less than four weeks and, generally, no longer than ten weeks. The acceptance period is always ten weeks if a shareholders´ meeting of the target company is called.

要约设定的期限应当不短于 4周，不长于 10周。如果召集了股东大会，则承诺期限一律为 10周。





It is common for parties to enter into preliminary agreements. As to the question, whether the parties intend such an agreement to be binding can only be answered when taking into consideration of all relevant facts of the case. Section 154 of the German Civil Code provides for the following two rebuttable presumptions in this regard.

初步协议很常见。至于交易各方是否有意使初步协议具有拘束力，必须综合考虑各方面因素方可确定。

《民法典》第 154条规定了两项可推翻的假设：

• As long as the parties have not reached agreement on all items of a contract on which agreement was to be reached according to the request of at least one party, there is no binding contract.

在就任何一方认为必须达成合意的所有事项达成一致之前，不存在有拘束力的合同

• Where the parties have agreed to have their agreement notarized, no binding contract exists before the notarization has taken place.

如果双方约定合同应公证，则在公证之前不存在有拘束力的合同。


139




Yes, it does.

是的。

Under German law, the parties are required to negotiate in good faith even before the execution of a non-binding document. This duty covers in particular

实际上，根据德国法，甚至在交易各方签署非拘束性文件之前，各方就有义务本着善意进行谈判。这一义

务尤其指

• the obligation not to mislead the other party about one’s intention to carry through with the transaction,

不就进行交易的意愿误导对方；

• the obligation not to make incorrect or misleading statements, in particular with regard to material financial data, and

不进行不正确或误导性的陈述，尤其是在涉及实质性的财务数据时；以及

• the obligation to disclose material information which is relevant to the other party’s decision to enter into the transaction.

不隐瞒重要信息，尤其是影响对方作出是否进行交易的决定的重要信息。




Exclusivity agreements are common, sometimes in form of self-contained agreements, sometimes as part of the LOI. However, such exclusivity provisions or agreements are usually difficult to be enforced.

排他性协议很常见，有时作为单独的合同出现，有时作为意向书中的条款出现。不过，排他性条款或者排

他性协议通常都不易执行。




Yes, it is common. Most often seen are preliminary agreements about confidentiality as well as break-up-fee issues. Besides, business combination agreements are also often reached between the parties, which are more specific than a LOI, setting out the mutual goals of the parties and the step plan for the realization of such goals.

是的，在收购上市公司的情况下，初步协议比较普遍。保密协议和终止交易费用协议是最常见的形式。此

外，业务整合协议近年来也越来越普及。业务合并协议往往比意向书更为具体，会设定各方共同的目标以

及为达到目标所必需的步骤。


140




Break-up fee agreements are more and more frequently seen in German.

终止交易费用协议在德国越来越常见。

Generally, such agreements are subject to form requirement applying to main transaction. For example, if the transaction is about the share deal of a limited liability company, the share sale and purchase agreement must be notarized. Then the break-up fee agreement for this deal must also be notarized.

一般说来，这些协议同样受交易主合同形式要件的约束。例如，如果交易是有限责任公司的股权交易，则

股权出售与转让协议必须做成公证证书。那么终止交易费用协议也必须做成公证证书。

However, an exception applies if a break-up fee agreement provides a lump-sum compensation which only covers the actual damages. In this case, the form requirement of the main business is normally not applicable to the break-up fee agreement.

但是，如果终止交易费用协议规定了一个固定的赔偿数额，或者固定的合同违约金，则主合同的形式要件

不再适用于终止交易费用协议。




The basic principle is equal treatment which requires that shareholders or partners should be treated equally under equivalent circumstances. This may give rise to claims by minority shareholders or partners, e.g, to participate in a capital increase resolved by the majority.

平等原则要求在相同条件下给予股东或合伙人相同的待遇。这可能引起小股东或持少数份额的合伙人行使

请求权，例如要求参与到大股东决定的增资行动中。

Each shareholder or partner has the right of information with regard to company matters.

每个股东或合伙人都对公司事务享有知情权。

There are a number of technical minority rights, the exercise of which requires a certain quorum. For example, shareholders in an AG whose shares amount to at least 5% of the share capital of the company may request that a shareholders´ meeting be held. Shareholders in a stock corporation whose shares amount to at least 5% of the share capital or EUR 500,000 may also request that topics be put on the agenda for resolution by the shareholders. Shareholders in a limited liability company whose shares amount to at least 10% of the share capital have the same rights.

德国法规定了一系列技术性的小股东权利，行使这些权利必须以拥有一定比例的股份为前提。例如，股份

公司中拥有至少 5%股权的股东可以要求召集股东大会。股份公司中拥有至少 5%或者 500,000 欧元股份的

股东可以要求股东大会就特定事项进行讨论并作出决议。有限责任公司中持有至少 10%股份的股东也拥有

相同的权利。股份公司中拥有至少 1%或者 100,000欧元名义股份的股东，可以对董事会或监视会成员违反

董事或监事义务的行为提起诉讼。该诉讼以小股东的名义提起，但损害赔偿应支付给公司。

Shareholders of a stock corporation representing at least 1% or EUR 100,000 of the company’s nominal share capital may bring out claims against the members of the management board or supervisory board in case they breach their duties. The claims are brought out in the names of the shareholders. However, compensation of damages have to be paid to the company, and not to the shareholders.

股份公司中拥有至少 1%或者 100,000欧元名义股份的股东，可以对董事会或监视会成员违反董事或监事义

务的行为提起诉讼。该诉讼以小股东的名义提起，但损害赔偿应支付给公司。


141

Furthermore, protection of the minority is achieved

其他保护小股东的措施包括

• by the degree of majority approval required for important decisions,

就某些重要决策规定较高的赞成票比例;

• by the general prohibition against voting in situations involving a conflict of interest, and

禁止在存在利益冲突的情况下行使表决权;

• by the rule that management must employ the diligence of a prudent businessman in matters relating to the company, which means the management owns its loyalty to the company rather than to the majority.

• 以及要求管理层在处理公司事务时必须尽到谨慎的商人应尽的注意义务，也就是说管理层不是对大股

东，而是对公司负有忠实义务。

Finally, any shareholder may file a lawsuit to have a shareholders´ resolution declared void, or invalidated by the court on the grounds that it violates the law or the articles of association of the company. This right has notably improved the information policy, transparency of corporate matters and protection of minority shareholders in general. However, this right is sometimes seen to be fraudulently abused.

任何股东都可以以违反法律或者公司章程为由，要求法院确认股东大会的决议无效或可撤销。这项权利极

大地促进了公司的信息透明，从总体上保障了小股东的利益。但在现实中也存在着该项权利被滥用的情

形。




Subject to change-of-control clauses, a share deal will not affect any of the mutual rights and duties under existing employment contracts.

除非存在特殊的控制权变更条款，否则股权转移并不会对既存劳动合同所规定的双方之权利与义务产生任

何影响。

However, a share transaction shall be informed to the economic committee before the transaction is completed. The economic committee should be informed about the potential acquirer of control of the company and the consequences for its employees unless this would endanger business secrets. In particular, the information needs to include the potential purchaser and the purchaser’s intentions with respect to the future business activity of the company as well as the impact on the employees. The same information must be shared regarding bidders where an auction process is conducted prior to the acquisition of control. In case no economic committee exists, the information shall be provided to the works council.

尽管如此，交易应在交割前被通知给经济委员会。除非是商业秘密，否则经济委员会有权知道潜在的公司

控制权的转移，及其可能对雇员产生的影响。经济委员会尤其有权获知的重要信息包括关于潜在买方的信

息，该买方对目标公司将来业务的规划，以及对雇员的影响。如果启动竞拍程序，经济委员会有权在买方

取得控制权之前获得所有竞拍者的上述信息。在不存在经济委员会的情况下，上述信息应该被通知给工

会。

Non-compliance of the obligation is subject to an administrative fine of up to EUR 10,000, but would not render the transaction to be invalid.

违反上述义务可能导致高达一万欧元的行政处罚，但不会导致交易无效。



In an asset transaction, the principle is that the existing labor relationship transfers. Instead of the seller, the purchaser will be the employer of the labor contracts.


142

在进行资产并购时，原则上现有劳动关系随并购而转移。买方将取代卖方成为劳动关系中的雇主。

The change of employer as a contracting party to the employment relationship does not only apply when the whole business is transferred, but also when only part of the business is transferred, according to Section 613a Civil Code. Under this section, all employment relationships which were in existence at the time of the transfer and pertain to the business, or the part of the business, will pass to the new owner by operation of law.

根据德国《民法典》第 613a 条，无论是整个企业的转让，还是是企业之一部分的转让，都将导致劳动关系

中雇主的变更。根据该条，在企业整体或部分转让时已经存在，并附属于所转让的企业的所有劳动关系，

都将依法转让至买方。

A transfer of business takes place if the identity of the business or part of the business is preserved after the transfer. If the transferred business is so essential that the purchaser is able to continue the business as such, the applicability of Section 613a Civil Code is triggered.

“企业转让”是整个或者一部分企业以整体的形式被移交，因此在转让后仍能保持其身份。如果买方能继

续按照以前的方式经营并购的企业，则应适用《民法典》第 613a 条。

To note is that Section 613a Civil Code only affects the employment contracts of employees. Members of the management board of a stock corporation and managing directors of a limited liability company, for instance, are not considered to be employees. Consequently, their service contracts do not transfer.

613a 条仅适用于劳动合同。举例而言，股份有限公司的董事会成员以及有限责任公司的执行董事并不属于

劳动关系合同意义上的雇员，因此他们的服务合同并不随企业发生转移。

Section 613a Civil Code is of mandatory nature. The transfer of employment relationship takes place automatically by operation of law. However, each employee may object to the transfer of employment in writing. In this event, the seller remains the employer in the employment relationship. If it is important to the purchaser not only to acquire asserts but also certain key personnel, the purchaser should make sure in advance that the employees concerned consent to the transfer.

《民法典》第 613a 条是强行法规范。劳动关系的转移依法自动生效。但是，每位雇员都有权以书面形式就

劳动关系的转移提出异议。在此情况下，卖方将继续保留其在该劳动关系中雇主的身份。如果买方不仅希

望取得资产，而且希望借并购获得关键的员工，则买方应事先确保相关员工对企业转让持支持态度。




There are two circumstances under which liabilities of the seller may pass to the purchaser by operation of law.

在两种情况下，卖方的责任依法自动转移给买方：

• According to Section 25 Commercial Code, if the purchaser acquires a business and continues such business under its previous corporation name, the purchaser assumes all liabilities of the seller which have been created in the conduct of the business. Such assumption of liabilities can be excluded through agreement between the seller and the purchaser. However, such exclusion will only become binding to the creditor if such exclusion has been notified to the creditor, or if such exclusion has been registered in the commercial register and officially made public.

根据德国《商法典》第 25 条，如果买方取得了企业，并继续使用原来的商号经营该企业，则买方对卖

方因经营企业而产生的所有债务承担责任。买卖双方可以协议排除债务移转。但该协议只在符合特定条

件时方生效,即或者通知债权人，或者登记在商业登记簿中并被公开。

• According to the Section 75 Tax Code, the purchaser of an entire business or of a separate business division becomes liable for all business taxes and withholding taxes accrued therein as from the beginning of the last calendar year prior to the acquisition. The purchaser´s liability is limited to the assets acquired.


143

根据德国税法第 75 条，买方在购买了整个企业或者企业的一部分之后，即对并购前一日历年度的所有

营业税及预提税承担责任。但责任额以并购的资产价值为限。




• Medion AG/Lenovo: Medion AG is a German manufacturer focusing on electronic products. Lenovo is the largest Chinese personal computer manufacturer and the fourth largest in the world. Lenovo announced its intention to launch a public takeover offer for all outstanding shares in June 2011. Lenovo has to prepare some EUR 629,000,000 for this envisaged transaction.

联联联联想收购想收购想收购想收购 Medion AG: Medion AG 是德国的电子产品制造商。联想是中国最大、全球第四大的个人电

脑制造商。2011年 6月，联想宣布将以公开要约的方式收购 Medion AG的所有流通股，预计交易金额

将达 6.29 亿欧元。

• KSM Castings Group/CITIC Dicastal: KSM Castings Group is a leading German supplier of automotive light metal castings. CITIC Dicastal WheelManufacturing Co., Ltd is the world´s largest supplier of casting aluminum alloy wheels for the automotive industry. In July 2011, CITIC Dicastal agreed to acquire the entire KSM Castings Group.

中信中信中信中信戴卡戴卡戴卡戴卡收购收购收购收购 KSM 铸造集团铸造集团铸造集团铸造集团：KSM 铸造集团是德国领先的轻金属铸造汽车配件供应商。中信戴卡轮

毂制造股份有限公司是全球最大的汽车行业铝合金轮毂供应商。2011 年 7 月，中信戴卡签署了收购

KSM铸造集团全部股份的协议。

• SaarGummi/CQLT: Chongqing Light Industry & Textile (Group) Co., Ltd acquired the automotive supplier SaarGummi through a mixed asset- and share deal in June 2011.

重重重重庆轻纺庆轻纺庆轻纺庆轻纺收购收购收购收购萨固密萨固密萨固密萨固密：重庆轻纺于 2011 年 6 月以资产与股权混合并购的形式成功收购了德国汽车零部

件供应商萨固密集团。

Hengeler Mueller is a partnership of lawyers with offices in Berlin, Düsseldorf, Frankfurt, Munich, Brussels and

London. The firm currently has more than 250 lawyers (incl. 90 partners).

恒乐律师事务所是一家合伙制律师事务所。现有 250 名左右律师，其中包括 90 名合伙人，在柏林、杜塞尔多

夫、法兰克福、慕尼黑、布鲁塞尔和伦敦设有办公室。

Hengeler Mueller specialises in high-end legal advice to companies in complex business transactions. The

firm provides counsel to leading German and international industrial and commercial companies, private

equity companies, banks, insurances and other financial service providers. In recent years, clients have

included 22 of the 30 DAX companies, 31 of the companies comprising the EURO STOXX 50 and 14 of the

30 companies listed in the Dow Jones, in addition to non-listed companies in a variety of sectors.

恒乐致力于为客户在复杂的交易中提供高端法律咨询。事务所为德国及全球知名企业、私募基金、银行、保险

及其他金融机构提供法律咨询。客户包括德国达克斯工业指数股 30 家企业中的 22 家，50 家欧洲指数股企业中

的 31 家，30 家美国道琼斯工业指数股企业中的 14 家，以及各行业为数众多的非上市公司。

The China Desk led by Dr. Hendrik Haag (Frankfurt) and Dr. Christian Möller (Düsseldorf) has long time

experience in assisting Chinese investors to step into and stabilize themselves in the European market.

恒乐律师事务所的中国事务部由法兰克福的 Hendrik Haag 博士和杜塞尔多夫的 Christian Möller 博士领导，在

协助中国投资者进入欧洲市场以及在欧洲市场持续发展方面拥有丰富的经验。

October 2011 Hong Kong

香港

144

Hong KongHong KongHong KongHong Kong 香港香港香港香港



是否是否是否是否存存存存在对外国在对外国在对外国在对外国买买买买方特别要方特别要方特别要方特别要求求求求的的的的任任任任何政府何政府何政府何政府或监或监或监或监管机管机管机管机关关关关的批准的批准的批准的批准、、、、审查审查审查审查或或或或申报申报申报申报，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明

（（（（例例例例如如如如，，，，有有有有关关关关机构机构机构机构////机机机机关及关及关及关及时限要时限要时限要时限要求求求求）？）？）？）？

Foreign investment is generally unrestricted except for limited exceptions in the broadcasting and telecommunications industries.

除了广播和电信行业的有限例外情况外，一般对外商投资是没有限制的。

There is no system for evaluating national security issues arising from foreign investment in Hong Kong.

在香港不存在对外商投资引起的国家安全问题的评估制度。



In certain industries, the approval of the relevant regulatory body may be required for change of ownership or the acquisition of a minority interest. These industries include:

在某些行业，对变更所有权或收购少数股东权益需要相关监管机构进行批准。这些行业包括：

•••• Banking (pursuant to the Banking Ordinance);

银行业（根据《银行业条例》）；

•••• Insurance (pursuant to the Insurance Companies Ordinance);

保险（根据《保险公司条例》）；

•••• Broadcasting (pursuant to the Broadcasting Ordinance);

广播（根据《广播条例》）；

•••• Telecommunications (pursuant to the Telecommunications Ordinance);

电信（根据《电信条例》）；

•••• Securities business (pursuant to the Securities and Futures Ordinance).

证券业（根据《证券和期货条例》）。



Except in telecommunications and broadcasting, there is only very limited legislation applicable to anti-trust or competition. A Competition Bill was introduced in the Hong Kong Legislative Council in July 2010. The Bill will (when enacted as law), regulate anti-competitive agreements and the abuse of market power


香港

145

broadly in line with international norms. However, the Bill does not contemplate a regime for merger control.

除了电信和广播业外，仅存在非常有限的适用于反垄断或竞争的立法。2010年7月，香港立法会引入了《竞

争法案》。该法案将（在其颁布为法律时）根据国际惯例广泛地规范反竞争协议和滥用市场权力的行为。但

是，该法案并未考虑并购控制制度。



There are no exchange control or currency regulations affecting investment into Hong Kong or repatriation of income or capital overseas.

不存在影响向香港投资或将收入或资本汇出国外的外汇管理或货币法规。



根据您根据您根据您根据您所在司所在司所在司所在司法法法法辖区的辖区的辖区的辖区的法法法法律所设立的律所设立的律所设立的律所设立的最最最最常见常见常见常见的公司的公司的公司的公司法人法人法人法人实体实体实体实体类类类类型有哪些型有哪些型有哪些型有哪些？？？？

The principal distinction under Hong Kong law is between private and public companies.

根据香港法律，主要区分是私营公司和公众公司之间的区分。

Private companies私营公司:

• are not permitted to have more than 50 shareholders;

不允许有 50名以上的股东；

• must restrict the right to transfer shares; and

必须限制股份转让权；且

• must prohibit any invitation to the public to subscribe for shares.

必须禁止向公众发出认购股份的任何邀请。

Companies that do not meet the above requirements are deemed to be public companies.

不符合以上要求的公司被视为是公众公司。

A large amount of Hong Kong related private and listed company M&A transactions involve companies incorporated in offshore jurisdictions. Many companies listed on the Hong Kong Stock Exchange are incorporated outside Hong Kong, in particular in Bermuda, Cayman Islands and the PRC.

大量有关香港的私营和上市公司并购交易涉及在离岸司法辖区注册成立的公司。在香港证券交易所上市的

许多公司均在香港以外注册成立，特别是在百慕大、开曼群岛和中华人民共和国进行成立。



您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有规中所处理的与并购有关关关关的主要的主要的主要的主要


Companies Ordinance 《《《《公司条公司条公司条公司条例例例例》》》》

The Companies Ordinance applies to all companies formed and registered under that Ordinance. In relation to M&A of Hong Kong companies, the Companies Ordinance governs, for example:


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《公司条例》适用于根据该条例成立和注册的所有公司。涉及香港公司的并购，《公司条例》规范如下事

项：

• schemes of arrangement (see paragraph 1 of Section D below) and reductions of capital;

方案收购（见以下 D 条第一款）和减资；


强制收购（“排挤”）程序；


禁止公司对购买其自己的股份给予财政援助；


对支付红利的限制；以及

• restrictions on the issue of shares at a discount to their par/nominal value.

对以其股份面值/名义价值的折扣发行股份的限制。

The Code on Takeovers and Mergers 《《《《公司收购公司收购公司收购公司收购及合及合及合及合并并并并守守守守则则则则》》》》

The principal framework for the regulation of mergers and acquisitions of public companies (whether listed or unlisted) in Hong Kong is contained in the Code on Takeovers and Mergers (the “Takeovers Code”). The Takeovers Code is historically based on the UK equivalent. The aim of the Takeovers Code is to ensure fair treatment of shareholders affected by M&A transactions regulated pursuant to the Takeovers Code.

在香港，规范公众公司（无论是上市公司还是非上市公司）并购的主要法律框架包含在《公司收购及合并

守则》（“收购收购收购收购守守守守则则则则”）之中。收购守则历史上是以英国的相关法律为基础的。收购守则的目的是确保受

收购守则规范的并购交易所影响的股东受到公平对待。

The Takeovers Code does not have force of law and does not have statutory backing. However, in practice it is complied with as if law. Failure to comply with the Takeovers Code may result in the facilities of the Hong Kong securities markets being withdrawn from any person in breach.

收购守则没有法律效力且无成文法支持。但是，在实践中，其像法律一样被遵守。未能遵守收购守则可能

导致违约人受到禁止使用香港证券市场设施的制裁。

The Takeovers Code is administered by the Executive Director (the “Executive”) of the Corporate Finance Division of the Securities and Futures Commission.

收购守则由证券及期货事务监察委员会企业融资部的执行董事（“执执执执行行行行人员人员人员人员”）管理。


Mergers and acquisitions of companies listed in Hong Kong will also be affected by the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Ltd. (the “HK Listing Rules”). The HK Listing Rules regulate, amongst other things, disclosure and shareholder approval requirements for listed companies in connection with certain M&A transactions.

并购在香港上市的公司还将受到《香港联合交易所有限公司证券上市规则》（“香港上香港上香港上香港上市市市市规则规则规则规则”）的影

响。香港上市规则规范（除其它事项外）与某些并购交易相关的上市公司的披露和股东批准要求。

Securities and Futures Ordinance 《《《《证券和期证券和期证券和期证券和期货货货货条条条条例例例例》》》》

The Securities and Futures Ordinance regulates matters such as:

《证券和期货条例》规范如下事项：

• disclosure obligations in respect of certain changes of ownership in shares of listed companies;

有关上市公司股权的某些变更的披露义务；

• market misconduct, such as insider dealing.


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市场失当行为，例如内幕交易。

Common Law 普通法普通法普通法普通法

Under the principle of “one country two systems” the legal system of Hong Kong is different from that of mainland China and is based on the English common law system. Common law contractual principles (as interpreted by the courts in Hong Kong) will apply to M&A agreements governed by Hong Kong law. For example, many of the issues discussed in relation to preliminary agreements (see Section E below) will depend upon an application of general common law contractual principles.

根据“一国两制”的原则，香港的法律制度不同于中国大陆的法律制度，其以英国的普通法制度为基础。

普通法的合同原则（按香港法院的解释）将适用于受香港法律规范的并购协议。例如，我们所讨论的与初

步协议（见以下 E 条）有关的许多问题均将取决于对普通法合同原则的适用。




The methods of acquiring a Hong Kong listed company are:

收购香港上市公司的方式是：

• a takeover offer/bid by the offeror/bidder to shareholders of the target company to purchase their shares; or

要约人/投标人向目标公司的股东发出购买其股份的收购要约；或者

• the conduct by the target company of a statutory court supervised process known as a “scheme of arrangement”, requiring a vote by the target company shareholders.

目标公司进行成文法法院所监管的程序（称为“方案收购”），要求目标公司股东进行投票表决。

A scheme of arrangement is an arrangement between a target company and its shareholders. It normally involves the cancellation of the shares in the target company followed by the issue of an equivalent value of shares to the offeror. The offeror pays the relevant consideration to the target company shareholders. The scheme is binding on the shareholders if (in a transaction subject to the Takeovers Code):

方案收购是目标公司与其股东之间的一项安排。它通常涉及取消目标公司的股份，随后向要约人发行等值

的股份。要约人向目标公司股东支付相关的对价。该方案在以下情况下对股东具有约束力（在须遵守收购

守则的交易中）：

• it is approved by a majority in number representing 75% of the votes attaching to the disinterested shares (meaning shares in the target company other than those owned by the offeror and those acting in concert with it) that are cast (in person or by proxy) at a duly convened meeting of the holders of those shares;

其经代表 75%的无利害关系的股份（是指目标公司的股份，不包括要约人及与其一致行为的人所拥有

的股份）表决权的多数人在这些股份持有人正式召开的会议上投票（亲自或通过委托投票）批准；

• the number of votes cast against the resolution to approve the scheme is not more than 10% of the votes attaching to all the disinterested shares; and

反对批准方案的决议所投的票数不超过全部无利害关系股份之上表决权的 10%；且

• it is approved by the court.

其经法院批准。

Given the involvement of the target company, it is only possible for a recommended offer to proceed as a scheme of arrangement.

考虑到目标公司的介入，仅可能将建议要约作为方案收购进行。

It should be noted that there is no procedure under Hong Kong law for a legal merger pursuant to which one of the merging companies ceases to exist by operation of law.


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应当注意的是：根据香港法律，不存在这样的法定合并程序，即根据该程序，其中一个并购公司因法律实

施而终止存在。



Given that a large number of Hong Kong listed companies are family owned or controlled by few shareholders, listed company bids normally proceed as “recommended offers” (meaning that the takeover offer is supported by the target company board, which recommends shareholders to accept the offer). Hostile bids (meaning those not recommended by the target company board) are permitted but are rare in Hong Kong.

鉴于大多数香港上市公司为家族拥有的公司或者受少数股东控制，上市公司投标通常是作为“建议要约”

（意为收购要约受到目标公司的董事会支持，董事会建议股东接受要约）进行的。在香港允许进行敌意收

购（是指非经目标公司董事会建议的收购）但很少见。



A person must make a mandatory offer to target company shareholders where:

在以下情况下，一个人必须向目标公司的股东发出强制性要约：

• that person and its concert parties acquire 30% or more of the voting rights of the target company; or

该人及其一致行动方收购目标公司 30%或以上的表决权；或者

• that person and its concert parties already hold between 30% and 50% of the voting rights of the target company and any one or more of them increase their collective voting rights in the target company by more than 2% in a 12 month period.

该人及其一致行动方已经持有目标公司 30%到 50%的表决权，并且其中任何一人或多人在 12个月期间

内将其在目标公司的共同表决权增加了 2%以上。

Persons “acting in concert” are persons who pursuant to an agreement or understanding, actively co-operate to obtain or consolidate control through the acquisition by any of them of voting rights of the target company. The Takeovers Code describes classes of persons who are presumed to be acting in concert with others of the same class

“一致行动”的人，是指根据一项协议或协定，通过收购目标公司的表决权，一起积极合作以便取得或巩

固对该公司的控制权的人。收购守则说明了被推定为与同一类别的其它人一致行动的人的类别。

It is common for takeovers of listed companies in Hong Kong to proceed as mandatory offers.

香港的上市公司收购以强制要约进行很普遍。



Where a person or any concert party acquires shares within the three month period before the announcement of the bid, the offer to target company shareholders must not be on less favourable terms.

如果一个人或任何一致行动方在宣布要约前的三个月内收购了要约，则向目标公司股东发出的要约必须不

得基于更不利的条款。

In the case of a mandatory bid, the offer price must be in cash (or be accompanied by a cash alternative) at not less than the highest price paid by the offeror or any concert party in the six months prior to the announcement of the offer.

在强制要约的情况下，要约价格必须用现金形式（或者伴有现金选择）并且不得低于要约人或任何一致行

动方在要约宣布前六个月所支付的最高价格。


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The nature and content of the documents on a listed company takeover will depend on whether the offer is recommended (and, if so, whether structured as a scheme of arrangement) or hostile. Documents will include:

上市公司收购文件的性质和内容将取决于要约是建议性（并且，如果是，其是否构成方案收购）的还是敌

意的。文件将包括：

• the offeror’s press announcement confirming its intention to make an offer (which will include matters such as the terms of the offer, conditions to which the offer is subject and confirmation by the bidder’s financial adviser (or another appropriate third party) that resources are available to satisfy full acceptance of the offer;

要约人确认其发出要约（该要约将包括要约条款、要约须遵守的条件以及投标人的财务顾问（或其它适

当的第三方）的确认）意向的新闻公布，宣告已经获得了对要约进行完全接受所应满足的资源；

• the offeror’s offer document (which will include the formal offer) or, in the case of a scheme of arrangement, the target company’s scheme circular to shareholders convening a meetings of shareholders;

要约人的要约文件（包括正式要约）或者，在方案收购的情况下，目标公司向股东发出的召开股东会议

的方案通知；

• a form of acceptance by which target company shareholders may accept the offer or, in a scheme of arrangement, a proxy form;

目标公司股东可能接受要约的接受形式或者，在方案收购的情况下，代表委任书；

• a circular from the target board to its shareholders setting out its views on the offer and the advice received from its independent financial adviser as to whether the offer is, or is not, fair and reasonable and the reasons therefor.

目标公司的董事会向其股东发出的阐明其对要约及从其独立财务顾问处收到的有关要约是否公平合理及

其原因的建议之意见的通知。

In the case of a recommended offer, it is common for the press announcement to be issued jointly by the bidder and target company and for the target company’s circular to shareholders to be included in the offer document.

在建议要约的情况下，通常的做法是：由投标人和目标公司共同发出新闻公布且将目标公司对股东发出的

通知包含在要约文件中。



All Takeovers Code documents must (subject to limited exceptions) be filed with the Executive and must not be released until the Executive has confirmed that it has no further comments thereon.

所有收购守则文件必须（须遵守有限的例外规定）向执行人员备案且只有在执行人员已经确认其对该文件

没有进一步的意见以后才能发布。



The timetable will depend on whether the offer is structured as a takeover offer or scheme of arrangement.

时间表将取决于要约是收购要约还是方案收购。

There are detailed rules in the Takeovers Code with regard to timing matters. Key dates include:


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收购守则中有关于时间事项的具体规则。主要日期包括：

• Announcement Date: announcement by offeror of firm intention to make an offer;

公告日期：要约人对其发出要约的确定意向进行公布；

• Day 0 (which must be within 21 days of the Announcement Date in the case of a cash offer): formal offer document must be posted;

第 0 天（在现金要约的情况下，必须为公告日期起的 21 天之内）：必须张贴正式要约文件；

• Day 14: latest date for publication of target company response circular;

第 14 天：公布目标公司回复通知的最迟日期；

• Day 21: earliest first closing date for acceptance of offer;

第 21 天：接受要约的最早首个交割日；

• Day 60: latest date for receipt of acceptances (and for the offer to become “unconditional as to acceptances”);

第 60 天：收到承诺的最迟日期（使要约成为“对于承诺而言是无条件的”）；

• Day 81: latest date for all the conditions to the offer to be satisfied (and for the offer to become “wholly unconditional”).

• 第 81 天：要约的所有条件均获得满足的最迟日期（使要约成为“完全无条件的”）。





In private company M&A transactions in Hong Kong, it is common for the parties to enter into a preliminary document, which may be described by the parties variously as a “Memorandum of Understanding”, “Letter of Intent”, “Termsheet” or other.

在香港的私营公司并购交易中，双方签署初步文件很普遍，该初步文件可能被各方不同地描述为“谅解备

忘录”、“意向书”、“关键性条款”或其它。

Generally the purpose of such a document will be to set out, on a non-legally binding basis, the proposed terms and conditions of the transaction. There is no standard form for such a document. However the document is described, it will be important for the parties to use clear language to confirm which of the terms (if any) are intended to be legally binding and to avoid non-binding terms inadvertently creating legally binding obligations. Parties often include in such a document, or in one or more separate agreements, legally binding provisions dealing with matters such as confidentiality, lock-out/exclusivity provisions (see paragraph 3 below) and break fees (see paragraph 5 below).

通常该文件的目的将会是在不具有法律约束力的基础上规定该交易的拟定条款和条件。该文件没有标准形

式。但是，对文件的说明是：重要的是双方要使用清晰的语言确认哪些条款（如有）被定为具有法律约束

力并避免使不具有约束力的条款因疏忽而创设具有法律约束力的义务。双方还常常在该文件或一个或数个

独立的协议中纳入处理保密性、锁定/排他性规定（见以下第 3 段）以及终止交易费用（见以下第 5 段）等

事项的具有法律约束力的规定。


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As with most common law jurisdictions, the execution of a non-binding LOI/MOU will not result in a general duty to negotiate in good faith. This is in contrast to the position in many civil law jurisdictions. An express contractual obligation to negotiate in good faith may be considered by the courts as having legal substance. Also, if a party makes false or misleading statements to the other party/parties, this may give rise to liability for fraud, deceit and/or misrepresentation.

就多数普通法辖区而言，签署不具有约束力的意向书／备忘录不会导致进行诚信谈判的义务。这与许多大

陆法辖区的情况正相反。法院可能会承认明确约定去进行诚信谈判的条款之法律效力。但是，如果一方对

另一方／各方做出了错误或误导性说明，这可能引起欺诈、欺骗和／或不正确说明的责任。




Although it is generally not possible to enforce an agreement to negotiate, it is common to have an agreement whereby the seller agrees not to (for example) negotiate or enter into an agreement with third parties. Under Hong Kong law, such agreements should be enforceable if the duration of the exclusivity period is fixed and the agreement is supported by consideration (meaning, in general terms, something of value) or is made under seal.

尽管一般来说不可能执行一项进行谈判的协议，但是拥有一项协议很普遍，通过该协议卖方同意不与（例

如）第三方进行谈判或签署协议。根据香港法律，如果确定了排他期的期限且有对价（意为，概括而言，

有价值之物）支持或者密封签订，则此类协议应当可以执行。




In view of the structure of listed company transactions, it is not necessary to have any formal agreement, such as a merger agreement, between the bidder and target company in order to implement the takeover of a listed company incorporated under the laws of Hong Kong.

考虑到上市公司交易的结构，投标人和目标公司之间不必存在任何正式协议（例如合并协议）以便执行根

据香港法律注册成立的公司的收购。

However, it is common for an offeror to enter into one or more preliminary agreements with a target company dealing with matters such as:

但是，要约人与目标公司签订处理以下事项的一个或多个初步协议却很普遍：

• confidentiality in connection with the provision by the target company of non-public information;

与目标公司提供非公开信息有关的保密性规定；

• exclusivity provisions, pursuant to which a target company may agree not to (for example) solicit an offer from a third party (often referred to as a “no shop” provision);

排他性规定，根据该规定，目标公司可以约定不（例如）向第三方招揽要约（常常称为“非售”条

款）；


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• break fees, pursuant to which a target company may agree to pay a fee to an offeror or potential offeror in certain circumstances if the deal does not go ahead (for example if the target company solicits a third party offer or withdraws a recommendation that it has previously made of an offer).

终止交易费，根据该规定，目标公司可以同意在交易不继续进行的某些情况下向要约人或潜在要约人支

付费用（例如，如果目标公司向第三方招揽要约或撤销其先前所发要约的建议）。

Exclusivity agreements are generally entered into by the target company expressly subject to provisions that allow the target board to consider and recommend a higher third party offer. This is so that the target board directors can comply with their general fiduciary duties as directors and is often referred to as a “fiduciary out”.

排他性协议一般由目标公司签署，并明确规定遵守这样的规定：即允许目标公司的董事会考虑并推荐价格

更高的第三方要约。这样使得目标公司的董事会董事能够遵守其作为董事的一般受托义务，这通常称为

“诚信义务的例外情况”。

In addition to any agreement between a target company and offeror, it is common for offerors to seek irrevocable undertakings from a very restricted number of key shareholders to accept the offer once made.

除了目标公司和要约人之间的任何协议外，要约人从非常有限数量的主要股东处寻求获得不可撤销的承诺

以便在要约做出时接受要约也很普遍。


是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支付终止支付终止支付终止支付终止交易费交易费交易费交易费（（（（是是是是指指指指在交在交在交在交易不易不易不易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其他方进行的其他方进行的其他方进行的其他方进行的付付付付


A number of legal and regulatory issues will have to be considered in relation to payment of break fees, depending on whether the payment is to be made by the target company (as is common on M&A of listed companies) or by a purchaser (a “reverse break fee”) or a vendor shareholder.

与支付终止交易费相关将需要考虑许多法律和监管问题，这取决于付款是由目标公司（在上市公司并购中

很普遍）支付，还是由买方支付（“反向终止交易费”）或者由卖方股东支付。

In relation to transactions conducted pursuant to the Takeovers Code, there are specific regulatory constraints on the payment of break fees by a target company to an offeror or potential offeror. Such fee must be “de minimis” (normally no more than 1% of the offer value) and the offeree board and its financial adviser must confirm to the Executive in writing that each of them believes that the fee is in the best interests of the shareholders. The fee arrangement must also be publicly disclosed.

对于根据收购守则进行的交易，对目标公司支付给要约人或可能的要约人的终止交易费存在特定的监管限

制。该费用必须“非常少”（通常不超过要约价值的 1%），且受要约人的董事会及其财务顾问必须书面向

执行人员确认他们每一方均认为该费用是为股东的最大利益。该费用安排也必须公开披露。




The general powers of managing a company are usually vested in the board of directors of a Hong Kong company pursuant to its constitutional documents. Pursuant to the Companies Ordinance, certain actions may not be taken without the consent of the shareholders. Where a shareholder vote is required, it will, depending on the matter, be pursuant to an “ordinary” or “special” resolution. An ordinary resolution requires more than 50% of the votes cast by shareholders voting in person or by proxy. A special resolution requires not less than 75% of the votes cast. Under the Companies Ordinance, the shareholders may remove a director by ordinary resolution irrespective of any provisions contained in the company’s constitutional documents or any agreement with the director. This statutory power of dismissal gives a majority shareholder general management control of a Hong Kong company.


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根据香港公司的宪章性文件规定，管理公司的一般权力通常赋予公司的董事会。根据《公司条例》，未经

股东同意不得采取某些行动。在需要股东投票的情况下，依据事件的情况，将需要一项“普通”决议或

“特别”决议。普通决议要求股东亲自或通过代理人所投票数的 50%以上通过。特别决议要求不少于所投

票数的 75%。根据《公司条例》，股东可以通过普通决议免除董事职务，而不考虑公司宪章性文件中所包

含的任何规定或与董事的任何约定。正是这一法定免职权赋予了多数股东对香港公司的一般管理控制权。

The Companies Ordinance contains a number of provisions designed to ensure that the principle of “majority rule” is not abused. For example:

《公司条例》含有大量旨在确保“多数决定原则”不被滥用的规定。例如：

• a holder of more than 25% of the issued shares would have the ability to block a special resolution in relation to matters such as alteration of the company’s constitutional documents, reduction of capital and winding-up of the company;

拥有 25%以上的已发行股份的持有人将有能力阻止与下列事项相关的一项特别决议：诸如变更公司的

宪章性文件、减资以及对公司进行清盘；

• dissentient shareholders are given the right to apply to the court to have certain shareholder resolutions cancelled;

授予持异议的股东向法院申请取消某些股东决议的权利；

• a holder of 5% of the issued shares may requisition the directors to call a shareholders’ meeting;

拥有 5%已发行股份的持有人可以要求董事召集股东会议；

• a holder of 10% of the issued shares may apply for the appointment of an inspector to investigate the affairs of the company;

拥有 10%已发行股份的持有人可以申请委任检查员调查公司事务；

• a shareholder may seek relief if the affairs of the company are being conducted in a manner unfairly prejudicial to the member;

如果公司的事务是以不当地损害其成员的方式进行的，股东可以寻求救济；

• a shareholder may be entitled to bring proceedings in the event of misfeasance; and

在出现不当行为时，股东有权提起诉讼；且

• a shareholder may petition for the company to be wound up by the court.

股东可请求法院对公司进行清盘。

In practice, an investor acquiring a minority shareholding in a Hong Kong company will seek to negotiate contractual rights such as director appointment rights, rights to form part of the quorum required for board and shareholders’ meetings, information rights, pre-emption rights on additional issues of shares and rights in the event of a proposed transfer of shares (such as put or call options).

在实践中，收购香港公司少数持股权的投资者将寻求对合同权利进行谈判，诸如董事委任权、组成董事会

会议和股东会会议所需的法定人数一部分的权利、知情权、对额外发行的股份的优先购买权和在拟进行的

股份转让的情况下（例如卖出选择权或购买选择权）的股份转让权。




A share acquisition of a Hong Kong company will not affect the employer/employee relationship. New contracts of employment will therefore not be required although appropriate steps will be necessary if those employees participate in group incentive or benefits schemes. A share purchase will not trigger any consultation obligations although some Hong Kong employers may have consultation obligations to trade unions under industrial agreements.


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香港公司的股权收购不会影响雇主/员工关系。如果员工参加集团激励或福利计划，尽管有必要采取适当的

步骤，但无须因此签订新雇用合同。尽管根据行业协议，某些香港雇主对工会有协商义务，但股份购买不

会引发协商义务。



There is no automatic transfer of employee contracts on the transfer of a business in Hong Kong. Under Hong Kong law, when a business is sold with the intention that the employees will transfer, there is a termination of the contract with the existing employer and a new contract with the purchaser. In connection with this termination, employees may be entitled to severance or long service payment (payable by the seller) unless certain procedures and requirements under the Employment Ordinance are followed. The total amount of statutory severance payment to any employee cannot exceed HK$390,000 (about US$50,000).

在香港对业务转让不存在员工合同的自动转让。根据香港法律，当出售业务属于员工将进行转让的意向之

内时，存在与现有雇主终止合同并与买方签署新合同的情况。与该终止相关，员工可以有权获得离职金或

长期服务金（应由卖方支付），除非根据《雇佣条例》需要遵守某些程序和要求。对任何员工所支付的离

职金总额不得超过 390,000港元（约合 50,000美元）。

There is no obligation on an employer to consult with employees prior to selling a business although some Hong Kong employers may have consultation obligations to trade unions under industrial agreements.

尽管根据行业协议某些香港雇主有与工会进行协商的义务，但业务出售之前，雇主没有义务与员工进行协

商。



您您您您所在司所在司所在司所在司法法法法辖区是否辖区是否辖区是否辖区是否存存存存在在在在可可可可能能能能导致导致导致导致业务业务业务业务买买买买方对业务方对业务方对业务方对业务卖卖卖卖方的债务方的债务方的债务方的债务或义或义或义或义务务务务承承承承担担担担责责责责任任任任的的的的任任任任何何何何法法法法律规律规律规律规定定定定？？？？

The Transfer of Business (Protection of Creditors) Ordinance provides that whenever a business (which includes a part of a business) is transferred, with or without goodwill, the transferee shall become liable for all the debts and obligations arising out of the carrying on of the business by the transferor, unless certain procedures set out in that Ordinance are followed. A purchaser remains entitled to rely on an indemnity from the seller in relation to pre-transfer liabilities.

《业务转让（保护债权人）条例》规定，除本条例另有规定外，凡连同或不连同商誉转让之业务（包括业

务的一部分），受让人应承担一切由出让人在经营业务时所欠下之债务及所须履行之责任。买方仍有权依

赖与转让前责任相关的卖方的赔偿。




Due to the strong business and cultural links between the PRC and Hong Kong, there is considerable M&A activity by PRC acquirors of companies in Hong Kong in a wide range of sectors. Many of these target companies have their primary business operations in the PRC. Examples of recent M&A activity include:

由于中国和香港之间的牢固业务和文化联系，存在中国收购方在广泛领域收购香港公司的大量并购活动。

许多这些目标公司均在中国有其主营业务。近期并购活动的例子包括：

• CITIC Securities International/CLSA Asia-Pacific Markets: in June 2011, CITIC Securities (a Hong Kong brokerage unit of CITIC Securities Co. Ltd) announced that it would purchase 19.9% of the Asian and European brokerage arms of France’s Credit Agricole for US$374 million.


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中信证券国际/里昂证券亚太市场：2011年 6月，中信证券（中信证券有限公司的一家香港经纪单位）

宣布其将以 3.74 亿美元购买法国农业信贷集团亚欧经纪人分部 19.9%的股份。

• Industrial and Commercial Bank of China (ICBC)/ICBC (Asia): in 2010 ICBC took private its Hong Kong listed subsidiary ICBC (Asia) pursuant to a scheme of arrangement.

中国工商银行（ICBC）/中国工商银行（亚洲）：2010 年，中国工商银行根据方案收购将其香港的上

市子公司中国工商银行（亚洲）变为私营公司。

• Chines Resources Enterprise/Kingway Brewery: in 2011 China Resources Enterprises, one of China’s leading conglomerates, acquired a 21.37% stake in Kingway Brewery, a Hong Kong listed company with primary operations in China, for US$161 million

华润创业/金威啤酒：2011 年，华润创业——中国主要的综合性企业集团之一，以 1.61 亿美元收购了

金威啤酒（一家主营业务在中国的香港上市公司）21.37%的股份

• China Resources Enterprise/Chevalier Pacific: in 2010 China Resources Enterprises acquired an 80% stake in Pacific Coffee (a leading coffee house chain in Hong Kong) from Chevalier for US$326 million.

华润创业/其士泛亚控股有限公司：2010 年，华润创业以 3.26 亿美元从其士泛亚控股有限公司收购了

太平洋咖啡（香港的一家主要咖啡屋连锁店）80% 的股份。

• China Guangdong Nuclear Power Corporation (CGNPC)/Meiya Power: in 2011 CGNPC acquired Hong Kong based power producer Meiya Power.

中国广东核电集团有限公司/美亚电力：2011 年，中国广东核电集团有限公司收购了位于香港的电力生

产商美亚电力。

• China Yangtze Power/China Power New Energy: in 2011 China Yangtze Power, agreed to acquire a 26% stake in Hong Kong listed China Power New Energy for US$263 million.

中国长江电力/中电新源：2011 年，中国长江电力同意以 2.63 亿美元收购在香港上市的中电新源集团

26%的股份。

• China Minmetals/Hunan Nonferrous Metals: in 2010 China Minmetals acquired a 51% stake in Hong Kong listed company, Hunan Nonferrous Metals for about US$820 million.

中国五矿集团/湖南有色金属：2010 年，中国五矿集团以大约 8.2 亿美元收购了在香港上市的湖南有色

金属 51%的股份。




outbound investment transactions. For further information, please contact Stephen Wozencroft

([email protected]) or your usual contact at Jun He.



服务的不断增长的需求。如需了解更多信息，请联系 Stephen Wozencroft （[email protected]）或者您

在君合的惯常联系人。

October 2011 India 印度

156

IIIIndiandiandiandia 印度印度印度印度

DUA ASSOCIATES



是否是否是否是否存存存存在在在在对外国对外国对外国对外国买买买买方特别要方特别要方特别要方特别要求求求求的的的的任任任任何政府何政府何政府何政府或监或监或监或监管机管机管机管机关关关关的批准的批准的批准的批准、、、、审查审查审查审查或或或或申报申报申报申报，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例


Any purchase of existing shares or new shares by a foreign buyer (person not resident in India) is primarily regulated by Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (“FEMA Regulations”) and Companies Act, 1956 (“Companies Act”).

外国买方（非居住于印度的人）购买现有股份或新股份主要受 2000 年《外汇管理（印度以外的居民转让或

发行证券）条例》（“FEMA 条条条条例例例例”）和 1956年《公司法》（“公司公司公司公司法法法法”）的规范。

A foreign buyer can acquire shares of an Indian company either under the automatic route (applicable to most sectors) for which no permission is required, or under the approval route (specified sectors) for which permission is required from the Foreign Investment Promotion Board and/or the Reserve Bank of India. Under the approval route it takes around 8-10 weeks for decision.

根据无须经许可的自动通道（适用于多数行业部门）或者根据需要外商投资促进会和/或印度储备银行许可

的批准通道（适用于特定行业部门），外国买方可以收购一家印度公司的股份。根据批准通道，大约需要

8-10周的时间做出决定。

A foreign buyer can acquire shares at a price that is not less than the fair value arrived at as per the discounted cash flow method in case of a non listed company, and in case of a listed company at a price not less than the price at which the preferential allotment of shares can be made under the Security Exchange Board of India Guidelines.

外国买方可以以不低于根据现金流量折现法得出的公平价值的价格收购股份（在非上市公司的情况下）；

在上市公司的情况下，以不低于根据《印度证券交易委员会准则》所进行的优先配股价的价格进行。

Any allotment of new shares by a foreign buyer requires filing of Form FC-GPR by the Indian company with its bank along with corporate resolutions and valuation certificate within thirty (30) days of the issue of shares.

外国买方进行任何新股配发均需由印度公司在股份发行后的三十（30）天内向其银行备案 FC-GPR 报表并

附公司决议和评估证明。

Any purchase or sale of existing shares requires prior approval of Form FC-TRS by the Indian bank receiving or remitting the purchase consideration. Form FC TRS is required to be filed with the Indian bank with supporting documents including a valuation certificate.

对现有股份的任何购买或销售均需由收到或汇出购买对价的印度银行事先批准 FC-GPR 报表。FC-GPR 报

表需要向印度银行备案并附证明文件（包括评估证明）。

An Indian company having foreign investment is required to submit annual returns with details of its foreign ownership to the Reserve Bank of India.

进行国外投资的印度公司需要向印度储备银行提交年度申报表，具体说明其外资所有权。


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India has a liberalized regime for foreign investment and is permitted up to 100% where it is not restricted or is subject to sector specific controls - such as Scheduled Air Transport Services/Domestic Scheduled Passenger Airline Services - up to 49 %; banking up to 74 %; insurance up to 26 %; telecommunications - up to 74 %.

印度具有非常宽大的外商投资制度，对非限制的领域允许外资持有 100%的股份，对须受特定行业控制的领

域-例如，定期航空运输服务/国内定期客运航空服务-可达 49%；银行业可达 74%；保险业可达 26%；电信

业-可达 74%。

Foreign investment is not permitted in retail trading (except single brand product retailing), atomic energy; lottery business; gambling and betting; business of chit fund; nidhi company; Trading in transferable development rights, real estate business or construction of farm houses, and activities/sectors not opened to private sector investment.

下列部门不允许外商投资：零售贸易（不包括单一品牌产品零售），原子能；彩票业务；赌博和博彩；筹

措基金业务；非银行金融公司；可转让开发权交易、房地产业务或农庄建设，以及未向私营部门投资开放

的活动/部门。



The Competition Act, 2002, with effect June 01, 2011, regulates certain types of mergers amalgamations and acquisitions. Prior notification to the Competition Commission is required, in case of domestic and international mergers, acquisitions and other types of ‘combinations’ which exceeds any of the asset or turnover thresholds applicable either to the acquirer or the target or both, or to the group to which the target/merged entity will belong post the acquisition.

自 2011年 6月 1日生效的 2002年《竞争法》规范某些类型的兼并、合并及收购。如果出现国内和国际合

并、收购和超过适用于收购方或目标企业（被收购方）或二者或者收购后目标/被收购实体所属集团的任何

资产或营业额限额的其它类型合并，需要事先通知竞争委员会。

The notification to the Competition Commission must be given within thirty days of date of execution of the agreement or board approval of the proposal. If the Competition Commission does not give its decision within 210 days, then it is deemed to be approved.

对竞争委员会的通知必须在签署协议或董事会批准提案之日起的三十天内发出。如果竞争委员会在 210 天

内未做出决定，则视为批准。



There currently are no exchange control restrictions with respect to movement of funds to or from India for investment, disinvestment or payment of dividends where the investment has been made in compliance with FEMA Regulations and the foreign direct investment policy.

根据FEMA条例和外商直接投资政策，目前对于为投资、收回投资或支付已经投资的红利目的而进出印度的

资金不存在外汇管理限制。


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Corporate legal entities in India are limited liability companies either as a private limited company or a public limited company. A private is less regulated than a public company. Limited Liability Partnerships have also been recently permitted but are not yet the preferred legal entity for foreign investors.

印度的公司法人实体为有限责任公司（可以为私人有限公司或股份（公开）有限公司）。对私人公司的监管

比对公开公司的监管要弱。最近还允许有限责任合伙企业，但其还不是外国投资者首选的法律实体。





The Companies Act regulates all companies in India. In relation to M&A, it inter alia provides for

《公司法》规范印度的所有公司。关于并购，公司法还特别规定了如下内容：

• the procedure for mergers/amalgamations of companies;

公司兼并/合并程序；

• the process to be followed to effect transfer of shares and other securities;

实现股份和其他有价证券的转让所应遵循的程序；

• prohibitions on a company to give financial assistance for the purchase of its own shares;

禁止公司对购买自己的股份给予财政援助；

• provisions relating to compulsory acquisition of shares.

有关强制收购股份的规定。

The Indian Takeover Code regulates the acquisition of shares/voting rights/control of a listed company in India. Insider trading regulations regulate the dealing of securities of a listed company by persons who are in possession of any “unpublished price sensitive information”. The Securities Contracts (Regulation) Act, 1956 regulates certain specific kinds of transactions in securities. An M&A transaction could also involve analysis from other laws such as labor, tax, VAT, stamp duty and environment. An Indian listed company must maintain minimum 25% of public shareholding.

印度《收购法》规范对印度上市公司股份/表决权/控制权的收购。内幕交易条例规范占有任何“未公开的价格

敏感信息”的人对上市公司证券的交易。1956 年的《证券合同（监管）法》规范某些特定种类的证券交易。

并购交易还可能涉及其它法律（例如劳动、税务、增值税、印花税和环境）分析。印度的上市公司必须保

有最低 25%的公众持股量。


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主要收购方式主要收购方式主要收购方式主要收购方式有哪些有哪些有哪些有哪些？？？？

Usually, shares of a listed company are acquired either through the purchase of existing shares, or subscription to a primary issue, that is, the issue of fresh equity shares by a target company to the proposed acquirer on preferential allotment.

通常，上市公司的股份是通过购买现有股份或者对一级发行（即由目标公司就优先配股向拟定的收购方发

行新的权益股份）的认购进行收购的。



Hostile bids are not prohibited under the Takeover Code. It is possible to acquire the shares of a listed company pursuant to a public offer, even if the Indian promoters are not amenable to such takeover. From the date of the public announcement of an offer, the board of directors of the target company is restricted from transferring assets of the target company (except in the ordinary course of business), or issuing securities carrying voting rights during the offer period, or entering into any material contracts, without the approval of the shareholders in a general meeting. Further, the board of directors, during the offer period is also prevented from appointing any additional directors and is to facilitate the acquirer in verification of the securities tendered for acceptance.

《收购法》并未禁止敌意收购。即使印度的发起人不服从该收购，但根据公开要约收购上市公司的股份也

是可能的。自要约公告之日起，未经股东在股东大会上批准，目标公司的董事会被限制进行转让目标公司

的资产（除非是在正常业务过程中），或者在要约期间内发行带有表决权的证券，或者签订任何重大合

同。而且，董事会在要约期间也不得委任任何其他董事且要为收购方核实拟投标接受的证券。



Under the Takeover Code mandatory open offers is triggered in the following circumstances:

根据《收购法》，在以下情况下会引发强制性公开发售：

• When an acquirer acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him or by persons acting in concert with him), entitles such acquirer to exercise fifteen percent or more of the voting rights in a company;

当收购方收购使该收购方有权行使其在公司的百分之十五或以上的表决权的股份或表决权（对于由收购

方或与收购方共同行为的人持有的股份或表决权（如有）一同考虑）时。

• When an acquirer together with persons acting in concert with him holding fifteen percent or more but less than fifty five percent of the shares or voting rights in a company, acquires additional shares or voting rights, whether by himself or through or with persons acting in concert, more than five percent of the voting rights in a company.

当收购方和持有公司中百分之十五或以上但不超过百分之五十五的股份或表决权的与收购方共同行为的

人一起，收购公司中百分之五以上表决权的额外股份或表决权时（无论是收购方自己收购或通过或和与

之共同行为的人一起收购）。

• When an acquirer together with persons acting in concert with him holding fifty five percent or more but less than seventy five percent of the shares or voting rights in a company, acquires additional shares or voting rights, whether by himself or through or with persons acting in concert.


160

当收购方和持有公司中百分之五十五或以上但不超过百分之七十五的股份或表决权的与收购方共同行为

的人收购额外股份或表决权时（无论是收购方自己收购或通过或和与之共同行为的人一起收购）。

• Irrespective of whether or not there has been any acquisition of shares or voting rights in a company, no acquirer shall acquire control of a company, unless such person makes an open offer. Indirect acquisition of control of the target company by acquisition of any company in India or abroad would also require an open offer.

不考虑是否存在对公司股份或表决权的任何收购，任何收购方均不得收购公司的控制权，除非该人发出

公开要约。通过收购印度或国外的任何公司而间接收购目标公司的控制权也需要公开要约。

Under the Takeover Code, entering into an agreement to acquire control of a listed company also triggers mandatory open offer.

根据《收购法》，签订收购一家上市公司控制权的协议也会引发强制性公开要约收购。



When shares of the target company are frequently traded, the minimum price at which the offer must be made is to be the highest of:

当目标公司的股份频繁进行交易时，做出要约的最低价格将为以下价格中最高者：

• the negotiated price between the parties;

双方之间的协商价格；

• the price paid by the acquirer or persons acting in concert with him for the acquisition of any, including by way of allotment in a public or rights or preferential issue during the twenty six week period prior to the date of public announcement, whichever is higher;

收购方或与之共同行为的人为收购所支付的价格（包括在公告日之前的二十六周期间内通过在公开发行

或权利发行或优先发行中进行配股），以二者中较高者为准；

• the average of the weekly high and low of the closing prices of the shares of the target company as quoted on the stock exchange where the shares of the company are most frequently traded during the twenty-six weeks, or the average of the daily high and low of the prices of the shares as quoted on the stock exchange where the shares of the company are most frequently traded during the during the two weeks preceding the date of public announcement, whichever is higher.

在二十六周的期间内，在公司股份最频繁交易的情况下，证券交易所报出的目标公司股份每周高低收盘

价格的平均值；或者在公告日前两周期间内，在公司股份最频繁交易的情况下，证券交易所报出的每日

股份高低价格的平均值；以二者中较高者为准。

Where the shares of the target company are infrequently traded, the offer price is to be determined by the acquirer and the merchant banker taking into account the following factors:

在目标公司的股份交易不频繁的情况下，要约价格将由收购方和商业银行家考虑以下因素而确定：

• the negotiated price between the parties;

双方之间的协商价格；

• the price paid by the acquirer or persons acting in concert with him for the acquisition of any, including by way of allotment in a public or rights or preferential issue during the twenty six week period prior to the date of public announcement, whichever is higher;

收购方或与之共同行为的人为收购所支付的价格（包括在公告日之前的二十六周期间内通过在公开发行

或权利发行或优先发行中进行配股），以二者中较高者为准；


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• other parameters including return on networth, book value of the shares of the target company, earning per share, price earning multiple vis a vis the industry standard.

其它参数，包括净值收益、目标公司股份的账面价值、每股收益、相对于行业标准的市盈率等。



In India, the key document in a takeover bid is the “letter of offer” to be issued by the acquirer to the public to acquire the shares held by them in the target company. The letter of offer should contain details such as the paid up share capital of the target company, the total number and percentage of shares proposed to be acquired, the mode of payment of consideration, the object and purpose of the acquisition, the date of opening and closing of the offer, and other information which is essential for the shareholders to make an informed decision.

在印度，要约收购中的重要文件是拟由收购方向公众发出的收购其持有的目标公司股份的“要约函”。要

约函应当包含目标公司的实缴股本、拟收购的股份总数和比例、对价的支付方式、收购目标和目的、要约

开始和结束日期以及对股东做出明智决定所必不可少的其它信息等具体内容。


收购文件在公开前收购文件在公开前收购文件在公开前收购文件在公开前是否需是否需是否需是否需经任经任经任经任何何何何监监监监管机管机管机管机关关关关的的的的预先预先预先预先批准批准批准批准？？？？

Under the Indian regulatory regime, the Securities & Exchange Board of India does not approve the disclosures under the letter of offer. However, it does have has the power to specify changes to be made to the letter of offer (without being under any obligation to do so).

根据印度的监管制度，印度证券交易委员会不批准根据要约函进行的披露。但是，其实际上有权具体规定

拟对要约函所做的变更（不负有这样做的任何义务）。

Under FEMA Regulations, in case the acquirer is a person not resident in India, the acquirer would have to obtain the prior permission of the Reserve Bank of India if the transaction attracts the provision of the Takeover Code.

根据 FEMA 条例，如果收购方为非印度居民，在交易涉及《收购法》的规定时，则收购方必须获得印度储

备银行的事先许可。



The takeover of a listed company approximately takes six months from the date of the public announcement. This involves steps such as filing of the letter of offer with the Securities and Exchange Board of India, dispatch of the letter of offer to the existing shareholders, opening and closing of the offer and communication of acceptance/rejection under the offer.

上市公司的收购自公告之日起大约需要六个月的时间。这涉及将要约函向印度证券交易委员会备案、向现

有股东发送要约函，开放和关闭要约以及根据要约进行承诺/拒绝的通知。


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It is usual for parties in an M&A transaction to enter into a MoU or a LoI or a term sheet which sets out the key commercial and contractual understanding which will govern the transaction. Although such MoU or a LoI or a term sheet are usually non binding, some clauses such as confidentiality, governing law, arbitration are specifically are made binding.

并购交易中的双方签订规定规范交易的重要商业和合同谅解的备忘录或意向书或关键性条款很常见。尽管

此类备忘录或意向书或关键性条款通常不具有约束力，但是某些条款（如保密规定、管辖法律、仲裁）被

明确规定为具有约束力。


签签签签署署署署不具有约不具有约不具有约不具有约束束束束力力力力的意的意的意的意向书向书向书向书////备备备备忘录忘录忘录忘录是否是否是否是否会导致会导致会导致会导致产生产生产生产生各各各各方进行方进行方进行方进行诚诚诚诚信信信信谈判谈判谈判谈判的的的的义义义义务务务务，，，，如如如如果会果会果会果会产生产生产生产生，，，，这这这这一义一义一义一义


There is no duty to negotiate in good faith based on a non-binding LOI/MOU. It is more in the nature of laying down the ground rules for negotiations.

不存在基于不具有约束力的意向书/备忘录进行诚信谈判的义务。其更多的是具有确定谈判基本原则的性

质。




Exclusivity provisions whereby the seller agrees not to approach or consider a third party in relation to the proposed transaction during the period of validity of the MoU or LoI is usual in M&A transactions and is more often than not insisted by the acquirer.

卖方同意在备忘录或意向书有效期间对拟定交易不会找第三方或考虑第三方的排他性规定在并购交易中很

常见，且收购方通常坚持该规定。




It is not usual for the bidder and the target to enter into a preliminary agreement in the acquisition of a listed company. Under the Indian Takeover Code, an acquirer is required to make a public announcement of the acquisition within four days of entering into an agreement for the acquisition of shares or voting rights or deciding to acquire shares or voting rights that triggers the open offer.


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在上市公司的收购中，投标人和目标公司签署初步协议并不常见。根据印度《收购法》，要求收购方在签

订收购股份或表决权的协议或决定收购引发公开要约的股份或表决权起的四天内对收购进行公告。


是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支付终支付终支付终支付终止止止止交易费交易费交易费交易费（（（（是是是是指指指指在交易不在交易不在交易不在交易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其他方进行的其他方进行的其他方进行的其他方进行的付付付付


In private M&A transactions break fees is usually provided for not proceeding with the transaction. It is not common for the target company to be agreeable to pay a break free for the non consummation of an M&A transaction.

在私有并购交易中，对于不继续进行交易通常规定终止交易费。通常，目标公司会同意对于未完成并购交

易支付终止交易费。

In the case of an acquisition of a listed company, when such acquisition triggers the open offer, the Takeover Code mandatorily requires for the transaction to be completed, unless such acquisition cannot be completed because of reasons such as non obtaining of any regulatory approvals required for the acquisition. Thus, in such situations, where the open offer is made, the question of the payment of a break fee does not arise.

在收购上市公司的情况下，当该收购引发公开要约时，《收购法》强制要求完成交易，除非因未获得收购

所需的监管批准等原因导致未能完成收购。因此，在此情况下，当作出公开收购时，不产生支付终止交易

费的问题。



法法法法律对于收购律对于收购律对于收购律对于收购一一一一公司非控股权益之公司非控股权益之公司非控股权益之公司非控股权益之人人人人赋予了赋予了赋予了赋予了哪些主要权利哪些主要权利哪些主要权利哪些主要权利？？？？

Under the Companies Act, certain decisions such as , (a) alteration of the charter documents of a company, (b) issue of fresh equity, (c) remuneration to directors other than whole time or managing directors, (d) inter corporate loans and investments, (e) winding up, (f) reduction of share capital, (g) creation of reserve liability, (h) issue of sweat equity shares etc. requires a special resolution of the shareholders, that is a resolution passed by three fourth of the members present and voting at such shareholders meeting.

根据《公司法》，某些决定，例如（a）变更公司的宪章性文件，（b）发行新股，（c）对全职或执行董事

以外的董事的报酬事宜，（d）公司间贷款和投资，（e）清盘，（f）减少股本，（g）建立负债准备，

（h）发行血汗股权等，要求股东的特别决议（即经出席股东会议并在股东会议上表决的成员的四分之三通

过的决议）。

A minority shareholder can also approach company law tribunal if the affairs of the company are being conducted in a manner prejudicial to public interest or in a manner oppressive to any member or members.

如果公司事务是以损害公共利益的方式或者对任何一名或多名成员进行压迫的方式进行的，少数股东还可

以找公司法审裁处进行处理。


164



股权收购是否股权收购是否股权收购是否股权收购是否会会会会引引引引发发发发买买买买方的方的方的方的任任任任何何何何法定义法定义法定义法定义务务务务？？？？

Usually, a share acquisition does not trigger any statutory obligations for the buyer towards the employees.

通常，股份收购不会引发买方对员工的任何法定义务。



The Industrial Disputes Act, 1947 provides for certain rights to employees who come under the definition of a workman. A workman includes all employees who are expected to perform manual, unskilled, skilled, technical, operational, clerical or supervisory work and does not form part of the management of the company.

1947 年的《劳资纠纷法》为归入工人定义的员工规定了某些权利。工人包括被期望履行体力、无需技能

的、需要技能的、技术性、操作性、文书性或管理性工作且不构成公司管理人员的所有员工。

Specific consents are to be obtained from all employees who are to be transferred as part of a slump sale or a transfer of an undertaking, and it is to be ensured by the acquirer that the compensation and benefits of the transferred employees are not adversely affected as a result of such transfer of the undertaking.

需要取得作为企业低价出售或转让的一部分而拟被转让的所有员工的特别同意，且收购方将确保对企业的

该转让不得不利地影响被转让员工的赔偿和福利。




The purchaser is not, ordinarily, required under law, to assume any liability in respect of the transfer of business. Usually, the extent of the liabilities being transferred are contractually agreed to address any possible statutory liability falling with the acquirer. For instance in case of transfer of employees and if there is a shortfall in the amounts contributed to the provident fund up to the date of such transfer the acquirer is liable. Usually the seller remains liable for pre-acquisition liabilities and indemnifies the acquirer.

一般来说，法律不要求买方承担有关业务转让的任何责任。通常，转让债务的范围是合同约定的以便处理

属于收购方的可能的法定责任。例如，在员工转让的情况下，如果在转让日所缴付的福利基金数额存在短

缺，则收购方应当承担责任。通常，卖方始终要对收购前的债务承担责任并对收购方进行赔偿。




Some recent activity by PRC companies in India include:

中国公司近来在印度的一些活动包括：


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(a) The CLP Group which through its Indian subsidiary, CLP Power India Private Limited have invested in undertakings in the power sector in India

（香港）中国照明与动力公司通过其印度的子公司——香港中华电力印度私人有限公司对印度的电力行

业企业进行了投资。

(b) Beiqi Foton Motor has recently executed a memorandum of understanding with India's Maharashtra state government to invest USD 378.8 million to manufacture trucks in India.

北汽福田汽车股份有限公司最近与印度的马哈拉施特拉邦政府签署了一项投资 3.788 亿美元在印度制造

卡车的谅解备忘录。

(c) Jiang Sing Corrugated Machinery Limited plans to invest in Madhya Pradesh in India.

Jiang Sing Corrugated Machinery Limited 计划在印度的中央省进行投资。

DUA ASSOCIATES

Dua Associates, established in 1986, is a national law firm with full fledged offices in eight metropolitan Indian cities and one in Singapore. The expertise and depth of knowledge of the firm’s 200+ professionals, led by one of India’s most significant nucleus of 50 experienced partners enables it to consistently provide comprehensive legal advice and strategy. For further details, please contact Mr. Ranji Dua at [email protected] or Mr. Munish Sharma at [email protected]

Dua Associates 律师事务所建于 1986 年，是一家在八个印度大城市拥有全面服务的办公室并拥有一个新加坡

办公室的全国性律师事务所。在印度的 50名富有经验的合伙人中最重要的核心人物之一的领导下，该所 200 多

名专业人员的专业知识和知识深度使得其能够始终如一地提供全面的法律意见和策略。如需了解详情，请联系

Ranji Dua 先生，其电子邮箱为：[email protected]；或 Munish Sharma 先生，其电子邮箱为：

[email protected]。

October 2011 Italy 意大利

166

ItaItaItaItalyyyy 意大利意大利意大利意大利





Foreign investment in Italy is generally unrestricted, but foreign investors wishing to start up a new business in Italy may operate subject to conditions of treatment reciprocity: in this respect, the Rome Convention of 28 January 1985 between the Republic of Italy and the People Republic of China applies.

外国投资一般来说在意大利不受限制，但打算在意大利开创一个新企业的外国投资者可以在对等待遇的条件

下运作：从这一角度来讲，应适用1985年1月28日在意大利共和国和中华人民共和国之间签署的罗马公约。



If a target operates in certain sectors (e.g. banking and financial services and insurance) specific consents or approvals are required from the competent authorities in order to complete the transaction.

如果一个目标公司在某些特定领域（比如银行、金融服务和保险）运作的话，为完成交易需要取得相关主

管机关的同意和批准。

In particular, the acquisition of a direct or indirect material (or controlling) interest in an Italian bank is subject to previous authorisation by the Bank of Italy, who performs a check also on certain honourability requirements of material (or controlling) shareholders.

尤其是购买一家意大利银行的直接或间接的重要（控股）权益时，必须取得意大利银行（Bank of Italy）的

许可，她还将对重要（或控股）股东的某些值得重视的要求进行核实。

The acquisition of interests in insurance companies is subject to specific limitations and controls performed by ISVAP and aimed at ensuring that conditions for the sound and prudent management of the insurance company are met.

购买保险公司的股份受某些特别限制的约束，并受 ISVAP（私营保险和集体利益监督协会）的控制，而且

此类收购应保证该保险公司的稳定和谨慎的管理条件得到满足。

With reference to the defence and security industry, there are no restrictions for foreign investments, but a number of requirements (e.g. the legal representative must be an Italian citizen) apply and there are areas of intervention reserved to the Ministry of Foreign Affairs and the Ministry of Defence.

在防御和安全工业领域对外国投资没有限制，但提出一系列的要求（比如法定代表人必须是意大利公

民），而且有些操作领域保留给外交部和国防部。

There are no strict prohibitions or controls on foreign investments in sectors like energy, telecommunications and transports, but special powers are still enjoyed by the State in some of the most relevant Italian national companies that were privatised in the early 1990s and which operate in these key sectors.

在某些领域如能源、电信和运输对国外投资没有严格的限制、禁止或控制，但国家在一些曾在 90 年代初期

私有化的在这些关键领域中操作的最重要的国营企业中仍拥有特别的权力。


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Acquisitions in Italy may trigger merger control requirements either at the European Union level or at the national level.

在意大利的收购操作无论从欧盟水准还是国家水准都会涉及到并购控制要求。

European Union level 欧盟欧盟欧盟欧盟水准水准水准水准

Any acquisition of ‘decisive influence’ over the strategic commercial decisions of an undertaking will fall within the EU merger control regime, if either of the following two thresholds is satisfied.

如果下述两个门槛之一得到满足的话，任何一项对决定一个企业的商业战略具有决定性影响的收购将被纳

入到欧盟并购控制体系。

(a) Thresholds applicable to transactions between large companies:

适用于大公司之间交易的门槛：

(i) the combined aggregate worldwide turnover of the undertakings concerned is Euro 5 billion; and

相关企业的全球合并总营业额达到 50 亿欧元；且

(ii) each of at least two of the undertakings concerned has an aggregate EU-wide turnover of Euro 250 million; unless

至少两个相关企业中的任何一家企业在欧盟范围内的总营业额达到 2.5 亿欧元；除非

all the undertakings concerned achieve more than two-thirds of their respective aggregate EU-wide turnover within one and the same EU Member State;

所有相关企业的每个企业在同一个欧盟成员国内各自达到的营业额占其在欧盟范围内总营业额的三分之

二;

(b) Thresholds applicable to transactions which affect several EU member States:

适用于影响到几个欧盟成员国交易的门槛:

(i) the combined aggregate worldwide turnover of the undertakings concerned is Euro 2.5 billion; and

相关企业的全球合并总营业额达到 25 亿欧元;且

(ii) each of at least two of the undertakings concerned has an aggregate EU-wide turnover of more than Euro 100 million; and

至少两个相关企业中的任何一家企业在欧盟范围内的总营业额超过 1 亿欧元；且

(iii) the undertakings concerned have an aggregate combined turnover in at least three EU Member States of more than Euro 100 million; and

相关企业在至少三个欧盟成员国的总合并营业额超过 1 亿欧元；且

(iv) each of at least two of the undertakings concerned has an aggregate turnover in at least three of the EU Member States included above of more than Euro 25 million; unless

相关企业中至少两个企业的单一营业总额在上述所含的至少三个欧盟成员国内超过 2500 万欧元；

除非

each of the undertakings concerned achieve more than two thirds of its respective aggregate EU-wide turnover within one and the same EU Member State.

所有相关企业的每个企业在同一欧盟成员国内各自达到的营业额占其在欧盟范围内总营业额的三分之

二；


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If either of the EU thresholds is met, the proposed transaction must be notified to the European Commission.

如果上述两个门槛之一得到满足，必须向欧洲委员会通知所建议的交易。

National level 国家水准国家水准国家水准国家水准

The types of transactions affected by Italian anti-trust control include mergers, acquisitions of control and certain full-function joint ventures (that do not raise significant risks of co-ordination).

受意大利反垄断控制影响的交易类型包括并购、控制权收购及某些全功能性合资企业（这并不明显增加协

调风险）。

If the transaction satisfies either of the following two thresholds, it will be subject to review by the Autorità Garante della Concorrenza e del Mercato (the “Antitrust Authority”):

如果交易满足下述两个门槛之一，将受辖于意大利竞争和市场监管局（Autorità Garante della Concorrenza

e del Mercato）（反垄断机构）的审查：

(i) the undertakings concerned have an aggregate combined turnover in Italy of Euro 472 million in the prior financial year; or

相关企业在上一财务年度在意大利的合并营业总额达到 4.72 亿欧元；或者

(ii) the merged undertaking, the acquired undertaking or the joint venture company has an aggregate turnover in Italy of Euro 47 million in the prior financial year.

被并购的企业，被收购的企业和合资企业在上一财务年度在意大利的营业总额到达 4700 万欧元。

If either of the above thresholds is met, notification is compulsory.

如果上述门槛之一得到满足，则必须通知监管机构。

The notification should be made prior to the implementation of the agreement (closing date). The notification does not entail any obligation to suspend the transaction. The parties may proceed with the implementation of the transaction after filing and before clearance. However, if competition concerns arise, the Antitrust Authority may order the parties to suspend the implementation of the transaction until proceedings are terminated.

通知应在协议执行日期（截止日期）之前进行。通知并不意味着任何中止交易的义务。交易各方在申报后

和得到批准前可以执行交易，然而如果发生与竞争相关的事宜，反垄断机构可以指令交易各方中止执行交

易直至审查程序结束。



Foreign investment in Italy is generally unrestricted. Exchange control restrictions were eliminated effective as of 6 September 1993 by law No. 312/1993.

一般情况下外国投资在意大利不受限制。外汇管理限制通过1993年9月6日生效的1993年第312号法律被废

除。

Transfer of funds either in Italy or involving other countries may be subject to scrutiny pursuant to the anti-money laundering provisions of law No. 197/1991 (as subsequently amended) and a number of other laws and regulations.

无论在意大利还是涉及到其它国家的基金转让应根据1991年197号法律反洗钱条款（及后续修订）和其它法

律和规定进行审查。


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The most common forms of entity in Italy are Società per Azioni (“S.p.A.”) and Società a responsabilità limitata (“S.r.l.”). Their main characteristics are described below.

在意大利最一般的实体形式是股份公司（“S.p.A.”）和责任有限公司 (“S.r.l.”)。他们的主要性质如下：

• Società per Azioni

股份公司

(i) The S.p.A. is a company the capital of which is represented by shares; it is suitable for large scale and complex businesses and can either be a private or a listed company. The S.p.A. is the only form of company that can be listed on the Italian regulated markets.

股份公司是一种以股份形式体现其资本的公司，适宜大规模和复杂经济运作，既可以是私有也可以

是上市公司。股份公司是在意大利监管市场上唯一可以上市的公司形式。

(ii) The minimum share capital is Euro 120,000 (which can be provided in cash or in kind). The issue of shares as consideration for work and services provided by the shareholders is expressly forbidden.

最低的股权资本为 12 万欧元（可通过现金和实物出资）。明确禁止股东以劳务和服务作价购买股

份。

• Società a responsabilità limitata

责任有限公司

(i) The S.r.l. is a private company and is a convenient vehicle for small or family businesses because of the higher flexibility of its corporate governance rules when compared with those of a S.p.A.

责任有限公司是一种私有公司，而且是一种适宜小型或家庭经济的便利工具，因为它与股份公司比

起来，在公司治理规则方面具有较高的灵活性。

The minimum capital is Euro 10,000 (which can be provided with any item which is capable of being valued, including cash, assets, receivables and works or services provided by the shareholders).

最低注册资本为1万欧元（可通过任何能作价的对象出资，包括现金、资产、应收帐款及股东提供的劳务或

服务）。





The main provisions applicable to private company M&A are included in different sections of the Italian civil code, that deal with several matters like sale and purchase agreements, types of companies and their governance, mergers, demergers and other transactions out of the ordinary course of business.

适用于私营公司并购的主要规定由意大利民法典的不同章节提供，所规范的问题包括出售和收购协议，公

司类型及其治理，并购，分解和其它不属于正常经济程序的交易。


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The same provisions apply, on various respects, to listed company M&A and are supplemented by some specific rules included in: (i) the Legislative Decree No. 58/1998 as subsequently amended (the “Consolidated Finance Act”) and (ii) the Regulation No. 11971/1999 issued by the Italian Securities Market Regulator (CONSOB), as subsequently amended (the so called “Issuers’ Regulation”) that implemented a number of provisions of the Consolidated Finance Act.

从很多意义上来说，同样的规定也适用于上市公司的并购操作，但针对后者需要补充下述规定：(i) 1998 年

第 58 号法令及后续变更（综合金融法），(ii)由意大利证券市场监管机构（CONSOB）颁布的 1999 年第

11971 号条例以及有关“综合金融法”中一系列规定实施的后续变更（所谓的“发行人条例”）。

The principal issues arising under the provisions on the acquisition of listed companies are:

有关上市公司收购规定下的主要议题：

(i) disclosure obligations relating to the acquisition of interests over certain thresholds and on facts and other elements that may have an impact on the share price;

与超过一定门槛的股权收购有关的披露义务，对股份价格有影响的事实和其他因素的披露义务；

(ii) triggering of provisions on mandatory public tender offers and connected best price rule;

引发强制公开收购要约规定及最佳关联价格规则；

(iii) greater number of limitations and disclosure obligations and general subjection to scrutiny by the Italian Securities Market Regulator.

更多的限制和披露义务，全面受辖于意大利监督机构的审查。




Acquisition of shares in listed companies can be either performed through negotiation with one of more shareholders (so called “block trade”) or through a public offer launched on the market and targeting all the shareholders of the listed company (so called “public tender offer”).

收购上市公司的股份可以通过与众股东之一谈判（所谓的“大宗交易”）或通过向交易市场发布公开要约

（所谓的公开收购要约）并针对该上市公司的所有股东（所谓的“公开收购要约”）进行。



Hostile bids are permitted: pursuant to the Consolidated Finance Act, a target company of a hostile bid must refrain from implementing any measures that may be an obstacle to the offer, unless the shareholders meeting has authorised such measures.

敌意收购是允许的：根据综合金融法的规定，目标公司应该避免采取任何可能会对要约形成障碍的举动和

措施，除非股东大会批准采取这些行动。



Mandatory public tender offers must be launched by any person or entity who has acquired (also by acting in concert with other persons or entities) securities granting voting rights and control over the appointment or revocation of the directors or members of the supervisory board of the target in excess of 30% or certain other percentages established by the Consolidated Finance Act.

强制公开收购要约必须由已经购买了一定数量股票的个人或实体发出（也可以与其他个人或实体一致行

动），且该个人或实体所持有的股票超出对目标公司的董事或监事会成员的任命和撤销具有投票权和控制

权的 30%的持股比例或由综合金融法规定的其它比例。


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In mandatory tender offers there is a minimum price at which the offer must be made, which is equal to the highest price paid for the same securities by the bidder - or by persons acting in concert with it - over a period of 12 months before the filing of the notice with CONSOB referred to under paragraph 5 (i) below. In the event that no acquisition has been made in the previous 12 months, the minimum price is equal to the weighted average of the market price over the past 12 months or the shorter available period.

强制收购要约的最低价格相当于投标人或与其一致行动的人士在向证券交易所监管委员会发出通知前十二

个月时间内对该股份支付的最高价格，参照下述第 5(i)节。如果在前 12 个月内没有任何收购行为，最低价

格则相当于过去 12个月内或更短的可行时间段内的市场价格的加权平均值。



In a takeover bid, the bidder is required to provide the following key documents: (i) a formal notice to the Italian Securities Market Regulator (CONSOB) and to the market with the main terms and conditions of the offer and (ii) an offer document (a sort of prospectus).

在收购要约中，投标人需要提供以下重要文件：(i) 向意大利证券交易所监管委员会（CONSOB）和交易所

发出正式通知，在通知中注明要约的主要条款和条件(ii)要约文件（一种招股说明书）。



Only the offer document requires pre-approval by the Italian Securities Market Regulator (CONSOB) prior to publication.

只有要约文件在公开前需要意大利券交易所监管委员会的预先批准。



After publication of the offer document, a period starts for the shareholders to accept the offer: this period takes 15-25 trading days for mandatory takeover bids and 15-40 trading days in the other cases. The expiry date of such period may be postponed by CONSOB upon request from the bidder.

从要约文件公开至股东接受要约的时间：强制收购要约为 15-25 个交易日，而其它收购要约则为 15-40 个

交易日。这一时间段的截止日期可由 CONSOB在投标人的要求下延长。





In transactions involving larger targets it is common for parties to enter into agreements such as a Memorandum of Understanding (MOU), Letter of Intent (LOI), Termsheet, Framework Agreement that may include certain provisions (like exclusivity and confidentiality obligations) that are legally binding and other provisions (generally outlining the main terms and conditions of the acquisition) that tend not to be


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legally binding. The actual enforceability of such pre-contractual legal documents must be assessed on a case by case basis.

对于牵涉到大型目标公司的交易一般来说交易各方都会签署承诺性文件，比如备忘录，意向书，条款表，

框架协议，这些文件包含一些具有法律约束力的条款（比如排他性和保密责任），也包括其他不旨在施以

法律约束的条款（一般来说只是勾画出收购交易的主要条款和条件），这些预合同性质的法律文件的可执

行性必须要根据具体情况予以评估。




The duty to negotiate in good faith is provided for by law and is applicable to the negotiations irrespective that a LOI/MOU provides for it.

诚信谈判的义务是法律规定的，无论在意向书/备忘录中规定与否都适用。

The duty to act in good faith includes the duty to inform the other party of matters which might change its views on material aspects of the proposed transaction, to co-operate with a view to entering into a final binding agreement and not breaking off the negotiations without good cause (and notifying the other party promptly if such a cause arises), to observe reasonable standards in the performance of any contractual or pre-contractual obligations ad to observe ethical standards of behaviour.

诚信谈判的义务包括通知对方可能会改变其对建议交易重要方面观点的事宜，为达成一个最终的约束性协

议而合作，在非正常原因下不中断谈判（在产生某一中断原因时及时通知对方），在执行合同或预合同义

务中遵守合理的标准和行为道德规范。

Particular care should be taken by sellers when treating bidders differently (e.g. different amounts and quality of information provided of different procedures) or when not disclosing material information and also by buyers when considering whether to break off negotiations.

卖方以不同方式对待投标人（比如不同的价格和不同程序所提供的信息质量）或不披露重要信息时应特别

谨慎，同样买方在考虑是否中断谈判时也要格外谨慎。

Breach of the obligation to negotiate in good faith may result in a party being ordered to pay damages for losses suffered by the other party and any expenses that such party has incurred in pursuing the deal because it was not able to pursue other deals with different parties.

违反诚信谈判责任可能会导致一方因所遭受的损失，或为达成此交易而未能与其他第三方寻求其他交易而

产生的任何费用而要求另一方赔偿。


私私私私有并购交易中有并购交易中有并购交易中有并购交易中锁定锁定锁定锁定////排排排排他他他他性协议性协议性协议性协议（（（（是是是是指卖指卖指卖指卖方签方签方签方签署署署署的不与的不与的不与的不与（（（（例例例例如如如如））））第三第三第三第三方方方方谈判或谈判或谈判或谈判或签订签订签订签订协协协协议议议议的的的的协议协议协议协议））））是是是是


Lock-out and exclusivity agreements are common in M&A transactions even in case of competitive bid procedures in which agreements of this kind are executed upon completion of the bidding and identification of the preferred bidder.

在并购交易中的锁定和排他性协议是普遍的，在竞争性投标程序中这类协议是在投标完成并选出最佳投标

人的情况下签署的。

Usually, break-up fees are provided in the form of penalty clauses in connection with any potential breach of lock-out or exclusivity agreements.

一般情况下，终止费用是在处罚条款中针对可能发生的违反锁定或排他性协议而规定的。


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Break-up fees are valid, but where the amount of the break-up fee is not in line with the value of the potential acquisition, the party subject to the payment obligation may seek to have them reduced by judicial claim.

终止费用是有效的，但如果此费用不符合潜在收购价值，具有付款义务的一方可通过司法索赔减少终止费

用金额。




It is uncommon that the bidder and the target enter into any preliminary agreement, considering that the target is not part to the transaction but only the subject of it.

考虑到目标公司不属于交易的一部分而仅为交易的主题，投标人和目标公司达成某种初步协议则不是一种

普遍现象。




There are no regulatory constraints aimed at payment of break fees on M&A transactions. If a breach of the obligation to negotiate in good faith occurs, the general rules will apply (see answer to question No. 2 above).

针对并购交易终止费的支付不存在任何监管限制。如果违反诚信谈判责任，可适用一般规则（见上述第 2

个问题的答案）。




Italian law grants minority shareholders a number of rights, including the rights to (i) call shareholders’ meetings, (ii) obtain adjournment of shareholders’ meetings, (iii) prevent the adoption of any resolution of the extraordinary shareholders meetings, (iv) challenge resolutions adopted by the shareholders meetings, (v) complain to the board of statutory auditors, (vi) complain to the competent Court, (vii) act against the members of the board of directors and/or the board of statutory auditors for damages suffered by the company, (viii) act for damages against the parent company.

意大利法律赋予少数股东一系列的权利，包括(i)召集股东会议 (ii) 取得股东会议延期(iii) 防止采纳临时股东

会议决议 (iv) 对股东会议采纳的决议提出挑战 (v) 向董事会投诉监事 (vi) 向所辖法庭投诉 (vii) 因公司给其

带来的损失向董事会成员和/或监事会成员采取反对行为 (viii) 因所受损失向母公司采取反对行为。

The scope of the rights and the minimum shareholding required to benefit of those rights are different in private companies compared to listed companies, where, generally, minority shareholders enjoy greater protection.

少数股东的权利范围和享有这些权利所需持有的最少股份在私有公司和上市公司之间是不同的，上市公司

的少数股东享有更多的保护。


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Other minority protection rights may be agreed upon by the parties in shareholders agreements and other contractual instruments.

其它少数股东保护权利可在股东协议和其它合同性文件中中由双方议定。




The acquisition of shares does not cause a change of employer, and all the employment relationships continue with no changes to the terms and conditions of employment. Specific information and consultation rights of the unions can be provided by collective bargaining agreements. Moreover, collective bargaining agreements for executives may provide certain rights for executives to resign in case of a change of control.

股份收购不带来雇主变化，且所有的雇佣关系在保持原有雇用条款和条件的情况下继续。集体谈判协议规

定工会有对具体信息的知情权和协商权。而且，高层管理的集体谈判协议可以规定在公司控股权改变的情

况下高管有权辞职。



An asset deal resulting in a “transfer of business” or “part of a business” is governed by Article 2112 of the Italian Civil Code and Article 47 of Law No. 428/1990.

结果为“业务转让”或“部分业务转让”的资产交易活动受意大利民法典第 2112 条和 1990 年第 428 号法律第

47 条规定的制约。

(i) Definition of “transfer of business”

“业务转让”的定义

A “transfer of business” is defined by law as any transaction which results in the change of ownership of an organised economic activity. This definition is applicable regardless of the type of agreement or provision pursuant to which the transfer takes place: sale, merger, lease contract, etc., provided that the entity to be transferred is an organised activity; or, in the case of transfer of part of a business, a functional and autonomous part of an organised economic activity.

法律规定的“业务转让”是导致一个有组织性的经济活动的所有者改变的任何一种交易。无论转让发生

所依据的协议或条款的类型如何，这一定义都是适用的：出售、合并和租赁合同等，只要被转让实体是

一个有组织的活动；或者，在部分业务转让的情况下，被转让的实体为一个有组织的经济活动的一个

独立的功能性部分。

(ii) Union information and consultation procedure

工会信息和协商程序

When a transfer of business or part of it takes place, if the transferor employs more than 15 employees, the transferor and the transferee must inform the unions in writing (both the workplace union structures and the unions that are signatories to the national collective bargaining agreement applied by the transferor and the transferee) of the transfer at least 25 days before the deed of the transfer is executed (or a binding agreement is reached, if earlier). Within 7 days from the receipt of the letter containing the information on the transfer (i.e., the date of the transfer; the reasons on which the transfer is based; the legal, financial and social impact of the transaction on the personnel; and the measures that the parties are willing to take in relation to the involved employees), the unions can ask to initiate a joint consultation with the transferor and the transferee to discuss the transfer. Within 7 days from this request, the transferor and the transferee. must start the joint consultation. The


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examination is deemed completed after 10 days from the beginning of the consultation even if no agreement with the unions is reached.

当业务转让或部分业务转让发生时，如果转让方雇用的员工超过 15 名，转让方和受让方必须至少在转

让行为发生（或在达成约束性协议前，如果在先的话）前 25 天前以书面形式（既要向当地工会组织也

要向转让方和受让方适用的全国集体谈判协议的签署工会发送）就此转让交易通知工会。在收到包含转

让信息（即转让日期，转让理由；交易对员工可能产生的法律、财务和社会影响）的信函后 7 天内，工

会可以要求转让方和受让方就转让问题开始一个联合协商过程。在此要求提出后 7 天内，转让方和受让

方必须开始联合协商。在协商开始后 10 天后认为审查结束，无论与工会达成协议与否。

Failure to comply with the described union information and consultation procedure amounts to anti-union behaviour.

如不履行上述工会信息和协商程序，则构成反工会行为。

(iii) Effects of the transfer on individual employment contracts

转让对个人劳动合同的影响

Once the transfer is effective, the employment relationships of the transferred employees continue with the transferee (i.e., the new employer) and the employees retain all the rights acquired prior to the transfer. The transferee is jointly and severally liable with the transferor for liabilities related to work performed before the transfer (unless the transferor is expressly released by the employee from this liability through an agreement reached in front of the labour office or in the presence of union representatives). The transferee is also required to observe the economic provisions and the normative provisions (i.e., the provisions regulating the terms and conditions of employment, like working time, probation period, notice period in the case of termination of employment) of any applicable collective bargaining agreements applied by the transferor until the date of their expiry, unless they are replaced by other collective bargaining agreements applicable in the transferee’s company.

一旦转让生效，被转让方雇员的雇佣合同将针对受让方（即新雇主）继续有效，且雇员保留在转让交易

发生前所拥有的所有权利。受让方和转让方共同和分别对发生在转让前的与所完成工作相关的责任负责

（除非在劳动机关或在工会代表前达成的协议中员工明确宣布免除转让方的这一责任）。受让方还被要

求遵守适用的任何被转让方适用的集体谈判协议的经济和法律条款（即规范雇佣条款和条件的规定，比

如工作时间，试用期，雇佣终止时的通知期限）直至合同到期，除非在受让方公司这些协议被其它适用

的集体谈判协议代替。

Resignation within three months from the transfer is effective if the terms and conditions of employment change considerably.

如果雇佣条款和条件发生重大变化，在转让生效后三个月内辞职。

The law does not require the employees’ consent to the transfer but, if within three months the transfer is effective, the employment terms and conditions of employment change considerably, the employee can resign with immediate effect and is entitled to the indemnity in lieu of notice (plus all deferred remuneration accrued, including TFR) The “TFR” is a compulsory payment due in the event of termination of the employment relationship (dismissal, resignation, mutual termination etc.) as provided for by Article 2120 of the Civil Code. This provision states that TFR, which is to be considered as deferred remuneration, is accrued each year by the employer or periodically paid to pension funds, up to an amount that is equal to 1/13.5 of the total annual gross remuneration paid to the employee. This means that the employee is entitled, for every single year of employment, to a sum equal to approximately 7.4% of the ordinary annual remuneration and this amount is revaluated each year on the basis of an index linked to the Italian inflation rate.

法律不要求雇员对转让予以同意，但是，如果在转让后三个月内，雇佣条款和条件发生重大变化，雇员可

以辞职且立即生效，另外雇员有权得到工作终止赔偿金（加上所有的递延薪酬累积，包括 TFR）。

“TFR”是民法典第 2120 条规定的在雇佣关系终止时（解雇、辞职和相互终止等）的一种强制性付款。这

一规定指出 TFR 应被认为是一种递延酬薪，每年被雇主累计或定期支付给退休基金，直至达到付给雇员总

年薪的 1/13.5。这意味着雇员有权在每一单一雇佣年份得到相当于约正常年薪 7.4% 的金额，而且这一金额

每年都要根据与意大利通货膨胀率相关的指数重新评估。


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The collective bargaining agreements for executives also provide certain rights for executives that resign in the event of transfer of business.

高管集体谈判协议也规定一些在业务转让情况下的辞职权利。

Collective bargaining agreements that depart from provisions of law

集体谈判协议偏离意大利法律规定的情况

According to a recent reform, collective bargaining agreements entered into at a company or local level can depart from certain mandatory provisions if they are aimed to facilitate an increase in the workforce, improve the quality of the contracts of employment, adopt forms of employee participation, encourage the reporting of irregular employment; increase salary and competitiveness; manage a crisis; promote investments and start-ups. The provisions from which these collective bargaining agreements can depart are the following: installation of audio-visual devices and introduction of new technologies; duties, job classification and job level; limits to fixed term employment contracts, limits to contracts with flexible working time, joint and several liability of employer in service contracts, limits to temporary employment agreements; working time provisions; hiring and dismissal provisions, including those related to independent contractors.

根据最近的改革，在公司或地方级别生效的集体谈判协议可以偏离某些强制性规定，如果这些协议的目的

是利于劳动力增加，改善就业合同质量，采用雇员加入的形式，鼓励不合法雇佣的举报；提高薪水和竞争

力；管理危机；促进投资和初创企业。这些集体谈判协议可以偏离的规定如下：安装视听器材和其他新技

术的引入；职责、工种分类和工作级别；定期雇佣合同的限制，对带有灵活工作时间合同的限制，在服务

合同中雇主的联合和单一责任，对临时雇佣协议的限制；工作时间的规定；雇佣和解雇规定，包括与独立

承包商的合同关系。




Pursuant to Italian law, the purchaser of a business is jointly liable with the seller for the debts of the business resulting from the accounting books that have to be kept pursuant to the law.

根据意大利法律，业务买方和业务卖方对根据法律保管的账簿上记载的业务债务共同承担责任。




• On 20 June 2011 Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd., the listed China based manufacturer and of machinery for infrastructure and construction companies, acquired a 51% stake in Eden Technology s.r.l., an Italy based design projects and technical consultancy for manufacturing tyre-mounted straddle carriers and trolleys, launching gantries, cranes, formworks and special equipment, for a consideration of Euro 4.35 million.

2011年 6月 20日，秦皇岛天业通联重工股份有限公司，一家中国上市公司，为基础设施和建筑型公司

提供机器、设备和其它产品，收购了意大利公司 Eden Technology s.r.l.51%的股份，这是一家为轮胎

式跨运车和手推车制造提供项目设计和技术咨询的公司，开发龙门架、起重机、模板和其它特殊设备，

交易对价为 435 万欧元。

• On 1 March 2011 Peter Woo Kwong-ching, the Hong Kong based private investor, acquired an 8% stake in Salvatore Ferragamo Italia SpA, an Italy based luxury goods retailer, for an unspecified consideration.


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2011 年 3 月 1 日，香港私营投资公司 Peter Woo Kwong-ching，收购了意大利股份公司 Salvatore

Ferragamo Italia SpA 8%的股份，这是一家从事奢侈品零售的公司，交易对价不详。

• On 1 December 2010 Nauticstar Marine, the China based company specializing in researching, designing, manufacturing and selling automotive and marine products, agreed to acquire Cantieri Navali Lavagna, an Italian yacht making company, for a consideration of Euro 13.5 million. Cantieri Navali Lavagna had turned bankrupt in January 2010. Nauticstar Marine made the winning bid for the acquisition.

2010 年 12 月 1 日，青岛立行车船实业发展有限公司（ Nauticstar Marine），一家专门从事研发、设

计、制造和销售汽车及船舶产品的中国公司，协议购买意大利游艇制造公司 Cantieri Navali Lavagna，

交易对价为 1350 万欧元。Cantieri Navali Lavagna 于 2010年 1月份破产，Nauticstar Marine 在收购

招标中中标。

• On 30 June 2010 China Energy Conservation & Environmental Protection (Hong Kong) Investment Co., Limited acquired Italsolar S.r.l., a company operating in the energy industry, for a value of Euro 4 million.

2010 年 6 月 30 日中国节能环保（香港）投资有限公司（Energy Conservation & Environmental

Protection (Hong Kong) Investment Co., Limited）收购了一家意大利能源领域的公司 Italsolar S.r.l.，

交易价值为 400 万欧元。

• Other less recent Chinese acquisitions in Italy include those of CIFA Group by Changsha Zoomlion Heavy Industries S&T Development Co Ltd and Sergio Tacchini International S.p.A. by Hembly International Holding Ltd.

其它稍早些的中国在意大利的并购活动包括中国长沙中联重工科技发展股份有限公司对 CIFA 的收购，

Hembly International Holding Ltd.对 Sergio Tacchini International S.p.A.的收购。

Bonelli Erede Pappalardo (“BEP”) is one of the largest independent law firms in Italy, with offices in Milan, Rome, Genoa, London and Brussels. It offers a full range of commercial legal services, combining business acumen with academic excellence.

博多律师事务所（Bonelli Erede Pappalardo) 是意大利最大的独立律师事务所之一，在米兰、罗马、热那亚、

伦敦和布鲁塞尔都有分所。她结合了学术精华和商业的敏锐，向客户提供商法领域全方位的法律服务。

BEP is not only a leading law firm in Italy but also a successful independent international law firm; an essential part of its international strategy is to forge relationships with a wide number of other distinguished independent law firms in Europe and worldwide.

博多律师事务所不仅在意大利位居榜首，也是一家成功的独立国际律师事务所，她的国际战略的基本精神就是

与欧洲和世界上众多杰出的独立律师事务所建立友好合作的关系。

Our firm comprises 59 partners, 11 of counsel and 234 fee-earners and is supported by 125 staff employees. Among its 304 lawyers, BEP boasts 15 university professors.

我们的律师事务所包括59名合伙人，11名高级顾问和234名专业律师，125名雇员。在本所的304名律师中，15

名为大学教授。

For more information, please contact prof. Renzo Cavalieri ([email protected]).

更多信息，请与 Renzo Cavalieri教授 ([email protected])联系。

October 2011 Japan 日本

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JapanJapanJapanJapan 日本日本日本日本





Foreign investment in Japan is widely encouraged by the Japanese government. When a foreign company acquires shares in a Japanese company, it may be required to make a filing with a relevant governmental office before or after the event pursuant to foreign investment laws, including the Foreign Exchange and Foreign Trade Law.

日本政府是大力鼓励外国投资者在日本投资的。当外国公司取得日本公司的股份时，有可能需根据包括外汇

法以及外国贸易法在内的外汇法管制进行事先申报或者事后申报。

On rare occasions, the Ministry of Finance (“MOF”) and the Ministry of Economy, Trade and Industry (“METI”) may request that changes be made to the share acquisition plan, or even demand that the plan be halted.

作为例外情况，有时财务省（“MOF”）以及经济产业省（“METI”）可能会要求变更取得股份的计划，甚至要

求停止相关计划。

Controls on foreign investment / 对外国投资的管对外国投资的管对外国投资的管对外国投资的管制制制制

In principle, when a foreign investor makes an inward direct investment, it is required to make a filing with the Minister of Finance and other relevant ministers through the Bank of Japan within 15 days of the transaction. If a foreign company first establishes a Japanese subsidiary and then has that subsidiary acquires the shares, either alone or together with other foreign individuals or entities, the same controls will apply. However, if a Japanese company that has an ownership relationship with a foreign company makes the acquisition, the controls will only apply where the foreign entity or entities hold more than 50% of the voting rights.

原则上，“外国投资者”进行“对内直接投资”时，应在交易后15日内通过日本银行向财务大臣以及相关大

臣进行申报。如果外国公司首先设立日本子公司，之后由该子公司作为收购人单独或者与其他海外个人取得

股份时，也会受到同样的管制。但是与外国企业存在资本关系的日本公司作为主体进行收购的，仅在持有表

决权50%以上的情况下，才会受到管制。

If the target is a listed company, the controls will not apply if less than 10% of its shares are acquired. However, if the target is not listed, there will be an obligation to make a filing even if only a small quantity of shares are acquired.

属于上市公司的，如果取得的股份低于股份总数的10%，则不适用上述管制。但是，如果是非上市公司，即

使是取得极少数的股份也有申报的义务。

Filing before the event / 事事事事先先先先申报申报申报申报

In rare cases, such as when an industry relating to state security or public safety is involved, a filing will be required to be submitted for review three months before the transaction. Such three month review period may be extended to up to four months, and if the minister deems that a review by the Council on Customs, Tariff, Foreign Exchange and other Transactions is necessary, the period may further be extended for an additional one month. If, ultimately, the minister deems that the transaction poses a problem for state


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security, he may suspend the transaction.

作为例外情况，例如与安全保障或公众安全有关的行业，必需在交易之前的3个月内进行申报。但是，该期

限可以延长至4个月。此外大臣如果认为需要关税、外汇等审议会审查的，可以再次延长1个月。最终，如果

大臣认为该交易在国家的安全保障方面存在问题时，则可能下达中止劝告。



In addition to the general foreign investment controls mentioned above, there are also other foreign investment controls that apply to specific industries.

除了上述一般的外资管制之外，还存在对于个别行业的外资管制。

For example, foreigners are prohibited from directly or indirectly holding more than one-fifth of the voting rights of Nippon Telegraph and Telephone Corporation (“NTT”), Japan’s largest communications provider. Foreigners are also forbidden from becoming directors of that company or any of its local affiliates, Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation.

例如，对于日本最大的通讯运营商日本电信电话株式会社（“NTT”），根据特别法禁止外国人直接或间接持

有五分之一以上的表决权。同时，也禁止外国人成为该公司以及该公司的关联地域公司东日本电信电话株式

会社以及西日本电信电话株式会社的董事等。

Japan has also formulated certain controls for the broadcasting industry. Under the Radio Law and the Broadcast Law, when a foreigner or foreign company’s voting rights directly or indirectly reach 20% or more, any change to shareholder name in the register of shareholders can be refused and a new broadcasting license cannot be issued to such company.

日本也制定了对播放业的管制。根据电波法、播放法的规定，当外国人或者外国公司的表决权直接或间接的

达到 20%以上时，可以拒绝在股东名册上进行股东名义变更，并且，不能向这样的公司颁发新的播放局的许

可证。



When acquiring a company in Japan, it will be necessary under certain circumstances, to make a before-the-event filing with the Japan Fair Trade Commission (“JFTC”). In certain situations, the JFTC will have the authority to prohibit an acquisition. Although there are many ways for foreign enterprises to acquire a Japanese enterprise, at present, most Chinese enterprises taking over Japanese enterprises do so by means of an acquisition of shares. Below is a brief guideline of the filing process.

在日本进行企业收购时，在一定的情况下，也需向公正交易委员会（JFTC）进行事前申报。并且在特定情

况下，公正交易委员会有权禁止收购。外国企业收购日本企业的方法虽然有很多，但目前中国企业收购日

本企业大多采取取得股份的方法。以下是关于申报过程的简短介绍。

Triggers for filing requirement持持持持股股股股比例比例比例比例

Unlike in China, in Japan, even the acquisition of a minority of a company's shares can trigger the requirement for filing. When a holding of the target company’s voting shares exceeds 20%, such requirement will be triggered. A further requirement is triggered when the holding passes the 50% mark. Such percentages are not considered solely from the perspective of the acquirer of the shares, but are determined based on the criterion of the “combined business group”, the definition of which is stipulated in the Anti-Monopoly Law in Japan.

与中国不同，在日本即使取得少数的股份也存在需申报的情况，当持有对象公司的表决权股份的比例超过

20%时即属于这种情况。当比例超过50%时则需要进一步的申报。该表决权持有比例并不是单独从股份取得

者来看，而是以“企业集中集团”这一标准进行判断。“企业集中集团”是指，该公司所属企业集团，即

位于经营控制顶点的最终母公司与被该母公司直接或间接控制的公司等所形成的集团。


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Sales turnover criteria / 销销销销售售售售额标额标额标额标准准准准

In addition to shareholding thresholds, there are also conditions relating to sales turnovers. A filing must be made firstly with respect to the company acquiring the shares, when the total sales turnover in Japan of the combined business group of which the acquirer is a part exceeds JPY 20 billion, and secondly, with respect to the target company, when the total sales turnover in Japan of the target company alone and/or that of its subsidiaries exceeds JPY 5 billion.

另外，还存在销售额相关的条件。首先，(1) 对于取得股份的公司，就该股份取得者的企业集中集团，以在

日本国内的销售额总额超过200亿日元，以及 (2)就对象公司，以对象公司单独以及其子公司的日本国内销

售额总额超过50亿日元为标准。

Filing date and waiting period / 申报期限和审批期限申报期限和审批期限申报期限和审批期限申报期限和审批期限

When a filing related to a share acquisition is made, such acquisition may not be effected until 30 days after the date on which the filing is accepted. However, when deemed necessary, the JFTC may shorten this period. If the JFTC issues an order restricting such share acquisition, it will, in principle, notify the party during the 30-day period (or the shortened period). However, if the JFTC deems it necessary to conduct a more detailed review, it may require the concerned party to submit additional reports or information. If it requires such documents, it will give notice of the contents of the anticipated order 120 days after the date of acceptance of the filing or 90 days after the date of acceptance of all the documents, whichever is later.

在进行取得股份相关的申报时，自该申报被受理之日起30天以内无法实施股份取得。但，公正交易委员会

认为需要时，可以缩短该期限。

公正交易委员会就该股份取得下达某种限制命令时，原则上，会在该30天的期限（或短缩的期限）内通知

当事人，但公正交易委员会认为需要更加详细的审查时，可以要求当事人提交追加报告或资料。要求这些

报告等时，自受理申报之日

起经过120天之后之日以及受理所有报告等之日起经过90日之后之日中较晚之日为止，将会就预计的命令的

内容等进行通知。



There are currently no significant exchange controls restricting exchange of foreign currency.

目前没有关于外国货币兑换的重大的管制。




Under the Companies Act of Japan, a company may exist in the form of a stock company, a general partnership company, a limited partnership company or a limited liability company. The stock company is the most common type of company.

日本公司法中规定的公司形式包括股份公司、普通合伙公司、有限合伙公司和有限责任公司,其中股份公司

最为常见。


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Companies Act / 公司公司公司公司法法法法

The Companies Act of Japan applies to all companies registered in Japan. There are also various detailed rules and regulations which exist as subordinate legislation under the Companies Act, including the Order for Enforcement of the Companies Act. The Companies Act and its subordinate legislations collectively regulate company matters, including:

日本的公司法适用于所有在日本登记注册的公司。作为该公司法的下位法令，存在着像公司法实施法令等

很多详细的法令或者规则。公司法及其下位法令，规定了包含以下内容的公司相关的事项：

• corporate structure and internal organization;

公司结构以及内部组织

• stock (common stock, classified stock, etc.);

股份（普通股份、种类股份等）

• establishment and liquidation of company;

公司的设立以及清算

• merger, company split, share-exchange, share-transfer; and

合并、公司分立、股份交换以及股份转移

• dividends.

利润分配

Financial Instruments and Exchange Act (the “FIEA”) / 金融商金融商金融商金融商品品品品交易交易交易交易法法法法（（（（FIEA））））

The FIEA regulates sales or purchase of securities, market derivative transaction, underwriting of securities, offering of securities etc. The takeover bid regime in Japan is also governed by the FIEA. The FIEA also covers insider trading regulations in M&A and large-shareholding disclosure which might be necessary in M&A transactions.

金融商品交易法规定了证券的卖出和买进、衍生产品的交易、证券的认购、证券的募集等事项。日本的要

约收购规制也在金融商品交易法中规定。金融商品交易法同时规定了在 M&A 中的内幕交易规制以及在

M&A中有可能必要的大量持股报告。

Listing Rules / 上上上上市市市市规则规则规则规则

The Listing Rules of stock exchanges in Japan are also main sources of law applicable to M&A transactions. In Japan, there are six stock exchanges, including the Tokyo Stock Exchange. Since there are slight differences among the listing rules of each stock exchange, parties to M&A transactions should first identify which set of rules apply to the transaction.

证券交易所的上市规则也是 M&A 交易中可能适用的规则的依据。在日本，有包括东京证券交易所在内的 6

个证券交易所。因为这些证券交易所的规则有一些差异，所以 M&A 交易的当事人首先需要考虑适用哪个规

则。

Others / 其他其他其他其他

US securities regulations may also apply to a TOB in Japan if any of the target company’s shareholders are


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US residents.

如果对象公司的股东是美国的居住者，还有可能适用美国的证券交易规则，这一点需要留意。




The major methods of acquiring a listed company include:

收购上市公司股份的方法主要包括以下方法：

• a takeover bid (“TOB”) by the purchaser to purchase the shares of the target company;

收购者购买对象公司的股份的要约收购（TOB）

• a business acquisition;

业务转让

• a company merger, company split, share-exchange and other such methods under the Companies Act.

公司的合并、公司的分立、股份交换以及其他公司法规定的方法



Hostile takeover bids are permitted in Japan. Due to several controversial hostile takeover bid cases which took place in the past, many Japanese listed companies implement countermeasures against hostile takeover bids. Typical countermeasure against hostile takeover bids include poison pills that issue equity warrants for the purpose of diluting equity stakes of hostile takeover purchasers.

恶意的收购在日本是被认可的。因为过去发生过很多引来非议的要约收购的例子，很多日本的上市公司都

在探讨针对恶意收购的防御策略。典型的防御策略是以稀释恶意收购者的表决权持有比例为目的，发行新

股预约权的所谓毒丸的方法。



In general terms, the TOB procedure must be implemented under the following circumstances:

通常，有下列任一情况时，会被强制要求进行TOB手续：

• if, after an acquisition of shares off the stock market, the percentage of the target company’s shares held by the acquirer and its connected persons would exceed 5% unless, within 60 days, persons numbering fewer than 10 attempt a takeover;

60天内超过10名的人（不包括10名）在场外收购股票等，在其收购后股票等持有比例超过5%的;

• if, within 60 days, the shareholding percentages of persons numbering fewer than 10 exceeds one-third after acquiring shares off the market;

60天内10名以内的人（包括10名）在场外收购股票等，在其收购后股票等持有比例超过三分之一的;

• if, through ToSTNeT trading or other such so-called specific trading, the shareholding percentage of the acquirer exceeds one-third; or

ToSTNet交易等通过非常规交易时段交易进行收购，在其收购后股票等持有比例超过三分之一的


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• if, within three months, more than 10% of the shares are secured through acquisition or the issuance of new shares and if among those a portion exceeding 5% of the shares was acquired off the market and if, thereafter, the acquirer’s shareholding percentage exceeds one-third, he will be required to carry out the TOB procedure (the so-called “Rapid By-out Rule”).

关于已经开始要约收购的目标公司，要约收购人以外的股票等持有比例超过三分之一的收购人在其要约

收购期间收购超过 5%的股份的（急速收购规则）.

The regulation of simple share increases (issuances of new shares, etc.) targeted at particular third parties is not one of the objectives of the TOB system, however, in transactions covered by the Rapid By-out Rule, share increases inevitable become a target of the TOB rules.

对特定的第三者单纯的增加股份（如发行新股）的情况下，不受TOB制度的规制。但是，在上述适用急速

收购规则的情况下，即使是增资也是TOB制度的对象。

The acquisition of shares from an affiliate (the FIEA contains a more specific definition for this term) is not subject to the TOB system because there is no change in control.

从关联公司取得股份（有详细的规则）的情况下，因为没有支配权的转移，所以不成为TOB规则的对象。



The purchaser may determine the takeover price based on the share price and his objectives, but he will be required to disclose in detail the basis of such calculation. Accordingly, if the TOB procedure is to be carried out by offering a large premium or at a discount, the purchaser needs to consider whether he can substantiate the reasonableness of the basis upon which the price was calculated.

收购者可以根据股价和该收购者的目的等自己决定要约收购的价格。但是，需要公开计算的依据。因此，

如果 TOB 手续中出现收购价格大幅度超过市场价格或者低于市场价格的情况下，收购者需要作出该收购价

格是合理的说明。



Key documents in a takeover bid under the FIEA include:

金融商品交易法中规定的关于要约收购的主要文书包括以下几种：

• Takeover Bid Public Notice: This is a notice given by the purchaser to the public. A TOB, by definition, starts when the Purchaser issues the Public Notice. The Purchaser must make a Public Notice when it initiates a TOB.

要约收购开要约收购开要约收购开要约收购开始始始始公告公告公告公告: 这是收购者对公众进行的公告。在法律上，TOB 从公告之日起开始。收购者在开

始 TOB时必须进行公告。

• TOB Registration Statement: On the date of the Public Notice (the “Public Notice Date”), the purchaser must file a TOB registration statement with the relevant authority.

要约收购申报要约收购申报要约收购申报要约收购申报书书书书: 收购者在进行公告的当日，需要向相关政府机关提出要约收购申报书。

• TOB Prospectus: The purchaser must prepare a prospectus on the TOB and provide the same to the shareholders of the target company. The contents of the TOB Prospectus are almost identical to the TOB Registration Statement.

要约收购要约收购要约收购要约收购说明书说明书说明书说明书: 要约收购者需要准备要约收购说明书，交付给对象公司的股东。要约收购说明书的内

容和要约收购申报书的内容基本一致。

The forms of the abovementioned disclosure documents (except for the Public Notice) are provided in the FIEA.


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金融商品交易法规定了这些文书的样本（除了公告）。



No approval is required.

不需要审批。



There are detailed rules in the FIEA. Based on the key provisions in the FIEA and usual practice in Japan, a general scenario of a friendly takeover bid is as follows:

金融商品交易法中有详细的规定。根据金融商品交易法的主要规定以及在日本的运用情况，友好的要约收

购一般包括以下的手续：

•••• Announcement Date: announcement by purchaser of firm intention to make an offer;

公告日：收购者表明收购意思的公告

•••• Day 0: the purchaser must file a TOB Registration Statement with the relevant authority and provide the TOB Prospectus to the shareholders of the target company;

同日: 收购者必须向相关政府机关提交要约收购申报书。另外还要向对象公司的股东提交要约收购说明

书。

•••• Day 10 (business day): the target company must express its opinion about the TOB (i.e., in favor, against, or reserved) and file such opinion with the relevant authority within 10 business days from the Public Notice Date.

第 10 个工作日：对象公司在要约收购开始公告之日起 10 个工作日内，必须将关于要约收购的意见作

成意见表明报告书（赞成、反对、意见保留等），向相关政府机关提交。

•••• Day 21 (business day): earliest possible first closing date for acceptance of offer;

第 21个工作日：最早的要约收购的完成日。

•••• Day 60 (business day): latest possible date for receipt of acceptances;

第 60个工作日：最晚的要约收购的完成日。

•••• Post-TOB: The purchaser must make a public announcement of the result of its TOB on the day immediately following the last date of the TOB Period. In addition, the Purchaser must also file a TOB report with the relevant authority.

要约收购期间后：要约收购者在要约收购期间的最后一日的次日，必须公开要约收购的结果。同时，收

购者也必须向相关政府机关提交要约收购报告书。





In private company M&A transactions in Japan, it is common for the parties to enter into a preliminary document, such as a “Memorandum of Understanding” or “Letter of Intent”. Generally the purpose of


185

such a document will be to set out, on a non-legally binding basis, the proposed terms and conditions of the transaction. There is no standard form for such a document.

在日本，进行非上市公司的 M&A 交易时，签订备忘录或者意向表明书等初步的合意书的情况比较多。一般

情况下，在这些合意书没有法律约束力的前提下规定当时的基本的约定的情况比较多。这些文书没有固定

的样本。




If a preliminary document, such as a “Memorandum of Understanding” or “Letter of Intent”, is entered into on non-binding basis, such agreement does not create a legal obligation. However, it is commonly recognized that the parties should negotiate in good faith once signing the preliminary documents stipulating such manner of negotiation. If a party makes false or misleading statements to the other party in the preliminary document, this may give rise to liability for fraud, deceit and/or misrepresentation.

如果备忘录或者意向表明书等初步的合意书是没有法律约束力的前提下做成的，则该合意书不能构成法律

上的义务。如果当事人在这种初步的合意书中记载虚假或者引人误解的内容，不能否认有承担欺诈或者违

反意思表明的责任的可能性。




It is common in Japan for the purchaser to seek and be provided with exclusivity, under which the seller of the target company agrees not to solicit or entertain offers from third parties. Under Japanese law, such agreements should generally be valid if the duration of the exclusivity period and other conditions are reasonable.

在日本，可以要求规定独占交涉权，并且，这样规定的情况比较多。在这种合意下，约定对象公司不得再

向第三者劝诱，不得进行收购者的招募。在日本法下，如果这样的独占的期间以及其他条件合理，这样的

合意通常是有效的。



通常通常通常通常要处理哪些要处理哪些要处理哪些要处理哪些类类类类问问问问题题题题？？？？

The purchaser, seller and target company are not legally required to enter into any preliminary agreement in order to implement a takeover of a listed company. However, it is common for purchasers and target companies to enter into preliminary agreements dealing with matters such as confidentiality and acquisition contracts with large shareholders under which the existing shareholder(s) will accept the bid once formally made.

法律上没有要求买方和卖方或者目标公司为了实现对上市公司的收购而签订初步的合同，但是，买方和目

标公司签订初步的合同约定保密事项、和大股东签订收购合同以便在正式出价时现有的股东能接受，这是

很常见的。


186




There are no specific statutory rules which regulate the payment of break fees, and in Japan break fees are not as common a feature of M&A transactions as in the UK or USA.

没有明确的法律规则规定收购不能继续进行时须支付的费用。在日本不能继续收购的费用不具有像英国或

者美国的 M&A交易中的特征。




Veto right in Shareholder resolutions / 股股股股东东东东决决决决议议议议否决权否决权否决权否决权

In Japan, a “special resolution” in shareholders’ meeting of stock company is adopted if the following two requirements are satisfied; (i) shareholders representing more than one-half (or, if a proportion of one-third or more is provided for in the articles of incorporation, such proportion or more) of the total voting rights of all shareholders are in attendance at such shareholders meeting, and (ii) the matter is resolved by a majority of two-thirds (or, if a higher proportion is provided for in the articles of incorporation, such proportion) or more of the votes of the shareholders in attendance at such shareholders meeting. Such matters requiring special resolution include any change in the articles of association, business transfer, share exchange, share transfer, company split and merger, dissolution, etc. The Companies Act of Japan is quite flexible and allows for the articles of association to change certain matters to some extent.

在日本，如果满足以下两个要求，股份公司的股东大会将采取“特别决议”。（1）有具有能够行使表决权的

股东所持表决权的过半数的股东出席（或者，如果公司章程中规定了三分之一以上的比例，则为该比例或

其以上比例）（2）该事项应该由出席股东会议的具有表决权的多数股东的三分之二或以上（如果公司章程

规定了更高的比例则为该比例）的股东通过。要求特别决议的事项包括修改公司章程、业务转让、股份交

换、股份转让、公司分立和合并、解散等。日本的公司法是相当灵活的，因此公司章程可以在一定程度上

改变某些事项。

Other protections / 其他保护其他保护其他保护其他保护

There are a number of other protections for minority shareholders. Some protections requires a certain shareholding proportion and other such conditions. Such minority shareholders’ right includes:

对少数股东还有一些其他的保护。某些保护要求有一定的持股比例和其他条件。这些少数股东权利包括：

• More than one third of the voting rights: Veto a special resolution at the shareholders meeting (as noted above);

三分之一以上的表决权：在股东大会上否决一项特别决议（如上所述）

• 10% or more of the voting rights: Lawsuit for dissolution of a company;

10%或以上的表决权：提起解散公司的诉讼

• 3% or more of the voting rights: Request for appointment of an inspector to inspect on the execution of business, objections to the waiver of liability of directors, request for convocation of a general meeting of shareholders;

3%或以上的表决权：申请选任执行业务有关的检查人员；反对免除公司董事责任；请求股东召集股东

大会

• 1% or more of the voting rights, or 300 or more voting rights: Shareholders’ right to make proposals at shareholders meeting, etc.;


187

1% 或以上，300个或更多的表决权：在股东大会上追加议案的股东权利

• Continuous ownership of 6 months (even for only 1 share): Request for lawsuit to pursue liability of directors, etc.; and

持续持股 6个月（即使仅 1 股）：提起对董事的诉讼，等

• All shareholders regardless of shareholding number and period: Request for suspension of issuance of new shares, etc.

无持股数量和期间的限制：请求暂停发行新股，等




In general, the acquisition of the shares of a Japanese company will not affect the employer-employee relationship. New contracts of employment will therefore not be required. Collective employment agreements may contain specific consultation obligations which would have to be complied with by the acquirer or by the target company.

通常情况下，获得日本公司的股份不会影响劳资关系。因此不会要求签订新的劳动合同。集体劳动协议中

可能包含某些具体的协商义务，对于这些义务，收购方或者对象公司应该遵守。



If an acquisition is made by way of business transfer, generally the consents of individual employees are necessary. The purchaser of business may choose to retain the employees' current terms and conditions, or may instead choose to enter into new agreements with each employee. If an acquisition is made by company split, the multitude, as well as the specific content of employment-related regulations will become applicable factors and in some cases the consents of individual employees will consequently become necessary. There is no obligation on an employer to consult with employees prior to transferring a business although some collective agreements may have consultation clause in case of such business transfer.

如果收购的方式是业务转让，则通常需要个别员工的同意。受让方可以选择维持员工现有的条件和条款，

或者代替该选择而和每个员工签订新的劳动合同。如果收购的方式是公司分立，则很多和劳动相关的详细

的规则都会适用，在某些情况下也是需要个别员工同意的。雇主没有义务在进行业务转让前和员工进行协

商，虽然一些集体合同中可能有在进行业务转让时的协商条款。




In a business transfer, the acquiring company can prevent the assumption of contingent liabilities by excluding the assumption of any liabilities, other than those clearly identified in the business transfer agreement. However, under the Commercial Act of Japan, where an acquiring company continues to use a corporate name that is identical to that of a transferring company, the acquiring company may be required to assume the liability of the transferring company. The underlying idea of this theory is the protection of creditors who believe in the continuation of the pre-transfer business. This assumption of liability can be excluded by way of a "discharge registration" that can be registered with the local legal affairs bureau without delay after the close of the transfer, which should be undertaken in ordinary cases where the corporate name of the acquiring company and that of the transferring company are identical.


188

在业务转让中，受让方可以通过排除承担一切债务的方式防止承担有可能存在的债务。除非这些债务在业

务转让合同中明确写明。但是，在日本法下，如果受让方继续使用和转让方一致的公司名称，则受让方有

可能承担转让方的责任。这一做法的理论是保护相信被转让前的业务继续存在的债权人。这一责任的承担

可以通过“免责登记”的方式免除。转让方需要在转让结束后毫不迟延地向地方法律事务局进行登记。这

在一般的案件中，当受让方和转让方的公司名称一致时都应承担的。

In addition to the above, court precedents have forced acquiring companies to assume the liabilities of the transferring company even where the business transfer agreement did not provide for the assumption of such liability in cases where such acquiring company used a corporate name that, while not identical, is significantly similar to that of the transferring company, and/or where creditors believe in the continuation of the pre-transfer business from ongoing business by such acquiring company.

此外，法院判例在某些情况下会强行受让方承担转让方的责任，即使在业务转让协议并没有提到这种责

任，如在受让方使用一个和转让方公司名称不一致但是极度相似，使和/或债权人可以相信被转让前的业务

在继续进行着。




There has been an increasing number of M&A activities by Chinese companies in Japan over the past five years, mainly in the manufacturing sector but also in apparel as well as other sectors. Many of the targeted Japanese companies have their own unique techniques and/or brands. Examples of recent M&A activity include.

在过去的 5 年里，已经有越来越多的中国公司在日本进行 M&A 活动。主要集中在制造业、服装业以及其他

的行业。很多目标日本公司具有自己独特的技术和/或品牌。最近的 M&A活动的例子包括以下：

• Suntech Power Holdings Co., Ltd. acquired 100% shares of MSK Corporation, a Japanese manufacturer of photovoltaic cells and modules. In this transaction, Suntech first acquired a two-thirds equity interest in MSK Corporation in August 2006 for $107 million in cash through a combination of subscription of new shares and purchase of existing shares, and subsequently acquired the remaining 476,576 shares of MSK from MSK shareholders through the issuance of 1,310,328 Suntech shares as consideration. (2006, 2008)

无锡尚德太阳能电力有限公司(Suntech Power)全资收购日本太阳能电池制造商 MSK。收购分为两个阶

段进行，第一阶段 Suntech Power)以 1.07 亿美元收购 MSK接近 67%的股权，第二阶段收购 MSK剩

余的股份，金额介于 5300 万至 1.93 亿美元之间。(2006年)

• Ningbo Yunsheng Co., Ltd., a PRC automobile parts manufacturer, acquired a 79.13% stake in Japan Nikko Electric Industry Co., Ltd. a Japanese automobile parts manufacturer, for 11.7 billion yen. (2009)

中国汽车零部件制造商宁波韵升股份有限公司以总价约 11.7 亿日元收购日本汽车零部件制造商日兴电

机工业株式会社 79.13%的股权。（2009年）

• Suning Appliance Co. Ltd., through its offshore vehicles, acquired 27.36% of the shares of LAOX Co., Ltd., a Japanese listed electronics retailer, and in 2011 raise its stake to 65%.（2009, 2011）

苏宁电器 2009 年通过境外设立的全资子公司收购了日本家电零售商 Laox 株式会社 27.36%的股权；

2011年又通过认购定向发行股份，持股比例增至 65%。（2009年，2011 年）

• BYD Auto Co. Ltd., a PRC car manufacturer, acquired a plant located in Japan from Ogihara Corporation, a leading Japanese die manufacturer. (2010)

中国汽车制造商比亚迪全资收购了日本大型金属模具制造商荻原公司的馆林模具工厂。（2010年）

• Shandong Ruyi Science & Technology Group Co., Ltd. acquired a 41.53% stake in Renown Co., Ltd., a Japanese clothing company, for about JPY 4 billion. (2010)

山东如意科技集团有限公司（Shandong Ruyi Science & Technology Group）以约为 40 亿日元的价格

收购了日本有名的成衣运营商 RENOWN 公司 41.53%的股权。（2010年）


189

• Marlion Holdings Limited acquired a more than 50% stake in Honma Golf Co. Ltd., a famous Japanese golf club manufacturer.（2010）

Marlion Holdings Limited.收购日本著名高尔夫球具制造商本间高尔夫株式会社（“HONMA GOLF”）约

过半数的股权。 (2010年)

• Lenovo and NEC Corporation established a joint venture in Japan. Lenovo held a 51 % stake in the joint venture, while NEC held a 49 % stake.(2011)

联想集团与 NEC 成立合资公司共同组建日本市场上最大的个人电脑集团。联想将持有新合资公司 51%

的股份，而 NEC 则持有 49%的股份。（2011年）

• Shenzhen AVIC Optoelectronics Co., Ltd. a group company of Tianma Micro-electronics Co. Ltd. acquired a 70% stake in NEC LCD Technologies, Ltd. (2011)

深圳中航光电子有限公司，天马微电子股份有限公司旗下的公司收购了 NEC 液晶科技公司 70%的股

份。（2011年）

• Haier acquired refrigeration and washing machine business units in Japan and Southeast Asia from Sanyo for about 100 million. (2011)

海尔以约 100 亿日元的价格收购日本综合家电制造商三洋电机株式会社在日本以及东南亚的冰箱和洗

衣机业务。（2011年）

Anderson Mori and Tomotsune is one of the BIG 4 law firms in Japan with more than 300 lawyers, including lawyers qualified in Japan and in other jurisdictions. We have had Beijing office since 1998 to serve Chinese companies in cross border corporate/M&A transactions, international capital markets transactions, trading, cross-border dispute resolution (litigation and arbitration). Based in our Beijing and Tokyo offices, our China Practice is comprised of a critical mass of Japanese qualified lawyers as well as PRC lawyers, all of whom are fluent in Mandarin, English and Japanese and who have a deep understanding of China's business and legal landscape. For more information, please contact Hiroshige Nakagawa ([email protected]). His phone is +86-10-6590-9060 (Beijing office) or +81-3-6888-1174 (Tokyo office).

安德森·毛利·友常律师事务所作为日本四大律师事务所之一，拥有具备日本及其他地区律师资格的超过 300名

的律师。本事务所北京代表处自 1998年设立以来一直竭诚为中国企业提供跨国并购、国际资本市场、商贸、

跨国争端解决（诉讼和仲裁）等多领域相关的法律服务。我们的中国室是由本事务所北京代表处和东京总部经

验丰富的日本律师和中国律师组成，他们均精通中文、英语和日语，且深入了解中国的经济和法律形势。若您

想了解更详细的信息，请联络中川裕茂(([email protected])，电话+86-10-6590-9060 (北京

代表处) 或+81-3-6888-1174 (东京总部)。

October 2011 Macau 澳门

190

MacauMacauMacauMacau 澳门





Foreign investment is generally unrestricted and foreign buyers are normally not required to register or obtain government approval.

外国投资一般是不受限制的，而外国买家一般无需登记或取得政府的批准。

The general conduction of business in Macau, even in a non-regular basis, will require registration with the tax bureau.

即使为非经常性的业务，在澳门进行商事行为一般须向税务部门登记。

There is no system for evaluating national security issues arising from foreign investment in Macau.

在澳门并没有对外国投资进行国家安全评估的系统。



In certain industries, the approval of – or the communication to – the relevant regulatory authority may be required for change of ownership or even acquisition of a minority interest. These industries mainly include:

在特定行业中，股权的转变或对少数股东权益的取得须得到相关监管机构的批准或向其作出通知。这些行

业主要包括：

• Banking and other Financial Institutions (pursuant to the Macau Monetary Authority regulations)

银行业及其他金融机构（根据澳门金融管理局的规例）

• Insurance (pursuant to the Macau Monetary Authority regulations)

保险业（根据澳门金融管理局的规例）

• Gaming (pursuant to the Gaming Inspection and Coordination Bureau regulations)

博彩业（根据博彩监察协调局的规例）

• Telecommunications (pursuant to the Bureau of Telecommunications Regulation regulations)

电讯业（根据电信管理局的规例）

• Aviation (pursuant to the Civil Aviation Authority regulations)


191

航空业（根据民航局的规例）

• Health and Pharmaceuticals (pursuant to the Health Bureau regulations)

卫生及医药（根据卫生局的规例）

• Education (pursuant to the Youth and Education Bureau regulations)

教育（根据教育暨青年局的规例）


是否是否是否是否存存存存在并购控在并购控在并购控在并购控制法制法制法制法规规规规，，，，如有如有如有如有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例如如如如，，，，有有有有关关关关机构机构机构机构////机机机机关及关及关及关及时时时时限要限要限要限要求求求求）？）？）？）？

Anti-trust or competition is regulated in the Macau Commercial Code. The Code does not contemplate a regime for merger control.

反垄断或竞争受澳门商法典的规管；但该法典并没有注视并购控制的事宜。

There are certain industry sectors with merger controls, which are enforced by the relevant regulatory authority, as there is no centralized competition regulatory agency.

由于并不存在中央的竞争监管机构，特定行业的并购控制事宜由相关监管部门负责。



There are no exchange control restrictions on movement of currency into or out of Macau.

澳门对货币的流入或流出并没有外汇管理限制。




In Macau, the most common types of corporate legal entities are the following:

在澳门，以下为最常见的公司法人实体类型：

Limited Liability Companies 有限责任公司有限责任公司有限责任公司有限责任公司

Limited Liability Companies (“LLC”) are the most common type of company in Macau and are usually incorporated by service providers and manufacturers in industries like construction, food and beverage, trading, hospitality, information technology, etc. The share capital structure is divided into quotas corresponding to a certain pecuniary amount.

有限责任公司 (“LLC”) 为澳门最普遍的公司类型，并通常由服务业或制造业的经营者所设立，如建筑业、餐

饮业、贸易、酒店、信息科技等。其资本结构被划分为相对于特定金额的股 (quotas)。

•••• MOP$25,000.00 minimum share capital

最低资本额为澳门币$25,000.00 元

•••• Minimum of 2 and maximum of 30 shareholders; no nationality restrictions on shareholders; no minimum local shareholding requirements

股东的人数下限为 2名，上限为 30名；没有股东国籍的限制及本地股东持股的要求


192

•••• shareholders identification is of public access

股东身份资料是公开的

•••• Minimum of 1 director and when 3 or more are appointed, a board of directors may be set up; no nationality restrictions on directors appointment; no local director requirements.

最少 1名董事；拥有 3名或多于 3名董事时，可设立董事会；没有任命董事的国籍限制或本地董事的要

求。

The whole incorporation process takes around 2 to 3 weeks until final registration at the Macau Commercial Registry.

直至于澳门商业登记局作出最终登记，整个设立公司的过程约为 2-3星期。

Single Shareholder Limited Liability Companies 一人有限公司一人有限公司一人有限公司一人有限公司

If one company or one individual incorporates an LLC and intends to hold the total share capital, the company shall be subject to the provisions applicable to Single Shareholder LLC. There are only two major operational differences between LLCs and Single Shareholder LLCs:

倘一间公司或一位自然人设立一间公司并全资控股，该公司便适用一人有限公司的规定。而有限责任公司

及一人有限公司的两个主要分别为：

•••• denomination of “Single Shareholder Limited” in Portuguese and Chinese name of the company;

中文及葡文的公司名称上须具有 “一人有限公司” 的表述；

•••• legal transactions between the Single Shareholder LLC and its shareholder must be in writing and subject to prior approval by an independent auditor.

一人有限公司与其股东间的法律交易须以书面作出并得到独立核数师的预先批准。

Joint Stock Companies 股份有限公司股份有限公司股份有限公司股份有限公司

Joint Stock Companies are typically incorporated for regulated activities (such as gaming operators, banking, finance, energy, telecom, aviation) or for investment purposes.

股份有限公司通常为特定行业（如博彩营运者、银行、金融、能源、电讯、航空）或投资目的而设立。

•••• MOP$1,000,000.00 minimum share capital

最低资本额为澳门币$1,000,000.00 元

•••• minimum of 3 shareholders; no nationality restrictions on shareholders; no minimum local shareholding requirements

股东的人数下限为 3名；没有股东国籍的限制及本地股东持股的要求

•••• shareholders identification is not of public access and it is registered only with the Company’s Share Register Book available only to shareholders.

股东的身份资料是不公开的，但须登记于为股东而设的公司股东登记簿册内

•••• the board of directors must have a minimum of 3; no nationality restrictions on directors appointment; no local director requirements.

董事会的人数下限为 3人；没有任命董事的国籍限制或本地董事的要求。

The whole incorporation process takes around 2 to 3 weeks until final registration at the Macau Commercial Registry.

直至于澳门商业登记局作出最终登记，整个设立公司的过程约为 2-3星期。

Macau Commercial Offshores 澳门商业离岸公司澳门商业离岸公司澳门商业离岸公司澳门商业离岸公司


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A Macau Commercial Offshore (“MCO”) is typically incorporated for fiduciary asset management, offshore financial services and a limited scope of commercial and ancillary services including IT equipment and programming consultancy, data processing, data room activities, administrative and archive services, investigation and development, research and technical analysis and management and administration of ship and airplanes.

澳门商业离岸公司 (“MCO”) 通常为设立以下行业的公司：信托资产管理、离岸金融服务及特定范围的商业

及辅助服务业务，包括信息设备顾问、信息顾问及程序编写、数据处理、数据库业务、行政及档案支持业

务、研究及开发业务、技术试验及分析业务以及船只及航空器经营及管理服务。

With a favorable tax regime, the incorporation of a MCO is subject to prior approval from the Macau Trade and investment Promotion Institute (“IPIM”). The license is granted to shareholders with specific background, business models and investment plans, and therefore, any subsequent changes of the corporate structure are subject to approval of IPIM before submission to the Macau Commercial Registry.

受惠于税务优惠，MCO 的设立须得到澳门贸易投资促进局 (“IPIM”) 的预先批准。此准照只给予具特定背

景、商业营运模式及投资计划的股东；因此，在交予澳门商业登记局作出登记前，任何公司架构上的变动

须得到 IPIM的批准。

The MCOs minimum share capital is MOP$25,000.00 and must provide an annual report and balance sheet to IPIM in the end of each financial year. The MCOs are not authorized to operate with residents or in the local currency (Pataca).

MCO 的最低资本额为澳门币$25,000.00 元及必须于每一财政年度结束时向 IPIM 递交每度报告及资产负债

表。MCO不得参与本地居民或以本地货币 (澳门元) 结算的业务。

Branches 分支机构分支机构分支机构分支机构

A branch office (“Branch”) or, as literally defined in the Commercial Code, a “permanent representation office” is not an independent legal entity and is considered, in practical terms, as an extension of its head office (“Head Office”).

分支机构，或如商法典所述的 “常设代表处” 并不是独立的法律实体，在实践上，它只是其总公司的延伸。

The Branch is subject to registration with the Commercial Registry and the Head Office must allocate a certain amount as capital of the Branch, in a minimum of MOP$25,000.00.

分支机构须向商业登记局作出登记，而总公司须调配特定数额的资本予分支机构，最少为澳门币

$25,000.00 元。

The Head Office may appoint representatives for the Branch, one of which must be a Macau resident.

总公司可任命分支机构的代表人，但其中一位必须为澳门居民。





Macau Commercial Code 澳澳澳澳门商门商门商门商法法法法典典典典

The Commercial Code applies to all companies incorporated and registered under its provisions and to the commercial relations between them and foreign companies, as well as to individual entrepreneurs and non-incorporated businesses. The Commercial Code governs M&A transactions of Macau companies and transfer of businesses dealing primarily with the following issues:

澳门商法典适用于所有根据其而设立及登记的公司、个人商业企业主及非以公司设立的业务，以及它们与

外国公司的商事关系。商法典还规管澳门公司的并购交易及商业业务的转让，主要包括：


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•••• mergers, demergers and transformation of companies;

公司的合并、分立及变更；

•••• winding up and liquidation procedures;

解散及清算程序；

•••• regulation of shares and quotas acquisition and limitations to transfer;

股份及股的取得及转让限制；

•••• transfer of businesses and transfer of credits, debits and contracts;

业务、债权、债务及合同的转让；

•••• anti-trust and competition.

反垄断及竞争。

Macau Commercial Register Code 澳澳澳澳门商业登记门商业登记门商业登记门商业登记法法法法典典典典

The Commercial Register Code applies to all entities incorporated and registered under the provisions of the Commercial Code and sets outs the facts subject to mandatory registration and respective proceedings of registration and publicity.

澳门商业登记法典适用于所有根据商法典设立及登记的实体，规定受制于强制登记的事实以及登记及公开

的相关步骤。

Offshore Activity Ordinance (Decree-law no. 58/99) 离岸离岸离岸离岸业务业务业务业务法令法令法令法令 (第第第第 58/99号法令号法令号法令号法令)

The Offshore Activity Ordinance applies to comercial and financial offshore companies incorporated and registered under its provisions and governs their incorporation, authorization process and activity, setting out regulatory control on M&A transactions involving such companies.

离岸业务法令适用于已成立及登记的商业及金融离岸公司，并规管它们的设立、许可程序及业务，并对这

些公司的并购设定了监管。




Macau does not have a regulated securities market, thus queries related to transfer of listed companies do not apply.

澳门没有受规管的证券市场，因此，上市公司的转让问题并不适用。



N/A. 不适用。



N/A. 不适用。


195



N/A. 不适用。



N/A. 不适用。



N/A. 不适用。



N/A. 不适用。





In M&A transactions involving Macau companies it is standard for the parties to enter into preliminary agreements. There is no legally required form for such agreements and they are often described as “Memorandum of Understanding”, a “Letter of Intent”, a “Term sheet” or other.

涉及澳门公司并购交易的各方均会签署初步协议。而法律上并没有对这些协议作出要求，它们一般被称为

“备忘录”、“意向书”、“关键性条款”或其他。

Such contract will set the terms and conditions of the transaction and may include confidentiality, exclusivity and/or penalty clauses. The rights and duties arising therefrom are binding between the parties, unless stated otherwise. These agreements generally do not prevail against third parties.

这些合同设定了交易的条款及条件，可包括保密性、排他性及/或惩罚性条款。除了另外规定外，这里的权

利及义务均约束交易各方；而这些协议一般不得对抗第三方。

The common practice in Macau for M&A transactions is to enter into promissory agreements, with binding obligations and with the standard conditions precedent, undertakings, representations and warranties.

澳门并购交易的一般操作为签署承诺协议，规定具约束性的义务、先决条件、承诺、陈述及保证。


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Under Macau law there is a general legal principle to negotiate, enter into and execute agreements in good faith and its breach may result in liability for damages.

澳门法律中存在善意地商讨、执行和订立协议的普遍法律义务；违反它可产生损害赔偿责任。

Prior to the execution of an agreement a defaulting party may still be liable for damages, under certain circumstances, if there was a legitimate expectation for the conclusion of the transaction.

在签署任何协议之前，违约方可因对交易存在合理期望，在特定情况下负上损害赔偿责任。




It is a standard contractual practice to enter into an agreement that provides potential purchasers with exclusive rights under which the target company agrees not to solicit, negotiate or enter into similar agreements with third parties.

合约上的标准操作为签署一份协议，赋予潜在买方排他的权利，而目标公司同意不与第三方对类似的协议

作出要约、商讨或签署。

It is also possible for parties to limit (by value, type or object) the agreements that the target company can enter into during the negotiations period in order not to materially affect the value or the financial exposure of the company or its businesses.

各方可于协议内设定限制 (价值、类型或客体上)，如目标公司于商讨期间不能作出实质影响其公司或业务

价值或财务风险的行为。




N.A. 不适用。




There are no regulatory constraints that impose or set the payment of break fees on M&A transactions. Nevertheless, if parties have entered into a preliminary agreement, the defaulting party will be liable for damages arising from the breach of contract.

没有法规专门针对不进行交易时的终止交易费。然而，若各方已签署初步协议，违约方仍需因违约而负上

损害赔偿责任。


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Parties may also pre-determine the existence and extension of break fees by establishing penalty clauses on the context of a preliminary agreement. Such clauses can be supervised and the agreed fees can be reduced by a Court of Law.

通过于初步协议内的违约金条款，各方亦可预先设定终止交易费的存在及其范围；而法院可对这类条款进

行监察及对所设置的费用进行扣减。




Under Macau law a person acquiring a non-controlling interest in a company has generally the same rights as a dominant shareholder, in the respective proportions of the share capital held, namely the right to receive a portion of the company’s profits, to appoint and be appointed to the company’s governing and supervising bodies, to obtain information about the company and to take part on the shareholders meetings and resolutions.

根据澳门法律，取得非控权利益的人士所拥有的权利一般与控权股东相同，但受到其所持股的比例限制，

尤其是收取公司盈利的权利、任命及被任命为公司管理及监察机构、取得公司信息及参与股东会议并作出

决议。

However, the equality principle can be limited by the company’s by-laws, which can impose restrictions, namely by setting a de minimus requisite, to exercise the right to request information directly to the management body or to exercise voting rights (in the case of joint stock companies). Likewise, a minimum of 10% of the share capital is required for a shareholder to summon an extraordinary general meeting, as well as to claim liability from the directors of the company. Nevertheless, minority shareholders have the right to group in order to reach the required limited for the exercise of such rights.

然而，公司的内部章程可受平等原则的限制，特别是针对内部章程为向管理机关直接要求信息的权利或行

使投票权 (股份有限公司的情况) 时所设立的最低门坎。同样，为召开特别会议及追索公司董事的责任，最

少 10%的公司资本额是必须的。然而，少数股东有权组织起来以达至行使有关权利的所需要求。

On the other hand, a controlling shareholder is liable for damages caused to the company or the remaining shareholders deriving from the use of its controlling powers. Also, material resolutions such as mergers, demergers, conversions or the winding up and dissolution of the company, must be approved by two thirds of the share capital.

此外，控权股东对其行使控制权而对公司或其他股东所造成的损害负责。再者，重要的决议，如公司的合

并、分立、转换、解散及清算，须得到总资本额三分之二的股东同意。




A simple share or quota acquisition of a Macau company will not have an impact on employment contracts of the target company and will not affect the employer / employee relationship. New contracts of employment will therefore not be required although appropriate steps may be necessary if those employees participate in group incentive or benefits schemes. A share purchase will not trigger any consultation obligations.

对于澳门公司简单的股份或股的取得并不影响目标公司的劳动合同及雇主与员工间的关系。如果员工参加

了集体奬励或福利计划，可能会引起相应的步骤，但劳动合同是无需重新签署的。而股权的收购并不会引

发任何协商义务。


198



Unless other Unless otherwise agreed between the parties, there is an automatic transfer of the targeted business credits to the purchaser. On the other hand, the purchaser will be liable for all debts or obligations of the business registered in the mandatory bookkeeping prior to the transfer. The seller will, however, remain liable for such debts and obligations, unless the creditors expressly waive such liability.

除非各方另有规定，目标业务的债务将自动地转移予买方。此外，买方对转移前所有登记于法定账目的所

有债项及义务负责。然而，除非债权人明示作出免除其责任，卖方将继续承担其债项及义务。

On the contrary, credits and debits of a company will remain with such company in the event of transfer of its ownership.

相反地，在所有权移转的情况下，公司的债权及债务将维持于该公司内。wise agreed between the parties, there is an automatic transfer of employment contracts in case of transfer of and undertaking, business or part thereof in Macau. However, such transfers constitute cause for termination by the employee, entitling the employee to severance payment. The total amount of statutory severance payment to any employee cannot exceed MOP$168.000,00 (approximately US$15.000,00).

除非各方有特别的决定，企业、业务或其一部分的转移会导致劳动合同的自动移转。然而，这类移转可成

为员工终止劳动关系的理由并取得遣散费；而任一员工的法定遣散费总额不得高于澳门币$168.000,00 元

(约为$15.000,00美元)。

Both parties will be jointly and severally liable towards the employees regarding credits matured on or before the transfer date. Nevertheless, the employee has the right to waive the transferor’s liability.

各方将对员工于转让日或之前已产生的债务负上共同及连带责任；然而，员工有权免除转让人的责任。




Unless otherwise agreed between the parties, there is an automatic transfer of the targeted business credits to the purchaser. On the other hand, the purchaser will be liable for all debts or obligations of the business registered in the mandatory bookkeeping prior to the transfer. The seller will, however, remain liable for such debts and obligations, unless the creditors expressly waive such liability.

除非各方另有规定，目标业务的债务将自动地转移予买方。此外，买方对转移前所有登记于法定账目的所

有债项及义务负责。然而，除非债权人明示作出免除其责任，卖方将继续承担其债项及义务。

On the contrary, credits and debits of a company will remain with such company in the event of transfer of its ownership.

相反地，在所有权移转的情况下，公司的债权及债务将维持于该公司内。




There is a large stream of PRC M&A transactions in Macau. The Special Administrative region benefits from a long lasting business relationship with mainland China, with whom has entered into several trade and investment agreements (the Close Economic Partnership Agreements or “CEPA”).


199

在澳门，与中国有关的并购活动非常活跃。澳门特别行政区受惠于与中国大陆的持续商贸关系，并签署了

数份商贸投资的协议 (如更紧密经贸协议 CEPA)。

The number of M&A transactions is expected to grow following the resolution of PRC in increasing the central role of Macau as the preferred platform for the link with the Portuguese Speaking Countries markets. The strategic importance of the Macau business platform was underlined with the 3rd China/Macau – Portuguese Speaking Countries Summit, held in 2010, where a USD$1billion development fund and a RMB$1.6 billion credit line were set up with the aim of reaching a US$100 billion trade and investment volume by 2013.

在中国大陆决定加强澳门作为连结葡语系国家的平台角色后，预料并购交易的数量将不断增加。而澳门作

为商贸平台的策略重要性已显现于 2010 年举办的中葡论坛第三届部长级会议，当中设置了 10 亿美元的发

展基金及 16 亿人民币的信用额，而 2013年的贸易投资预期将达到 1000 亿美元。

MdME has recently assisted on major investments and transactions involving PRC companies and groups in the areas of Real Estate, Hospitality, Industrial Businesses (namely in coffee, electronics and appliances) and Construction.

MdME 一直协助涉及中国大陆的重大投资及交易，当中涉及房地产、酒店业、工业 (如咖啡、电子产品及家

用产品) 及建筑业。

MdME is a leading Macau full-service law firm, which assists some of the major corporations operating in

Macau, in such diverse areas as gaming, real estate, banking, finance, construction, infrastructure,

transportation, retail, intellectual property, technology and telecom. We are involved in the largest finance and

infrastructure projects launched or announced in Macau over the last four years (light rail, hospitality and

residential projects, energy and incineration plants, HK-Zhuhai-Macau Bridge, Casino developments and

financings etc.) and represent key-players in such projects.

MdME 为澳门领先的全方位服务律师事务所，协肋各大企业于澳门营运，尤其是以下的不同领域：博彩、房地

产、银行、金融、建筑、基础建设、交通、零售、知识产权、科技及电讯。我们参与最近四年于澳门已启动及

已宣布的大型融资及基建项目 (轻轨、酒店及住宅项目、能源及焚化工厂、港珠澳大桥、赌场的发展及融资等)

并在这些项目中代表主要参与者。

MdME was ranked as a highly recommended law firm by the Chambers and Partners Asia 2011 and Chambers and Partners Global 2011, stating that “The firm offers a full service to domestic and multinational corporations and has established a dedicated China Investment Department to assist outbound investors from the PRC entering Portuguese markets.”

MdME 在亚洲律师事务所及合伙人 2011 (Chambers and Partners Asia 2011) 及全球律师事务所及合伙人

2011(Chambers and Partners Global 2011) 均得到高度评价： “此律师事务所向当地及跨国企业提供全面的服

务，并设立了专门的中国投资部门，以协助来自中国的对外投资者进入葡国市场”。

For further information, please contact: Gonçalo Mendes da Maia ([email protected]), Rui Pinto Proença ([email protected]) or José Lupi ([email protected]).

详情可联络 Gonçalo Mendes da Maia ([email protected]), Rui Pinto Proença ([email protected]) 或 José Lupi ([email protected]).

October 2011 Malaysia 马来西亚

200

MalaysiaMalaysiaMalaysiaMalaysia 马来西亚马来西亚马来西亚马来西亚

思纪龄





Previously, the prior approval of the Foreign Investment Committee ("FIC") would generally be required where a foreign interest acquires 15% or more of a Malaysian company or it, together with other foreign interests, acquire 30% or more of a company in Malaysia. The approval of the FIC would also be required in takeovers of a Malaysian company.

之前，如一个外国买方要购买一家马来西亚公司股份之 15％或以上，或与其他外国买方，共同收购一家马

来西亚公司 30%的股份，必须得到外国投资委员会（“FIC”）的事先批准。此外，在收购一家马来西亚公司

之前，外国买方必须获得 FIC的事先批准。

As a major initiative to ease doing business in Malaysia and to make Malaysia more attractive as an investment destination, wide-ranging deregulation of the investment guidelines administered by the FIC was announced by the Prime Minister of Malaysia during the Invest Malaysia Conference on 30 June 2009. With effect from 30 June 2009, the FIC no longer processes any share transactions, nor impose equity conditions on such transactions. However, the national interest in terms of strategic sectors will continue to be safeguarded through sectoral regulators and companies in such sectors will continue to be subject to equity conditions imposed by their respective sector regulator. Examples of such strategic sectors include ports and airports, property, defence, public transportation, telecommunications, oil and gas, banking, insurance, direct selling / multi-level marketing companies.

为了使马来西亚成为更有吸引力的投资目标以及让投资者更容易在马来西亚经商，马来西亚首相在2009 年 6

月 30 日舉行的“投资马来西亚会议”中宣布撤销外国投资委员会(FIC)管制的投资准则。从2009年6月30日即

时生效，FIC 将不再处理任何股份交易，亦不在这些交易强加股权条件。然而，为了保障国家利益，各个不

同领域的监管机构将会继续为该领域的公司设定不同的股权条件。这些领域当中包括了航务业和航空业，房

地产业，国防部，公共交通，通讯，石油和天然气，银行业，保险业，直销业/多层次传销公司。



Approvals may be required pursuant to certain industry-specific laws and/or regulation for a change of shareholding or acquisition of minority interest. For instance, there are specific regulatory requirements to be complied with in the banking, insurance, stock broking and manufacturing industries. The threshold of foreign equity that may be approved in relation to mergers or acquisitions differs according to the industry.

某些行业的法律和条例列明了股权更换或收购少数股东权益必须得到该领域的监管机构的批准方可实行。这

些行业包括银行业，保险业，股票经纪业和生产企业。所设下的外资参股条件将会因行业而异。


201



The Malaysian Competition Act 2010 was passed by Parliament on 6 May 2010 but will only come into effect on 1 January 2012. The Act prohibits anti-competitive agreements between enterprises and abuse of dominant position. However, the Act does not contain any merger control provisions.

马来西亚竞争法2010在2010年5月6日得到了议会通过，但是只会在2012年1月1日起生效。该法律禁止企业

之间的反竞争协议和滥用市场支配的地位。然而，该法案不包含任何合并的管制规定。


是是是是否否否否存存存存在在在在任任任任何外汇管理限何外汇管理限何外汇管理限何外汇管理限制制制制？？？？

Under the foreign exchange rules administered by the Central Bank of Malaysia, there is no restriction on repatriation of capital, profits, dividends, interest, fees or rental derived from foreign direct investment.

根据马来西亚中央银行对外汇管理政策，在马来西亚所赚取的薪金、工资、版税、佣金、红利、利息、收

费或租金源于在马来西亚的投资，将不会受到任何遣返回国的限制。




In Malaysia, the most common type of corporate legal entity is a company incorporated under the Companies Act 1965.

在马来西亚，最常见的公司法人实体类型是依据公司法 1965所设立的公司。

Any two or more persons may incorporate a company. Although there are three types of companies that may be formed, the most popular is a company limited by shares where the personal liability of members is limited to the amount if any, unpaid on their shares. A company may be either a private limited or a public limited company.

任何两个或两个以上的人可设立一所公司。虽然可成立的公司有三种类型，但最常见的公司的是有限公

司。有限公司的成员的最大风险是失去所投资的股份。一所公司可列为私人有限公司或公众有限公司。

A private limited company is one whose articles of association restrict the right of its shareholders to transfer their shares, restrict the number of shareholders to 50 and prohibits any invitation to the public to subscribe for its shares or debentures or to deposit money with it. A public limited company however, is generally one that desires to raise capital from the public. Such companies typically go on to seek listing of their shares on Bursa Malaysia Securities Berhad, the Malaysian stock exchange.

一家私人有限公司的组织章程限制其股份转让权，股东限制于 50 人，并禁止邀请公众人士认购其股份或债

券，或将钱寄存于该公司。公众有限公司一般是用于筹集公共资金。这类型公司通常会将其股份上市在马

来西亚的证券交易所，Bursa Malaysia。

Instead of forming a local company, a foreign company may choose to operate a branch in Malaysia. A "branch" does not have a separate legal entity. It is registered in Malaysia as a foreign company under the Companies Act 1965. However, note that there are certain activities/businesses which are not permitted to be carried on by a branch in Malaysia.

与其设立一家本地公司，外国公司可选择在马来西亚注册一家分公司。这家分公司是没有独立的法人实

体。该分公司将会依据公司法 1965被注册为外国公司，但有些企业或业务是不能由分公司进行的。


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Mergers and acquisitions in Malaysia are generally governed by the Capital Markets and Services Act 2007 (“CMSA”) (Part VI Division 2), the Malaysian Code on Takeovers and Mergers 2010 (and the accompanying Practice Notes) (the “Code”) and the Companies Act 1965 (“Companies Act”).

马来西亚并购交易的三个主要法律法规是资本市场和服务法 2007（“CMSA”）（第六部分第 2 分部），

马来西亚公司收购及合并守则 2010（和所附的实践说明）（“守则”）和公司法 1965（“公司法”）。

Part VI, Division 2 of the CMSA provides for the codification of the principles and rules relating to takeover offers, mergers and compulsory acquisitions.

CMSA的第六部分，第 2部阐明有关收购要约，兼并和强制收购的原则和规则。

The Code applies to offers for shares in public companies in Malaysia (whether listed or unlisted), companies that are incorporated outside of Malaysia but listed on any stock exchange in Malaysia and real estate investment trusts that are listed on any stock exchange in Malaysia. The Code’s main objective is to ensure that the acquisition of voting shares or control of companies takes place in an efficient, competitive and informed market. The Practice Notes to the Code has the status of rulings and it provides guidance and directions on the practical issues in respect of takeover offers and the circumstances in which exemptions from having to extend an offer may be obtained.

本守则适用于上市或是非上市的公众公司、任何在马来西亚证券交易所上市的外国公司和房地产投资的信

托基金。 “守则”的主要目的是要确保收购表决权股份或公司的控制权能在一个高效，竞争力强的市场中

进行。守则的实践说明也有提供在关收购要约和豁免延长要约时限的实际议题。

The Code covers various matters in respect of mandatory, voluntary and partial offers. It sets out in detail the requirements in respect of a takeover offer, including the information to be provided in press notices, the form and manner of the offer document, the obligations of the board of the target company, the terms of the offer, the determination of the offer price, the consideration for the offer, the timing of the offer and the respective obligations of the offeror and the offeree.

“守则”涵盖了强制性、自愿性和局部性要约的各项事宜。它列明收购要约必须符合的条件，当中包括了在

报纸刊登所需的资料按通知、要约文件的形式、目标公司董事局的义务、要约的条款、要约的代价条款、

要约的时序和要约人与受要约人的义务。

The Companies Act requires, inter alia, disclosure of certain interests in shares and provides for compulsory acquisition rights under certain circumstances. It also provides for the procedure or means of obtaining control of a company through a scheme of compromise or arrangement between the target company and its shareholders or any class of them under Section 176 (“Section 176 Scheme”).

“公司法” 规定股票中的某些利益必须被透露，和阐明了在某些情况下的强制收购权利。此外，根据公司法

第 176 条，要约人也可以与目标公司及其股东或任何阶级的股东提出一计划方案以控制一家公司

Mergers and acquisitions are also subject to the listing requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) if they involve companies or subsidiaries of companies which are listed on the stock exchanges of Bursa Malaysia. The Securities Commission (“SC”) and Bursa Malaysia are the principal regulatory authorities in the context of mergers and acquisitions.

若兼购交易涉及在马来西亚证券交易所（“Bursa Malaysia”）上市的公司或子公司，该交易也会同时受到

Bursa Malaysia的上市规则。证券事务监察委员会（“Securities Commission, “SC”）和 Bursa Malaysia是

监管兼并和收购的主要部门。


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The principal methods of acquisition of a public listed company in Malaysia are as follows:

收购马来西亚的上市公司的主要方法如下：

• The making of a general takeover offer (whether mandatory, voluntary or partial) to the shareholders of the target company; or

对目标公司的股东作出一般的收购要约（不论是强制性，自愿性或部分性的要约）;或

• Through a scheme of arrangement between the target company and its shareholders or any class of them under Section 176 of the Companies Act 1965. A Section 176 Scheme requires the consent of a majority in number of the shareholders having 75% in value of the target company's shares as well as the approval of the court. Once these approvals are obtained, the court order is binding on the rest of the target company's shareholders.

与目标公司及其股东或任何阶级的股东提出一计划方案。此方案是依据公司法 1965 年第 176 条文。这

方案须要向拥有 75％目标公司的股份的股东获得大部分的同意，同时也必须得到法院的批准。一旦获

得批准，法院的命令是对目标公司的其他股东具有约束力。



Hostile bids are permitted in Malaysia but do not occur frequently as the controlling shareholdings in Malaysian public listed companies are commonly held by friendly parties, thus reducing the chances of success for hostile bids.

虽然敌意收购在马来西亚是被允许，但此类收购并不普遍，因为大多马来西亚上市公司的控股股权是被友

好政党所持有的，从而减少敌意收购成功的机会。



The Code provides that a mandatory offer shall apply to an acquirer in the following situations:

“守则”列明在以下情况将会产生强制性要求收购义务：

(a) where the acquirer has obtained control (i.e. the acquisition or holding of, or entitlement to exercise or control the exercise of, voting shares or voting rights of 33% or more) in a company; or

收购者已获得在一家公司的控制（通过收购或持有控股，或有权行使或控制行使 33％或以上的投票权

或表决权股份）;

(b) where the acquirer has acquired more than 2% of the voting shares or voting rights of a company in any period of 6 months and that acquirer's holding was more than 33% but not more than 50% of the voting shares or voting rights of the company during that 6 months period,

在任何 6 个月的期间内，收购者获得在一家公司超过 2％的投票权或表决权股份，同时此收购者的控股

超过 33％，但不超过 50％的投票权或表决权股份，

irrespective of how control or acquisition is to be effected, including by way of a scheme of arrangement, compromise, amalgamation or selective capital reduction. The holdings of persons "acting in concert" are to be included when determining whether the thresholds have been exceeded.


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不论如何控制或收购生效（包括任何计划方案，妥协，合并或选择性资本削减计划的方式）。为了确定以

上所定下的户限是否已超出阈值时，人士的“行事一致”控股将被列入为考虑因素之一。



For mandatory general offers, the consideration offered by the offeror cannot be less than the highest price (excluding stamp duty and commission) paid or agreed to be paid by the offeror, or any person acting in concert with the offeror, for any voting shares or voting rights of the target company within six months prior to the beginning of the offer period.

在强制性全面收购要约的情况下，收购者/要约人提供的价格不能低于所支付的最高价或受要约人同意支付

的或与要约人一致的任何人所支付的最高价（不包括印花税及佣金）。此最高价是根据目标公司的表决权

股份或目标公司的投票权在要约期开始前的六个月的价钱。



The key documents received by the target company's shareholders in relation to a takeover offer (whether the offer is hostile or recommended by the board) are:

目标公司的股东在要约收购中（不论要约是否是敌对的，或由董事会推荐）将会得到的重要文件包括：

Written notice. The target company's board of directors is required to post a written notice of the offer to all the target company's shareholders within seven days of receipt of the offer from the offeror.

书面通知。目标公司的董事会必须在获得要约之后的七天以内，以书面形式通知目标公司的所有股东。

Offer document. The offer document must contain all the information that the target company's shareholders and their professional advisers would reasonably need and expect to find in order to make an informed assessment about the offer and must include information within the knowledge of the offeror and persons acting in concert with it. This information includes:

收购建议文件。要约文件必须包含的信息是为了让目标公司的股东和他们的专业顾问在合理的情况下，作

出一个知情评估，这信息必须包括要约人和与它一致行动的人所持有的信息。这些信息包括：

• the identity of the ultimate offeror, if any;

最终要约人的身份(如有)；

• information on the offeror and the parties acting in concert with it (including names, shareholdings in the target company, names and shareholdings of its directors and substantial shareholders);

收购人及一致行动人士的信息（包括姓名，在目标公司所持有的股权，其董事及主要股东所持有的股权

和姓名）；

• terms and conditions of the offer;

要约的条款及条件；

• offeror's intentions regarding the continuation or change to the target company's business and the continued employment of the target company's employees; and

要约人对于延续或改变目标公司的业务和目标公司的员工的就业的意图；

• whether the offeror has any intention to exercise compulsory acquisition rights.

要约人是否有任何意图行使强制收购权。


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The offeror must post the offer document, as approved by the SC, to the target company's board of directors and shareholders within twenty one days from the date of sending the written notice of the offer.

要约人需在发送书面通知后的 21 天之内，把委员会所批准的收购建议文件提交给目标公司的董事会和股

东。

Acceptance form. The acceptance form which is to be completed by the target company's shareholders who wish to accept the offer is usually attached to the offer document.

接纳表格。接纳表格通常是附加在收购建议文件。

Comments by the target company's board of directors on the offer. The target company's board of directors must circulate its comments on the offer to the target company's shareholders within ten days from the date of posting of the offer document. The circular must contain all the information which the target company's shareholders and their professional advisers would reasonably require and expect to find to make an informed assessment as to the merits of accepting or rejecting the offer and the risks involved, including:

目标公司董事会的评论。目标公司董事会必须在获得收购建议文件的 10 天之内分发他们的评论，提供目标

公司的股东和他们的专业顾问在合理的情况下所需的讯息，包括接受或拒绝此要约的优点和所涉及的风

险。这是为了让他们作出知情的评估。这讯息包括了：

• the reasonableness of the offer, including the reasonableness and accuracy of any profit forecasts for the target company included in the offer document;

要约是否合理，包括收购建议文件所阐明的目标公司的盈利预测的合理性和准确性；

• the offeror's intentions regarding the continuation of or changes to the target company's business;

要约人对于延续或改变目标公司业务的意图；

• the offeror's long-term commercial justification for the takeover; and

要约人收购的长期商业理由；

• the offeror's intentions regarding the continued employment of the target company's employees.

要约人对于目标公司员工的就业的意图；

Independent advice circular. The independent advice circular (IAC) issued by an independent adviser (appointed by the target company's board of directors in relation to the offer) must be posted to the target company's board of directors and shareholders within ten days of the date of posting of the offer document. The IAC must contain all the information that the offeror's shareholders, the target company's board of directors and shareholders and their professional advisers would reasonably require or expect to find to make an informed assessment as to the merits of accepting or rejecting the offer and the risks involved, including:

独立意见的通函。由目标公司的董事会所委任的一位独立顾问必须会在获得收购建议文件的 10 天以内发送

一独立意见通函（IAC）给目标公司的董事会和股东。此独立意见通函必须包含要约人的股东、目标公司董

事会和股东以及他们的专业顾问在合理情况下所需的讯息，包括接受或拒绝此要约的优点和所涉及的风

险。这是为了让他们作出知情的评估。这讯息包括了：

• the reasonableness of the offer, including the reasonableness and accuracy of any profit forecasts for the target company included in the offer document;

要约是否合理，包括收购建议文件所阐明的目标公司的盈利预测的合理性和准确性；

• the offeror's intentions regarding the continuation of or changes to the target company's business;

要约人对于延续或改变目标公司业务的意图；

• the offeror's long-term commercial justification for the takeover;

要约人收购的长期商业理由；

• the offeror's intentions regarding the continued employment of the target company's employees;


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要约人对于目标公司员工的就业的意图；

• the outlook of the target company's business industry; and

目标公司的经营展望；和

• the prospects and financial performance of the target company.

目标公司的财务业绩和前景。


收购文件在公开前是否需收购文件在公开前是否需收购文件在公开前是否需收购文件在公开前是否需经经经经任任任任何何何何监监监监管机管机管机管机关关关关的的的的预先预先预先预先批准批准批准批准？？？？

The offer document, the circular containing the target company's board of directors comments on the offer and the IAC must be submitted to the SC for its approval before posting to the target company's shareholders.

要约文件，目标公司董事会评论的通函和独立意见通函载必须得到证券事务监察委员会（“SC”）的事先批

准方可发送至目标公司的股东。



The timetable will depend on whether the offer is structured as a takeover offer or scheme of arrangement.

该时间表将决于要约是否是通过收购方案或计划方案的结构。

There are detailed rules in the Code with regard to timing matters. The offer timetable in respect of a mandatory general offer is set out below.

“守则”阐明了关于时序方面的问题，在中有详细的规则。在强制性全面收购方面要约的时间表载列如下。

•••• Day 1. The acquirer (i.e. the offeror) publishes a press notice in at least three Malaysian national daily newspapers and sends written notice of the takeover offer to:

第 1 天。收购方（即要约人）需至少在三个马来西亚国家日报发布一则新闻通告和发出一则有关收购要

约的书面通知给：

- the board of directors of the target company;

目标公司的董事局；

- Bursa (if securities of the target company are listed); and

马来西亚证券交易所（“Bursa Malaysia”）（若目标公司是一家上市公司）；和

- the SC.

证券事务监察委员会（“SC”）

Offeror to also make an immediate announcement of the takeover offer if the securities of the Offeror are listed.

要约人也必须立即公布收购要约若要约人是一家上市公司。

•••• Day 2 (within 24 hours of the receipt of the written notice). Target company's board of directors must inform Bursa (if target company is listed). Publication of press notice in at least three Malaysian national daily newspapers by target company.

第 2 天（收到书面通知后的 24 小时之内）。目标公司的董事局必须通知 Bursa（若目标公司是上市公

司）。目标公司需至少在三个马来西亚国家日报刊登此书面通知。


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•••• By day 4. Offeror submits draft offer document to SC for approval.

第 4 天。要约人把要约文件的草案提交给 SC批准。

•••• By day 7. Target company's board of directors posts written notice to shareholders.

第 7 天。目标公司的董事局向股东发出书面通知。

•••• By day 21. Offer document (as approved by SC) posted to:

第 21 天。由委员会批准的要约文件将会被寄发至：

- target company's board of directors; and

目标公司的董事局；和

- target company's shareholders.

目标公司的股东。

Press notice in at least three Malaysian national daily newspapers by the offeror stating that copies of the offer document and acceptance forms will be available from the share registrar.

要约人需至少在三个马来西亚国家日报刊登一则新闻阐明要约文件和接纳表格的副本可从股份过户登记

处获得。

•••• By day 31 (P + 10) (P = date of posting of offer document). Target company's board of directors' comments posted to shareholders. Independent advice circular (IAC) posted (subject to SC's consent) by the appointed independent adviser to target company's board of directors and shareholders.

第 31 天（P+10）（P =寄发要约文件的日期）。目标公司董事会的评论将会被寄发给股东。独立顾问

也同时会把独立意见通函（IAC）（需得到 SC的事先批准）寄发给目标公司的董事局和股东。

•••• Day 42 (P + 21). Earliest date for closing the offer.

第 42 天（P +21）。收盘要约的最早日期。

•••• By day 67 (P + 46). Last date to revise the offer (offer cannot be revised after the 46th day after the offer document was posted).

第 67 天（P +46）。修正要约条件的最后日期（要约文件寄发后的第 46 天是不能被修正的）。

•••• By day 81 (P + 60). Deadline for fulfilling all conditions of the offer (5.00 pm on the 60th day from the date of posting the offer document), otherwise offer will lapse.

第 81 天（P +60）。要约人在寄发要约文件后的第 60 天 1700之前需履行要约的所有条件，否则要约

将会失效。

•••• By day 95 (P + 74). Last day of offer if the offer has become or is declared unconditional as to acceptances after day 67 (P + 46).

第 95 天（P +74）。若要约已成为或被宣布为无条件要约，第 95 天将会是接纳要约的最后一天。





In M&A transactions involving private limited companies in Malaysia, it is not uncommon for the parties to enter into a a “Memorandum of Understanding” or “Letter of Intent” or a “Termsheet”.


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马来西亚私人有限公司在进行兼并和收购交易时，各方签署一项“谅解备忘录”或“意向书”或“条款

表”是很普遍的。

Generally, from a legal point of view, a memorandum of understanding ("MOU") is, prima facie, not intended to create legally binding obligations. However, in construing a memorandum of understanding, regard must be given to the intention of the contracting parties. It is important that one considers the substance of the document rather than the "label" attached to it. If the parties clearly intend to create legally binding obligations, the MOU, notwithstanding that it is called an MOU, would be legally binding.

从法律的角度来看，一般来说，一项谅解备忘录是不具有法律约束力的义务。然而，这也必须考虑到缔约

方的意图。重要的是文件的实质内容，而不是连接到它的“标签”。如果双方很清楚地打算建立具有法律

约束力的谅解备忘录，尽管它被称为一项谅解备忘录，它也将具有法律约束力。

Even when the MOU is stated to be not legally binding, the parties may intend for certain provisions, for instance, provisions pertaining to confidentiality, lock-out/exclusivity provisions (see paragraph 3 below) and break fees (see paragraph 5 below) to be legally binding.

即使谅解备忘录表示不具有法律约束力，当事人可以打算某些规定，例如，有关保密性，排他性的规定

（见下文第 3段）和解约费的规定（见下文第 5段），在法律上享有约束力。




If the parties clearly intend to create legally binding obligations, the MOU would be legally binding. However, if the MOU states that the parties do not intend to create legally binding obligations, the MOU is not binding and there is then no legal obligation to negotiate in good faith.

如果各方明确打算建立具有法律约束力的义务，谅解备忘录就会具有法律约束力。但是，如果谅解备忘录

说明当事人不打算建立具有法律约束力的义务，谅解备忘录就不具有法律约束力，各方在法律上就没有诚

意谈判的义务。




It is not uncommon to have an agreement whereby the seller agrees not to negotiate or enter into an agreement with third parties for a specified period of time or until a specified date. Such an agreement (or a provision to this effect) would be enforceable if the duration of the exclusivity period is fixed and consideration is provided for the agreement.

卖方在协议中同意直到指定的日期时间或指定时间内到将不与第三方达成协议或进行谈判，并不罕见。如

果时期是固定的而且考虑在该协议提供之内，这样的协议（或为此提供）将强制执行。




In the context of a proposed acquisition of a listed company, it is not common for the bidder and the target to enter into any preliminary agreement.


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在一个上市公司的建议收购的情况下，投标人进入任何初步协议的目标是不常见的。

However, it is common for the potential acquirer to enter into preliminary agreements with the seller(s) dealing with confidentiality e.g. non-disclosure agreements and exclusivity. It is also common for the potential acquirer to seek irrevocable undertakings from certain major shareholders of the target company to accept the offer when it is made.

然而，有兴趣的收购者常与卖家进入保密处理的初步协议，例如，不披露协议和排他性协议。有兴趣的收

购者也常从目标公司的一些大股东寻求不可撤回，接受要约的承诺。




The payment of break fees is not a feature of M&A transactions in Malaysia.

支付终止交易费在马来西亚的兼并和收购交易不是一个特征。

There are no specific regulations or guidelines specifically aimed at payment of break fees if the M&A transaction does not proceed. The Code is also silent on the payment of break fees.

如果无法继续进行合并和收购交易，马来西亚没有专门针对在支付解约费的具体法规或准则。“守则”也

对于支付解约费沉默。

If a break fee is payable by a target company, it is to be noted that there are issues to be considered including whether or not this may contravene the Companies Act 1965.

如果支付终止交易费是由目标公司支付的，那有一些需要考虑的问题包括是否这可能违反“公司法”1965

年。




The Articles of Association of a company usually confer wide powers of management of a company’s affairs on the board of directors. The general meeting however is not devoid of power. While the general power of management is exercised by the company’s directors, there are certain specific provisions in the Companies Act 1965 requiring the approval of the shareholders in a general meeting. Matters required to be brought before the general meeting include the disposal or acquisition of the company’s main undertaking, acquisition or disposal of substantial non-cash assets, issuance of shares by directors and payments made to directors upon retirement or resignation. The result of this division of powers between the board of directors and the shareholders in general meeting is that one organ is autonomous of the other and no organ may usurp or interfere with the exercise of powers by the other, save in very limited circumstances.

公司的章程通常赋予董事会管理公司事务的广泛权力。但是，股东大会不是没有权力的。虽然一般管理权

力是由公司的董事行使的，公司法 1965 年也含有一些具体规定，规定必须有股东大会上的批准。必须在大

会前提出要求的事项包括出售或收购公司的主要承诺，收购或出售大量的非现金资产，董事发行股份，向

退休或离职后董事支付。董事会和股东大会之间权力分工的结果是，两个机关是独立的，而并没有其他机

关可能篡夺或干涉，除非在非常有限的情况下。

Where a shareholder vote is required, it will, depending on the matter, be pursuant to an “ordinary” or “special” resolution. An ordinary resolution requires more than 50% of the votes cast by shareholders voting in person or by proxy. A special resolution requires not less than 75% of the votes cast. Matters


210

such as alterations to the Memorandum and Articles of Association and reduction of the issued capital of the company require a special resolution and therefore a shareholder or shareholders holding more than 25% of the voting shares of the Company would be able to block the passing of such special resolutions.

股东投票是根据需要将根据一个“普通”或“特别”决议。一项普通决议需要超过 50％亲自或委派代表投票股东

所投的票。一项特别决议需要不低于 75％的投票。例如，改建备忘录和章程；减少公司已发行股本，都需

要一项特别决议。因此，一位股东或一群有表决权股份超过 25％的股东将能够阻止传递这种特殊决议。

The Companies Act 1965 also provides for procedures to enable minority shareholders to seek remedies in circumstances where the principle of "majority rule" is abused. The most significant of these remedies are as follows:

公司法 1965 年也提供在“多数人的统治”的原则被滥用的情况下，让少数股东寻求补救措施的程序。最显著

的补救措施如下：

(i) A shareholder may seek relief where there is oppression or unfair prejudice to the said shareholder by the company or the directors of the company;

股东可在有压迫或不公平损害的情况下，从该公司的董事或股东寻求救;

(ii) A shareholder may file a derivative action in court based on a cause of action that belongs to the company to remedy wrongs done to the company;

股东可利用属于该公司的案由在法庭上起诉，并补救对该公司造成害的不法行为;

(iii) A shareholder may petition for the company to be wound up by the court; and

股东可以请求公司由法院停业;

(iv) Shareholders of not less than 10% of the issued shares may requisition for the convening of a general meeting.

不低于 10％已发行股份的股东可征用召开股东大会。

In practice, an investor acquiring a minority shareholding in a Malaysian company will seek to negotiate contractual rights such as director appointment rights, rights to form part of the quorum required for board and shareholders’ meetings, information rights, pre-emption rights on additional issues of shares and rights in the event of a proposed transfer of shares (such as put or call options).

在实践中，在马来西亚的公司收购少数股权的投资者将寻求谈判合同权利，例如聘请董事的权利，形成董

事会和股东大会的法定人数，享有信息的权利，优先购买权，在股份转让情况下的权利（如认购期权或认

沽期权）。




A share acquisition of a Malaysian company will not affect the employer/employee relationship. New contracts of employment will therefore not be required. A share purchase will not trigger any consultation obligations although some Malaysian employers may have consultation obligations to trade unions under collective agreements.

一家马来西亚公司的股权收购将不会影响雇主与雇员的关系。因此，新的就业合同是不需要的。虽然股权

收购将不会触发任何磋商的义务，但有些马来西亚雇主在集体协议的安排下，可能会有磋商的义务。


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In Malaysia, the general principle is that a transfer in the ownership of the business in which an employee is employed results in the termination of his/her employment in law upon such transfer occurring. Where such termination occurs, employees within the purview of the Employment Act, 1955 (“EA”) are entitled to termination notice or salary in lieu of termination notice of no less than the minimum stipulated in the EA. EA employees may also be entitled to termination benefits (payable) by the seller unless certain procedures and requirements under the EA or regulations made under the EA are followed. The minimum amount of termination benefits to be paid ranges from 10 to 20 days’ wages for each year of service depending on their years of service.

在马来西亚，总原则是在转让企业的所有权时，该企业聘请雇员之服务合约将被终止。在服务合约终止的

情况下，就业法 1955年 “管辖范围内的员工都有权收到解约通知或若雇主不发解约通知，员工将享有不低

于最低在”就业法“规定的工资。就业法管辖范围内的员工也可能享有由卖方提供的终止福利（付费），除非

就业法或根据“就业法”订立的规例的程序和要求都被遵守。根据员工所服务的年数，辞退福利的最低金额

从每服务一年，10 到 20 天的工资计算起。

In the case of employees who do not fall within the EA, termination notice and benefits would be as contained in their individual terms and conditions of employment. Even where no such provision is contained, it is expected of the seller, in keeping with good and established labour practice, to pay termination benefits which are comparable to that paid to employees within the EA.

对于不在“就业法”管辖范围的员工，终止通知和福利将包含在个人的就业条款和条件。即使没有这样的条款

和条件，在保持良好的劳动习俗，卖方应支付与就业法相等的辞退福利。

If there is a trade union, it is good labour practice on the part of the seller to give the trade union reasonable notice even though there is no legal requirement to give trade union(s) such notice unless they have have consultation obligations to trade union(s) under collective agreements. One month before the transfer date, the seller will also have to notify the nearest Labour Office by filing the relevant prescribed forms.

如果有工会，即使没有法律规定给予工会等通知，为了保持良好的劳动习俗，卖方应给予工会合理通知，

除非它们于工会有集体协议的协商义务。转让日期的前一个月，卖方也将在最靠近的劳工局提交订明通

知。




No.

无。

In a sale of business and assets, the liabilities of the business remain with the vendor unless or except otherwise agreed. However, it is typical for the purchaser to assume, with effect from the completion of the sale, the obligation to carry out all contractual obligations of the business.

在出售业务和资产，除非另有约定，业务负债将由卖方承担。然而，销售完成后，开展业务的所有合同义

务将会由买方承担。


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Malaysia has actively been wooing Chinese companies to increase their investment in Malaysia which stood at US$250mil (RM825million) in April this year when Deputy Prime Minister Tan Sri Muhyiddin Yasin chaired a roundtable discussion for captains of industry in China and Malaysia in Shanghai. The Malaysian Investment Development Authority (MIDA) is currently engaged in active discussions with Chinese companies that had initiated projects in the metals, chemical, renewable energy, food, transport, automotive and electrical and electronics sectors.

马来西亚积极吸引中国企业，增加它们在马来西亚的投资（马来西亚副首相，Tan Sri Muhyiddin Mohd

Yassin 在今年的 4 月，在上海为在中国和马来西亚各行业的领长主持一个讨论会时，已占了 2.5 亿美元

（马币 825 万））。马来西亚投资发展局（MIDA）目前已开始与金属，化工，可再生能源，食品，交通，

汽车，电气和电子行业的中国企业进行积极的讨论。

Currently, there are more than 120 companies in various industries with Chinese interests operating in Malaysia.

目前，在马来西亚，已经有 120 多家有中国利益的公司。

A China-Asean Free Trade Agreement came into effect in January last year forming an economic bloc of 19 billion people and the Malaysian government is keen to leverage on this.

马来西亚政府正热衷于利用在去年 1 月起生效的中国- 东盟自由贸易协定所形成的 19 亿人口经济体来推广

马来西亚的投资业。

The latest deals in Malaysia involving Chinese investments include the following:-

在马来西亚最近涉及的中国投资包括以下内容：

(a) An MOU between China Huadian Engineering Co and Malaysia’s Janakuasa to build a coal-fired plant;

中国华电工程有限公司和马来西亚的 Janakuasa之间以建立一个燃煤发电厂的谅解备忘录;

(b) An agreement between DiGi and China’s ZTE Corp to supply a telecommunications network infrastructure;

Digi和中国的中兴通讯公司之间提供电信网络基础设施所签的协议；

(c) Aluminium Corporation of China entered into a joint-venture agreement with Smelter Asia Sdn Bhd to build a smelter in Malaysia;

中国铝业公司与 Smelter Asia Sdn Bhd之间建立一个在马来西亚的冶炼厂签订的合资协议；

(d) Aluminium Corporation of China also entered into an agreement for a greenfield investment project of US$1 billion (RM3 billion) for the building of an aluminium smelter in the East Malaysian state of Sarawak which involves the formation of a joint venture investment company, the purchase/lease of land for the plant, financing arrangements for the project, drafting of all engineering and construction agreements and technical assistance agreements.

中国铝业公司为了在东马来西亚的沙捞越建立一个铝冶炼厂，也签了协议涉及一个 10 亿美元（马币

300 万美元）的合资项目，设立了投资公司，购买/租赁土地的厂房，融资协议和技术援助协定。


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SKRINE was founded on 1st May 1963 and has grown rapidly in pace with the country’s growth. The firm

today is one of the largest law firms in Malaysia with a vast exposure in a wide range of legal matters due to

its 40 years of experience in the legal industry. Skrine is a full service legal firm delivering practical and

effective legal solutions to a large cross- section of the business community.

思纪龄律师事务所成立于 1963 年 5 月 1 日，现已成为马来西亚规模最大的综合性律师事务所之一。本事务所

致力于积极为为客户提供实际,高效及全方位的法律服务和解决方案

Skrine is the sole and exclusive Malaysian member of Lex Mundi, a network of leading independent law firms

in over 160 jurisdictions around the world. We are also the sole Malaysian member of the Pacific Rom

Advisory Council (PRAC), a unique strategic alliance which consists of more than 30 major independent law

firms with over 11,000 lawyers globally.

思纪龄是 Lex Mundi 在马来西亚的唯一成员。Lex Mundi 是一个国际性的独立律师事务所网络，其成员遍布全

球 160 个区域。思纪龄也是 Pacific Rim Advisory Council (即环太平洋法律顾问联盟）(“PRAC”) 在马来西亚的

唯一成员。PRAC是一个由超过 30 个国际律师事务所和 11000律师所组成的全球性的联盟组织。

Our clients include private individuals as well as domestic and multinational businesses coming from a broad

spectrum of industries including finance, commercial banking, investment banking, telecommunications,

insurance, multimedia, construction, electronics, mining, petroleum and gas, aviation, shipping,

pharmaceuticals, governmental and private industries.

思纪龄的客户包括了马来西亚本国及国外，国际及跨国公司。客户来自各个领域，其中包括：贸易，金融，

商业银行，投资银行，通讯，保险，多媒体，建筑，电子，矿业，石油与天然气，航空，船务，制药和其他

各式各样行业。

Skrine is also one of the only 3 law firms who are members of Bank Negara Malaysia’s and the Malaysian

International Islamic Finance Centre’s Community Directory and Portal. Through these connections and links,

the Firm is able to keep abreast with all the latest developments in the Banking and Islamic Finance world.

思纪龄也是马来西亚金融和回教金融法之先驱律师事务所。更是马来西亚国家银行和马来西亚国际回教金融

中心联络网所认可的三所律师事务所之一。

October 2011 Mozambique 莫桑比克

214

MozambiqueMozambiqueMozambiqueMozambique 莫桑比克





According to Mozambican law, all foreign-exchange transactions are subject to register with the Bank of Mozambique (hereinafter “BM”) or with a credit institution, in the cases where BM’s approval is not required. All foreign-exchange transactions should be performed exclusively through banks authorized to operate in Mozambique.

根据莫桑比克法律，所有外汇交易须向莫桑比克银行（Bank of Mozambique，以下简称“BM”）作出登

记；倘属无需取得 BM 批准的情况，则须向信贷机构作出登记。所有外汇交易应通过获准在莫桑比克经营

的银行作出

Capital markets transactions are subject to prior approval by the BM.

而资本市场的交易取决于 BM的预先批准。

The foreign direct investment in Mozambique, namely through capital increase, is merely subject to register with the BM. However, the re-exportation of the invested capital must be authorized by the BM.

在莫桑比克的外国直接投资，即通过增加资本，只须向 BM 登记。然而，已作出投资的再出口须得到 BM

的许可。

The stock exchange transactions in the Mozambique Stock Exchange (hereinafter “MSE”) are not subject to authorizations or registrations.

于莫桑比克证券交易所（Mozambique Stock Exchange，以下简称“MSE”）进行的证券交易无需经授权

或注册。


是否是否是否是否存存存存在对在对在对在对投资的投资的投资的投资的任任任任何行业控何行业控何行业控何行业控制制制制？？？？

In certain economy sectors the law sets restrictions to investors, the following being the main reserved areas:

法律对特定经济领域的投资者设定限制，以下是主要的保留领域：

- Banking activities;

银行业务；

- Electricity production;

电力生产；

- Water supply;

供水；


215

- Postal and Telecommunications services;

邮政及电讯服务；

- Protected Areas, concerning development and exploitation of national parks; and

保护区，关于国家公园的发展及开发；及

- Production, distribution and supply of weapons and ammunitions.

武器及军火的生产、分配及供应。

However, in the areas reserved to the public sector, which are all the above mentioned except for banking, foreign investors may apply to a state provided incentives system, which comprises fiscal incentive for investment, customs benefits and special protection on private property from the Mozambican state.

然而，在保留给公共部门的领域内 (除了银行外的上述领域)，外国投资者可向国家申请鼓励计划，其中包

括投资的财政奬励、关税优惠和特殊的私人财产保护。

These are sensitive areas where investment must meet a certain level of pre-requisites.

这些敏感领域的投资必须达到一定水平的先决条件。

On the other hand, we should highlight the incentives given to investors in Mozambique through Portugal. Indeed, the investment in Mozambique by Portuguese individuals or Portuguese based companies may allow for investors to enjoy a special tax regime in that African country, particularly in what concerns corporate income tax.

另一方面，特别值得留意的是：莫桑比克给予葡萄牙投资者的特别鼓励。事实上，在莫桑比克投资的葡萄

牙人或葡萄牙公司可享受特别的税收制度，特别是关于企业的所得税。



Besides the situations referred to in the previous paragraph, Mozambique does not have any general legislation on competition or anti-trust.

除了上段所提及外，莫桑比克没有任何关于竞争或反垄断的普遍性立法。

In 2007, the Mozambican government has set the competition policy guidelines, including the creation of a regulatory authority, which have not yet been implemented.

于2007年，莫桑比克政府已设定了竞争政策指引，包括建立一个监管机构，但尚未得到落实。



The physical exchange of foreign currency is limited to an amount equivalent to USD 5,000.00 (five thousand United States Dollars). The physical exchange of more than 10,000.00 MT (ten thousand metical) must be declared to the customs authorities.

外币兑换限于金额相等于$5,000.00美元内；而兑换超过 10,000.00 MT (梅蒂卡尔 metical) 必须向海关机关

申报。




Corporate legal entities may assume the following most common legal types:

以下为公司法人最常见的法律实体类型：


216

- Single member company (sociedade por quotas com um único sócio), which must be fully owned by a natural person, its liability being limited to the subscribed share capital;

一人有限公司 (sociedade por quotas com um único sócio) – 由自然人全资所有，其责任仅限于已认购

的资本；

- Joint stock company (sociedade anónima), which has its share capital divided into equal parts (shares); it must have a minimum of 3 (three) shareholders, their liability being limited to the amount of owned shares; only these companies can be listed in the MSE; at least 5% of its annual profits must be retained in the company as a statutory reserve, but limited to 20% of the total share capital;

股份有限公司 (sociedade anónima) – 其股本被分为等份（股份）；其必须具有最少 3（三）名股东；

股东的责任仅限于其所拥有的股份；而只有这类公司可于 MSE 上市；至少 5％的年利润必须保留在公

司作为法定储备金，而这些储备金不会多于总资本额的 20％；

- Limited liability company (sociedade por quotas), its share capital being divided into quotas (each partner holds one quota), each quotaholder being liable up to the amount of the whole capital of the company and within its limit; it must have a minimum of 2 (two) and a maximum of 30 (thirty) quotaholders; this type of company should be incorporated with a share capital of no less than 20,000.00 MT (twenty thousand metical); at least 20% of its annual profits must be retained in the company as a statutory reserve;

有限责任公司 (sociedade por quotas) – 其股本被分成股 (quotas) （每一股东持有一股），每一股东的

责任仅至公司的整个资本额，并以其为限制；其必须具有最少 2（两）名、最多 30（三十）名股东；

此类公司的资本额不得少于 20,000.00 MT；至少 20％的年利润必须保留在公司作为法定储备金；

- Permanent representation of foreign company (representação permanente de sociedade estrangeira), which is a form of corporate entity that must be registered with the authorities by any foreign company which intends to operate in Mozambique for more than a year; this entity is not independent from the foreign company under which it is registered.

外国公司常设代表处 (representação permanente de sociedade estrangeira) - 这是一种外国公司意图

于莫桑比克营业超过一年的公司实体形式，这类实体不独立于其所登记的外国公司。

Companies may create branches.

公司也可创建分支机构。

C. SOURCES OF LAW AND REGULATION IN RELATION TO LISTED AND PRIVATE COMPANY M&A 与与与与上上上上市市市市公司和公司和公司和公司和私营私营私营私营公司的并购相公司的并购相公司的并购相公司的并购相关关关关的的的的法法法法律律律律法法法法规规规规来源来源来源来源


您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处规中所处规中所处规中所处理的与并购有理的与并购有理的与并购有理的与并购有关关关关的的的的


Commercial Code 公司公司公司公司法法法法典典典典

The Commercial Code applies to all companies incorporated and registered under its provisions and to the commercial relations between them and foreign companies. The Commercial Code sets out provisions that regulate the companies’ corporate governance. In addition to the corporate bodies, and in relation to M&A, the Commercial Code governs, among other things, the following:

公司法典应用于根据其规定设立及登记的公司及这些公司与外地公司的商业关系。公司法典订定规范公司

企业管治的规定。除了法人组织，在并购的事宜上，公司法典还规管以下内容：

- Merger, demerger, transformation and extinction of companies, including the legal procedures to be followed;

公司的合并、分立、变更及消灭，包括应遵循的法定程序；

- The rights granted to shareholders and the rules concerning the acquisition, transfer and sale of companies’ shares.


217

关于收购、转让和出售公司股份时赋予股东的权利和规则。

Securities Code 证券证券证券证券法法法法典典典典

The matters regulated by the Securities Code include:

证券法典规管的事宜包括：

- The form and transmission of shares;

股份的形式和转让，包括相关的手续；

- Public offer procedures;

公开认购的程序;

- Disclosure obligations;

上市公司的披露义务；

- Securities markets.

证券市场。

MSE Regulations MSE 的规则的规则的规则的规则

MSE Regulations are rules issued by the MSE which govern several aspects of the listing of companies and shares at MSE, namely the required procedures for the admission of securities to official stock exchange listing.

MSE 发出的规则规管公司上市及MSE 内股份的各方面，尤其是规定证券进入官方交易所的所需程序。




The acquisition of a listed company may be performed through a takeover bid.

收购上市公司可通过要约收购进行。



The law does not prohibit hostile bids.

法律并不禁止敌意收购。



The law does not set any circumstances in which a mandatory bid obligation is incurred.

法律没有设定产生强制性要求收购义务的任何情况。

However, there are circumstances in which a public offer constitutes the mandatory form for acquisition. This shall occur when the following cumulative requisites are met: i) it is a listed company; ii) there are no preemptive rights applicable to the transmission of the shares; and iii) the offeror is already a qualified shareholder with some level of control over the company.

但是，在某些情况下公开发售将引发强制性收购；这发生于符合以下所有条件：i) 它是一间上市公司；ii) 并

无任何适用于股份转让的优先权；及 iii) 要约人为一定程度上控制公司的股东。


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There is no minimum price, set by law, at which the offer must be made.

法律并没有规定必须进行要约时的最低价格。



The communication to the board of directors of the target company of the intention to make an offer sets the launch date of the takeover which can not be revoked after that.

对目标公司董事会作出关于提出进行收购日期的要约通讯为不可废止的。

In that same date, the bidder shall send an announcement of the takeover to the BM and the MSE for publication in the official stock exchange bulletin. This announcement must contain the preliminary key information on the takeover, particularly (i) the identification of the bidder and of the target company; (ii) the identification of the financial intermediary; (iii) the target shares and the offered price; and (iv) the express mention that other information will be published as soon as the BM approves the takeover.

同日，收购人应向 GM及 MSE 发出收购公告，以刊登于官方交易所的公报。此公告必须包含收购的初步关

键信息，特别是 (i) 收购人及目标公司的身份数据；(ii) 金融中介机构的身份资料；(iii) 目标股份及要约价

格；及 (iv)明确提到 BM批准收购后将尽快公布其他信息。

In five business days the board of directors of the target company shall present their comments and these shall be submitted to the BM together with the offer and the announcement project. The BM shall approve the offer in two business days and may address instructions to the bidder.

目标公司的董事会应在五个工作日内发表意见并提交至 BM，同时附上要约及公告项目。BM 应在两个工作

日内批准要约，并将指示通知收购人。

The final announcement shall contain all the necessary details for the takeover.

最后公告应包含一切收购必要的细节。



The takeover documents are subject to pre-approval of the BM.

收购文件取决于 BM的预先批准。

The documents are also presented to the board of directors of the target company for comments, but it does not have the right to reject it as the BM does.

这些文件也提交给目标公司的董事会发表意见，但它并没有拒绝的权利，拒绝权属于 BM。



The period of the takeover may vary between 30 to 45 days from its announcement. If the takeover is modified, as a consequence of the target company’s board of directors’ comments or the BM’s instructions, the initial deadline may be increased by a third.

自公告日后，收购的期间可能界乎于 30 至 45 天。由于目标公司董事会的意见或 BM 的指示，如果收购被

修改，最初的限期可能增加三分之一。


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In private company M&A transactions, it is common for the parties to enter into a preliminary agreement, which may be outlined by the parties in several forms, such as a “Memorandum of Understanding”, a “Letter of Intent”, a “Term sheet” or other.

在私人公司的并购交易中，各方签署一份初步协议是很普遍的；而这可能由各方以不同方式概述，如“备

忘录”、“意向书”、 “关键性条款”或其他。

Generally, the purpose of such a document will be to set out, on a non-legally binding basis, the proposed terms and conditions of the transaction. There is no standard form for such a document.

一般来说，这份文件的目的为，在没有法律约束的情况下，列出建议中的交易条款及条件；而这类型文件

并没有标准的形式。




Under Mozambican Law, there is legal obligation to negotiate, execute, implement and/or conclude agreements in good faith. In addition, if a party provides false or misleading information or statements to the other party the first may be liable for damages.

在莫桑比克法律中，存在着一种善意地商讨、执行、实施和/或签订协议的法律义务。此外，若一方向对方

提供虚假或误导性信息或陈述，将可能导致损害赔偿责任。




It is common to enter into an agreement whereby the seller namely agrees not to negotiate or enter into an agreement with third parties. Under Mozambican law, such agreements shall be enforceable if the term of the exclusivity is fixed and the violation of that exclusivity agreement generally comprises compensation.

签订卖方同意不与第三方进行谈判或订立协议的协议是常见的。根据莫桑比克法律，倘排他性条款是固定

的，而违反这一排他性协议构成补偿，这些协议应被强制执行。


与与与与上上上上市市市市公司公司公司公司拟拟拟拟进行的收购相进行的收购相进行的收购相进行的收购相关关关关，，，，投投投投标人标人标人标人（（（（要约要约要约要约人人人人））））和目和目和目和目标标标标公司签公司签公司签公司签署任署任署任署任何何何何初步协议初步协议初步协议初步协议是否是否是否是否普遍普遍普遍普遍，，，，如如如如果果果果是是是是，，，，


It is not necessary for the bidder and the target company to enter into any formal agreement, such as a merger agreement, in order to execute the takeover of a listed company under Mozambican law.


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根据莫桑比克法律，没有必要让收购人与目标公司订立任何形式的协议，如合并协议，以实行收购一家上

市公司。

However, it is common for bidders and target companies to enter into preliminary agreements governing matters such as:

然而，收购人与目标公司签署初步协议是常见的，并规管以下事宜：

- confidentiality, in connection with the provision of privileged information by the target company;

保密性，对目标公司的敏感信息；

- exclusivity, pursuant to which the target company may, for example, agree to take on the bidder’s recommendations and not to solicit third party offers, such agreements generally being subject to a “fiduciary out” enabling the target company directors to comply with their fiduciary duties to the company and to consider and recommend any higher third party offer.

排他性，由于目标公司可能同意采取收购人的建议而不向第三方提出要约，这些协议一般接受“受托

出”而使目标公司的董事能对该公司履行其受托的职责，并考虑和建议任何第三方更高的要约。




There aren’t any specific regulatory constraints related to payment of break fees if the deal does not proceed.

没有特别的法规针对不进行交易时的终止交易费。




The Commercial Code sets no particular rights protecting the minority shareholders. A person acquiring a non-controlling interest in a company shall have roughly the same rights than rights as a dominant shareholder, namely, the right to vote and participate at the General Shareholder’s Meeting, the right to receive a share of the company’s profits, the right to be appointed to the company’s corporate bodies and the preemptive right on capital increase.

商法典并没有保护少数股东的特别权利。取得非控权利益的人士所拥有的权利一般与控权股东相同，尤其

是投票权、参与股东会议、收取公司盈利的权利、任命公司管理机构及增资上的优先购买权。




According to Labor Law, both the buyer and the seller have the duty to previously inform and consult the competent trade unions on the date, motives and projected labor consequences of the company’s ownership transmission.

根据劳动法，针对日期、动机和因公司所有权移转而预测的劳动后果，无论是买方和卖方均具有责任预先

告知并征询具权限的商会。


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The workers shall also be informed through announcements at the work place. This announcement shall include the declaration that the workers have 60 days to reclaim their credits, which may lapse in that term.

员工亦应于工作场所内通过公告获告知有关事宜。公告应当包括员工有权于 60 日内追收欠款的声明，该期

间过后使有关权利失去效力。

The worker has the right to rescind his employment contract on the grounds of serious loss deriving from the company’s ownership transmission. This may comprise a right to compensation.

员工得以公司所有权的移转产生严重损失为由，有权撤销其劳动合约，并有权获得赔偿。



The general rule is that the duties and rights of the employees towards the former employer pass on to the new one. The new employer and the old employer are joint and severally liable towards the employees.

一般规则为员工的义务和权利由前雇主转移至新雇主。新雇主和前雇主对员工承担共同及连带责任。

The transfer of an undertaking, business or part thereof may only result in rescission of the employment contract from the employee’s side. The agreement of the employee is needed for the transfer to another work place and the employer may have to pay travel expenses.

转让一个企业、业务或其一部分可能导致员工撤销劳动合同。移转员工于另一工作地点需得到员工同意；

而雇主可能需要支付旅费。




Besides the above, in relation to Labor Law, according to the general principles of civil and commercial law, the company has its own legal personality, having its own rights and obligations which are independent from its holder.

除了以上所提到的，根据劳动法、民商法的一般原则，公司具有自己的法律人格，有其自身的权利和义

务，并独立于其持有人。

Therefore, when the company’s ownership is transferred, its credits and debts are transferred with it, as they are inextricably linked to it.

因此，当公司的所有权转移时，其债权债务也因此转移，因为他们是密不可分的。

For that reason, when a purchaser acquires an interest in a company, he should make sure that it is solvent, because the equity capital shall always be liable for the debts of the company.

出于这个原因，当买方取得公司的利益时，他应确保其具有偿付能力，因为股本始终承担着偿付公司债务

的责任。

However, if the by-laws provide so, the holder of a company may be jointly liable towards the company’s creditors in the case of the limited liability company (sociedade por quotas).

但是，若内部章程规定的话，在有限责任公司的情况下\，公司所有人可与公司向公司的债权人一同承担责

任。

In any case, it is advisable for the buyer to thoroughly predict these situations by setting representations and warranties in any agreement that comprises transfer of shares, in order for the seller to take on liability for debts and obligations of the company that are prior to the purchase.


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在任何情况下，最好的办法是买方已预测到这些情况，并在任何股权转移协议内设置陈述和保证，以确保

卖方承担该公司于买卖前的债项及义务。




We have no information regarding recent PRC M&A activity in Mozambique.

我们没有最近关于中国在莫桑比克的并购活动信息。

SCAN - Advogados e Consultores, Lda is a law firm with head-offices in Maputo, comprising a

team of highly reputable partners, associates and other lawyers and consultants. The quality of

the work of SCAN’s team and, in particular, the local and international solid experience of its

partners are recognized and widely regarded inside and outside of Mozambique. SCAN recently

joined forces with the leading Portuguese firm Morais Leitão, Galvão Teles, Soares da Silva &

Associados (MLGTS) in a successful partnership. For further information please contact

Francisco Avillez ([email protected]) or Fabrícia de Almeida Henriques

([email protected]).

SCAN - Advogados e Consultores, Lda 律师事务所的办事处设于马普托，由具高度声望的合伙

人、伙伴、律师及顾问所组成。SCAN团队的工作质素及其合伙人坚稳的本地及国际经验已得到莫

桑比克国内、外的广泛认同。SCAN 最近与葡萄牙领先律师事务所 Morais Leitão, Galvão Teles,

Soares da Silva & Associados (MLGTS) 构建了成功的伙伴关系。详情可联络 Francisco Avillez

([email protected]) or Fabrícia de Almeida Henriques ([email protected])。

October 2011 Netherlands 荷兰

223

NetherlandsNetherlandsNetherlandsNetherlands 荷兰荷兰荷兰荷兰





Foreign involvement in M&A transactions is not regulated and restricted in the Netherlands. However, investors (both national and foreign) intending to acquire a 10% stake or more in a Dutch bank, insurer or other financial institution require prior approval by the Dutch Central Bank. Furthermore, some of the Netherlands’ strategic assets (e.g. railroads, power network, airports, nuclear technology and military) are owned or partly owned by the Dutch government and are not for sale. For some industries (e.g. mining and nuclear activities), operating permits sometimes require governmental approval in case of change of control (regardless of whether the acquirer is domestic or foreign).

荷兰对外国投资者在荷兰参与并购交易没有限制。不过，希望购买荷兰的银行、保险公司或其他金融机构

10% 及以上股权的外国投资者，须事先获得荷兰中央银行的批准。此外，由荷兰政府拥有或部分拥有的某

些荷兰战略性资产（如铁路、电网、机场、核技术和军事技术等），也不许出售。对于某些行业（如采矿

及与核能有关的经营等），如果控制权发生改变（无论收购方是国内企业还是外国投资者），其营业许可

有时需要获得政府批准。



There are various sector-related laws, such as the Telecommunications Act, the Electricity Act, the Gas Act and the Financial Markets Supervision Act ("FMSA") that contain controls on investments.

有多部与行业有关的法律/法规，如《电信法》、《电力法》、《天然气法》及《金融市场监管法》等，均

包含有对投资的控制。



Where an M&A transaction does not fall within the exclusive jurisdiction of the European Commission (see article of this guide on “Merger control”), it may be subject to review by the Netherlands competition authority (the "NMa") if the relevant jurisdictional thresholds are satisfied.

当一宗并购交易不归欧盟独家管辖（参见本指南中 “境外并购所涉及的议题”《跨境并购控制》），并且当

该交易达到相关管辖门槛时，可能要受到荷兰国家竞争管理局 ( NMa) 的审查。

The thresholds that require a review by the NMa are governed by the Dutch Competition Act. When (i) the undertakings have a combined worldwide turnover of more than € 113.45 million, and (ii) at least two of the undertakings concerned each achieve a turnover of at least € 30 million in the Netherlands, the NMa has to be notified. Concentrations between undertakings which are not established in the Netherlands will


224

also fall under the scope of Dutch merger control in the event that the abovementioned turnover thresholds are met. Specific threshold rules do apply for financial institutions and also lower thresholds apply for health institutions.

须接受国家竞争管理局审查的门槛由《荷兰竞争法》规定。具体为：当 (i) 所涉企业的全球营业额合计超过

1.1345 亿欧元，以及 (ii) 至少两家所涉企业中的每家企业在荷兰的营业额不低于 3000 万欧元时，须向国家

竞争管理局申报。如果达到上述营业额门槛，则即使不在荷兰成立的企业之间的兼并，也属于荷兰兼并控

制法规管辖的范围。请注意，对金融机构有特定的门槛规定，且对于健康的金融机构，所适用的门槛相对

较低。

Upon receipt of notification, the NMa has to decide within four weeks whether or not a licence is required. If a licence is required, the NMa has to decide on the application for a licence within 13 weeks. Both periods are suspended if the NMa formally asks for additional information.

交易申报后，国家竞争管理局须在四周内做出是否需要许可证的决定。如果需要许可证，则国家竞争管理

局须在13周内对许可证申请做出决定。如果国家竞争管理局正式要求提供进一步的信息，则上述两个时期

均中止。



There are no exchange control restrictions in the Netherlands. Payments between the Netherlands and other countries can be made in any currency. But any transactions between residents and non-residents or foreign institutions exceeding €50,000 must be reported to the Dutch Central Bank for statistical purposes.

在荷兰没有外汇管制。荷兰与其他国家之间的支付可以使用任何一种货币。请注意，荷兰居民与非居民或

外国公司之间金额超过5万欧元的所有交易，必须向荷兰央行报告，以进行统计。




The principal distinction under Dutch law is between private companies with limited liability and public limited liability companies.

根据荷兰法律，主要有两种不同的公司法人类型：私人有限责任公司和公共有限责任公司。

The private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid, often abbreviated as B.V.):

私人有限责任公司（besloten vennootschap met beperkte aansprakelijkheid, 常缩写为 B.V.）：

• needs a minimum paid-up capital of € 18,000;

实收资本不低于 18,000欧元；

• needs to have a provision in its articles of association that upon disposal shareholders must always first offer their shares to other shareholders (if any);

公司章程中须规定：在进行股份转让时，股东必须首先将其股份转让给其他股东（如果有其他股东的

话）；

• can only have registered shares;

只能有登记/记名股份；

• cannot be listed on a stock exchange.

不能在证券交易所上市等。

The public limited company (naamloze vennootschap, often abbreviated as N.V.):


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而公共股份有限公司（naamloze vennootschap, 常缩写为 N.V.）：

• needs a minimum paid-up capital of € 45,000;

实收资本不低于 45,000欧元；

• can have registered and/or bearer shares;

可以有记名和/或不记名股份；

• can be listed on a stock exchange.

可以在股票交易所上市等。





Dutch Civil Code 《《《《荷荷荷荷兰兰兰兰民法民法民法民法典典典典》》》》

Matters of Dutch corporate law are primarily governed by Book 2 of the Dutch Civil Code. Contained in Book 2 are specific provisions relevant to takeovers, including provisions on takeover defences, shareholder litigation, inquiry proceedings (enquête procedures) and squeeze-outs.

与荷兰公司有关的法律问题主要受《荷兰民法》第二卷的管辖。其中包含有与收购有关的具体规定/条款，

包括与反收购、股东诉讼、质询程序(enquête procedures)以及挤出等有关的规定/条款。

Works Councils Act; Merger Rules 《《《《职工职工职工职工委委委委员会法员会法员会法员会法》》》》，，，，《《《《兼兼兼兼并条并条并条并条例例例例》》》》

The role of employees in takeovers is regulated by the Works Councils Act and the Merger Rules as issued by the Social Economic Council. These regulations generally oblige the boards of companies involved in a takeover to seek the advice of relevant works councils and to consult with relevant trade unions (see also Section G).

员工在收购交易中的作用，在《职工委员会法》及由荷兰社会经济委员会颁布的《兼并条例》中均有相应

的规定。这些法律/法规一般都要求收购所涉公司的董事会，在做出决定前须征求职工委员会和相关工会的

意见（参见后面第 G部分）

Dutch Offer Rules 荷荷荷荷兰兰兰兰要约收购条要约收购条要约收购条要约收购条例例例例的的的的法法法法律规律规律规律规定定定定

Public offers are primarily regulated by Part 5 of the FMSA, which has replaced the previous non-statutory rules for public takeovers in the Netherlands. Further detailed rules relating to public takeovers are contained in royal and ministerial decrees, including the Decree on Public Takeovers, the Exemption Decree and the Exemption Regulation (together: the "Offer Rules"). The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the "AFM") issues interpretations of the Offer Rules from time to time. These interpretations do not have the force of law, but in practice market participants rely on them.

公开要约主要受《金融市场监管法》第五部分的监管，这部法律取代了以前对荷兰公开要约收购的非法定

规则。有关公开要约收购的更多详细规定，包含在几部皇家和部门法令中，包括《公开要约收购令》、

《豁免令》及《豁免条例》等（统称为：《要约条例》。荷兰金融市场监管局 (Autoriteit Financiële

Markten, "AFM") 会不时颁布对《要约条例》的解释。这些解释虽然不具有法律效力，但实际上参与者均信

赖它们。

FMSA 《《《《金融金融金融金融市市市市场场场场监监监监管管管管法法法法》》》》

The FMSA sets out rules of conduct that apply generally to participants in the Dutch securities markets. As well as containing rules on mandatory and voluntary public offers, it also covers market abuse, insider trading and the disclosure of voting rights and capital interests in listed companies.


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《金融市场监管法》给出了通常适用于荷兰证券市场参与者的行为守则。同时，它还包含了对强制要约和

自愿要约，市场滥用和内幕交易，及上市公司投票权和资权信息披露等方面的规定。

Competition Act; sector-specific acts 《《《《竞竞竞竞争争争争法法法法》》》》，，，，相相相相关关关关行业行业行业行业法法法法

Other laws that regulate takeovers include the Competition Act, which applies to mergers and acquisitions that are not subject to EU merger control rules, and several sector-related laws, such as the Telecommunications Act, the Electricity Act, the Gas Act and the FMSA (which, as well as containing general rules on public takeovers, also contains rules specifically regulating companies providing financial services).

对收购做出相关规定的其他法律包括《竞争法》（适用于不归属《欧盟兼并控制条例》管辖的兼并与收

购），以及几部与行业有关的法律，如《电信法》、《电力法》、《天然气法》及《金融市场监管法》

等，其中，《金融市场监管法》包含了针对公开要约收购的一般规定，以及针对提供金融服务的公司的特

别规定。




The methods of acquiring a listed company are:

收购上市公司主要有如下两种方法：

• The offeror making an offer to acquire the shares held by the target company's shareholders; and

收购方/要约人发出要约，收购由目标公司股东持有的股份；以及

• A statutory merger under the Dutch Civil Code.

根据《荷兰民法》进行法定兼并。

In the case of a public offer, target shareholders are asked to tender their shares in return for the consideration offered to them by the offeror.

在公开要约收购中，收购方请求目标公司股东按提供给他们的对价出售其股份。

In the case of a statutory merger, either (i) the assets and the liabilities of the target company are transferred to the offeror company or (ii) the assets and liabilities of both the target company and offeror company are transferred to a newly formed entity. In both cases the assets and liabilities are transferred by operation of law. In the first case, the target shareholders become shareholders in the offeror company. In the second case, the shareholders of both the target and offeror companies become shareholders in the newly formed entity. The offer and the target company effectively become one company as a result of the statutory merger.

而在法定兼并中，(i) 目标公司的资产和债务被转让给收购公司，或者 (ii) 目标公司及收购公司的资产和债

务均被转让给一个新成立的实体。在上述两种情况下，资产和债务均通过法定程序被转让。第一种情况

下，目标公司股东变成收购公司的股东。而在第二种情况下，目标公司和收购公司的股东均变成为该新成

立实体的股东。同时，收购公司和目标公司由于法定合并而成为一家公司。



Yes, there are no rules restricting hostile bids and hostile offers are becoming more common in the Netherlands, although still very much the exception to the rule.

敌意要约在荷兰是允许的。没有限制敌意要约的条例/规定，而且尽管其多属规定的例外情形，敌意要约在

荷兰正变得越来越常见。


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A mandatory bid is triggered by a person, or a group of persons acting in concert, gaining "control" over the listed target company by acquiring at least 30% of the voting rights in the target.

当一个人或一致行动人通过收购目标公司 30% 及以上的投票权获得了对该上市目标公司的“控制权”时，便

会引发强制要约。

Certain exemptions apply. For example, there is no obligation to make a mandatory offer if:

有一些例外，譬如，在下述情况下无须进行强制要约：

• a party acquires control by declaring a public offer for all the shares (and depositary receipts for shares) in the listed target company unconditional. It is expected that this exemption will be amended to provide that as of 1 January 2013 it will only apply if more than 50% of the voting rights are acquired after a public offer is declared unconditional.

一方通过宣布对上市目标公司全部股份（及股份存托凭证）的无条件公开要约来获得控制权；

• the controlling party reduces its stake below the 30% voting rights threshold within 30 days after crossing the 30% threshold, provided that the voting rights held by that controlling party have not been exercised during this period and the shares are not sold to another controlling shareholder of the company. The Enterprise Chamber of the Amsterdam Court of Appeal may extend this period by an additional 60 days;

控制方在获得超过 30%的投票权后的 30日内将其持股（投票权）比例减至 30%以下。但前提是，由该

控制方所拥有的投票权没有在此期间内被行使，且股份未转让给公司的另一控股股东；荷兰阿姆斯特丹

上诉法院企业合议庭可能将这一期间再延长 60 天；

• the acquisition is approved by 95% of the votes cast (not including those of the person or group of persons gaining control) in the shareholders meeting of the target company within a three-month period preceding the acquisition;

该收购在收购前三个月内举行的股东大会上由 95% 的赞成票（不包括取得控制权的人）通过；

• control is acquired in a target company which has been granted suspension of payments or which has been declared bankrupt; or

获得对已被裁决暂停支付或被宣布破产的目标公司的控制权；或

• the Enterprise Chamber grants an exemption, but it will only do so if this is justified by the (distressed) financial situation of the target company.

企业合议庭授予豁免，但只有在目标公司的（不良）财务状况表明有必要时才这么做。



(a) Voluntary offer 自愿要约

An offeror making a voluntary bid is in principle free to offer whatever price it wishes. However, the offer price will be subject to the "best price" rule. The "best price" rule applies to all bids and requires the offeror to apply an offer price which is not less than the highest consideration paid by the offeror for the relevant securities in the target company in any transaction entered into after the initial public announcement regarding the offer. On-market purchases of such securities do not count for purposes of the best price rule.

提出自愿要约的要约人，原则上可以其期望的任何价格来提出要约。不过，要约价格须遵守“最佳价

格”的规定。“最佳价格”规定适用于所有要约，且要求要约人采用不低于要约人在首次宣布该要约以

后所进行的任何交易中对目标公司相关证券所支付最高对价的要约价格。在市场上购买这些证券不受该

“最佳价格”规定的约束。


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(b) Mandatory offer 强制要约

In contrast to a voluntary offer, a mandatory offer must be made at the "equitable price", which will in principle be the highest price paid by the offeror (or by parties acting in concert with the offeror) for relevant securities in the year preceding the mandatory offer. If the offeror has not acquired any securities during the preceding year (and crosses the percentage threshold that triggers the requirement to make a mandatory offer as a result, for example, of a cancellation of shares by the target or a legal merger with another entity), the average share price of the target during that year will be taken as the equitable price.

而相比之下，强制要约则必须以“公平价格”做出，“公平价格”原则上为要约人（或与要约人一致行

动的各方）在做出该强制要约以前的年份内对目标公司相关证券所支付的最高价格。如果要约人在以

前的年份内未曾收购任何证券（且由于目标公司注销股份或与另一家公司合并等原因，而突破了引发强

制要约的持股比例），则该年份内目标公司的平均股价将被作为“公平价格”。



There are a number of key public documents involved in a public takeover bid, whether recommended or hostile. These are the main relevant public documents:

公开要约，无论是推荐要约还是敌意要约，均涉及到许多重要公开文件。主要的公开文件包括：

(i) initial public announcement (offeror);

首次公开宣布（要约人）

(ii) four weeks announcement (offeror);

四周公告（要约人）

(iii) "certainty of funds announcement" (offeror);

“资金确定性公告”（要约人）

(iv) notice for an offeror shareholders meeting (if applicable) (offeror);

要约人股东大会通知（要约人）

(v) offer document (offeror);

要约文件（要约人）

(vi) prospectus for offeror shares (if applicable) (offeror);

要约人招股书（如果适用）（要约人）

(vii) position paper (target company);

立场/意见书（目标公司）

(viii) notice for a target company shareholders meeting (target company)

目标公司股东大会通知（目标公司）

In addition, there may be requirements to make further public announcements.

此外，还可能要求进行其他更多的公告。

There will also be a number of non-public documents prepared in connection with a public takeover, most importantly the merger protocol and irrevocable undertakings from large shareholders.

公开要约收购还须准备许多非公开文件，其中最重要的是并购协议和大股东不可撤回的承诺。


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The AFM will review all public documents issued by the parties to a bid to ensure that they comply with the requirements of the Offer Rules. The offer document and, in the event of an exchange offer, the prospectus, are the only public documents which require pre-approval from the AFM. All other public documents will be reviewed by the AFM following their publication.

金融市场监管局将对由交易各方发布的公开文件进行审查，以确保其符合《要约收购条例》的要求。要约

文件以及换股要约情况下的招股书，是唯一需要金融市场监管局事先审批的公开文件。其他所有公开文件

均将在其公布后由金融市场监管局进行审查。



Key dates and events include:

关键日期和事件包括：

• Day 0: an initial public announcement is generally made in a press release stating that the offeror and the target company have reached agreement (usually conditional) on an intended public offer.

第 0 天：首次公开宣布通常以新闻发布的形式做出，表明：收购方和目标公司已就拟议公开要约达成一

致（通常为有条件）；

• Within 4 weeks from day 0: announcement of (i) the latest date on which the offeror will file an offer document for approval with the AFM; or (ii) that the contemplated offer will not be pursued.

第 0 天起四周内：公布 (i) 要约人将要约文件报送金融市场监管局审批的最后日期；或 (ii) 将取消拟议

要约。

• Within 12 weeks from day 0: submission of the offer document for approval with the AFM and a "certainty of funds" announcement.

第 0 天起 12周内：将要约文件提交金融市场监管局审批，并进行“资金确定性”公告。

• Within 10 business days after submission of offer documents the AFM must decide on approval (term can be extended if the AFM needs more information).

在提交要约文件后的 10 个工作日内，金融市场监管局必须做出是否批准的决定（如果金融市场监管局

要求提供进一步的文件，则此期限可以延长）。

• Within 6 business days after approval: either (i) publication of the offer document or (ii) announcement that the offer will not be pursued.

批准后 6个工作日内： (i) 公布要约文件，或 (i) 宣布取消要约。

• After publication: an initial offer period of 4 to 10 weeks (at the option of the offeror).

公布后：4至 10周的初始要约期（由要约人决定）。

• Within 3 business days of the end of the initial offer period: announcement by the offeror that (i) the offer is unconditional or (ii) the offer is being extended (by 2 to 10 weeks, at the option of the offeror).

该初始要约期结束后 3个工作日内：由要约人宣布 (i) 要约为无条件，或者 (ii) 要约延期（2至 10周，

由要约人决定）


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In the Netherlands it is very common to enter into a preliminary agreement prior to further negotiations. First step is to agree on a confidentiality agreement that is legally binding. The next step is a letter of intent, memorandum of understanding, term sheet or framework agreement. Parties sometimes choose to enter into negotiations directly without a letter of intent if the transaction is relatively simple and straight forward.

在荷兰，在进一步谈判前签订初步协议很普遍。第一步是签订具有法律约束力的保密协议。第二步是签订

意向书、谅解备忘录、框架协议。如果交易比较简单和直接，则双方有时会选择在不签订意向书的情况下

直接进入合同谈判。

The letter of intent is usually non-binding, save for the confidentiality clause and the clause relating to the negotiations being mutually exclusive.

意向书通常没有约束力，但保密条款以及与排他性谈判等有关的条款除外。




Yes, this duty involves not negotiating with a malicious intent (for example, expressly withholding very relevant information from the other party). Under Dutch law, proceedings can be initiated due to unlawful termination of the negotiations. There is some case law that parties have to take each other's legitimate expectations into account when assessing whether to terminate the negotiations.

是的。这种善意义务包括谈判时不带恶意（例如故意向对方隐瞒非常重要的信息）等。根据荷兰法律，非

法终止谈判有可能引发法律程序。有部分判例法显示，在决定是否终止谈判时，双方必须考虑对方的合理

期待。




Yes, these clauses are common due to, among other reasons, the investment of the purchaser in the due diligence process. A purchaser would want to procure that this investment was not done in vain. The question whether this clause is incorporated depends on how much leverage a seller has in the negotiations and how many interested purchasers there are.

是的。由于买方在尽职调查过程中有一定的投入等原因，此类条款很常见。买方希望这些前期投入和开销

不会白费。是否纳入此条款，取决于卖方在谈判中有多大的实力，以及有多少感兴趣的买方。


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It is common to enter into a letter of intent in connection with a friendly acquisition of a listed company. This letter of intent is also called a merger agreement or merger protocol. A letter of intent regarding the acquisition of a listed company is agreed between the offeror and the target company. In this context the letter of intent can contain binding clauses regarding the board's obligation to recommend the offer to the shareholders, the offeror's obligation to make the offer and actions that will or will not be taken in relation to the company after the offer has succeeded. A letter of intent usually also contains a termination or break-up fee.

对于善意收购一家上市公司，通常都会签订一份意向书。该意向书也被称为并购协议。与收购一家上市公

司有关的意向书，由收购方（要约人）和目标公司签订。在这方面，意向书可包含与下述事项有关的约束

性条款即：董事会向股东推荐该要约人的义务，要约人须提出要约的义务，以及在收购成功后将会或不会

对公司所采取的行动。意向书通常还包含终止或“分手”费。




There are no regulatory constraints specifically aimed at payment of break fees and a break fee of around 1 to 2% of the deal value is quite common. However, it can be argued that under Dutch law a break fee is only enforceable if it has the purpose of compensating the unsuccessful offeror for reasonable costs it incurred in connection with the offer.

没有特别规定分手费支付的法规条款，常见的分手费金额大约为拟议交易价值的 1 % 至 2%。不过，对下

述情形可能存在争议：根据荷兰法律，只有当分手费具有补偿未成功要约人由于该要约所发生的合理费用

这一目的时，分手费才可强制执行。




Shareholder rights 股股股股东东东东权利权利权利权利

Each shareholder has a right to:

每个股东均有权：

- attend and address the general meeting;

参加股东大会并发言；

- exercise the voting rights;

行使投票权；

- the same amount of votes (unless a different statutory provision is made);

投出效力相同的一票（除非法规另有规定）；

- receive same dividend for each share;


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接收同样的每股股息；

- receive a pro rata part upon the issuance of new shares (pre-emptive rights);

在发行新股时按（所持股份）比例购买（即优先购买权）

- be informed on an equal basis.

平等的知情权。

Minority shareholders can:

而少数股东可：

- request a court to nullify resolutions if these have been taken in breach of (i) statutory requirements, (ii) the articles of association or (iii) principles of reasonableness and fairness;

在决议违反 (i) 法定要求，(ii) 公司章程，或 (iii) 合理公平原则时，请求法院宣布该等决议无效；

- seek through judicial intervention the adjustment of the annual accounts.

通过司法介入来寻求调整年报；

- (if they did not tender their shares in an offer) have their shares bought by the offeror if, subsequent to a successful offer in which the offeror has acquired 95% or more of the share capital and at least 95% of the voting rights, the offeror does not initiate squeeze-out proceedings itself.

（如果其未在要约中出售其股份）要求要约人收购其股份；前提是当收购成功、要约人取得 95% 及以

上的股份以及至少 95%的投票权以后，要约人本身不启动挤出程序；

- request to convene, through judicial intervention, an extraordinary general meeting of shareholders, provided they hold at least 10% of the shares.

通过司法介入，要求召开特别股东大会，但其须持有至少 10% 的股份。

Shareholder Resolutions 股股股股东东东东大大大大会会会会决决决决议议议议

At the general meeting of shareholders, resolutions will generally be passed by an absolute majority of votes. The minority shareholder's position can be strengthened by special provisions in the articles of association which require a special or greater majority.

在股东大会上，决议一般由绝对多数赞同票通过。而少数股东的地位则可通过公司章程中的某些特别规定/

条款（如需要特别或绝大多数同意票通过）来予以加强。

Enterprise Chamber 企企企企业业业业合议合议合议合议庭庭庭庭

A shareholder that holds at least 10% of the issued share capital or the nominal amount of EUR 225,000 may file a request with the Enterprise Chamber of the Amsterdam Court of Appeal for an investigation into the company's policy and course of business.

持有 10%及以上或面额 22.5 万欧元已发行股份的股东，可向阿姆斯特丹上诉法院企业合议庭提出申请，对

公司的政策和经营过程展开调查。

Fiduciary duties 信信信信义义义义义义义义务务务务

Dutch statutory law does not provide for specific fiduciary duties for a shareholder vis-à-vis the other shareholders. However, the relationship between the shareholders is governed by general rules of reasonableness and fairness, which could result in a majority shareholder having to take legitimate interests of minority shareholders and/or the company into account.

荷兰法律未规定股东之间负有信义义务。不过，股东之间的关系受到合理与公平这一总原则的约束，这使

得大股东必须考虑小股东和公司的合法权益。




If any of the companies involved in the offer has installed a works council, the advice of the works council should be obtained before the boards of the companies involved unconditionally decide to support the


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offer. The Merger Rules require that the relevant trade unions (if any) are consulted before the offer is made. The Merger Rules are aimed at initiating discussions between the board of the target company and the relevant trade unions.

如果要约所涉及的任何公司成立了职工委员会，则在公司董事会无条件地决定支持该要约以前，应征求职

工委员会的意见。《并购条例》规定，在提出要约前须征求相关工会（如果有）的意见。《并购条例》希

望能借此促成目标公司董事会与相关工会之间的协商和讨论。

Both the request for advice from the works council and the consultations with the trade unions must be carried out in such a way that the views of the works council and trade unions can substantially influence the boards' decision whether or not to support the contemplated offer and under what conditions. If the boards' decision deviates from the advice rendered by the works council, the companies must observe a one-month waiting period, during which the works council has the right to have the decision of the boards reviewed by the Enterprise Chamber.

征求职工委员会和工会的意见，必须以以下方式进行：职工委员会和工会的意见可切实地影响董事会做出

是否支持拟议要约、以及在何种条件下支持该要约的决定。如果董事会的决定违背了职工委员会的意见，

则公司须经过一个“一个月的等待期”，在此期间，职工委员会有权将董事会的决定提请企业合议庭审

查。

In a hostile offer, the requirement to obtain advice from the works council does not apply.

而对于敌意要约，则不适用征求职工委员会意见这一规定。



In the case of a transfer of an undertaking by means of an asset deal, all the rights and obligations between the employer and the employees will be assumed by the acquirer by operation of law. For one year after the transfer of the business, the seller and the acquirer are jointly and severally liable for the fulfillment of obligations under the employment contracts insofar as these obligations have accrued before the transfer. However, certain specific exceptions apply to pension entitlements.

对于通过资产交易来转让企业，雇主与员工之间的所有权利和义务均将依法由收购方承担。在转让后一年

内，由卖方和收购方根据劳动合同对转让前就已形成的义务承担共同连带责任。不过，对于退休金权利有

某些例外。




On a business and asset sale, the liabilities of the business remain with the seller except to the extent the parties agree otherwise. However, normally in the Netherlands the purchaser will purchase the business including the debts and obligations and agree on specific contractual arrangements on risk allocation, warranties and indemnities.

对于经营业和资产出售，企业的债务仍归属于卖方，除非双方另有约定。不过在荷兰，买方在购买一项经

营时，通常也包括其债务和义务在内，同时就风险分配、担保和赔偿达成具体的协议。

Under Dutch legislation, if a business is transferred, employees are transferred by operation of law and the purchaser is obliged to employ these employees and maintain their employment conditions (see also section G.2 above).

根据荷兰法律，如果一家企业被转让，则其员工也依法被转让，且买方有义务雇佣这些员工并保持其雇佣

条件不变（参见前面 G.2）。


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Some recent transactions include the following:

近期的部分并购活动：

• DSM, the global life sciences and materials sciences company headquartered in the Netherlands, formed a 50/50 global joint venture with Sinochem Group for its business group DSM Anti-Infectives for a total cash consideration of EUR 210 million.

皇家帝斯曼集团，一家总部位于荷兰的全球性生命科学与材料科学公司，为其抗生素产品部，与中国化

工集团成立一家（双方各占一半股份的）生产抗生素相关产品的合资企业，访交易的总现金对价为 2.1

亿欧元。

• A Chinese car manufacturer and a Chinese car distributor formed a strategic partnership with Saab’s Dutch listed holding company Swedish Automobile.

一家中国汽车制造商和一家中国汽车分销商，与萨博的荷兰母公司瑞典汽车(Swedish Automobile)结成

战略合作伙伴；

• Beijing Automotive Industry Corporation (BAIC) acquired Inalfa Roof Systems Group B.V. Inalfa is one of the world's largest suppliers of vehicle roof systems.

北汽集团(BAIC)收购 Inalfa Roof Systems Group B.V.。 Inalfa为全球最大的车顶系统供应商之一。

• Chinese private equity firm Unitas Capital acquired the Dutch multinational commercial vehicles component production company Hyva from 3i in a EUR 525 million transaction.

中国私募股权投资公司联宇投资(Unitas Capital)耗资 525 万欧元从私募股权基金 3i 手中收购荷兰的跨

国商用车配件生产企业 Hyva。

• De Brauw has a leading international M&A practice that has been ranked tier one in Chambers 2011, Legal 500 2011 and PLC Which Lawyer? 2011.

荷兰百思通律师事务所拥有领先的国际并购业务，2011年分别被《钱伯斯》(Chambers)、《法律 500强》

(Legal 500) 和《 PLC Which Lawyer？》评为并购领域的一级律师事务所。

• We are the only top-tier Netherlands law firm with an office in China. Our Chinese legal staff and tax advisors (all native Mandarin speakers) are located both in China and the Netherlands.

我们是荷兰唯一一家在中国设立办事处的一级律师事务所。我们在中国和荷兰两地拥有以中文为母语的律

师和税务顾问。

• For more information, please contact our Beijing office's resident partner Geert Potjewijd ([email protected]) or go to www.debrauw.com.

更多详情，请联系我们驻北京代表处的常驻合伙人普志平 (Geert Potjewijd) 博士

([email protected]) ，或访问我们的网站：www.blackstonelawoffice.com。

October 2011 New Zealand 新西兰

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New ZealandNew ZealandNew ZealandNew Zealand 新西兰新西兰新西兰新西兰





Overseas Investment Regime 海海海海外投资管外投资管外投资管外投资管制制制制机机机机制制制制

Foreign investment in New Zealand is generally encouraged, although there are certain rules in place designed to ensure that sensitive New Zealand assets are protected. The Overseas Investment Office (OIO) (and, in some cases, the Ministers of Finance and Land Information), must consent to an acquisition by an "overseas person" of "sensitive land" or "significant business assets".

一般而言，尽管存在某些为保护敏感的新西兰资产而设计的规则，海外投资在新西兰是受到鼓励的。“海外

人士”要取得“敏感土地”或者“重大商业资产”，必须获得海外投资办公室（简称 OIO）的同意；在某些特定情

况下还需要获得财政部和土地信息署的同意。

"Sensitive land" is:

“敏感土地”是指：

• non-urban land areas greater than 5 hectares;

非城市区域超过 5 公顷的土地；

• land on certain specified islands; or

在某些特定岛屿上的土地；或

• other parcels of land that are classified as "sensitive" due to their inclusion of, or proximity to, waterways, parks, conservation areas, or areas of historic significance.

其他因为包括或接近河道、公园、保留地或有历史意义的区域而被归入到“敏感”类别的地块。

An acquisition of "significant business assets" includes:

取得“重大商业资产”包括：

• a transaction in which the investor buys 25% or more of a business where the consideration paid for the New Zealand part of the investment exceeds NZ$100 million;

投资者购买一个生意的 25%或以上，而在该生意中为新西兰部分的投资而支付的对价超过 1 亿新西兰

元的；

• a transaction in which the investor buys 25% or more of a business where the value of the New Zealand assets of the business exceed NZ$100 million;

投资者购买一个生意的 25%或以上，而在该生意中新西兰资产的价值超过 1 亿新西兰元的；

• a transaction in which the investor acquires any property in New Zealand (including goodwill and other intangible assets) for more than NZ$100 million; or

投资者取得在新西兰的任何超过 1 亿新西兰元的财产权（包括商誉和其他无形资产）；或


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• incurring expenditure in establishing a business exceeding NZ$100 million.

为建立一项生意而发生的开支超过 1 亿新西兰元的。

OIO Consent Process 海海海海外投资外投资外投资外投资办办办办公公公公室室室室的审批程的审批程的审批程的审批程序序序序

The OIO consent process starts with the investor who is an overseas person submitting an application. The OIO aims to process consent applications within 30 to 70 working days, plus a five day initial review period. The timeframe depends on the nature of the application, with the more complex "sensitive land" applications taking longer.

海外投资办公室的审批程序从身为海外人士的投资者向该办公室提交申请开始。海外投资办公室会尽量在

30 至 70 个工作日内，并加上 5 天的初审期，来完成审批程序。审批的时间框架取决于申请的性质；涉及

“敏感土地”的申请较为复杂,需要相对较长的时间。

The application for consent focuses on whether the overseas person:

对申请的审批主要关注海外投资人：

• has relevant business acumen and experience;

是否有相关的商业才干和经验；

• is financially committed to the investment; and

能否保证投资所需要的资金；并

• is of good character.

是否品格良好。

If the investment involves an interest in sensitive land, the applicant must also demonstrate that the purchase will bring a net benefit to New Zealand, and so be in the national interest. The OIO looks at several factors when assessing such an acquisition, including whether the investment will:

如果投资涉及到敏感土地的权益，申请人还必须证明其购买将会给新西兰带来利益。在评估这样一个收购

项目时，海外投资办公室会考虑几个因素，包括该项投资是否能够：

• create new job opportunities;

创造新的就业机会；

• create new technology, or introduce new managerial or technical skills;

创造新的技术，或者引进新的管理上的或技术上的技能；

• develop new export markets or increased market access;

拓展新的出口市场或增加市场门路；

• add to competition, and create greater efficiency or productivity;

增加竞争，并创造更高的效能或生产能力；

• enhance services available in New Zealand;

增强可以在新西兰提供的服务；

• introduce into New Zealand additional investment for development purposes; or

将以发展为目的的投资引进到新西兰；或者

• increase processing of primary products.

增加对初级产品的深加工。

The applicant may also be asked to provide a management plan and supporting statements detailing how it will manage any sensitive assets.


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海外投资办公室还可能要求申请人提供关于其将如何管理敏感资产的管理计划以及对管理计划的支持性说

明。

Farm Land 农场土农场土农场土农场土地地地地

If an overseas person wishes to acquire farm land, or shares in a company owning farm land, that land must be marketed for sale in New Zealand for 20 working days (to persons who are not overseas persons) before the OIO is able to consent to the purchase by an overseas person.

如果海外人士希望获取农场土地、或拥有农场土地的公司的股份，在海外投资办公室批准海外人士购买之

前，该土地必须已经在新西兰向非海外人士试图出售至少 20个工作日。

The following factors are given high importance by the OIO if an overseas person wishes to invest in a large area of farm land (ie 10 times the average farm size of the relevant type of farm):

如果海外人士希望对大面积的农场土地投资（即相当于相关类型农场平均面积 10 倍或以上），海外投资办

公室将高度重视下列因素：

• whether the investment will benefit New Zealand;

该项投资是否会使新西兰受益；

• whether New Zealand's economic interests will be adequately promoted by the overseas investment; and

该项海外投资是否会充分地增进新西兰的经济利益；

• whether there are opportunities for New Zealand oversight or involvement (for example, New Zealand directors or a New Zealand head office).

是否有机会让新西兰人监督或参与（比如，有新西兰的董事或总部设在新西兰）。

Post Acquisition 收购之收购之收购之收购之后后后后

The OIO monitors the activities of the overseas person post-acquisition to ensure that the investor is complying with the law, any representations made in the application for consent, and any conditions of consent imposed by the OIO. The overseas person is required to report on compliance.

在收购之后，海外投资办公室会继续跟进监督从而确保投资人遵守法律、在申请许可时做出的陈述、以及

海外投资办在批准时附加的条件。海外投资人需要报告其遵守的情况。



In addition to the overseas investment regime detailed above, overseas investments in fishing quotas and Maori freehold land are subject to further regulation.

除了上面所述的海外投资管制机制之外，对于捕鱼配额和毛利拥有土地的海外投资还有进一步的管制。



Commerce Act 商业商业商业商业法法法法

The general rule under the Commerce Act 1986 is that mergers and acquisitions that would have, or would be likely to have, the effect of substantially lessening competition in a market are prohibited. The Commerce Act is enforced by the Commerce Commission.

根据《1986 年商业法》，一般规则是：具有或者可能具有实质性地削弱市场竞争效果的兼并或收购都将被

禁止。商业法由商业委员会实施。


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The Commerce Commission has adopted certain "safe harbours" to give guidance as to whether a business acquisition is unlikely to substantially lessen competition in a market. These are where either:

商业委员会已经就一项生意收购是否可能实质性地削弱市场竞争提供了若干“安全港”指引。符合“安全港”条

件的一般不大可能被认定为实质性地削弱市场竞争。这些包括以下其中之一：

• the three largest firms in the market have less than 70% of the market share and the combined entity will have less than 40% of market share; or

市场上 3 个最大的厂商拥有少于 70%的市场份额，并且合并后的实体将只拥有少于 40%的市场份额；

或

• the three largest firms have more than 70% of the market share but the market share of the combined entity will be less than 20%.

虽然市场上 3 个最大的厂商拥有超过 70%的市场份额，但是合并后的实体将拥有的市场份额少于

20%。

Clearance 预先许可预先许可预先许可预先许可

Parties contemplating an acquisition may apply for clearance if they are in doubt as to whether or not the acquisition will result in breach of the Commerce Act.

打算并购的各方，如果他们对于并购是否会导致对商业法的违反不肯定，可以向商业委员会申请预先许

可。

Clearance for an international merger given by offshore anti-trust regulators does not protect the transaction in New Zealand. If the transaction may result in a substantial lessening of competition in the relevant New Zealand market, parties should consider whether it is appropriate to seek clearance from the Commerce Commission.

境外反垄断监管机构对于跨国并购授予的预先许可，并不意味着该交易在新西兰受到保护。如果该交易有

可能导致对新西兰相关市场竞争的实质性削弱，交易的各方应当考虑是否向新西兰商业委员会寻求预先许

可。

Below is an indicative timeline of an clearance application:

以下是关于预先许可申请的指引性的时间安排：

• Day 1: application for clearance registered

第一天：登记预先许可申请

• Day 10: Commerce Commission provides a draft timeline

第十天：商业委员会提供一个大致的时间安排

• Day 15: a "statement of preliminary issues" is published on the Commerce Commission's website

第十五天：商业委员会的网站上刊登出“关于可能涉及的初步问题的陈述”

• Day 25: Commerce Commission gives clearance (in the case of a straightforward application) or sends a "letter of issues"

第二十五天：商业委员会发给预先许可（在申请较为简单直接的情况下）或发出“问题函”

• Day 30: meeting with the applicant

第三十天：与申请人会面

• Day 40: clearance is given or declined

第四十天：预先许可被授予或者拒绝

In more complex applications for clearance, the process is likely to continue as follows:


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如果预先许可的申请更为复杂，这个过程可能继续进行如下：

• Day 40: Commerce Commission sends a "letter of unresolved issues" and seeks an extension

第四十天：商业委员会发出一份“未解决问题的函”并寻求延长审批时间

• Day 45: meeting with applicant on "letter of unresolved issues" and provision of updated tentative timeline

第四十五天：就“未解决问题的函”与申请人会谈，并提供经过修订的大致时间安排

• Days 60+: final decision

第六十天之后：最终决定



In general, there are currently no exchange controls restricting the movement of funds to or from New Zealand. However, cross-border cash transactions of NZ$10,000 or more need to be reported.

一般而言，目前对于资金进出新西兰没有外汇管制。但是，跨境现金交易达到或超过1万新西兰元的，需要

报告。




The most common type of corporate legal entity in New Zealand is the limited liability company established under the Companies Act 1993. Overseas companies often operate in New Zealand by registering a branch in New Zealand. Recently, limited partnerships, regulated by the Limited Partnerships Act 2008, have become more widely used.

在新西兰，最为常见的法人实体是根据《1993年公司法》设立的有限责任公司。海外公司通常通过在新西

兰登记设立分支机构来运作。最近，由《2008年有限合伙法》规范的有限合伙开始被更多的使用。





Common Law 普通法普通法普通法普通法

New Zealand's legal system is based on the English common law system (based on judge-made laws). Common law principles pertaining to contracts constitute a principal area of law applicable to M&A transactions. The main terms of a M&A transaction are often recorded in, and governed by, contracts. Legislation also provides an important source of law for M&A transactions.

新西兰的法律制度是基于英国的普通法制度 (即由法官创制的法律)。普通法制下的合同法是适用于并购交

易的主要法律领域。并购交易的主要条件通常表述在各项买卖合同之中。成文法律法规也为商业并购交易

提供重要的法律渊源。


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Companies Act 公司公司公司公司法法法法

The Companies Act applies to all companies registered in New Zealand. In relation to M&A transactions, the scope of the Companies Act extends to:

《公司法》适用于所有在新西兰登记的公司。就商业并购交易而言，以下事项涉及到《公司法》的监管范

围：

• major transactions (any transaction involving the acquisition or disposition of assets or the incurring of liabilities, the value of which is more than half the value of the company's assets prior to the transaction);

重大交易（指交易所获得或处置的资产、或所导致的债务，其价值超过交易前整个公司资产价值一半的

任何交易）；

• payment of dividends;

支付红利；

• minority buy-out rights;

少数股股东在特定情形下可以要求其所持股权被完全买断而不再留作股东的权利；

• schemes of arrangement; and

交易安排的谋划；以及

• statutory amalgamation procedures.

法定合并程序。

Takeovers Code 并购规范并购规范并购规范并购规范

New Zealand's takeovers regime is governed by the Takeovers Code, which focuses on protecting minority shareholders in a takeover situation. The regime applies to any "code company", being a company that is listed on a New Zealand stock exchange (or has been listed in the previous 12 months), or has 50 or more shareholders.

新西兰的并购体制受到《并购规范》的管辖。《并购规范》的要旨是在并购情形下保护少数股股东。该

《规范》适用于任何“规范公司”，即当前或在过去的 12 个月挂牌于新西兰证券交易所的公司，或者是股东

人数达到或超过 50人的公司。

The Takeovers Code's "Fundamental Rule" prohibits any person and its associates from either acquiring more than 20% of the voting securities in the code company, or increasing the percentage of securities it holds or controls where the person holds or controls more than 20% of the voting securities.

《并购规范》的“根本规则”是禁止任何人士连同其关系人取得规范公司超过 20%有投票权的股权证券，或者

增加其所持有或控制的股权的百分比从而达到或超过规范公司有投票权的股权证券的 20%。

Exceptions to the Fundamental Rule are:

上述“根本规则”的例外情形是：

• a full or partial offer made in accordance with the Takeovers Code;

依照《并购规则》提出的完整或局部要约。

• an acquisition or allotment approved by an ordinary resolution of shareholders of the code company in accordance with the Takeovers Code;

规范公司依照《并购规范》作出普通股东大会决议批准的收购或者配股。

• an increase, by up to 5% a year, by a person holding between 50% and 90% of shares on issue in a code company;

规范公司中已经持有 50%至 90%股权的单一股东以不超过 5%每年增加其股权。


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• a requirement by a person holding 90% or more of the shares on issue in a code company to the remaining shareholders to sell their shares through the compulsory acquisition provisions in the Takeovers Code; and

持有规范公司 90%或以上股权的单一股东，依照《并购规范》中的强制并购条款要求其他股东向其转

让股权。

• acquisitions permitted under an exemption granted by the Takeovers Panel.

由并购委员会授予的豁免所许可的并购。


The Listing Rules of the New Zealand stock exchange (NZX) apply to takeovers of non-corporate issuers such as unit trusts and other managed investments. Takeovers of listed companies are regulated by the Takeovers Code.

《新西兰证券交易所上市规则》适用于对非法人类发行人（如单元信托和其他管理投资基金）的并购。对

上市公司的并购适用《并购规范》的管制。

Securities Markets Act 证券证券证券证券市市市市场场场场法法法法

In relation to M&A transactions, the Securities Markets Act 1988 regulates matters such as:

对于兼并收购交易，《1988年证券市场法》规制诸如下列之事项：

• disclosure obligations in respect of certain changes of ownership in shares of listed companies; and

上市公司股票所有权某些变动所涉及的披露义务；

• market misconduct, including insider trading.

不当市场行为，包括内部人交易。

Note that the Securities Markets Act is proposed to be replaced with a new legislative regime in the near future. However, the matters described above are not expected to change.

注意：已经有提议在不久的将来用新的立法来替代现有的《证券市场法》。但是，上述事项不大可能有改

变。




The principal methods of acquiring a listed company are:

收购上市公司的基本方法包括：

• a takeover offer by the bidder to purchase the shares of the target company;

由竞购人提出收购目标公司股权的要约；

• a business (assets) acquisition;

收购生意（资产而非股权）；

• a court supervised “scheme of arrangement”, requiring the target company shareholder approval and court approval; and

由法院监督的“安排谋划”（该方法要求目标公司股东和法院的同意）；以及

• a company amalgamation under the Companies Act requiring target company shareholder approval;

依照《公司法》进行公司合并（该方法需要目标公司股东的同意）。


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This section focuses on the takeovers regime.

这一部分着重于并购体制。



Hostile bids are permitted in New Zealand.

在新西兰，敌意收购是允许的。



New Zealand does not have a mandatory requirement under which a shareholder whose interest exceeds a defined threshold is required to make a mandatory cash bid for the remaining shares in the company. Instead, as described above, any person and its associates are prohibited from acquiring more than 20% of the voting securities in the code company, without doing so in a manner prescribed by the Takeovers Code.

新西兰并不强制要求一个股东当其股权超过规定的门槛时要以现金出价购买公司中其他的股权。但如上所

述，任何人连同其关系人不允许取得一个规范公司中超过 20%的有投票权的股权证券，除非是以《并购规

范》规定的方式。



There is no rule that provides for a minimum price at which the offer must be made. However, the Takeovers Code provides that a takeover offer must be made on the same terms for all shares belonging to the same class; and if the bidder acquires any shares for cash during the offer period at a price exceeding the offer price, the offer price is deemed to be varied to that higher acquisition price.

并没有规则要求要约的出价必须遵循某个最低价格。然而，《并购规范》规定，对同一类别的股权提出的

并购要约，其要约条件必须相同；并且，如果出价人在要约期间以高于要约出价的价格以现金购得任何股

权，其要约出价视同调整到那个较高的收购价格。



Key documents in a takeover bid under the Takeovers Code include:

依照《并购规范》进行的并购出价所需要的主要文件包括：

• Takeover Notice: This is a notice given by the bidder to the target company, which starts the takeover process. It is not an offer itself (but only a notice setting out the intended terms of an offer) and no actual offer is required just because a takeover notice has been given. The target company must immediately announce receipt of the takeover notice.

并购并购并购并购通知通知通知通知：这是一个由竞购人发给目标公司的通知，并购过程由该通知而开始。并购通知不是要约本

身，而只是列出打算开出的要约条件。发出了并购通知并不意味着必须实际提出要约。目标公司必须即

时公告其收到并购通知的事实。

• Offer Document: The offer document will be sent by the bidder to the shareholders of the target company. The offer document must contain certain information required by the Takeovers Code including all of the terms and conditions of the offer.


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要约文件要约文件要约文件要约文件：：：：要约文件将由竞购人发给目标公司的股东。要约文件必须包含《并购规范》所要求的特定信

息，包括要约的所有条款和条件。

• Target Company Statement: The target company is required to respond to the offer with a disclosure document containing specific information,

目目目目标标标标公司公司公司公司声声声声明明明明：：：：目标公司需要通过一份包含特定信息的披露文件来对要约做出回应。

• Independent Adviser's Report: The directors of a target company must obtain a report from an independent adviser on the merits of an offer.

独独独独立立立立顾顾顾顾问的报告问的报告问的报告问的报告：：：：目标公司的董事必须获取独立顾问就要约的优劣提出的报告。



No pre-approval is required. However, the bidder and the target company are required to provide the Takeovers Panel with copies of all documents and notices that they despatch to shareholders or make public in connection with the offer. The bidder must also notify the New Zealand stock exchange (NZX) at various stages of the takeover offer.

并不需要预先批准。但是，竞购人和目标公司需要向并购委员会提供他们向股东分发或公告的所有与收购

要约有关的文件和通知的副本。在收购要约的不同阶段，竞购人还必须通知新西兰证券交易所。



The Takeovers Code prescribes detailed rules for the timing of an offer. Key dates include:

《并购规范》规定了收购要约时间的详细规则。关键的日期包括：

• Takeover Notice Date: The timeline of a takeover offer commences on the date the bidder gives the takeover notice to the target company.

收购通知日：收购要约自竞购人发给目标公司收购通知之日开始的时间界线。

• Offer Date: The offer itself must then be sent to the offerees between 14 and 30 days after the date the takeover notice is given.

要约日：随后，要约本身必须在发出收购通知后的 14 天至 30 天之间发给被要约人。

• Target Company Statement: The target company must publish the target company statement either within 14 days of receiving the takeover notice or within 14 days of receiving the dispatch notice, depending on how it wants to proceed.

目标公司声明日：在收到收购通知的 14 天内或者在收到派发通知的 14 天内（取决于何种情形），目

标公司必须公告目标公司声明。

• Acceptance Date: An offer may specify a closing date for acceptance of the offer that is no earlier than 30 days and no later than 90 days after the offer date. This offer period may be extended in some circumstances, but any notice of variation of the offer (including extension of the offer period) must be given at least 14 days before the end of the existing offer period.

接受日：要约可以明确规定接受要约的截止日期，该截止日期不得早于要约日后的 30 天，也不得晚于

要约日后的 90 天。在特定的情形下，该要约期限可以延展；但是，任何关于要约变更（包括延展要约

期限）的通知，必须在既有的要约期限届满前至少 14 天发出。


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It is reasonably common for parties to enter into heads of agreement (also known as memorandum of understanding or letter of intent) before the process of due diligence, disclosure and document drafting begins.

在核实情况、披露和文件起草开始之前，各方先行签署协议要点（亦称备忘录或意向书），这是合理常见

的。

Heads of agreement are typically drafted so that they are not legally binding. However the parties often include legally binding terms with respect to confidentiality, exclusivity and recovery of costs if the transaction does not proceed.

协议要点一般会被刻意地起草得不具有法律约束力。但是，各方通常会在协议要点中包括一些有法律约束

力的条款，比如关于保密、排斥其他协议对象和如果交易不再进行下去可以追索费用的条款。




The better view is that the execution of a non-binding heads of agreement should not create a legal obligation to negotiate in good faith.

较为可接受的观点是，签订不具有法律约束力的意向书并不产生必须本着诚实信用来磋商的法律义务。




It is common for potential acquirers to seek and be provided with exclusivity, under which the vendor of the target company or business agrees not to solicit or entertain offers from third parties. Exclusivity agreements entered into by widely-held companies are often subject to a “fiduciary out”, enabling the target company directors to comply with their fiduciary duties and to consider and recommend any higher offers.

潜在的收购人通常会要求并得到排他性承诺。根据排他性承诺，目标公司或生意的出卖人同意不招引或考

虑接纳来自第三人的要约。由许多股东的公司所订立的排他性协议通常附加有“受托人例外”的条件，该条件

允许目标公司的董事履行他们作为受托人的义务并考虑和推荐任何更高的要约出价。


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It is common for the potential acquirer of a listed company to seek some form of deal protection before committing to a proposal. Common forms of deal protection include exclusivity, break fees and confidentiality.

上市公司的潜在收购人在对某个提议作出承诺之前寻求某种形式的交易保护，这是常见的。交易保护的常

见方式包括排他性承诺、终止交易费和保密承诺。

In addition, it is also common for the potential acquirer to enter into "lock-in agreements" with shareholders of the target company. Lock-in agreements provide the potential acquirer with the certainty that the takeover offer will be accepted by some key shareholders.

另外，潜在的收购人与目标公司的股东订立“锁定协议”也是常见的。锁定协议给潜在收购人提供确定性：收

购的要约将会被一些关键的股东接受。


是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支支支支付终止付终止付终止付终止交易费交易费交易费交易费（（（（是是是是指指指指在交易不在交易不在交易不在交易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其他方进行的其他方进行的其他方进行的其他方进行的付付付付


There are no specific regulatory constraints aimed at payment of break fees, but a number of issues should be considered. One issue is whether break fees are a form of defensive tactic prohibited by the Takeovers Code; the Takeovers Panel has not yet published any guidelines on this but break fees at normal levels are considered acceptable. Another issue is whether the commitment to pay break fees is consistent with the directors' obligation to act in the best interests of the company and to exercise their powers for proper purposes. Break fees at normal levels are generally not considered problematic.

对终止交易费的支付没有特定的管制，但是，有几个问题值得注意：首先是终止交易费是否属于《并购规

范》所禁止的防范性策略。并购委员会还没有就此发表指引，但正常水平的终止交易费被认为是可以接受

的。另外一个问题是支付终止交易费的承诺是否与董事义务（为公司的最大利益而行为并出于恰当目的而

行使董事权力）不相矛盾。正常水平的终止交易费一般不会被认为有问题。




In New Zealand, the business and affairs of a company are generally managed by the board of directors. However, certain actions may not be taken without the consent of shareholders.

在新西兰，公司的生意和其他事务通常由董事会来管理。但是，如果没有股东的同意，董事会不能进行某

些行动。

Shareholder resolutions 股股股股东东东东决决决决议议议议

Powers generally reserved for shareholders, such as the appointment and removal of directors, may be passed by ordinary resolution (requiring a majority of votes cast by shareholders) unless the company's constitution states otherwise. Amendments to the company constitution, major transactions (defined in section C above), certain types of amalgamation and liquidation of the company must be approved by special resolution (requiring 75% of votes cast by shareholders).


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除非公司的章程有相反的规定，通常保留给股东的权力，如任免董事，可以经由普通决议而通过。普通决

议只需要代表多数股权（50%以上）的股东投票赞成。修订公司章程、重大交易（如上述 C 部分所定

义）、某些类型的合并或公司停业清算则必须经由特别决议批准（即要求代表 75%或以上股权的股东投票

赞成）。

Minority buy-out rights 少数少数少数少数股权股股权股股权股股权股东东东东要要要要求卖清求卖清求卖清求卖清所所所所持持持持股权的权利股权的权利股权的权利股权的权利

If a New Zealand company resolves, by special resolution, to alter or revoke its constitution, to approve a major transaction or to approve a statutory amalgamation, a minority shareholder voting against the resolution may require the company to purchase its shares. If the shareholder objects to the price nominated by the company, a fair and reasonable price is determined by arbitration.

如果一个新西兰公司通过特别决议，来改变或撤销其章程、批准重大交易、或批准法定合并，一个对特别

决议投反对票的少数股权股东可以要求公司购买其所持有的股权。如果该股东对公司提出的购买价格有异

议，一个公平合理的价格将经由仲裁来决定。

Other protections 其他保护其他保护其他保护其他保护

There are a number of other protections for minority shareholders:

还有一些对少数股权股东的其他保护：

• A shareholder may seek relief from the High Court if the affairs of the company are being conducted in a manner that is oppressive or unfairly prejudicial to that shareholder.

如果公司的事务被以一种对某股东具有压制性的或不公正地不利于该股东的方式来处理，该股东可以向

高等法院寻求救济。

• A company must not take action that affects the rights attached to shares unless that action has been approved by a special resolution of each "interest group" (not a formal class of shareholders, but a temporary grouping which changes from time to time depending on the proposal).

公司不能采取影响附着于股权的权利的行动，除非该行动已经被每一个“利益集团”的特别决议所批准。

“利益集团”不是对股东的正式分类，而是根据当时的提议而形成和变化的临时性分组。

• Directors must generally convene a special meeting of shareholders upon the receipt of written request from shareholders with 5% or more voting rights.

通常情况下，如果收到代表 5%或以上有投票权股权的股东的书面通知，董事必须召集特别股东会议。




The acquisition of the shares a New Zealand company will not affect the employer/employee relationship. New contracts of employment will therefore not be required. However, New Zealand employers have a general duty to act in good faith towards employees. An employer proposing to make a change of ownership should generally give each affected employee information about the relevant proposal, and provide an opportunity for that employee to comment on the proposal before any decision is made. Collective employment agreements may contain specific consultation requirements which would have to be complied with.

对新西兰公司股权的收购不会影响雇主/雇员关系。因此，并不需要因为收购而重新订立雇佣合同。但是，

新西兰雇主对雇员有诚实信用对待的义务。提议对企业所有权变更的雇主一般应当给每一个受影响的雇员

提供关于有关议案的信息，并且在任何决定作出之前提供机会让雇员对议案发表意见。集体雇佣协议可能

包含特定的咨询要求。如果有这些要求，就需要遵守。


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与与与与转让转让转让转让一一一一个个个个企企企企业业业业、、、、业务业务业务业务或或或或其其其其一一一一部部部部分分分分相相相相关会关会关会关会产生哪些产生哪些产生哪些产生哪些员工员工员工员工问题问题问题问题？？？？

An employer proposing to sell a business must give each affected employee information about the relevant proposal, and provide an opportunity for that employee to comment on the proposal before any decision is made.

提议转让生意的雇主必须给每一个受影响的雇员提供关于有关议案的信息，并且在任何决定作出之前提供

机会让雇员对议案发表意见。

All employment agreements must contain an "employee protection provision". This is designed to protect employees in situations where business undertakings are restructured. The employee protection provision sets out the process that must be followed by an employer. Collective employment agreements may contain more stringent employee protection provisions.

所有雇佣协议必须包含“雇员保护条款”。这是为了在经营事业被重组的情况下保护雇员而设计的。雇员保护

条款规定雇主必须遵循的程序。集体雇佣协议可能包含更为严格的雇员保护条款。

On a business and asset sale, the purchaser may choose whether or not to offer employment to the current employees. The parties may provide for this in the sale and purchase agreement. The purchaser may choose to retain the employees' current terms and conditions, or may instead choose to give new agreements to each employee. There is no compulsory redundancy compensation regime in New Zealand. It is a matter of contract between the employee and employer as to whether an employer is required to pay compensation if the employee is made redundant.

在购买生意或资产的情况下，购买人可以选择是否继续雇佣原有的雇员。生意或资产买卖各方可以在买卖

协议中对此作出规定。购买人可以选择保留原有的仍然有效的雇佣期和条件，也可以给每位雇员提供新的

雇佣协议。在新西兰没有强制性的裁员补偿制度。关于雇主是否应在雇员被裁员时给与补偿，是雇主与雇

员之间可以通过合同来商定的问题。




On a business and asset sale, the liabilities of the business remain with the vendor except to the extent the parties agree otherwise. It is typical for the purchaser to assume the liability to perform all contractual obligations of the business from completion of the business transfer.

除非买卖双方另有相反的约定，如果出售的是生意和资产，生意的原有债务仍然由卖方承担。典型的情况

是，自生意转让完成之时起，由买方承担继续履行该生意所涉及的所有合同的义务。




• PGG Wrightson / Agria: PGG Wrightson is New Zealand's largest provider to the agricultural products and services with annual turnover of $1.2 billion (all amounts in this section are approximate amounts stated in New Zealand dollars).

PGG Wrightson / 华华华华奥奥奥奥物种物种物种物种: PGG Wrightson 是新西兰最大的提供农业产品和服务的公司，年营业额

12 亿（本部分提及的数额为以新西兰元计算的大约数额）。

• In January 2010, Agria Corporation, a NYSE listed Chinese agriculture business, invested $120 million to acquire 19% of PGG Wrightson. As part of the deal, Agria and PGG Wrightson also entered


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into strategic co-operation agreements. In April 2011, Agria Corporation, in conjunction with China-based New Hope Group, increased their combined stake in PGG Wrightson to 50.01% for $141 million.

2010年 1月，华奥物种集团公司，一家在纽约证券交易所上市的中国农业公司，投资 1 亿 2千万新西

兰元收购 PGG Wrightson 公司 19%的股权。作为交易的一部分，华奥物种集团和 PGG Wrightson 公

司还签署了战略合作协议。2011 年 4 月，华奥物种集团公司，连同以中国为基地的新希望集团，支付

1 亿 4千 1百万新西兰元，增加他们的在 PGG Wrightson 公司中的联合持股达到 50.01%。

• Synlait Milk / Bright Dairy & Food: Synlait Milk is a producer of milk powder and other dairy food products that processes more than 300 million litres of milk a year.

Synlait 牛奶牛奶牛奶牛奶/光光光光明明明明乳乳乳乳业和业和业和业和食食食食品品品品：：：：Synlait 牛奶公司是一家奶粉和其他乳制品的生产商，每年处理超过 3

亿公升的牛奶。

Bright Dairy & Food Corporation, a Shanghai listed firm, purchased a 51% stake in Synlait Milk's processing operations for $82 million in July 2010.

光明乳业和食品公司是一家上海上市公司。该公司于 2010 年 7 月支付 8 千 2 百万新西兰元购买了

Synlait牛奶公司加工业务 51%的份额。

• Fisher & Paykel Appliances / Haier: Fisher & Paykel is a major home appliance manufacturer based in New Zealand, with around $1.5 billion of annual revenue and over 4000 employees.

Fisher & Paykel 电器电器电器电器/海海海海尔尔尔尔: Fisher & Paykel 电器公司是以新西兰为基地的家用电器的主要生产商，有

超过 4000名雇员，每年营业额大约 15 亿新西兰元。

In May 2009, Chinese appliance maker Haier Group, bought a 20% cornerstone stake in Fisher & Paykel Appliances for $80 million.

2009年 5月，中国的电器制造商海尔集团，用 8千万新西兰元购买了 Fisher & Paykel 电器具有关键性

意义的 20%股权。

Simpson Grierson is one of New Zealand's largest and leading law firms with more than 230 lawyers in total across our Auckland, Wellington and Christchurch offices. We regularly receive instructions from international clients and often win awards for our work. We are proudest of our International Law Office Client Choice Awards (2008, 2009 and 2011) because this award is determined by clients themselves in recognition of outstanding service. For more information, please contact Stephen Ward ([email protected]) or Michael Pollard ([email protected]). Simpson Grierson 是新西兰最大并居于领先地位的律师事务所之一，在奥克兰、惠灵顿和基督城设有办公室，

共有超过 230 名律师。我们经常收到来自国际客户的业务委托并经常因为我们的工作而赢得奖赏。让我们最感

自豪的是我们赢得了“国际法律事务所客户选择奖”（2008，2009 和 2011 年），因为这个奖项是由客户来决定

的，是对杰出服务的认可。如需要更多的信息，请联系 Stephen Ward ([email protected])

或 Michael Pollard ([email protected]）

October 2011 Portugal 葡萄牙

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PortugalPortugalPortugalPortugal 葡萄牙葡萄牙葡萄牙葡萄牙





Foreign investment operations do not need to be registered with, or authorised by, the Portuguese central or local authorities.

外国投资的营业活动无需于葡萄牙中央或地方机关作登记或得到其许可。

Banks should report to the Bank of Portugal (“BP”) any transactions with foreign entities made on their own account or on behalf of their clients, this information being used only for statistic purposes.

银行应向葡萄牙银行（“BP”）申报任何以其名义或代表其客户与外地实体进行的交易，但这些信息仅被用

于统计用途。

In addition, direct declarants (all economic agents) performing transactions with foreign entities without involving a resident bank, must inform the BP on the following: (i) opening and termination of foreign bank accounts or settlement of current account with non-resident entities and (ii) transactions with foreign entities without involving a resident bank.

此外，不涉及当地银行的情况下，直接申报者（所有经济主体）与外地实体进行交易，必须向 BP作出以下

通知：(i) 外国银行账户的设立及终止，以及非当地实体往来账户的结算；及(ii) 不涉及当地银行而与外地实

体进行的交易。

General direct declarants (economic agents), as designated by the BP, must inform this entity of all operations performed with non-resident entities, including those intermediated by resident banks.

直接申报者（所有经济主体）被 BP指定后，必须告知该实体所有与非当地实体进行，包括经当地银行所中

介，的所有营业活动。



In addition to the eventual triggering of merger control requirements (see 3 below), in certain sectors the acquisition of a controlling or even minority shareholding must be approved by the relevant regulatory authorities:

除了于特定行业所引发的最终合并控制作出要求外（见下文第 3 点），控制股权或少数股权的收购必须经

有关监管机构的批准：


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• Insurance. The acquisition or strengthening of a qualified shareholding (20%, 33% or 50%) in an insurance company must be notified to the Instituto de Seguros de Portugal under Decree-Law 94-B/98, 17 April (as amended), which may oppose the operation if it considers that a prudent management of the merged entity cannot be ensured.

保险 – 根据经修改的 4月 17日法令第 94-B/98 号，对保险公司特定股权（20%、33% 或 50%）收购

或增持必须通知葡萄牙保险机构（Instituto de Seguros de Portugal），若其认为合并后实体内的审慎

管理不能得到保证时，可提出反对营运。

• Banking. The acquisition or strengthening of a qualified shareholding (5%, 10%, 20%, 33% or 50%) in a credit institution must be notified to and approved by the Banco de Portugal, the Portuguese Central Bank and banking regulator (see Decree-Law 298/92, 31 December, as amended). It should also be noted that credit institutions are prevented from holding more than 25% of the voting rights in a commercial company for one or more periods totaling 3 years (5 years if held through a risk capital fund). In principle, acquisitions by credit institutions meeting these criteria are not caught by merger control legislation.

银行 - 对信用机构特定股权（5%、10%、20%、33% 或 50%）的收购或增持必须通知葡萄牙银行

（Banco de Portugal - 葡萄牙中央银行及银行业监管机构）并得到其批准（见经修改的 12月 31日法

令第 298/92 号）。而信用机构持有一家商业公司超过 25%的投票权不得多于总数为 3年的一个或多个

期间（而属于风险投资基金则为 5年）。原则上，信用机构在符合这些标准作出的收购并不触犯并购控

制的立法。

• Media. Acquisitions of shareholdings in companies from the media sector meeting the relevant legal criteria must be notified to the media sector regulator (Entidade Reguladora para a Comunicação Social) under the Press, Radio and Television Acts (Laws 2/99, 13 January, 54/2010, 24 December, and 27/2007, 30 July, as amended). In addition, if the transaction is notified to the Competition Authority, the media sector regulator must issue a binding opinion, which will effectively block the operation if it is deemed to threaten the freedom of speech or the plurality of the media.

媒体 – 根据传媒、无线电及电视广播法案（经修改的 1 月 13 日法律第 2/99 号、12 月 24 日法律第

54/2010 号及 7月 30日法律第 27/2007 号），对媒体公司作出股权收购须符合束有关的法定标准并通

知媒体监管部门（社会传播监管机构 Entidade Reguladora para a Comunicação Social）。此外，若

果交易被送交至公平竞争委员会，在被视为威胁言论自由或媒体多样性的情况下，媒体监管部门必须发

出具约束力的意见并有效地阻止其营运。

• Listed companies. The securities regulator (Comissão do Mercado dos Valores Mobiliários) must be previously informed of operations concerning public companies under the provisions of the Securities Code (Decree-Law 486/99, 13 November, as amended). Pursuant to this Code, mergers consisting of public bids must also be previously registered with, and subject to a formal review by, the securities regulator.

上市公司 - 根据证券法典（经修改的 11月 13日法令第 486/99 号），关于上市公司的营业活动须提前

通知证券监管机构（证券市场委员会 Comissão do Mercado dos Valores Mobiliários）。同时根据该法

典，涉及公开认购的并购也必须于证券监管机构作提前登记及受到形式审查。



Law No 18/2003, 11 June (Competition Act) determines that certain concentrations that take place or may produce effects in the Portuguese territory are subject to previous notification to, and approval by the Portuguese Competition Authority.

6 月 11 日第 18/2003 号法律（竞争法案）规定了若特定产业集中于葡萄牙发生或产生效力，须提前对葡萄

牙竞争当局作出通知并得到其批准。

The notion of concentration follows closely the concept existing at EU level, i.e. it refers to situations where there is a lasting change in the structure of control of a company. It also covers the constitution of


251

joint ventures provided that they perform on a lasting basis all the functions of an autonomous economic entity.

产业集中的概念则紧贴着欧盟现有的标准，即指在一间公司的控制结构上存在一种持久改变的情况；当有

关合资企业持续地经营一个自主经济体所有的功能时，它还涵盖合资企业的设立。

There are two alternative sets of thresholds for mandatory filing:

有两种适用强制备案的替代门坎：

Turnover threshold. Concentrations are subject to notification if, in the preceding financial year, the aggregate net turnover in Portugal of all undertakings taking part in the concentration exceeded €150 million, and the individual turnover in Portugal of at least two of those undertakings exceeded €2 million.

营业额门坎。产业集中的通知取决于：若在上一个财政年度，各项产业于葡萄牙发生而其因产业集中而产

生的总净营业额超过 1 亿 5000 万欧元(€)，而当中金额最少的两项产业所生的总净营业额超过 200 万欧元

(€)。

Market share threshold. Concentrations are subject to notification if their implementation creates or reinforces a share exceeding 30% in the national market for a particular good or service or in a substantial part of it.

市场份额门坎。产业集中的通知取决于：若它能使特定产品或服务，或其实质部分，造成或增加超过全国

市场 30％的市场份额。

Concentrations that meet the jurisdictional thresholds mentioned above are to be notified to the Competition Authority within seven business days of (i) the conclusion of the agreement, (ii) the disclosure of the preliminary announcement of a takeover bid or of an exchange offer or (iii) the disclosure of the announcement to acquire a controlling interest in a public company. A concentration subject to mandatory notification may not be implemented before being expressly or tacitly approved by the Authority, unless the Authority grants a waiver in exceptional circumstances for the stand still obligation.

符合上述法定门坎的产业集中须于七个工作日内向竞争机构作出以下通知：(i) 该协议的结论、(ii) 要约收购

或交换要约的初步公告的披露或 (iii) 收购一家上市公司控制股权的公告披露。而受制于强制通知的产业集

中于监管机构明示或默许的批准前，不可实行，除非监管机构在特殊情况下因其迟缓责任而授予豁免。

Once the notification is filed, merger proceedings may encompass two stages. In phase 1 the Authority has 30 business days to complete the investigation. If, by the end of phase 1, the Authority considers that the concentration is likely to create or reinforce a dominant position that may result in significant impediments to effective competition, it may initiate an in-depth investigation (phase 2). In phase 2 the Authority has 90 business days from the date of notification to carry out the necessary diligences and either approve or reject the concentration. These timeframes are suspended whenever the Authority asks for additional information. There are no time limits to the number of information requests in phase 1. Conversely in phase 2, the Competition Act states that suspensions shall be limited to an overall limit of 10 business days. However, the Authority, in a very controversial interpretation, considers that the 10-day limitation applies to each information request and not to the total suspension period.

当作出通知后，合并程序可能包括两个阶段。在第一阶段中，监管机构于 30 个工作日内完成调查。如果在

第一阶段完结时，监管机构认为该产业集中可能造成或加强支配地位，而导致有效竞争出现显著的障碍，

便可能启动一个深入的调查（第二阶段）。在第二阶段中，监管机构在作出通知后拥有 90 个工作日进行必

要的调查，并批准或拒绝的该产业集中。而这期间因监管机构要求提供更多信息而中止。在第一阶段中并

没有要求信息数量的时间限制；相反地在第二阶段中，竞争法案规定，中止应限制在 10 个工作日的平均限

额内。然而，即使在解释上存有极大争议，监管机构往往将 10 个工作日的限额应用于每次的信息请求，而

非中止期间的总期限。

Please note that the assessment of a concentration by the Authority is subject to the payment of a fee by the notifying party(ies), without which the notification is not considered effective. The fee is proportional to the aggregate turnover of the parties to the transaction in Portugal in the year preceding the concentration:

监管机构对产业集中进行评估取决于通知方须支付一笔费用，否则该通知不被视为有效。该费用与在葡萄

牙进行产业集中交易的各方总营业额成正比。


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• €7,500 if the turnover is below or equal to €150 million;

7,500欧元(€)，若总营业额少于或等于 1 亿 5000 万欧元(€)；

• €15,000 if the turnover is more than €150 million and below or equal to €300 million; and

15,000欧元(€)，若总营业额多于 1 亿 5000 万欧元(€)并少于或等于 3 亿欧元(€)；及

• €25,000 if the turnover is more than €300 million.

25,000欧元(€)，若总营业额多于 3 亿欧元(€)。



Persons travelling into, or from Portugal, coming from, or into, a non-EU country carrying net moneys in an amount equal to or in excess of € 10,000, must report that fact to the Portuguese customs authorities. For these purposes the following assets are, amongst others, deemed as net moneys: (i) payment means in bearer form, including monetary instruments, such as traveller’s cheque and negotiable securities, namely cheques, promissory notes and other payment orders, (ii) cash, (iii) banknotes or hard money with legal tender in the respective issuing states and (iv) banknotes or hard money without legal tender (although still in the period of time in which such banknotes or hard money are accepted for exchange).

任何携带金额等于或超过10,000欧元(€) 净款项而由非欧盟国家进入葡萄牙旅行或由葡萄牙进入非欧盟国家

的人，必须向葡萄牙海关当局作出申报。为着这目的，下列资产被视为净款项：(i) 不记名形式的支付方

法，包括货币工具，如旅行支票及有价证券，即，支票、本票及其他支付票据、(ii) 现金、(iii) 在各自发行国

具法定货币地位的纸币或硬币及 (iv) 不具法定货币地位的纸币或硬币（虽然在一段时间中，这些纸币或硬

币仍然被接受作出交换）。




In Portugal, corporate legal entities may assume the following most common legal types:

在葡萄牙，以下为最常见的公司法人实体类型：

- Joint stock company (sociedade anónima), which has its share capital divided into equal parts (shares); in general, it must have a minimum of 5 (five) shareholders, unless it is fully owned by a holding; the shareholders liability is limited to the amount of owned shares; it must be incorporated with a minimum share capital of 50,000.00 EUR (fifty thousand euro); only these companies can be listed in the stock market, Euronext Lisbon; at least 5% of its annual profits must be retained in the company as a statutory reserve until this reserve represents a minimum of 20% of the total share capital; if the by-laws do not provide for a different rule, in the joint stock company each share grants one vote to its holder in the general shareholders meeting;

股份有限公司 (sociedade anónima) – 其股本被分为相等的部分（股份）；除非它被全资控股所持有，

总体而言必须具有最少的 5（五）名股东；其股东的责任仅限于其持有的股份；其最低资本额为 50,000

欧元(€)；而只有这些公司可以在里斯本证交所上市；至少 5％的年利润必须保留在公司作为法定储备金

直至而这些储备金占公司总资本额至少 20％；在内部章程存在相反规定，股份有限公司的每一股份使

其持有人于一般股东大会上拥有一票；

- Limited liability company (sociedade por quotas), its share capital being divided into quotas (each partner holds one quota), each quotaholder being liable up to the amount of the whole capital of the company and within its limit; it must have a minimum of 2 (two) quotaholders and it has no minimum


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incorporation share capital; at least 5% of a limited liability company’s annual profits must be retained in the company as a statutory reserve, but that reserve must not, in any case, constitute less than 2,500.00 EUR (two thousand five hundred euro); unless the by-laws provide otherwise, in the limited liability company each cent of an euro corresponds to a vote in the quotaholders general meeting;

有限责任公司 (sociedade por quotas) – 其股本被分成股 (quotas)（每一股东持有一股），每一股东的

责任仅至公司的整个资本额，并以其为限制；其必须具有最少 2（两）名股东，而没有最低资本额的要

求；至少 5％的年利润必须保留在公司作为法定储备金，但储备金在任何情况下不得低于 2,500 欧元

(€)；除非内部章程存在其他规定，否则每一股东的百分比对应于在一般股东大会上的投票权；

- Single member company (sociedade unipessoal por quotas), which must be fully owned by either a natural or a legal person, its liability being limited to the subscribed share capital; a natural person can not hold more than one single member company; the legal provisions that govern the limited liability company (sociedade por quotas) are applicable to the single member company, except for the ones that have the pluralism of holders as a premise;

一人有限公司 (sociedade unipessoal por quotas) – 其必须由单一自然人或法人全资拥有，其责任限于

所认购的股本；单一自然人不得持有多于一间一人有限公司；除了持有主体多样性的规定外，规管有限

责任公司的法律适用于一人有限公司；

- Permanent representation of foreign company (representação permanente de sociedade estrangeira), which is a form of corporate entity that must be registered with the proper authorities (namely, the Commercial Registry Office) by any foreign company which intends to operate in Portugal for more than a year; this entity is not independent from the foreign company under which it is registered;

外国公司常设代表处 (representação permanente de sociedade estrangeira) - 这是一种外国公司意图

于葡萄牙营业超过一年的企业实体形式，它须于相关部门作出登记（尤其是商业登记局）；这个实体并

不独立于其所登记的外国公司；

- Companies may create branches (sucursais), which do not have own legal personality (its not and independent legal entity) and, therefore, the represented company is liable for the obligations of its branch.

公司可以设立分支机构(sucursais)，它没有独自的法律人格（它不是独立的法人实体），因此，被代表

的公司须对其分公司的债务承担责任。

We can also attest that proceedings for the incorporation of companies or branches in Portugal have been significantly eased in the last few years and the authorities now have a much more expeditious response to incorporation applications.

我们还可以证明：在过去数年于葡萄牙设立公司或分公司的程序已明显简化，当局现对设立公司的申请作出

更迅速的响应。





The main sources of law and regulation applicable to M&A transactions in Portugal are the following:

在葡萄牙适用于并购交易的法律和法规有以下几种：

Companies Code 公司公司公司公司法法法法典典典典

The Companies Code applies to all companies incorporated and registered under its provisions and to the commercial relations between them and foreign companies. The Companies Code sets out provisions that


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regulate the companies’ corporate governance. In addition to the corporate bodies, and in relation to M&A, the Companies Code governs, among other things, the following:

公司法典应用于根据其规定设立及登记的公司及这些公司与外地公司的商业关系。公司法典订定规范公司

企业管治的规定。除了法人组织，在并购的事宜上，公司法典还规管以下内容：

- Merger, demerger, transformation and extinction of companies, including the legal procedures to be followed;

公司的合并、分立、变更及消灭，包括应遵循的法定程序；

- The rights granted to shareholders and the rules concerning the acquisition, transfer and sale of companies’ shares.

关于收购、转让和出售公司股份时赋予股东的权利和规则。

Securities Code 证券证券证券证券法法法法典典典典

The matters regulated by the Securities Code include:

证券法典规管的事宜包括：

- The form and transmission of shares, including the respective formalities;

股份的形式和转让，包括相关的手续；

- Public offer procedures;

公开认购的程序;

- The general powers and attributions of the Portuguese Securities Market Commission (CMVM – Comissão do Mercado de Valores Mobiliários) as the securities markets regulatory authority;

葡萄牙证券市场委员会 (CMVM – Comissão do Mercado de Valores Mobiliários) 作为证券市场监管机

构的一般权限及职责；

- Disclosure obligations of listed companies;

上市公司的披露义务；

- Admission to securities markets.

加入证券市场。

CMVM Regulations and Recommendations CMVM 的规则的规则的规则的规则及及及及建建建建议议议议

CMVM issues regulations and recommendations that govern several aspects of the corporate governance and securities markets, which, in general, provide implementation, completion or clarification of the Securities Code or of the Companies Code.

CMVM 发出的规则和建议规管公司治理和证券市场的各方面；一般情况下，其促进证券法典或公司法典的

实施、完成或解释。




The acquisition of control over a listed company may be performed either in the context of a merger or through a takeover bid. As a preliminary note, on any takeover, the bidder must cause the intervention of a financial intermediary, unless the bidder is, himself, a financial intermediary authorized to perform those functions.


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一间上市公司控制权的收购可透过合并或要约收购。初步来说，在任何收购中，收购人必须使金融中介机

构介入，除非收购人本身是受许可从事这些活动的金融中介机构。



Hostile bids are allowed in Portugal.

敌意收购在葡萄牙是容许的。



Any entity that, directly or indirectly, controls, respectively, a third or half of the voting rights of a listed company has the duty to launch a takeover on the total amount of shares and other securities issued by that company that grant a right to acquire or subscribe for shares in the relevant company.

任何直接地控制上市公司三分之一投票权或间接地控制上市公司一半投票权的实体，具有责任启动收购公

司全部股份或由公司发行以取得或认购公司股份的其他证券。

This takeover is not mandatory when such entity provides proof that, even tough it has surpassed that limit of a third of the voting rights, it does not have control over that company. The relevant entity may also commit to dispose of its stake within 120 days so as to fall below the one third threshold, in which case it will no longer be obliged to launch an offer should the undertaking be timely complied with.

当有关实体能证明即使拥有超过三分之一的投票权，但仍不能控制该公司时，这收购不是强制的。相关实体

可承诺于 120 天内出售其股份以降至低于三分之一的门坎，在这种情况下，若有关承诺及时遵守，该实体

将不再被强制作出要约。



There is no minimum price, set by law, at which a voluntary offer must be made. Mandatory offers must be made at the highest of (i) the higher price paid by the offeror (or any related entity, as defined in the applicable law) in the 6 months before the offer is preliminarily announced or (ii) the average price of the relevant securities in the 6 months before the offer is preliminarily announced. In certain cases (such as in the case of illiquid shares), the minimum consideration may be set by an independent expert appointed by the Portuguese Securities Exchange Commission (“CMVM”).

在自愿作出要约的情况下，没有由法律规定的最低价格。强制性要约为以下的最高者：(i) 在初步公告要约

前的 6个月内，要约人（或适用法律所界定的任何相关实体）支付的更高价格或 (ii) 在初步公告要约前 6个

月内，相关证券的平均价格。在某些情况下（如股份流动性不足的情况下），最低的补偿额可由葡萄牙证

券市场委员会 (“CMVM”) 任命的一个独立专家设置。

In addition, the law allows for the consideration of the offer to consist on an amount in cash, a quantity of securities, or a mix between the two. Mandatory offers must in any case include a cash alternative (or, should the offeror or any related entities, not have acquired any relevant shares with a consideration in cash in the previous 6 months, liquid listed securities).

此外，法律允许要约补偿包含现金款项、特定数量的证券，或两者的混合。强制性要约在任何情况下必须

包括现金替代（或在过去 6 个月内要约人或任何相关实体不能透过现金补偿取得足够的股份时，以流通的

上市证券取代）。


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Until 5 (five) days before the deadline of the takeover, the bidder may review the offered price, as long as the reviewed offer does not contain less favorable conditions and the price is increased in the amount of, at least, 2% (two per cent).

于收购截止日期前的 5（五）天，收购人可重新检讨要约价格，只要该经检讨的要约不包含较少的有利条件

和价格增加最少 2％(百分之二)。



Concurrently with the approval of the decision to perform the takeover, the bidder shall send a preliminary announcement to the CMVM, to the target company and to Euronext Lisbon, and such preliminary announcement shall be immediately published.

在得到执行收购批准的同时，收购人须向 CMVM、目标公司和里斯本证交所作出初步公告，而这种初步公

告应当立即公布。

From the date of publication of the preliminary announcement of the offer, the bidder is incurred to (i) maintain the conditions set in that announcement; (ii) apply for the register of the takeover, within 20 (twenty) days (which may in some cases be prolonged up to 60 days); and (iii) inform its employees (or their representatives or unions) of the contents of the offer documents.

从初步公告的要约公布日起，收购人须 (i) 维持公告内所设定的条件；(ii) 在 20（二十）天（在某些情况下

可延长至 60 天）申请进行收购登记及 (iii) 通知其雇员（或其代表或工会）关于要约文件的内容。

The preliminary announcement shall contain the preliminary key information on the takeover, including (i) the identification of the bidder and of the target company; (ii) the identification of the financial intermediary; (iii) the target shares and the offered price; (iv) the percentage of shares held by the bidder in the target company’s share capital, if applicable; and (v) an executive summary on what general business objectives are expected to result from such takeover.

初步公告应当包括收购的初步关键信息，包括 (i) 收购人及目标公司的身份数据；(ii) 金融中介机构的身份资

料；(iii) 目标股份及要约价格; (iv) 如适用时，收购人于目标公司资本中所持有的股份比例；及 (v) 因收购而

预期产生的一般经营目标的执行摘要。

A draft offer announcement shall be submitted for registration with the CMVM together with a draft of the offer prospectus and the proof of deposit of the offered consideration (or a bank guarantee). The prospectus, which must comply with certain formal requisites, shall contain all necessary details of the offer, its terms and conditions being thoroughly set by applicable rules.

要约草案的一份公告应提交予 CMVM 作登记，并连同内容说明书的草案和要约补偿的存款证明（或银行担

保）一同递交。内容说明书必须符合一定的形式条件，其内应包括要约的所有必要细节、所适用规则的条

款和条件。

The CMVM ensures the completeness and legality of the takeover prospectus (and may address recommendations or comments to the bidder) and, after such process, that supervisory authority registers the offer. The offer announcement and the prospectus are then published and the acceptance period of the offer starts.

CMVM 确保收购内容说明书的完整性及合法性（及向收购人作出的建议或意见）；经过这程序后，监管机

构对要约进行登记。要约公告和内容说明书然后被公布，而要约的接受期也随即开始。



The offer announcement and the prospectus of the offer shall be approved by the CMVM before it is able to register the offer.

要约公告和内容说明书在 CMVM作出要约登记前，必须得到 CMVM的批准。


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Should other regulatory approvals be necessary (e.g. anti-trust, sector regulators, etc.) it is common that they are obtained between publication of the preliminary announcement and registration of the offer (typically the last administrative authorization to be obtained).

如果其他监管批准是必要的（如：反垄断、业务监管等），它们通常于初步公告的公布及要约登记（一般

为最后获得的行政许可）的期间内取得。



The actual period of the offer may in principle vary between 2 (two) and 10 (ten) weeks after approval of the offer documents and registration of the offer by the CMVM). The CMVM may extend that period, at its own initiative or at the request of the bidder, in the events of modification of the bid, competing offers or when any interests of the target company should be protected through that extension.

要约的实际期间原则上为得到 CMVM 批准要约文件及作出要约登记后的 2 至 10 周。在出价、完成要约出

现修改或存在目标公司需保护的其他利益，CMVM可以主动或应收购人的请求延长该期限。

Depending on whether other regulatory filings (in particular anti-trust) are required and how they progress, the whole process may take from approximately 2 months to several months.

根据是否需要进行其他监管事项（特别是反垄断）的申报及视乎其进度，整个程序可能需要大约 2 个月至

数月。





In private company M&A transactions, it is common for the parties to enter into a preliminary agreement, which may be outlined by the parties in several forms, such as a “Memorandum of Understanding”, a “Letter of Intent”, a “Term sheet” or other.

在私人公司的并购交易中，各方签署一份初步协议是很普遍的；而这可能由各方以不同方式概述，如“备忘

录”、“意向书”、 “关键性条款”或其他。

Generally the purpose of such a document will be to set out the proposed terms and conditions of the transaction and to set confidentiality and/or exclusivity clauses. Its enforceability may be invoked between the parties thereto, however, the rights and obligations set forth in such preliminary agreements shall not prevail against a third party claim. There is no standard form for such a document.

一般来说，这份文件的目的为列出建议中的交易条款及条件，并设置保密及/或排他性条款。它的可执行性

可由当事人所废止，但无论如何，初步协议内规定的权利和义务不得对抗第三方的索赔。而这类型文件并

没有标准的形式。




In Portuguese Law there is a general legal obligation to negotiate, execute and enter into agreements in good faith. In some cases, the violation of this general principle may comprise liability (civil liability), if a party is able to prove harm derived from such violation.


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在葡萄牙法律中，存在着一种善意地商讨、执行和订立协议的普遍法律义务。在某些情况下，当一方当事

人能够证明损害是源于这一侵犯时，违反这一原则可构成法律责任（民事责任）。

Generally, it can be stated that if a party provides false or misleading information or statements to the other party, that may result in liability for damages.

一般来说，如果一方当事人向对方提供虚假或误导性的信息或陈述，可能导致损害赔偿责任。




It is common to enter into an agreement whereby the seller namely agrees not to negotiate or enter into an agreement with third parties. Normally, whenever the parties enter into a preliminary agreement, such as the ones referred to in E. 1. above, an exclusivity clause is agreed and included in such agreement.

签订卖方同意不与第三方进行谈判或订立协议的协议是常见的。通常在立约方签署初步协议时，如上述 E.1

所提到的文件，会在该协议中同意及包括排他性条款。




It is not common for the bidder and target of an offer to enter into any preliminary agreement.

投标人（要约人）和目标公司签署任何初步协议是不普遍的。

However, in the case of an acquisition of control over a listed company performed in the context of a merger, prior to the necessary merger agreement it is common to enter into a preliminary agreement, with the same form and content as the one referred to in E. 1. above.

然而，若是以合并方式取得上市公司的控制权时，在必要的合并协议作出前，签署一份与上述 E.1 具相同

形式及内容的初步协议是普遍的。


是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支付终止支付终止支付终止支付终止交易费交易费交易费交易费（（（（是是是是指指指指在交易不在交易不在交易不在交易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其其其其他方进行的他方进行的他方进行的他方进行的付付付付


There aren’t any specific regulatory constraints related to payment of break fees if the deal does not proceed. However, in general, a legitimate expectation for the conclusion of a transaction, taking into account the nature and extent of negotiations, may cause liability of the “deal breaker”, in certain terms and conditions, which can only be assessed on a case by case basis.

没有特别的法规针对不进行交易时的终止交易费。然而，一般来说，根据各个个案的评估而定的特定条件

下，一个“交易破坏者”可能因缔结交易的合法期望 (考虑到谈判的性质和程度)而负上法律责任。


259




The Companies Code sets a few particular rights protecting minority shareholders, particularly in what concerns: directors’ liability towards the shareholders; participation at the general shareholders meeting; and the special right for minority shareholders to appoint one director (special rule of appointment of directors which may be provided for in the by-laws of the company).

公司法典设置保护少数股东的一些个别权利，尤其涉及：董事对股东的责任、参与一般股东大会；及少数

股东委任一名董事的特别权利（任何董事的特别规则可在内部章程中规定）。

In addition, the Code provides a number of situations where it must be observed the equality principle among shareholders, such as in the case of acquisition of own shares by the company or in the preemptive right on capital increase.

此外，该法典规定了在数种情况下，必须遵守股东间的平等原则，如公司收购自有股份或以优先购买权增

资时。

Furthermore, a person acquiring a non-controlling interest in a company shall have roughly (and proportionally to its respective participation in the share capital of the company) the same rights as a dominant shareholder, namely, the rights to receive a share of the company’s profits or to be appointed to the company’s corporate bodies.

再者，一个收购公司非控权权益的人（按各自于公司资本的出资比例）应与控权股东具有大致相同的权

利，即有权获得公司利润的分享或获委任于公司的法人组织。




Except for the referred to in D. 5. above, a share acquisition of a Portuguese company will not affect the employer/employee relationship and does not trigger any obligations towards the employees.

除上述 D.5外，收购葡萄牙公司的股权不会影响雇主/员工关系，亦不会引发对员工的任何义务。

A share purchase will not trigger any consultation obligations, although some Portuguese employers may have consultation obligations towards trade unions under specific bargaining agreements they might be required to comply with.

根据特别的磋商协议，虽然一些葡萄牙雇主对某商会具有协商义务，但股权收购不会引发任何协商义务。



According to Portuguese Labor Law, in case of a transfer of an undertaking, business or part thereof, the employment contracts are transferred to the buyer by operation of law, no express consent (of the employees) being required by law (although some court decisions and authors have debated the relevancy, in certain circumstances, of the employees objecting to the transfer).


260

据葡萄牙劳动法，在发生一个企业、业务或其一部分的转让时，劳动合同依法地转移给买方，法律没有要

求 (员工的) 明确同意（虽然有些法院判决和学者作出相关的辩论，在某些情况下，员工可反对转让）。

Both companies must provide information to the employees’ representatives or, in the absence thereof, the employees themselves on (i) the date and reasons for the transfer, (ii) the legal, economical and social consequences for the employees and (iii) the projected measures for the employees. This information shall be provided in writing and prior to the merger (at least 10 days prior to the consulting duty referred below).

两家公司必须向员工代表或向员工本身(在代表出缺时)提供以下数据：(i) 转让的日期及理由；(ii) 员工在法

律、经济和社会上的后果及 (iii) 为员工的计划措施。这些信息须以书面形式及在合并之前提供（至少 10 天

先于下述的咨询义务）。

Furthermore, both companies must, prior to the transfer, consult said employees’ representatives (non-binding written opinion) and discuss and if possible agree on projected measures in relation to the employees following the transfer (if any).

此外，在作出转让前，两家公司必须征询员工代表（不具约束力的书面意见）、（倘有）讨论及在可能时

同意伴随着转让关于员工的计划措施。

During one year following the transfer date, the new employer and the old employer are joint and severally liable towards the employees regarding employees’ credits accrued on or before the transfer date.

在转让日的一年内，新雇主和前雇主对员工在转让日或之前产生的欠款负上共同及连带责任。




According to the general principles of civil and commercial law, the company has its own legal personality, having its own rights and obligations which are independent from its holder.

根据民商法的一般原则，公司具有自己的法律人格，有其自身的权利和义务，并独立于其所有人。

Therefore, when the company’s ownership is transferred, its credits and debts are transferred with it, as they are inextricably linked to it.

因此，当公司的所有权转移时，其债权债务也因此转移，因为他们是密不可分的。

Additionally, in the case of transfer of business (trespasse/transmissão de estabelecimento), and further to the referred to above on employees, the debts and obligations of the seller are normally transferred to the purchaser, as they are a part of the general notion of a commercial business. However, the parties may agree on not to transfer the debts and obligations, under an atypical transfer of business.

再者，在企业的转让(trespasse/transmissão de estabelecimento) 中，除上述关于员工的部分外，卖方的债

务和义务通常会转移到买方，因为他们是一般商业企业的一个部分。但是，根据特别的业务转让，当事人

可以约定不转让债务和义务。

In any case, the transfer of debts in Portugal must be authorized by the creditor, who may choose not to relieve the seller from its debt. In this case, both the purchaser and the seller will be joint and severably liable for that debt.

在葡萄牙，在任何情况下的债务移转必须经债权人的许可，而债权人可不解除卖方的债务。在此情况下，

无论是买方和卖方均对债务负上共同及连带责任。


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Due to historic reasons, Portugal has a privileged relationship with Macau, which has been the basis for a number of deals with Chinese investors.

由于历史原因，葡萄牙与澳门具有特别关系，而这一直是中国投资者进行交易的基础。

During President Hu’s visit in November, 2010, Portugal and China signed commercial agreements including, a joint construction of optical fiber networks by Huawei and Portugal Telecom, and a banking cooperation between Millennium and ICBC. However, efforts by the Chinese CPI to purchase the Portuguese electricity company EDP were not successful.

在胡锦涛主席于 2010 年 11 月访问时，葡萄牙和中国签署的商业协议中包括：由华为和葡萄牙电信共同建

设光纤网络及葡国千禧银行和工商银行之间的银行合作。然而，中国 CPI 并未能成功收购葡萄牙电力公司

EDP。

From the investors’ point of view, Portugal’s current public debt situation may be seen as an opportunity for Chinese investors because many Portuguese companies face financial difficulties and need foreign help at this moment. Additionally, the IMF’s privatisation programme for Portugal may create a favorable environment for foreign investment.

从投资者的角度来看，葡萄牙目前的公共债务状况可能会被看作是中国投资者的一个机会，因为许多葡萄

牙公司面临着经济困难而需要外地的帮助。此外，国际货币基金组织针对葡萄牙的非国有化方案可为外国

投资创造一个合适的环境。

In addition, Morais Leitão, Galvão Teles, Soares da Silva & Associados recently advised CEM (Macau Electricity Company) in the transfer of a 6% stake to China Power International Holding, which represented a USD 36,3 M deal.

此外，Morais Leitão, Galvão Teles, Soares da Silva & Associados最近向 CEM（澳门电力公司）把其 6％

的股权转予中国电力国际控股的转让中作出建议，这里涉及 3630 万美元。

Morais Leitão, Galvão Teles, Soares da Silva & Associados, Sociedade de Advogados R.L. is one of the leading law firms in Portugal, and we are proud to be able to offer to our national and international clients a wide range of top legal services in our offices in Lisbon, Oporto and Funchal, as well as our strategic partnerships in São Paulo, Luanda, Maputo and Macau. For further information please contact Nuno Galvão Teles ([email protected]) or Fabrícia de Almeida Henriques ([email protected]).

Morais Leitão, Galvão Teles, Soares da Silva & Associados, Sociedade de Advogados R.L. 为葡萄牙领先

的律师事务所。我们在里斯本、波尔图及丰沙尔的办公室及与圣保罗、罗安达、马普托及澳门的策略伙伴

为国内及国际客户提供顶级的法律服务，并以此为荣。详情可联络 Nuno Galvão Teles ([email protected])

或 Fabrícia de Almeida Henriques ([email protected]).

October 2011 Russia 俄罗斯

262

RussiaRussiaRussiaRussia 俄罗斯俄罗斯俄罗斯俄罗斯





Foreign investment is generally unrestricted except for investments in companies of strategic importance for national and security (Strategic company), for which a special regulatory approval is required Strategic companies. According to the Strategic Investment Law

1 a Strategic company is a Russian

company engaged in any of 42 business activities having strategic importance for the national security and defense (for example, in the sphere of nuclear and weapon; aviation and space; natural resources; coding and cryptographic equipment; certain mass media and telecommunications activities, etc.).

外国投资一般不受限制，但对具有国家和安全战略重要性的公司（战略性公司）进行投资，外国买方应获

得特别的监管批准。根据《战略投资法》

2，从事 42 种对国家安全及防卫具战略重要性的业务之一﹝例如

核武、航天、自然资源、编码及加密装置、某此大众媒体及通讯活动的领域等﹞的俄罗斯公司，即被视为

“战略性公司”。

The pre-transaction clearance must be made if a transaction involves acquisition of control or more than 50% shares in Strategic company (10% for the Strategic companies using federal subsoil plots). The post-transaction notification is required for acquisition of more than 5% shares in a Strategic company.

涉及收购战略性公司或控制其股权超过 50%（如战略性公司使用联邦政府底士土地，则为 10%的股权）的

任何交易，均须取得交易前许可。收购战略性公司股权超过 5%，则须提交交易后通知。

Both pre & post transactions filing shall be submitted to the Governmental Commission chaired by the Prime-Minister through the Federal Antimonopoly Service of the Russian Federation (FAS). The consideration period is about 2,5 - 3 months and can be further extended up to 3 months. The final clearance is granted by the Governmental Commission chaired by the Prime Minister of Russia.

交易前和交易后备案须通过俄罗斯联邦反垄断服务局（FAS）提交至总理主管的政府委员会。审议期约为

2.5至 3个月，最多可延长至 3个月。最终的审批由俄罗斯总理主管的政府委员会作出。

Transactions executed in breach of the Strategic Investment Law are null and void.

违反《战略投资法》的交易均为无效。

1 Federal Law No 57-FZ dated April 29, 2008 ”On Procedures for Foreign Investments in Companies Having Strategic Importance for

National Defense and State Security”.

2联邦法例第 57-FZ条，2008年 4月 29日，“外商投资于对国防及国家安全具战略重要性的公司之程序”。


263



Foreign investors’ activity in a number of Russian industry sectors is subject to regulatory approvals or certain restrictions. For instance, in banking sector it is required to receive the pre-transaction clearance for the acquisition of more 20% shares in a Russian credit organization and to submit a post-transaction notification upon acquisition of over 1% in the Central Bank. In insurance sector foreign investors have restrictions on holding more 25% shares. The other laws have similar restrictions in air carriage (49%), gas supply (20%), etc.

一些俄罗斯行业领域内的外资活动须经监管机构审批或受到特定限制。例如，在银行业，收购俄国信贷机构

超过 20%股权，须经交易前审批；收购中央银行超过 1%股权，须提交交易后通知。在保险业，限制外资持

有超过 25%的股权。其他法律对航运(49%)、供气(20%)等行业持股比例均设有类似限制规定。



There is basically one law regulating merger control regime in Russia – the Competition Law3, which also

contemplates provisions related to anti-competitive agreements and the abuse of market power. Key provisions include:

在俄罗斯主要有一部法律调节并购控制，即《竞争法》

3，该法包括关于反竞争协议和滥用市场权力的规

定，主要条款包括：

The Competition Law has extra-territorial effect, i.e. it is applicable to transactions or other actions of both Russian or foreign legal entities inside or outside Russia related to assets/shares/rights regarding Russian companies or companies doing business in Russia or having any other effect on competition in Russia

4.

《竞争法》具治外法权效力，即《竞争法》适用于俄罗斯境内外的本国或外国法人实体从事的、与俄罗斯

公司或在俄营业公司的资产/股份/权益有关或对俄罗期竞争有任何影响的交易或其他行动

5。

Pursuant to the Competition Law the following merger transactions may require the pre-transaction clearance or a post-transaction notification: establishment of a legal entity; mergers and takeovers; acquisition of more 25%/50%/75% shares, over 20% assets of legal entities; obtaining the rights to determine the business activity of a target or perform functions of its executive body (provided the assets or revenue thresholds are met).

根据《竞争法》，以下合并交易或须通过交易前审批，或提交交易后通知：成立法人实体、合并或收购、

收购超过 25%/50%/75%股权或超过法人实体的 20%资产、取得厘定目标公司业务活动或执行其行政机构

职务的权利（若符合其资产及收益的规定）。

The clearance is granted by the FAS. The consideration period is 30 days and may be further prolonged up to 2 months.

审批由 FAS作出。审议期为 30日，或最多可以延长至 2个月。

3 Federal Law №135-FZ dated June 26, 2006 “On Protection of Competition”.

4 In autumn 2011 certain changes are expected to be adopted in respect of extra-territoriality of the Competition Law, which should

narrow its applicability to foreign companies.

5 2011年秋，《竞争法》治外法权的若干变更预计将获得采纳，其对外国公司的适用性会缩小。

联邦法例第 135-FZ条，2006年 6月 26日，“竞争保护”


264

Violation of the filing obligations may result in administrative fine for the acquirer and its CEO. Transactions executed in breach of the Competition Law, that restrict competition, may be declared void by a court.

若违反呈报规定，当局可向收购者及其行政总裁作出行政罚款。违反《竞争法》（即限制竞争）的交易可

由法院宣告为无效。

The strategic filing does not exclude the merger control filing and vice versa.

战略性呈报并不豁除合并限制的呈报，反之亦然。



Pursuant to the Law on exchange regulation and control6 foreign exchange transactions between

residents and non-residents shall be carried out without any restrictions, provided that they are performed in accordance with the requirements stipulated by this law, including the following:

依据外汇管制法

7，居民与非居民之间的外汇交易，只要遵守了本法的规定，不受任何限制。包括以下规

定：

Repatriation of foreign currency and Russian currency 汇汇汇汇回回回回外外外外币币币币和和和和俄罗斯俄罗斯俄罗斯俄罗斯货货货货币币币币

Residents when exercising foreign trade activities are obliged to ensure (1) the receipt to their Russian bank accounts of the foreign currency or the Russian Federation currency due to them from non-residents under foreign trade contracts and (2) the return into the Russian Federation of funds paid to non-residents for the goods, work or services if such goods, work or services have not been supplied, performed or rendered within the terms stipulated by the foreign trade contract. The residents are released from the obligation to ensure receipt of funds to their Russian bank accounts in some instances, including if the payments are made under the loan agreements concluded between the resident and a non-resident (being the residents of Organization for Economic Cooperation or Financial Action Task Force (FATF) member state) for a term of more than 2 years.

居民在从事对外贸易活动时应确保（1）非俄罗斯居民根据对外贸易合同下欠居民的外币或俄罗斯联邦货币

汇入他们的俄罗斯银行账户和（2）因从非居民处购买商品、劳务或服务而付出的资金，如果该等商品、劳

务或服务未按照外贸交易合同的条款供应、实施或提供，该等资金应当返还至俄罗斯联邦。在某些情形

下，包括根据居民与非居民（为经济合作组织或金融行动特别工作组（FATF）成员国居民）之间达成的期

限为 2年以上的贷款协议而支付的款项，居民无须承担确保将收到的资金记入其俄罗斯银行账户的义务。

Formalization of transaction passports 办办办办理交易理交易理交易理交易通通通通行证行证行证行证

Residents shall formalize and submit transaction passports to the Russian authorized banks in case of carrying out foreign exchange transactions connected with settlement of payments made through the resident's accounts opened in the authorized banks, as well as through the accounts in a non-resident bank (i) for goods, works or services supplied, performed or rendered under a foreign trade contract concluded between a resident and a non-resident (except for cases when the total amount of the contract is less than 50,000 US Dollars) or (ii) when the residents receive loans in foreign currency and in the currency of the Russian Federation from non-residents under a loan agreement (except for cases when the total amount of the loan agreement is less than 5,000 US Dollars).

出现下列情形时，居民应办理交易通行证并提交给俄罗斯授权银行，以便开展涉及通过居民在授权银行的账

户及通过在非居民银行的账户结算进行的外汇交易：（i）根据居民与非居民之间签订的外贸合同而供应、

履行或提供的商品、工作或服务（合同总金额低于50,000美元的除外）；或（ii）当居民根据贷款协议收到

非居民以外国货币及俄罗斯联邦货币提供的贷款时（贷款协议总金额低于50,000美元的除外）。

6 Federal Law №173-FZ dated December 10, 2003 “On exchange regulation and control”.

7 联邦法例第 173-FZ条，2003年 12月 10日，“外汇管制”


265




The most common types of corporate legal entities established under Russian law are limited liability companies and joint-stock companies. The joint-stock companies may be closed or open.

根据俄罗斯法律成立的最常见的公司法人实体类型是有限责任公司和股份公司。股份公司分为开放式或封闭

式股份公司。





The approach to classification of legal entities used by the Russian Civil Code is different from the approach used in some foreign jurisdictions (such as English law). Russian law distinguishes primarily between limited liability companies and joint-stock companies (the latter may be closed or open) and provides for different regulation of M&A transactions made with the shares in limited liability companies and with the shares in joint-stock companies.

《俄罗斯民法典》对法人实体的分类有别于部分外国司法辖区（如英国法律）。俄罗斯法律主要区分有限

公司及股份公司（后者可以是封闭式或开放式公司），并就有限公司及股份公司的股份的并购交易作出了

不同的规定。

Under Russian law only open joint-stock companies may become “listed companies” (i.e. companies whose shares are listed on a stock exchange for public trading) while limited liability companies and closed joint-stock companies are always “private companies”. However not all open joint-stock companies in Russia are listed companies since an open joint-stock company is entitled but is not obliged to trade its shares on a stock exchange.

根据俄罗斯法律，只有开放式股份公司可成为“上市公司”（即股份于证券交易所上市并可供公众买卖的公

司），而有限公司及封闭式股份公司则一概列为“私人公司”。然而，由于开放式股份公司有权但并无责任于

联交所买卖其股份，故并非所有俄罗斯的开放式股份公司均为上市公司。

Thus, in practice acquisition of some open joint-stock companies (i.e. whose shares are listed on a stock exchange) is conducted in the manner similar to acquisition of private companies and the laws and regulations that apply to the said transactions are mostly similar.

因此，实际上收购某些开放式股份公司（即其股份在证券交易所上市）的方式与收购私人公司类似，且适

用于上述交易的法律法规亦大多相似。

The principal sources of law and regulation applicable to M&A transactions in Russia are as follows:

适用于在俄罗斯开展并购交易的法律法规的主要来源如下：

The Civil Code of the Russian Federation 《《《《俄罗斯俄罗斯俄罗斯俄罗斯联联联联邦邦邦邦民法民法民法民法典典典典》》》》

The Civil Code of the Russian Federation sets out general rules applicable to entering into and performing the sale and purchase agreements, civil law responsibility of the parties, etc.

《俄罗斯联邦民法典》规定了一般规则，适用于订立及履行买卖协议、双方的民事法律责任等等。


266

The Law on Joint-Stock Companies 《《《《股股股股份份份份公司公司公司公司法法法法》》》》

This law provides for specific regulations applicable to acquisition of shares in open joint-stock companies, particularly the following:

该法规定了适用于收购开放式股份公司之股份的具体规定，尤其适用于下列情形：

• Voluntary offering requirements: a person who intends to acquire more than 30% of shares of an open joint-stock company (taking into account the shares owned by this person and its affiliates) is entitled to send a public offer to the other shareholders of the company on acquisition of their shares.

自愿要约规定：若任何人士有意收购开放式股份公司超过 30%的股权（考虑由该人士及其附属公司拥

有的股份），则有权向该公司的其他股东就收购其股份发出公开要约。

• Mandatory offering requirements: a person who has acquired more than 30% of shares of an open joint-stock company (taking into account the shares owned by this person and its affiliates) is obliged to send a mandatory offer to the other shareholders of the company on acquisition of their shares.

强制性要约规定：若任何人士已收购开放式股份公司超过 30%的股权（考虑由该人士及其附属公司拥

有的股份），则必须向该公司的其他股东就收购其股份发出强制性要约。

• Competing offer: following receipt by an open joint-stock company of a voluntary or mandatory offer, any third person is entitled to send a competing offer to the shareholders.

竞争要约：开放式股份公司收到的自愿或强制性要约通知后，任何第三者均有权向股东发出竞争要约。

• Squeeze out: a person who as a result of a mandatory or a no-mandatory offer has acquired more than 95% of shares of an open joint-stock company (taking into account the shares owned by this person and its affiliates) is obliged to buy out the rest of the shares owned by the other shareholders upon their request or, under certain circumstances, entitled to buy them out by sending respective demand to the minority shareholders.

挤出：任何人士因强制或非强制性要约而收购一家开放式股份公司超过 95%的股权（考虑由该人士及

其附属公司拥有的股份），则须按该公司其他股东的要求向该其他股东买入其持有的余下股份，或在一

定情况下，有权向少数股东发出相关要求从而买入余下股份。

The Law on Limited Liability Companies 《《《《有限责有限责有限责有限责任任任任公司公司公司公司法法法法》》》》

Transactions with participatory shares in Russian limited liability companies are subject to the notary certification and subsequent registration in the register of legal entities. The title to participatory shares transfers from the moment of notary certification of the Share Purchase Agreement (SPA).

俄罗斯有限责任公司参与性股份的交易须经公证确认，并随后在法人实体登记册上进行登记。参与性股份

的所有权于股份买卖协议（SPA）公证确认之时起正式转让。

The Law on Securities Market 《《《《证券证券证券证券市市市市场场场场法法法法》》》》

The Law on Securities Market provides for disclosure obligations in respect of acquisition of certain amount of shares in a joint-stock company (irrespectively whether it is listed or not).

《证券市场法》规定了关于收购某一股份公司（无论其是否上市）若干数量股份的披露义务。

Strategic Investment Law 《《《《战战战战略略略略投资投资投资投资法法法法》》》》

This law is applicable to acquisition of certain amount of shares in strategic companies (for more details please see section A above).

该法适用于收购战略性公司（请详见上文 A部分）若干数量股份的情形。

Competition Law 《《《《竞竞竞竞争争争争法法法法》》》》

Certain merger transactions may require pre-transaction clearance or post-transaction notification (for more details please see section A above).

某些合并交易可能须进行交易前审批或提供交易后通知（请详见上文 A部分）。


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The principal methods of acquisition of a listed company are not far different from the principal methods of acquisition of a private company and are as follows:

收购上市公司的主要方式与收购私人公司的主要方式并无太大区别，具体方法如下：

• acquisition of shares which may be made through direct acquisition from a shareholder or through a mandatory offer;

可以通过直接向股东收购或通过强制性要约来收购股份；

• indirect acquisition of shares (i.e. acquisition of shares of a company holding the shares of a listed company; such company may either be established in a foreign or Russian jurisdiction);

间接收购股份（即收购持有上市公司股份之公司的股份；该公司可以是在外国或俄罗斯司法辖区内注册

成立的公司）；

• acquisition of shares of a listed company on a stock exchange according to the bidding rules.

根据竞价规则在证券交易所收购上市公司的股份。



Hostile bids are not known to Russian law. Under Russian law shareholders are entitled to sell their shares at any time without taking any advice from the management bodies of the company, save for the acquisition of shares through a mandatory offer. After receiving the mandatory offer the board of directors of the company should adopt recommendations for the shareholders in respect of the received offer (including the estimation of a price of the offer and the plans of the person who sent the offer in respect of the company and its employees). However shareholders are not bound by the recommendations of the board of directors when making a decision on acceptance of a mandatory offer.

俄罗斯法律并无敌意收购一说。根据俄罗斯法律，股东有权随时出售他们的股份而无须考虑公司管理机构

的任何意见，但通过强制性要约方式收购股份的除外。在收到强制性要约后，公司董事会应就收到的要约

向股东作出建议（包括评定要约价格以及发送人发出的与公司及员工有关要约的计划）。然而，决定是否

接受强制性要约时，董事会的建议对股东不具有约束力。



According to the Law on Joint-Stock Companies a shareholder who has acquired more than 30% of shares of an open joint-stock company (taking into account the shares owned by this person and its affiliates) is obliged to send a mandatory offer to the other shareholders of the company on acquisition of their shares. In case of acquisition of shares in a listed company such mandatory offer before sending to the shareholders should be submitted to the Federal Financial Market Service. The Federal Financial Market Service upon review of the mandatory offer notifies the shareholder on its right to send the mandatory offer to the other shareholders or on the necessity to bring the mandatory offer in line with the requirements of the Law on Joint-Stock Companies.

根据《股份公司法》的相关规定，收购开放式股份公司（考虑由该人士及其附属公司拥有的股份）股份超过

30%的股东必须向公司其他股东发出强制性要约，以收购他们的股份。如果是收购上市公司的股份，则在向

股东发出该强制性要约前应先将该要约提交至联邦金融市场服务局。在对强制性要约审查完毕后，联邦金融


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市场服务局告知股东向其他股东发送强制性要约的权利或要求修改强制性要约以符合《股份公司法》的规

定。



The Law on Joint-Stock Companies provides for certain requirements in respect of the price of the mandatory offer. Such price shall not be less that the average weighted price of shares determined on the basis of the results of auctions arranged by a trade promoter on the securities market within the six months preceding the date of sending the mandatory offer to the Federal Financial Market Service.

《股份公司法》对强制性要约的价格做了若干规定。该价格不得低于向联邦金融市场服务局发出强制性要

约通知之日前 6个月内由交易发起人安排在证券市场进行之拍卖的价格得出的股份加权平均价。



The list of key documents depends on the method of acquisition of a listed company. If the acquisition is made through direct acquisition of shares from a shareholder the key documents include SPA and ancillary documents as may be common for the majority of M&A transactions. However taking into account that 30% threshold is often triggered by acquisition, the key documents often include mandatory offer documentation as well.

重要文件的清单取决于收购上市公司的方法。如果是通过直接收购股东的股份来进行收购，则重要文件包

括 SPA和其它对于大部分并购交易而言可能是很常见的配套文件。然而，考虑到交易经常会致使达到 30%

的界点，所以重要文件通常还包括强制性要约文件。



Takeover documents generally do not require pre-approval by any regulatory body, save for the mandatory offer made in respect of shares of a listed company. Such mandatory offer is subject to preliminary review by the Federal Financial Market Service which may decide that mandatory offer should be brought in line with the requirements of the Law on Joint-Stock Companies.

收购文件一般并不需要获得任何监管机构的预先核准，但涉及收购上市公司股份的强制性要约除外。此类

强制性要约须经联邦金融市场服务局的初步审查，联邦金融市场服务局可以决定是否要求修改强制性要约

以符合《股份公司法》的相关规定。



The following timeframes are provided for by the Law on Joint-Stock Companies with regard to the acquisition through a mandatory offer:

关于通过强制性要约进行的收购，《股份公司法》规定了下列时限：

• 35 days from the moment of acquisition of more than 30% of shares of an open joint-stock company for sending the mandatory offer;

从收购开放式股份公司超过 30%股份之时起 35 天内发出强制性要约；

• 15 days for review of the mandatory offer by the Federal Financial Market Service;

联邦金融市场服务局 15 天内审查强制性要约；


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• 15 days for the company to send the mandatory offer together with recommendations of the board of directors to the shareholders;

公司 15 天内向股东发送强制性要约以及董事会建议；

• the term for acceptance of a mandatory offer by the shareholders should be not less than 70 days and not more than 80 days from the moment of its receipt by the company.

股东接受强制性要约的期限从公司收到要约起不应少于 70 天，但不得超过 80 天。



私私私私有并购交易有并购交易有并购交易有并购交易各各各各方签方签方签方签署一署一署一署一项项项项“协议协议协议协议”（（（（例例例例如备如备如备如备忘录忘录忘录忘录、、、、意意意意向书向书向书向书、、、、关键性关键性关键性关键性条款条款条款条款、、、、框框框框架架架架协议或协议或协议或协议或其其其其它它它它））））是否是否是否是否很很很很


Preliminary agreements are commonly entered into in relation to M&A transactions governed by both foreign law and Russian law. One of the main problems with the preliminary agreements is to determine their subject matter and binding conditions. If the preliminary agreements are concluded under Russian law their conditions are unlikely to be binding on the parties, unless they meet Russian law requirements in respect of a preliminary agreement (must set out all essential conditions of the principal agreement) or offer (upon its acceptance by the offeree will become binding upon the offeror). Therefore in practice the preliminary agreements are usually governed by a foreign law and made in form of MOU / LOI / Termsheet with common exclusivity provisions. Such agreements determine basic conditions of the M&A transaction and are commonly dealt with such issues as confidentiality provisions, exclusivity, cost reimbursement, etc. Preliminary agreements are usually not binding on the parties in their entirety but contain certain provisions that are binding, such as non-disclosure agreements, a covenant to negotiate in good faith, or a "stand-still" or "no-shop" provision promising exclusive rights to negotiate.

受境外和俄罗斯法律规管的并购交易通常会订立初步协议。初步协议的一个主要问题为厘定主体事项及约

束条款。若初步协议受俄罗斯法律规管，其条款或不大可能对买卖双方具有约束力，除非有关条款符合俄

罗斯法律规定中有关初步协议的规定（必须列出主协议的所有必备条款）或要约（于受要约人接受时即使

要约人受条款约束）。故此，实践中初步协议一般由境外法律管辖，并以谅解备忘录/意向书/条款清单的形

式订立常见的排他性条款。此等协议厘定并购交易的基本条款，及通常会包含保密条款、排他性及费用补

偿等事宜。初步协议一般不对买卖双方作整体约束，惟包含若干约束性条款，如不披露协议、善意谈判契

诺、「暂缓收购」或承诺提供独家磋商权利的「非售」条款。


签签签签署署署署不具有约不具有约不具有约不具有约束力束力束力束力的意的意的意的意向书向书向书向书/备备备备忘录忘录忘录忘录是否是否是否是否会导致会导致会导致会导致产生产生产生产生各各各各方进行方进行方进行方进行诚诚诚诚信信信信谈判谈判谈判谈判的的的的义义义义务务务务，，，，如如如如果会果会果会果会产生产生产生产生，，，，这这这这一义一义一义一义


Under Russian law there is no legal obligation to negotiate in good faith. The Russian Civil Code specifies the presumption of a good faith according to which in cases when the law predicates the protection of civil law rights on whether these rights are exercised reasonably and in good faith, the reasonableness of the actions and good faith of the participants in such civil law relations shall be presumed. However if a party enters into an agreement under the influence of false or misleading statements made by the other party such agreement may be invalidated by court upon the claim of the affected party.

根据俄罗斯法律，并没有善意谈判的法律义务。《俄罗斯民法典》对善意的推定做了具体规定，即法律基

于民法权利是否合理及善意行使来判定这些权利是否得到保护，从而推定在这些民事法律关系中行为是否

合理以及当事方是否善意。然而，如果一方因受另一方虚假或误导性陈述的影响而订立协议，经受影响一

方提出主张后法院可以判决协议无效。


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私私私私有并购交易中有并购交易中有并购交易中有并购交易中锁定锁定锁定锁定/排排排排他他他他性协议性协议性协议性协议（（（（是是是是指卖指卖指卖指卖方签方签方签方签署署署署的不与的不与的不与的不与（（（（例例例例如如如如））））第三第三第三第三方方方方谈判或谈判或谈判或谈判或签订签订签订签订协议协议协议协议的的的的协议协议协议协议））））是是是是


It is a standard practice to enter into lock-out / exclusivity agreements in relation to M&A transactions (although such lock-out / exclusivity provisions may form a part of transaction Termsheet or LOI). However the enforceability of such agreements under Russian law is questionable. Entering into such agreement does not necessarily prevent the seller to negotiate with the third parties and compensation of damages will be the only consequence of breach of the said agreement. Therefore in practice the parties usually enter into Memorandum of Understanding, Letter of Intent, Termsheet, governed by foreign law (generally English law) and containing the exclusivity provisions.

标准做法是就并购交易签订锁定/排他性协议（尽管该锁定/排他性协议可能构成交易条款清单或意向书的一

部分）。然而，根据俄罗斯法律，此类协议的可执行性仍不确定。签订此类协议并不一定能阻止卖方与第

三方进行谈判，违反上述协议唯一要承担的后果是赔偿损失。因此，实践中双方通常签订由外国法律（一

般是英国法律）管辖的谅解备忘录、合同意向书、条款清单，其中包含相关的排他性规定。


与上与上与上与上市市市市公司公司公司公司拟拟拟拟进行的收购相进行的收购相进行的收购相进行的收购相关关关关，，，，投投投投标人标人标人标人（（（（要约要约要约要约人人人人））））和目和目和目和目标标标标公司签公司签公司签公司签署任署任署任署任何何何何初步协议初步协议初步协议初步协议是否是否是否是否普遍普遍普遍普遍，，，，如如如如果果果果

是是是是，，，，通常通常通常通常要处理哪些要处理哪些要处理哪些要处理哪些类类类类问题问题问题问题？？？？

It is quite common to enter into a preliminary agreement in relation to the acquisition of a listed company. For more details please see question 1 of this section.

就收购上市公司一事签订初步协议比较普遍。详情请见本段之问题 1。




If break up fees are provided for in the preliminary agreement governed by Russian law, there is a constant risk of them being regarded as a penalty which, if contested in the Russian court, could be significantly decreased (Russian courts are entitled by operation of law, to decrease the amount of penalty agreed between the parties if such amount is obviously inadequate to the consequences of the breach). Therefore the parties generally include provisions regarding break up fees into the foreign law Termsheet, LOI, etc.

如果受俄罗斯法律管辖的初步协议规定了终止交易费，如果在俄罗斯法院进行诉讼，该费用存在被视为违

约金的持续风险，违约金可能会显著减少（如果违约金金额明显与违约后果不相称，俄罗斯法院有权

凭借法律的运用降低双方约定的违约金金额）。因此，双方一般将涉及终止交易费的条款写入外国法律管

辖的条款清单和意向书等。


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Russian corporate law provides for certain mechanism of protection of rights of the minority shareholders, including the following:

俄罗斯公司法规定了某种少数股东权益保障机制，包括以下几点：

• a shareholder is given the right to demand purchase of all or part of his shares by the company in case of reorganization of the company, entering by the company into a major transaction or introduction of amendments into the charter that impose limitations on the rights of such shareholder if the shareholder voted against making such decision or did not participate in voting;

在公司重组、公司达成一笔重要交易或修订章程时对该股东的权利施加限制时，如果该股东表决反对该

决定或未参与表决，该股东有权要求公司购买其所有或部分股票；

• a holder of not less than 1% of shares is entitled to apply to court with a claim to a member of the board of directors, the general director, a member of the collegial executive body, the management company for compensation of damages inflicted on the company by their wrongful acts (failure to act);

持股占 1%以上的股东有权向法院提出请求，主张公司董事会成员、总经理或联合执行机构或管理层成

员赔偿因其不当行为（不能履行）使公司造成的损失；

• a holder of not less than 2% of shares is entitled to introduce the issues into the agenda of a annual general meeting of shareholder and to nominate candidates to collegial executive body, counting commission, board of directors and the sole executive body;

持股占 2%以上的股东有权将该问题列入年度股东大会议事日程予以讨论，并向联合执行机构、计票委

员会、董事会和独任管理人任命一名候选人；

• a holder of not less than 10% of shares has the right to demand convocation of an extraordinary meeting of shareholders, as well as to demand the audit of financial and economic activities of the company by the audit commission;

持股占 10%以上的股东有权要求召开特别股东会议，并有权要求审计委员会对公司的财务和经济活动

进行审计；

• a holder of not less than 25% of shares has the right to access to the bookkeeping documents and the minutes of collegial executive body meetings.

持股占 25%以上的股东有权查阅账簿和联合执行机构的会议记录。




By law, neither sale of shares in the company, nor sale of its assets is a ground for termination of employment with employees of the company which shares or assets are sold or for change of their terms of employment.

根据法律，不论出售公司的股份或出售其资产均不能成为终止雇用该公司雇员或更改其雇用条款的原因。

If new shareholders (in case of share transaction) want to change terms of employment of employees of the target company, the target company can do that either by entering into amending agreements to employment contracts with employees or unilaterally by giving each employee 2 months written notice provided there are structural and/or technological changes in the work process which sanction such changes. If employees refuse to work on new terms and conditions which they were notified of by 2


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months notice, their employment can be terminated (if there are no other vacant jobs this employer can propose and the employees would accept).

若新股东（如有股份交易）有意更改目标公司雇员的雇用条款，目标公司可与雇员订立雇用合约的更改协

议，或单方面向各雇员发出 2 个月书面通知，惟仅适用于工作流程出现结构性及/或技术性变动而准许有关

变更。若雇员拒绝接受就 2 个月通知期的新工作条款及细则，其雇用便可终止（若没有其他该雇主可提出

及雇员会接受的空缺职位）。

In case of share transaction, a buyer should check whether there is a collective agreement of the target, as it normally provides various benefits and guarantees to the employees in addition to the statutory ones, and they can be quite material. Terms of the collective agreement will stay in force after a new shareholder acquires the shares of the target. The buyer should also check if the target is obliged to apply any industrial agreement or regional agreement.

若进行股份交易，买方应查核目标公司是否已订立集体协议，原因为集体协议一般向雇员提供除法规以外

的多项福利及保证，而有关福利及保证可能为相当重大。集体协议的条款于新股东收购目标公司后仍然生

效。买方亦应查核目标公司是否有责任订立任何行业协议或地区协议。



In the event of sale of assets of the company, the new owner is not obliged to employ the employees of the former owner. It should be noted that the personnel of a company under the Russian law is not considered to be an asset of the company (like, for ample, premises or equipment) and cannot be automatically taken over by another company together with other assets.

如果公司的资产被出售，新雇主没有义务雇用前任雇主的雇员。应指出的是，根据俄罗斯法律，公司员工

并不被视为公司资产（如生产经营场所或设备），也不能与其他资产一起自动被另一家公司收购。

However, in case of assets transaction the buyer can coordinate with the seller transfer of the seller’s employees to the buyer subject to such employees’ prior written consent. The buyer cannot refuse to hire seller’s employees whom the buyer invited in writing; this applies for 1 month after termination of the employees’ employment with the seller. The buyer should be cautious that employment relations between it and seller’s employees do not arise before the buyer needs them.

然而，若进行资产交易，买方可于得到雇员的事先书面同意的情况下，与卖家就转移卖家的雇员到买方进

行协商。若买方已向卖家的雇员作出书面邀请，买方不得拒绝聘用该雇员，此规定适用于与卖家终止雇用

其雇员后的 1个月内。买方须留意，其与卖家雇员的雇用关系于买方需要该雇员前并未生效。

If the seller does not have enough work for the employees who did not agree to transfer to the buyer or whom the buyer did not invite, the seller can make such employees redundant. Redundancy requires 2 months notice to be served to each concerned employee individually and severance pay equal to 1 average monthly salary. Additionally, the employee is entitled to his or her average for the period of the job search, but not more than 2 months. Severance pay is counted as a part of pay for the period of the job search. In exceptional cases the employee can be entitled to the average salary for the 3

rd month of

the job search.

若卖家并无充足的工作提供予拒绝转移至买方的雇员，或买方未曾邀请的雇员，卖家可视有关雇员为冗

员。有关冗员将单独收到 2 个月通知，而遣散费则为一个月平均月薪。此外，雇员有权于求职期间索取其

平均月薪，惟不得多于 2 个月。遣散费计入 2 个月的求职期中。个别情况下，雇员有权于求职期间索取第

三个月的平均月薪。

Additionally the seller will have to perform certain actions to ensure that the redundancy procedure is observed as the redundancy procedure is quite formal and if the employer does not comply with it, employees can successfully contest their dismissal in court.

此外，由于裁员程序相当正式，且如果雇主不遵守有关程序，法庭可就有关遣散问题判雇员胜诉，因此，

卖方将不得不采取某些行动来确保裁员程序得到遵守。


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Alternatively, the seller can agree with its employees to terminate employment relationship on mutual agreement, and enter into the termination agreement with each concerned employee. By law, the employer is not obliged to pay any compensation to the employees when terminating employment with them on mutual agreement. However, often termination agreements provide for compensations comparable with amounts which an employee would be entitled to in case of redundancy.

或者，卖家可与其雇员协商经双方同意终止雇用关系，并与各相关雇员订立终止协议。根据法例，雇主并

无责任在双方同意终止雇用的情况下向雇员支付任何补偿。然而，终止协议中一般会规定雇员在被列为冗

员遭裁减时其有权获得的相当补偿金额。




As a general rule the purchaser of a business is not liable for the debts or obligations of the seller of a business. In the event of sale of shares of the company the liability of the company remains with the company and the liability of the seller remains with the seller. However if after the sale of shares of the company a bankruptcy proceeding is initiated in respect of the company, there may be a risk of invalidation of the transaction on sale and purchase of shares by court under the grounds provided for by the Russian insolvency law.

一般情况下，业务买方不对业务卖方的债务或义务承担责任。如果公司的股份被出售，公司的责任仍由公

司承担，卖方的责任仍由卖方承担。然而，若公司出售股份后启动了针对公司的破产程序，则股份买卖交

易有被法院依据俄罗斯破产法的相关规定裁定为无效的风险。




• In July 2011 Beijing Automotive Group (BAIC Group), announced establishment of a joint venture with Russia’s AMS Auto. The Beijing-based BAIC Group said total investment in the joint venture, BAW-RUS Automotive Co Ltd, is about $176 million, with a registered capital of $20 million. Each company will have a 50% stake in the joint project.

2011 年 7 月，北京汽车集团宣布与俄罗斯的 AMS Auto 成立合资企业。位于北京的北京汽车集团表

示，于该联营企业 BAW-RUS Automotive Co Ltd 的总投资额约 1.76 亿美元，注册资本为 2,000 万美

元。双方将于合资项目中各自拥有 50%股份。

• In June 2011 it was announced that China Investment Corp was has received a proposal from investment banks to acquire 5 percent stake in Sberbank. The bank is expecting to raise around US$6 billion through the proposed sale.

2011年 6月，中国投资有限责任公司收到投资银行的建议，收购 Sberbank的 5%股权。该银行预期透

过该建议销售筹集约 60 亿美元。

• In May 2011 Delightful Hill, part of China's Winsway Group Holdings Ltd acquired 60% stake in Divalane Holdings Ltd, a Cyprus holding company that owns Russian coal company LLC Arkticheskie Razrabotki with operations in the Apsat deposit in Chita Oblast, Eastern Siberia.

2011年 5月，中国Winsway Group Holdings Ltd旗下的 Delightful Hill收购 Divalane Holdings Ltd的

60%股权。Divalane Holdings Ltd 为塞普路斯的控股公司，拥有俄罗斯煤公司 LLC Arkticheskie

Razrabotki，而 LLC Arkticheskie Razrabotki 于西伯利亚东部 Chita Oblast 中的 Apsat 煤矿中经营业

务。


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ALRUD is one of the most respected independent law firms in Russia, rendering a full range of legal and tax

services for foreign and Russian clients. 20 years of success in the market has resulted in attainment of

essential experience in the legal profession, enabled us to form a strong team of 70 specialists and rewarded

us with the fair name of a reliable and competent partner.

ALRUD 是俄罗斯最有名望的独立律师事务所之一，向外国和俄罗斯国内客户提供各种法律和税务服务。在市

场上二十多年来取得的成功，使本所积累了法律行业的重要经验，让我们建立了一支包括 70 名专业人士的强

大团队，并赋予我们可靠和能干合作伙伴的美誉。

ALRUD advises clients on issues of Corporate / M&A, Competition / Antitrust, Restructuring and Insolvency,

Labour and Employment, Dispute Resolution, Tax, Banking and Finance, Real Estate, Intellectual Property

and Media, Brands and Technology.

ALRUD 向客户提供企业/并购、竞争/反垄断、重组与破产、劳动与就业、争议解决、税务、银行与金融、房地

产、知识产权以及媒体、品牌和技术等方面的建议。

Annually ALRUD holds top positions in the rankings of PLC Which Lawyer?, The Legal 500, The Chambers

Global and The Chambers Europe and other editions.

每年，ALRUD在 PLC Which Lawyer?、The Legal 500、The Chambers Global和 The Chambers Europe以

及其他刊物的排名中均名列前茅。

For further information, please contact Maxim Alekseyev ([email protected]).

欲了解更多信息，请联系 Maxim Alekseyev ([email protected])。

October 2011 Singapore 新加坡

275

SingaporeSingaporeSingaporeSingapore 新加坡新加坡新加坡新加坡

1





Singapore welcomes all forms of enterprise and investment. The Singapore government has always adopted a pro-business policy, regardless of the global outlook or economic environment. In certain regulated industries, there are industry-specific legislation which impose restrictions in respect of foreign ownership of shares in the relevant company. There are also certain industry-specific statutes that limit or require prior regulatory approval for share ownership in companies engaged in such regulated industries.

新加坡欢迎所有形式的企业和投资。不论全球前景或经济环境如何，新加坡政府一贯采取亲商政策。对于某

些受监管的行业，特定行业法律会对外国买方持有有关公司的股份进行限制。对于持有从事此受监管行业的

公司的股份，也有特定行业法规限制外国买方持有或者要求提前取得监管部门的批准。



Statutes relating to particular industries in Singapore may place controls on investment, including without limitation, takeover activity, insofar as they may limit or require prior regulatory approval for share ownership in companies engaged in such regulated industries. Such regulated industries are generally industries perceived to be critical to national interests, for instance, banking, finance, insurance and media.

新加坡特定行业相关的法规可能对投资，包括收购活动，进行控制，即限制外国买方持有从事此受监管行业

的公司的股份或者要求提前取得监管部门的批准。此受监管行业多数属于普遍被认为对国家利益至关重要的

行业，例如，银行业、金融业、保险业和传媒业。



Section 54 of the Competition Act, Chapter 50B of Singapore (the “Competition Act”), prohibits mergers that result, or may be expected to result, in a substantial lessening of competition within any market for goods or services in Singapore.

新加坡第 50B章竞争法（the Competition Act, Chapter 50B of Singapore）（以下简称“竞竞竞竞争争争争法法法法”）第 54 条

禁止任何导致或可能导致新加坡商品或服务市场的竞争实质性减少的合并。

1 The English language version shall be the sole definitive version of the document and the Chinese translation is provided for

information only. Allen & Gledhill LLP takes no responsibility for the accuracy or completeness of the Chinese translation. In the event of any inconsistency with the English language version, the English language version shall prevail.

本文件以英语为最终版本。中文翻译仅供参考。艾伦格禧有限责任合伙律师事务所不对中文翻译的准确性和完整性承担责任。如果中

文翻译与英语版本有任何不一致，以英语版本为准。


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Parties to a takeover or merger may apply to the Competition Commission of Singapore (the “CCS”) for a decision on whether the proposed merger if carried into effect will infringe Section 54 of the Competition Act. A merger clearance filing to the CCS is on a voluntary basis, but recommended by the CCS if a proposed merger may potentially result in a substantial lessening of competition in a relevant market. Failure to make a filing could result in sanctions imposed by the CCS such as a direction for the merger to be unwound and financial penalties of up to 10% of the turnover (for up to three years) of infringing merger parties.

对于拟议的合并是否会产生违反竞争法第 54 条的效果，收购或者合并的各方可向新加坡竞争委员会（the

Competition Commission of Singapore）（以下简称“竞竞竞竞争委争委争委争委员会员会员会员会”）申请并取得竞争委员会的决定。虽然向

竞争委员会进行合并核准申报是自愿的，但是如果拟议的合并可能导致相关市场的竞争实质性减少，竞争

委员会建议合并各方向其进行合并核准申报。如果不进行申报，竞争委员会有权进行制裁，例如指令裁定

合并无效和处以经济处罚金额不超过违反该法条的合并各方营业额（最多达三年）的 10%。

The Securities Industry Council (the “SIC”) has issued a practice statement (the “Practice Statement”) setting out the implications of the CCS’ merger procedures on Singapore takeover offers.

证券业委员会（the Securities Industry Council）已经颁布了一个实践准则。该实践准则阐述了竞争委员会

对新加坡的收购要约的合并程序要求。



Although the Exchange Control Act, Chapter 99 of Singapore still exists, the operation of its provisions has been suspended since June 1978. Accordingly, no exchange control formalities or approvals are required for all forms of payments or capital transfers.

虽然新加坡仍存在新加坡第 99章外汇管制法（Exchange Control Act, Chapter 99 of Singapore），但是

自 1978年 6月起，其条文已暂停实施。因此，对于所有形式的支付或资本转移均没有外汇管理限制。




The most common type of corporate legal entity in Singapore is a company limited by shares incorporated under the Companies Act, Chapter 50 of Singapore (the “Companies Act”). Companies limited by shares can be classified as private companies and public companies. Although there are similarities in the administration of public and private companies, public companies are comparatively more regulated under the Companies Act. Therefore, private companies are more commonly incorporated in Singapore than public companies unless there are specific reasons requiring a public company structure. For example, where there is an intention to list the shares of the company on a stock exchange, such company is typically structured as a public company limited by shares.

在新加坡最常见的公司法人实体类型是根据新加坡第50章公司法（the Companies Act, Chapter 50 of

Singapore）（以下简称 “公司公司公司公司法法法法”）设立的股份有限责任公司。股份有限责任公司可以分为私营公司和公

众公司。公众公司和私营公司的管理虽然相似，但是相对而言，公司法对公众公司的监管比较严格。因此，

除非有需要公众公司架构的特定原因，选择设立私营公司的情况比选择设立公众公司的情况更为普遍。若一

个公司计划在证券交易所上市其股份，则该公司会选择股份有限责任形式的公众公司架构。


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Private M&A transactions in Singapore are largely unregulated by statutory law and parties are generally free to negotiate the terms and conditions of the sale and purchase. Notwithstanding that private M&A transactions are generally unregulated, the following statutory provisions, which also apply to M&A activities in Singapore involving public listed companies, may be applicable or relevant in certain acquisitions:

在新加坡，私有并购交易基本上没有成文法监管且各方一般可以就买卖的条款和条件进行自由协商。尽管

私有并购交易一般不受监管，但在某些收购中可能适用或涉及以下法律条文。该法律条文也同样适用于在

新加坡进行的涉及上市公众公司的并购活动：

• Companies Act: The Companies Act contains general corporate legislation including provisions relating to the incorporation, management, administration and winding up of companies. Issues relevant to acquisitions, such as the fiduciary duties of directors, prohibition against financial assistance by a company for the acquisition of its shares as well as the procedural requirements for the disposal of a company’s business which may arise as part of an acquisition, are governed by the Companies Act. The Companies Act also provides for the procedures to carry out schemes of arrangement or amalgamations to facilitate corporate acquisitions and mergers. The compulsory acquisition of shares of minority shareholders of a target company is also governed by the Companies Act.

公司公司公司公司法法法法：：：：公司法包含了一般性的公司法规，包括与公司的成立、经营、管理和解散有关的条文。公司法

适用于与收购相关的事项，例如董事的受信义务、禁止公司为收购其股份的交易提供财政援助及对于在

收购的过程中公司业务处置的程序要求。公司法也包含了执行协议安排或合并方案的程序，以便于公司

收购和合并的进行。另外，公司法还对强制收购目标公司少数股东的股份进行了规定。

• Competition Act: The Competition Act prohibits mergers that result, or may be expected to result, in a substantial lessening of competition within any market of goods or services in Singapore.

竞竞竞竞争争争争法法法法：：：：竞争法禁止任何导致或可能导致新加坡商品或服务市场的竞争实质性减少的合并。

• Takeover Code: The Singapore Code on Take-overs and Mergers (the “Takeover Code”) applies to the acquisition of voting control of public companies. Unlisted public companies with more than 50 shareholders and net tangible assets of S$5 million or more must also observe, wherever possible and appropriate, the letter and spirit of the Takeover Code. The Takeover Code does not have the force of law. A breach of any provision of the Takeover Code does not give rise to criminal proceedings. The SIC, which administers and enforces the Takeover Code, may however, take action against an offender to deprive it temporarily, or permanently, of its ability to enjoy the facilities of the securities market, or may issue a public censure or private reprimand against the offender.

并购并购并购并购守守守守则则则则：：：：新加坡收购及合并守则（the Singapore Code on Take-overs and Mergers）（以下简称“并并并并

购购购购守守守守则则则则”）适用于对公众公司的投票控制权的收购。股东人数超过 50且有形净资产达到或超过 500 万新

币的未上市公众公司也必须尽可能且适当地遵守并购守则的条文和精神。并购守则不具有法律效力且违

反并购守则不会引起刑事诉讼。但是，证券业委员会负责实施和执行并购守则，并可能对违反者采取行

动，包括暂时或永久剥夺其参与证券市场的资格及进行公开或私下谴责。

In addition to the above, M&A activities in Singapore involving public listed companies are regulated by the following legislative provisions and regulations:

除上述法律和法规之外，在新加坡进行的涉及上市公众公司的并购活动还受到以下法条和法规的监管：


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• Securities and Futures Act: The primary legislative provisions relating to takeover offers are provided in the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”). The SFA lists the criminal offences relating to takeover offers, including without limitation, the following: (i) it is an offence for a person to give notice or publicly announce that he intends to make a takeover offer if he has no intention to make one, and (ii) it is also an offence to make a takeover offer if he has no reasonable or probable grounds for believing that he will be able to perform his obligations pursuant to the takeover offer being accepted or approved.

证券和期证券和期证券和期证券和期货法货法货法货法：：：：新加坡第 289 章证券和期货法（the Securities and Futures Act, Chapter 289 of

Singapore）（以下简称“证券期证券期证券期证券期货法货法货法货法”）是与收购要约有关的主要立法规定。证券期货法列明了与收

购要约有关的刑事罪行，包括但不限于以下：（i）如果一方实际上没有收购意向却发出通知或公开宣

布其计划作出收购要约；和（ii）如果一方没有合理的或可能的理由相信其将能够履行其根据被承诺或

批准的要约而负有的义务，却作出该收购要约。

• Listing Manual of the Singapore Exchange Securities Trading Limited (the “Listing Manual”): The Listing Manual applies to a takeover transaction where either the acquiring company or the target company is a company listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”).

新新新新加坡加坡加坡加坡证券交易有限公司上证券交易有限公司上证券交易有限公司上证券交易有限公司上市手市手市手市手册册册册（（（（Listing Manual of the Singapore Exchange Securities Trading Limited）（）（）（）（以以以以下下下下简简简简称称称称““““上上上上市手市手市手市手册册册册””””））））：：：：当收购方和目标公司任何一方为在新加坡证券交易有

限公司（以下简称“新新新新交所交所交所交所”）上市的公司时，上市手册将适用于该收购交易。




The purchaser of the business of a Singapore private company may generally acquire the business by one of two possible methods: the purchaser acquires the issued shares of the Singapore company that carries on the business, or the purchaser acquires the business of the Singapore company.

新加坡私营公司业务的购买方一般可以通过两种方式之一进行收购：购买方收购经营该业务的新加坡公司

发行的股票或者购买方收购该新加坡公司的业务。

The acquisition of control of a company listed on the SGX-ST may be effected in the following ways:

取得新交所上市公司的控制权可通过以下方式：

• Takeover offer: Takeover offers generally take one of the following three forms under the Takeover Code: (i) mandatory offers, (ii) voluntary offers, and (iii) partial offers where voluntary offers are made for some (but not all) shares in the target company.

收购要约收购要约收购要约收购要约：：：：根据并购守则，收购要约一般按照以下三种形式进行：（1）强制要约方式，（2）自愿要约

方式及（3）当自愿要约仅向目标公司的部分（非全部）股份作出时的部分要约方式。

• Scheme of arrangement: In a scheme of arrangement (“Scheme”), which is between the target company and its shareholders, the target company cancels its existing shares and issues new shares in the target company to the acquirer, in consideration of the acquirer paying cash or issuing new shares in the acquirer to shareholders of the target company. Alternatively, outstanding shares in the target company may be transferred from the shareholders of the target company to the acquirer.

协议协议协议协议安安安安排排排排：：：：通过目标公司和其股东之间的协议安排（以下简称“协议协议协议协议安安安安排排排排”），目标公司将股东现持有

的股份注销并向收购方发行目标公司的新股份，而收购方向目标公司的股东支付现金或发行收购方的新

股份作为对价。另外，目标公司股东也可能将剩余股份转让给收购方。

• Amalgamation: As an alternative to a Scheme, Sections 215A to 215J of the Companies Act provide for an acquisition through an amalgamation process. Such process may comprise either two or more companies amalgamating and continuing as one company, or two or more companies amalgamating and forming a new company.


279

合合合合并并并并：公司法第 215A 条至 215J 条规定了通过合并方式进行收购。这是协议安排之外的另一种收购方

式。该方式包括两家或两家以上的公司合并并以其中一家公司存续，或者两家或两家以上公司合并成为

一家新公司。

• Reverse takeover: In a reverse takeover, the acquirer transfers to the target company its assets and business in exchange for new shares in the target company. Unless otherwise exempt, the acquirer then makes a takeover offer for all the remaining shares in the target company that it does not own. An acquirer which gains control of a SGX-ST-listed company through a reverse takeover is required to comply with the requirements stipulated by the SGX-ST.

反反反反向向向向收购收购收购收购：：：：在反向收购中，收购方将其资产和业务转让给目标公司并取得目标公司的新股份。除非另获

豁免，收购方得向所有其未持有的目标公司的剩余股份作出收购要约。通过反向收购取得新交所上市公

司控制权的收购方需遵守新交所规定的要求。


这一部分着重于收购制度。



Hostile bids are permitted in Singapore.

新加坡允许敌意收购。



A mandatory offer is triggered if:

如果发生以下情况，强制要约将被触发：

• any person acquires, whether by a series of transactions over a period of time or not, shares which (taken together with shares held or acquired by persons acting in concert with him) carry 30% or more of the voting rights of a company; or

不论是否是在一段时期内通过一系列交易，任何人取得的股份（与其一致行动人持有的股份合计）代表

公司投票权达到或者超过 30%；或

• any person who, together with persons acting in concert with him, holds not less than 30% but not more than 50% of the voting rights of a company and such person, or any person acting in concert with him, acquires additional shares carrying more than 1% of the voting rights of the company in any six-month period.

任何人和其一致行动人持有的公司投票权不少于 30%但不超过 50%且,其或任何其一致行动人,在六个月

内新取得代表超过 1%公司投票权的股份。



The minimum offer price stipulated for each type of takeover offer under the Takeover Code is as follows:

并并并并并并并并并并并并并并并并并并并并并：

• Mandatory offer: the highest price paid by the offeror or any of the parties acting in concert with it for any shares carrying voting rights in the target company during the offer period and within six months prior to the commencement of the offer period.


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强制强制强制强制收购要约收购要约收购要约收购要约：：：：要约人或任何其一致行动方在要约期开始前六个月内或要约期内为任何具有目标公司投

票权的股份所支付的最高价。

• Voluntary offer and partial offer: the highest price paid by the offeror or any of the parties acting in concert with it for any shares carrying voting rights in the target company during the offer period and within three months prior to the commencement of the offer period, save where the offeror or any of its concert parties purchased shares in the target company carrying 10% of the voting rights in the six months prior to the commencement of the offer period, the highest price paid by the offeror or any of the parties acting in concert with it for any shares carrying voting rights in the target company during the offer period and within six months prior to the commencement of the offer period.

自愿自愿自愿自愿要约和部要约和部要约和部要约和部分分分分要约要约要约要约：：：：要约人或任何其一致行动方在要约期开始前三个月内或要约期内为任何具有目标

公司投票权的股份所支付的最高价。但若要约人或任何其一致行动方在要约期开始前六个内收购了代表

目标公司 10%投票权的股份，最低要约价格为要约人或任何其一致行动方在要约期开始前六个月内或要

约期内为任何具有目标公司投票权的股份所支付的最高价。



The principal documents that are typically required in a takeover process are:

在收购过程中一般需要的主要文件包括：

• the offer announcement;

要约公告；

• the offer document and acceptance forms; and

要约文件和接受表格；和

• the offeree circular containing the advice of the independent financial adviser and the recommendation of the independent directors of the target company whether or not to accept the takeover offer.

包括独立财务顾问意见和目标公司独立董事关于是否接受收购要约的建议在内的受要约人通告。

The Takeover Code prescribes the information that has to be included in the documents set out above.

并并并并并并并并并并并并并并并并并并。



Documents issued in a takeover or merger should not be submitted to the SIC in advance, except where required by the SIC (e.g. circulars to shareholders in relation to whitewash resolutions). Responsibility for the contents of documents rests with the offeror, the offeree company, their directors and advisers.

除非证券业委员会另有要求（例如向股东发布的关于清洗决议的通告），收购或合并中发布的文件无需预

先提交证券业委员会。要约人、受要约公司及其董事和顾问对文件的内容负有责任。


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An indicative takeover timetable based on the requirements of the Takeover Code is as follows:

根据并购守则的要求，收购的初步时间表如下：

Stage 阶段阶段阶段阶段

Time 时间时间时间时间

Event 事件事件事件事件

1 T Announcement of takeover offer.

收购要约公告。

2 Around T+ 1

T+ 1左右

Target Company releases holding announcement.

目标公司发布持有公告。

3 Around T+ 2

T+ 2左右

Target Company appoints the independent financial adviser (“IFA”) for the takeover offer.

目标公司为收购要约委任独立财务顾问。

4 T+ 21 or earlier (but not earlier than 14 days and not later than 21 days after T)

T+ 21 或更早（但不早于 T+ 14 且不晚

于 T+ 21）

Offeror posts offer document to shareholders of Target Company and submits a copy to the SIC.

要约人向目标公司股东发送要约文件并向证券

业委员会提交要约文件。

5 T+ 35 or earlier (not later than 14 days after 4)

T+ 35 或更早（不晚于第 4 阶段后 14

天）

Target Company posts offeree circular to its shareholders which contains: (a) advice of the IFA, and (b) recommendation of the Target Company’s directors on the takeover offer. A copy of the offeree circular is submitted to the SIC.

目标公司向其股东发送包括以下信息的受要约

人通告：(a) 独立财务顾问的意见；和 (b) 目标

公司董事对收购要约的建议。受要约人通告需

提交证券业委员会。

6 T+ 49 (not earlier than 28 days after 4)

T+ 49（不早于第 4阶段后 28 天）

Close of takeover offer, unless extended.

除非获延长，收购要约到期。

7 T+ 81 (60 days from 4)

T+ 81（第 4阶段起 60 天）

Latest closing date of takeover offer.

收购要约的最晚到期日。





A memorandum of understanding (“MOU”) or letter of intent (“LOI”) is fairly common in Singapore, particularly for transactions with larger deal sizes. Typically, it is entered into where parties are keen to obtain some earlier assurance that the other party is fully committed to the transaction and to confirm that parties are working on the same understanding as to the outline terms of the transaction. MOUs are


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usually non-binding, save for certain key provisions such as confidentiality, costs or expenses, and “no-shop” or exclusivity clauses.

备忘录或意向书在新加坡的并购中很普遍，特别是当交易的规模较大的时候。一般当各方希望提前确认其

他方完全支持交易且各方对交易大纲条款的理解是相同的时候，各方会签订此类协议。除了某些关键条

款，如保密条款、成本或费用条款，和禁止交易条款或排他性条款，备忘录通常没有约束力。




Notwithstanding the non-binding nature of most MOUs, care should nevertheless be taken to ensure that the provisions accurately reflect the commercial intentions of the parties, as parties often have a moral commitment or obligation to adhere to those terms in the definitive agreements, and the leverage and bargaining position of the parties may be affected accordingly. As mentioned above, some of the provisions of an MOU may also be agreed between the parties to be legally-binding.

尽管大多数备忘录没有约束力，但是各方仍应注意确认备忘录的条款准确反映了各方的商业意愿，因为各

方通常有一项道德上的义务在最终的协议里采用那些条款而且各方的谈判地位可能会相应地受到影响。如

上所述，备忘录的某些条款也可经各方同意而具有法律约束力。




Lock-out / exclusivity agreements are common in private M&A transactions in Singapore.

锁定协议或排他性协议在新加坡的私有并购交易中很普遍。




Where the acquisition is structured as a Scheme it is common for the acquirer and the target company to enter into an implementation agreement pursuant to which the acquirer and the target company agree that the target company will take certain steps to effect the Scheme. This is because a Scheme is a process that is driven by the target company. The acquirer will, accordingly, want some assurance that the target company will take the necessary steps to effect the Scheme. The implementation agreement can also include break fee arrangements, pursuant to which the target company agrees to pay a break fee in certain circumstances. See below for a further discussion on break fees.

当通过协议安排方式进行收购时，收购方和目标公司一般会签订一份实施协议。根据此协议，收购方和目

标公司商定目标公司将采取一定的步骤来实施协议安排。由于协议安排是由目标公司推动的进程，因此收

购方将需要一些保证，确认目标公司将会采取必要的步骤来实施协议安排。此实施协议也可以包含终止交

易费安排。根据终止交易费安排，目标公司同意在特定情况下支付终止交易费。关于终止交易费的进一步

讨论请参见以下内容。


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Break fees, while common in public acquisitions, are rarely used for private deals in Singapore, although recently, a binding commitment by the party walking away from the deal to reimburse all or a portion of the other party’s costs and expenses is increasingly being sought for and agreed to in MOUs.

尽管终止交易费在公众收购中很普遍，且最近在备忘录里商定终止交易一方具有偿付另一方全部或部分花

费或费用义务的情形越来越多，但是在新加坡私人交易中终止交易费安排很少出现。

The Takeover Code provides for rules governing break fee arrangements. An offeror or potential offeror may negotiate break fees with the target company if certain specified events occur which have the effect of preventing the offer from proceeding or causing it to fail, e.g. where the board of the target company recommends a higher competing offer. In all cases where a break fee is proposed, certain safeguards must be observed. In particular, a break fee must be minimal, normally not to exceed 1% of the value of the target company calculated by reference to the offer price. Moreover, the board of the target company and its financial adviser must provide, in writing, to the SIC certain confirmations and explanations, e.g. a confirmation that the break fee arrangements were agreed as a result of normal commercial negotiations.

并购守则设定了终止交易费安排的规则。如果发生阻止要约进行或导致要约失败的特定事件，例如目标公

司董事推荐一个更高的竞争要约报价等，要约人或潜在要约人可与目标公司协商终止交易费。在任何情况

下，当提议终止交易费时，各方必须遵守特定的保护条款。特别是，终止交易费必须是小额的，一般不得

超过根据要约价格计算出来的目标公司价值的 1%。另外，目标公司的董事会和独立财务顾问必须向证券业

委员会提供特定的书面确认和解释，如确认终止交易费安排是经正常的商业谈判达成的。




In Singapore, the affairs of a company are generally managed and run by the board of directors. However, certain corporate actions require the approval of shareholders.

在新加坡，一家公司的事务一般由董事会来管理和运营。但是，特定的公司行为需要取得股东的批准。

Corporate actions requiring shareholder approval 需要股需要股需要股需要股东东东东批准的公司行为批准的公司行为批准的公司行为批准的公司行为

The Companies Act requires certain corporate actions, such as the reduction of share capital or the giving of financial assistance by a company to purchase its shares, to be approved by a special resolution of the company (being a resolution that has been passed by a three-fourths majority of the members present and voting at a meeting of which 14 days’ (in the case of a private company) or 21 days’ (in the case of a public company) written notice has been given).

公司法规定某些公司行为，如减少股本或公司提供财务援助购买其股份，需要取得公司的特别决议（即由

出席会议并参与表决的四分之三多数成员通过的决议，且该会议的举行需提前14日（如为私营公司）或21

日（如为公众公司）书面通知）批准。

Other corporate actions, such as the issue of shares by directors, require approval by an ordinary resolution of the company (being a resolution passed by a simple majority of those present and voting at a meeting).

其他公司行为，如董事决定的股份发行，需要取得公司的普通决议（即由出席会议并参与表决的多数成员

通过的决议）批准。

Protection for minority shareholders少数少数少数少数股股股股东东东东保护保护保护保护

The following protections are available to a minority shareholder under the Companies Act:

公司法为少数股东提供了如下保护：


284

• Relief from oppression. A minority shareholder may apply to the court for relief on the ground that the affairs of the company are being conducted in a manner oppressive to him or in disregard of his interest as a shareholder, or (b) that some act of the company has been done which unfairly discriminates against or is otherwise prejudicial to him. The court has wide discretion in granting remedies, although in many cases the court will order the majority shareholder to purchase the shares of the minority shareholder.

压迫救济压迫救济压迫救济压迫救济。。。。少数股东可以根据以下理由向法院申请救济：（a）公司事务是以压迫少数股东或漠视其作

为股东的利益的方式进行的，或（b）公司的一些行为不公平地歧视或以其他方式损害少数股东。虽然

在许多情况下法院将责令多数股东购买少数股东的股份，但法院拥有广泛的酌情权给予各种救济措施。

• Just and equitable winding-up. A shareholder may apply to the court for the company to be wound up on the basis that it is “just and equitable” to do so.

正正正正当当当当且合且合且合且合理的解理的解理的解理的解散散散散。。。。股东可以在正当且合理的情况下请求法院解散公司。

• Derivative claim. A shareholder may apply to the court for leave to bring an action in the name of the company or intervene in an action to which the company is a party for the purpose of prosecuting, defending or discontinuing the action on behalf of the company. To avail himself of this remedy, the shareholder must be acting in good faith, and it must appear to be prima facie in the interests of the company that the action be brought.

衍衍衍衍生生生生诉讼诉讼诉讼诉讼。。。。股东可以请求法院许可其以公司名义并代表公司提起诉讼、或介入公司作为一方当事人的诉

讼并代表公司提出诉请、提出答辩或终止诉讼。为采取该救济措施，股东必须出于善意且初步证据应表

明该行为符合公司的利益。




An M&A transaction involving a transfer of shares, as opposed to a transfer of a business undertaking, does not typically affect the employees of the acquirer or the target company. An employee of the target company will continue to be employed by the target company and will not be transferred to the offeror.

涉及股份转让而不是业务转让的并购交易通常不会影响收购方或目标公司的员工。目标公司的员工仍然受

雇于目标公司而不会转受雇于要约人。

However, in a transfer of a business undertaking, the Employment Act, Chapter 91 of Singapore (the “Employment Act”), provides that all employees of the target company that fall under the Employment Act with respect to the business undertaking at the date of the transfer will automatically become employees of the offeror on the same terms and conditions as their employment under the target company. Employees that fall under the Employment Act are those not holding management or executive positions. The transfer of employees who do not fall under the Employment Act is a matter to be agreed between the target company, the offeror and the relevant employees.

但是在业务转让中，新加坡第 91章劳动法（the Employment Act, Chapter 91 of Singapore）（以下简称

“劳劳劳劳动动动动法法法法”）规定目标公司所有劳动法项下、在转让日与业务有关的员工将自动成为要约人的员工，且劳

动合同的条款及条件与员工和目标公司签订的合同相同。劳动法项下的员工是指那些不具有管理或行政职

位的员工。非劳动法项下的员工的转雇由目标方、要约人和相关的员工协商决定。



Work passes工工工工作签证作签证作签证作签证

A foreign employee in Singapore typically holds either an employment pass (for professionals) or a work permit (for skilled or semi-skilled workers).

新加坡的外国员工一般持有就业准证（适用于专业人员）或劳工签证（适用于熟练工或半熟练工）。


285

Where the employment of a foreign employee holding an employment pass is transferred to the transferee under the Employment Act, or where he enters into a new contract of employment with the transferee, an application has to be made to the Ministry of Manpower to transfer the balance of the validity period of the existing employment pass to the new employer.

当根据劳动法一名持有就业准证的外国员工的劳动合同转移至受让人或该员工与受让人签订了新合同时，

需要向人力部申请将现有就业准证的剩余有效期转移至新雇主。

In the case of a foreign employee holding a work permit, there is no scope for a transfer of the balance of the validity period of the existing work permit to the new employer. A fresh application for a work permit must be made.

如果外国员工持有的是劳工签证，现有劳工签证的剩余有效期不能转移至新雇主，必须重新申请劳工签

证。

Retrenchment benefits 裁裁裁裁员员员员补补补补偿偿偿偿

There is no statutory provision in Singapore requiring an employer to pay retrenchment benefits. An employee’s right to retrenchment benefits is a matter of contract between the employer and employee.

新加坡没有成文法条要求雇主支付裁员补偿。员工要求裁员补偿的权利由员工和雇主在合同中约定。




There is no specific legislation in Singapore the effect of which may result in a purchaser of a business taking over all liability for the pre-existing debts or obligations of the seller of the business. Notwithstanding the generality of the foregoing, a purchaser would in addition, typically rely on warranties to provide itself with some express contractual protection. Warranties apportion the risks associated with a particular transaction: to the extent that warranties are given, the vendor accepts liability; to the extent that they are not given or if they are restricted in their scope, the purchaser accepts the risk.

新加坡没有专门的立法要求业务购买方承接业务卖方之前所有的债务或责任。尽管有前述的原则，购买方

通常还会依赖卖方的保证来为自己提供明确的合同保护。保证可以分配特定交易的风险：在保证的范围

内，卖方要承担责任；没有给予保证或在保证范围之外的，购买方得接受风险。




Clean Water Investment Limited / Sinomem Technology Limited 净净净净水投资有限公司水投资有限公司水投资有限公司水投资有限公司／／／／新达新达新达新达科科科科技技技技有限公有限公有限公有限公

司司司司

Sinomem Technology Limited is a Singapore-based integrated membrane technology company. Its business covers entire membrane industry value chain. Trading in shares of Sinomem Technology Limited was suspended on 19 May 2011, following a S$351 million buyout by private equity house Clean Water Investment Limited, ultimately controlled by CDH China Management Company Limited, a private equity firm specialising in growth capital, middle market and buyout investments. CDH China Management Company Limited was founded in 2002 by a core team of professionals who had previously worked together as employees in the private equity department of China Investment Capital Corporation. The shares of Sinomem Technology Limited were delisted from the Singapore stock exchange on 30 June 2011.

新达新达新达新达科科科科技技技技有限公司有限公司有限公司有限公司是总部位于新加坡的综合性膜技术公司，其业务涵盖整个膜产业的价值链。随着新达科

技有限公司被私人股份公司净水投资有限公司以 3.51 亿新币买断，其股票交易于 2011 年 5 月 19 日被暂

停。净水投资有限公司最终由一家专门从事资本增长、中间市场和收购投资的私募股权基金鼎晖中国管理

有限公司（CDH China Management Company Limited）控制。鼎晖中国管理有限公司由同为中国投资金

融公司（China Investment Capital Corporation）私募股权部门前员工的专业人士组成的核心团队于 2002

年设立。新达科技有限公司的股票于 2011年 6月 30日从新加坡交易所退市。


286

AVIC International Kairong Limited / Sino-Environment Technology Group Limited 中中中中航航航航国际国际国际国际凯凯凯凯融有融有融有融有

限公司限公司限公司限公司／／／／中中中中华环华环华环华环保科保科保科保科技技技技集团集团集团集团有限公司有限公司有限公司有限公司

In January 2011, the Sino-Environment Technology Group Limited (“Sino-Environment”), an SGX-ST Main Board listed company, announced that it had entered into the Implementation Agreement with AVIC International Kairong Limited, a limited company incorporated under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China (“AVIC Kairong”). In August 2011, the shareholders of Sino-Environment voted in favour of a scheme of arrangement to give full effect to the Implementation Agreement. AVIC Kairong has set up a Singapore unit - AVIC International Investments Limited (“AVIC Singapore”) - to manage and continue the ship trading and ship building business of its parent company, CATIC Beijing. CATIC Beijing is a subsidiary of AVIC International Holding Corporation, which in turn is a subsidiary of the Aviation Industry Corporation of China, a state-owned enterprise and investment institution authorised and managed by the Central Government of the People’s Republic of China. Under the Implementation Agreement, AVIC Singapore will issue S$6 million worth of shares to Sino-Environment’s creditors and shareholders in accordance with a scheme of arrangement under the Singapore Companies Act to help settle all of Sino-Environment’s debts. Upon completion, AVIC Singapore will attain listing on the SGX-ST Main Board by way of a transfer of Sino-Environment’s Main Board listing status.

2011 年 1 月，新交所主板上市公司中华环保科技集团有限公司（以下简称“中中中中华环华环华环华环保保保保”）公告宣布其已经

与一家按照中华人民共和国香港特别行政区法律成立的有限公司中航国际凯融有限公司签订了实施协议。

2011 年 8 月，中华环保的股东投票赞成协议安排并同意实施协议完全生效。中航凯融成立了一家新加坡子

公司中航国际投资有限公司（AVIC International Investments Limited）（以下简称“中中中中航航航航新新新新加坡加坡加坡加坡”）来管

理和继续其母公司中航国际北京公司（CATIC Beijing）的船舶交易和船舶制造业务。中航国际北京公司是

中航国际控股有限公司（AVIC International Holding Corporation）的子公司，而中航国际控股有限公司则

是中华人民共和国中央政府授权和管理的国有企业和金融机构中国航空工业集团公司（Aviation Industry

Corporation of China）的子公司。在实施协议项下，中航新加坡将按照新加坡公司法中的协议安排向中华

环保的债权人和股东发行价值 6 百万新币的股份来解决中华环保的所有债务。完成后，中航新加坡将取得

中华环保的新交所主板上市地位从而实现在新交所主板上市。

Allen & Gledhill LLP is an award-winning full-service commercial law firm which provides pre-eminent legal

services to a wide range of premier clients, including local and multinational corporations and financial

institutions. Currently one of the largest law firms in Singapore with over 300 lawyers, we are consistently

ranked as a market leader in Singapore for every major practice area, having been involved in numerous

challenging, complex, cutting-edge and significant deals. Many of our Partners are recognised leaders in their

respective fields by various legal publications and industry watchers.

艾伦格禧有限责任合伙律师事务所是一家获奖的综合性商业律师事务所，为包括本地及跨国公司和金融机构在

内的不同领域的优质客户提供卓越的法律服务。我们现有超过 300 名律师，是新加坡最大的律师事务所之一。

我们在每一个执业领域都一直被认为是新加坡市场的领先者，且参与了众多富有挑战性的、复杂的、尖端的、

重要的交易。我们的许多合伙人被不同的法律出版物和行业观察者认可为他们各自执业领域的佼佼者。

For further information, please contact Andrew M. Lim ([email protected]), Christopher Ong

([email protected]) or Chiam Tao Koon ([email protected]).

如需了解更多信息，请联系林明煇律师 ([email protected]) 、翁贤伟律师

([email protected])或詹道群律师([email protected])。

October 2011 South Africa 南非

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South AfricaSouth AfricaSouth AfricaSouth Africa 南非南非南非南非



是否是否是否是否存存存存在对外国在对外国在对外国在对外国买买买买方特别要方特别要方特别要方特别要求求求求的的的的任任任任何政府何政府何政府何政府或监或监或监或监管机管机管机管机关关关关的批准的批准的批准的批准、、、、审查审查审查审查或或或或申报申报申报申报，，，，如如如如有有有有，，，，请作请作请作请作简简简简要要要要说明说明说明说明（（（（例例例例


In general, subject to exchange control approvals (see A.4 below) and the industry sector controls on investment (see A.2 below), foreign investment is actively encouraged in all sectors of the economy and there are generally few restrictions on foreign ownership.

一般来说，须经外汇管制批准（见以下 A.4）和投资行业领域控制（见以下 A.2），所有经济部门均积极鼓

励外商投资，一般很少限制外国所有权。



Certain specific industries, such as banking, insurance, broadcasting, defence, mining and telecommunications, have specific ownership and control restrictions. Certain sectors, for example, require governmental approval prior to a change in control of companies operating in the industry. In certain industries, such as mining, one of the factors considered in granting approval for a change in control is the level of shareholding by previously disadvantaged South Africans in the target post-acquisition. In some instances, where exchange control related policy issues are involved, National Treasury approval may also be required.

某些具体行业，诸如银行业、保险、广播、国防、采矿和电信均有具体的所有权和控制权限制。某些部

门，例如，在该行业经营的公司控制权变更前需经政府批准。在某些行业中（例如采矿业），在授予控制

权变更批准时考虑的一个因素就是在收购后目标公司中先前处于不利地位的南非人的持股水平。在某些情

况下，涉及外汇管制相关的政策问题时，可能还须经国家财政部批准。



A transaction must be notified to the South African competition authorities in terms of the Competition Act, 1998 if: (i) it constitutes a merger (defined with reference to a change in direct or indirect control) and (ii) the parties meet certain asset and turnover thresholds described below.

根据《1998年竞争法》，在以下情况下，交易必须向南非竞争管理机关申报，即如果（i）其构成并购（参

考直接或间接控制权变更的定义）；和（ii）双方满足以下规定的某些资产和销售额限额。

‘Small’ mergers are those that do not meet the thresholds set out below and are not required to be notified to the Competition Commission (“Commission”) in terms of the Competition Act. However, if the competition authorities are of the opinion that a small merger may substantially prevent or lessen competition or cannot be justified on public interest grounds, they are entitled to call upon the parties to a


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small merger to notify the merger for approval. This procedure must be initiated (by the authorities) within 6 months after the transaction has been implemented.

“小型”并购是指根据竞争法未达到以下规定限额且不需要向竞争委员会（“委员会”）进行申报的那些

并购。但是，如果竞争管理机关认为一项小型并购可能实质上阻止或减弱竞争或者基于公共利益原因不能

证明其为正当，其有权要求小型并购各方对并购进行申报以获得批准。这一程序必须在交易获得执行后的6

个月内（由该机关）启动。

‘Intermediate’ mergers requiring approval are those where the annual turnover in, into or from South Africa or the asset value of the target firm is R80 million or more and at least one or more of the following is equal to R560 million or more:

需经批准的“中型”并购是指目标公司在南非境内、进入南非和来自南非的年营业额或资产价值为8000万

兰特或以上以及至少以下一项或数项相当于5.6亿兰特或以上的那些并购：

• the combined annual turnover in, into or from South Africa of the acquiring firm and the target firm;

收购公司和目标公司在南非境内、进入南非和来自南非的合并年营业额；

• the combined assets in South Africa of the acquiring firm and the target firm;

收购公司和目标公司在南非境内的合并资产；

• the annual turnover in, into or from South Africa of the acquiring firm plus the assets in South Africa of the target firm; or

收购公司在南非境内、进入南非和来自南非的年营业额加上目标公司在南非境内的资产；或者

• the annual turnover in, into or from South Africa of the target firm plus the assets in South Africa of the acquiring firm.

目标公司在南非境内、进入南非和来自南非的年营业额加上收购公司在南非的资产。

A ‘large’ merger is also notifiable and is one where any one of the four calculations given above is equal to or exceeds R6,6 billion and the turnover (in, into or from South Africa) or asset value of the target firm equals or exceeds R190 million.

“大型”并购也须进行申报且其是以上所给出的四项计算中的任何一项均等于或超过66亿兰特以及目标公

司的营业额（在南非境内、进入南非和来自南非的）或资产价值等于或超过1.9亿兰特的并购。

The above turnover and asset calculations should be made with reference to the most recent financial year end of the parties, and (in short) should be based on the gross turnover and assets of the firms (calculated in accordance with GAAP). When the turnover and/or assets in South Africa of the acquiring firm are calculated, the acquiring firm is construed broadly and it is not just its own turnover and/or assets which should be considered, but also those of the group of which it forms part. From the perspective of the target firm, the target firm is construed narrowly and it is only the turnover and/or assets in South Africa of the target firm and any of its subsidiaries.

以上营业额和资产的计算应当参照各方最近的财务年度末的情况计算，并且（简言之）应基于该公司的总

营业额和资产（根据公认的会计准则进行计算）。当计算收购公司在南非的营业额和/或资产时，应对收购

公司进行广义解释，并且应当考虑的不只是其自身营业额和/或资产，而且还有其作为组成部分的集团的营

业额和/或资产。从目标公司的角度来看，目标公司是从狭义上进行解释的，其仅为目标公司及其任何子公

司在南非的营业额和/或资产。

Competition approval generally takes up to a maximum of 60 business days (in the case of an intermediate merger) and 2 to 4 months (in the case of a large merger), although these timeframes may be extended, particularly where significant competition and public interest considerations need to be considered.

竞争批准一般所需时间最高达60个营业日（在中型并购的情况下），以及2到4个月（在大型并购的情况

下）；尽管这些时限可能会延长，特别是在需要考虑重大竞争和公共利益事项的情况下。


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South Africa has a system of exchange control regulations (“Exchange Control Regulations”) which place restrictions on the export of capital (or the right to capital), whether in the form of funds or otherwise. South Africa’s exchange controls are regulated by the Financial Surveillance Department of the South African Reserve Bank (“SARB”) and its authorised dealers (banks delegated with authority to consider exchange control matters on behalf of SARB) and National Treasury.

南非具有对资本（或资本权利）输出（无论是以资金形式或以其它形式）施加限制的外汇管理法规体系

（“外汇管理法规”）。南非的外汇管理由南非储备银行（“SARB”）金融监管部及其授权交易商（授权

银行代表南非储备银行对外汇管理事项进行研究）和国家财政部进行监管。

Prior SARB approval is required for any transaction where the consideration is foreign shares or where a South African entity wishes to acquire a non-South African company. Further, a person cannot transfer any shares to a non-resident without SARB approval. Approval is usually given, provided that the SARB is satisfied that fair consideration for the shares has been received in South Africa. In public deals, the approval is a mere formality.

对于对价为外国股份或者南非实体希望收购非南非公司的任何交易，均需经南非储备银行的事先批准。而

且，未经南非储备银行批准，一个人不能向非居民转让任何股份。批准通常都会给予，但条件是，在南非

已收到的股份的公平对价已达到令南非储备银行满意的程度。在公开交易中，批准仅为形式。




The most common types of corporate legal entities in South Africa are public companies (which may or may not be listed on a stock exchange), private companies (in respect of which the transferability of shares is restricted), personal liability companies, trusts and partnerships. Offshore companies may also operate in South Africa by registering as an external company.

南非最常见的公司法人实体类型为公开公司（可能在股票交易所上市也可能不上市）、私营公司（其股份

的可转让性受到限制）、个人责任公司、信托公司和合伙企业。离岸公司也可能通过注册为外国公司而在

南非经营。





The main laws and regulations governing business combinations are the following:

规范企业合并的主要法律法规如下：

• the Companies Act, 2008, which governs, inter alia, the compulsory acquisition of minority shareholdings, schemes of arrangement, mergers and amalgamations, disposals by a company of its business and “affected transactions” (which include general takeover or tender offers);

《2008年公司法》，其规范（除其它事项外）对少数股东的强制性收购、方案收购、并购和联合、公

司处理其业务和“受影响的交易”（包括一般收购和收购要约）；


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• the Takeover Regulations promulgated in terms of the Companies Act, which regulate affected transactions;

根据公司法所颁布的收购条例，该条例规范受影响的交易；

• the Securities Services Act, 2004, which, inter alia, regulates insider trading and market manipulation practices;

《2004年证券服务法》，该法规（除其他事项外）规范内幕交易和市场操纵行为；

• the Listings Requirements of the JSE Limited (“JSE”), which apply if the offeror’s or target’s shares are listed on the Johannesburg Stock Exchange;

约翰内斯堡证券交易所的上市要求，其适用于要约人或目标公司的股份在约翰内斯堡证券交易所上市的

情形；

• the Competition Act (see A.3 above);

竞争法（见以上A.3）；

• the Exchange Control Regulations (see A.4 above); and

外汇管理法规（见以上A.4）；以及

• certain industry-specific regulations (see A.2 above).

某些特定行业法规（见以上A.2）。




The primary methods whereby businesses can combine in South Africa are:

在南非，企业合并的主要方式有：

• a scheme of arrangement, which is a statutory procedure whereby a company makes an arrangement with its members for the acquisition of its shares by another (proposer);

方案收购，该计划为一项法定程序，公司可通过该程序与其成员就另一方（提议方）收购其股份做出安

排；

• a tender offer;

收购要约；

• a sale of all or a greater part of the assets or undertaking of the target; and

出售目标公司资产或企业的全部或大部分；以及

• a merger or amalgamation, where two or more corporate entities merge or amalgamate into a combined entity or entities. The merger procedure is a very recent introduction to South African law (having been brought in by the new Companies Act on 1 May 2011).

合并或联合，在此情况下，两家或多家公司实体合并或联合为一个或数个合并的实体。合并程序是新近

引入南非法律的（由 2011年 5月 1日的新公司法引入）。



Hostile bids are permitted but have not traditionally been common in South Africa (although this is changing) and there are no special considerations for hostile transactions. While an approach with a view


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to an offer being made can only be made to the board of the target, there are restrictions on what the board of the target can do once it receives a genuine offer in order not to frustrate the offer. The directors, in any action they take, should at all times properly discharge their fiduciary duty to act in the best interests of the company. There is also a requirement that any information disclosed to a preferred bidder should also be disclosed to a bona fide non-preferred bidder.

允许进行敌意收购，但南非传统上敌意收购并不普遍（尽管这种情况在变化中）且对敌意收购没有特殊考

虑。尽管目的是做出要约的提议只能向目标公司的董事会做出，但对于目标公司一旦收到真正要约其董事

会能做哪些行为则存在限制，以便使要约不落空。董事在其采取任何行动时，应在任何时候均正确履行其

信托义务以便为公司的最大利益行为。还要求披露给优先竞标人的任何信息也应当披露给善意的非优先竞

标人。



In terms of the Companies Act and Takeover Regulations, if an acquirer that previously held less than 35 percent of the voting rights in the target, is able, as a result of the acquisition, whether acting alone or in concert, to then exercise 35 percent or more of the voting rights in the target, such acquisition will trigger a mandatory offer to the minority shareholders. Such mandatory offer may be waived if the holders of 50 percent plus one of the independent shares of the target vote in favour of such waiver.

根据公司法和收购条例，如果先前持有目标公司不超过35%的表决权的收购人由于收购而能够单独或共同

行使其当时持有的目标公司35%或更多的表决权，该收购将引发对少数股东的强制性要约。如果在目标公

司50%的股份持有人加上一个独立股份持有人表决进行放弃时，可放弃该强制性要约。



There is no rule that provides for a minimum price. However, the Takeover Regulations provide that where the acquirer (or any concert party) has acquired shares in the Target within the 6 months prior to the commencement of the offer period (being the period from the time when an announcement of the offer is, or should have been, made until the first closing date or the date when such offer becomes or is declared unconditional as to acceptances or lapses, whichever is later), the subsequent offer to holders of securities of the same class under the Takeover Regulations must be on similar or more favourable terms as any such previous acquisitions.

不存在规定最低价格的规则。但是，收购条例规定，如收购方（或任何协同方）在要约期限（是指从要约

宣布、或者本应宣布之时起至首个交割日或该要约对于接受而言变为或被宣告为无条件要约或失效之日

（以后发生者为准）的期间）开始之前的6个月内已经收购了目标公司股份的情况下，根据收购条例，向同

一类证券持有人发出的后来要约必须基于与此类先前的收购类似或更优惠的条款。

Further, if, during the offer period, the acquirer purchases additional securities in the target for a price which is more favourable than its offer price, the acquirer will be obligated to increase such offer price to a price that is not less than the highest price paid for such additional shares acquired.

此外，如果在要约期限内，收购方以比其要约价格更优惠的价格购买了目标公司的额外证券，收购方将有

义务将该要约价格提高至不低于其购买此类额外股份所支付的最高价格之价格。



A takeover offer under the Takeover Regulations would involve the acquirer approaching the board of the target with a proposal to make a formal offer to the target’s shareholders. The key documents in a takeover bid are as follows:


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根据收购条例，要约收购会涉及收购方向目标公司的董事会提议对目标公司的股东发出正式要约。要约收

购中的重要文件如下：

• Firm intention announcement: To be made when a mandatory offer is required or when an offeror has communicated a firm intention to make an offer and is ready, able and willing to proceed with the offer.

确确确确定定定定意意意意向向向向公告公告公告公告：：：：该公告将在要求做出强制性要约或者在要约人已经表达了其将做出要约的确定意向并且

准备、能够并愿意继续进行该要约时做出。

• Cash guarantee or confirmation: An acquirer is required to provide the Takeover Regulations Panel (“Panel”) with an irrevocable unconditional bank guarantee or third party escrow confirmation in relation to the cash component of the offer consideration.

现现现现金保证金保证金保证金保证或或或或确认确认确认确认：：：：要求收购方向收购条例小组（“小组”）提供与要约对价的现金部分相关的不可撤销

的无条件银行担保或者第三方托管确认。

• Offer document: Posted by the acquirer to the target’s shareholders, setting out the terms and conditions of the offer and certain prescribed information.

要约文件要约文件要约文件要约文件：：：：由收购方向目标公司的股东提供的、规定了要约的条款和条件以及某些规定信息的文件。

• Response circular: Posted by the target’s independent board to advise its shareholders of its views on the offer.

回回回回应应应应通知通知通知通知：：：：目标公司的独立董事会提供的告知其股东其对要约的意见的通知。

• Fair and reasonable opinion: The target’s independent board must obtain a “fair and reasonable” opinion from an independent expert on the terms of the offer.

公平公平公平公平合合合合理的意理的意理的意理的意见见见见：：：：目标公司的独立董事会必须从独立专家处获得对要约条款的“公平合理”的意见。

If relevant parties to the transaction are listed on the JSE, then depending on the size of the transaction in terms of the JSE Listings Requirements, an announcement may need to be made and/or a shareholder circular may need to be posted to the shareholders of the listed entity convening a meeting to approve the transaction.

如果交易的相关方在约翰内斯堡证券交易所上市，则根据约翰内斯堡证券交易所的上市要求，依据交易规

模，需要向召集会议的上市实体的股东进行公告和／或张贴股东通知以批准该交易。



All documents relating to an affected transaction (including a takeover) must be approved by the Panel before being posted or published.

与受影响的交易（包括收购）相关的所有文件在张贴或公布之前必须经小组批准。



In business combinations regulated by the Takeover Regulations, a strict timetable is imposed. Other considerations, such as regulatory approvals, will also affect the final timetable.

在收购条例所规范的业务合并中，施加了严格的时间表。其他考虑因素，诸如监管机关批准也将影响最终

的时间表。

In respect of a tender offer, the timetable begins when the firm intention announcement is published, after which the offeror has 20 business days to post its offer circular to the target’s shareholders. A tender offer must be open for acceptance for at least 30 business days after the opening date of the offer. The target’s


293

independent board must post the offer response circular (setting out its views on the offer) within 20 business days of the posting of the offer circular.

对于收购要约，当确定意向公告发布时，时间表开始；此后，要约人有 20 个营业日向目标公司的股东公布

其要约通知。收购要约必须在要约公开日后至少 30 个营业日均开放以待接受。目标公司的独立董事会必须

在要约通知发布后的 20个营业日内寄出要约回应通知（阐明其对要约的意见）。

The offer must be declared unconditional as to acceptances within 45 business days from the opening date of the offer. Once the offer is unconditional in all respects, the unconditional offer must remain open for at least 10 business days. The offer consideration must be settled within 6 business days of the offer becoming or being declared unconditional, or the offer being accepted, whichever is the later. These are only general guidelines.

承诺必须自要约公开日起 45 个营业日内宣布无条件接受要约。一旦要约在各方面均为无条件的，该无条件

要约必须保持开放至少 10 个营业日。要约对价必须在要约成为或被宣布为无条件要约或者要约被接受（以

后发生者为准）起的 6个营业日内解决。这些仅为一般指导原则。

An offer may not be implemented, or given effect to, until the Panel has issued a compliance certificate.

只有小组已经出具了合规证明，要约才能被执行并发生效力。





It is reasonably common for parties to enter into such a preliminary agreement. These documents are typically drafted so that they are not legally binding, although they often include limited legally binding terms with respect to confidentiality and exclusivity.

双方签署此类初步协议相当常见。一般都会起草这些文件,但并不因此使其具有法律约束力，尽管其通常包

含与保密和排他性相关的有限的具有法律约束力的条款。




Generally no, although a non-binding LOI or MOU will often include some contractually-binding obligations on the parties.

一般不会产生此项义务，尽管一项不具有法律约束力的意向书/备忘录常常会包含某些对双方具有合同约束

力的义务。



否否否否很普很普很普很普遍遍遍遍？？？？

Yes, such agreements are reasonably common, although exclusivity provisions will usually contain an “out clause” (e.g. for superior offers above a specified premium threshold) consistent with the fiduciary duties of the target’s directors.


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是的。此类协议相当普遍，尽管排他性规定通常会包含与目标公司股东的受托义务一致的一项“退出条

款”（例如，对于超过特定金额限额以上的更优越的要约）。




It is reasonably common for the bidder and target to enter into a preliminary agreement setting out the proposed timetable of the offer process and the parties’ respective obligations, including, for example, exclusivity and break fee obligations. This is particularly common in the context of a scheme of arrangement or a merger or amalgamation.

要约人和目标公司签署规定要约程序的拟定时间表和双方各自义务（包括，例如排他性义务和终止交易费

义务）的初步协议相当普遍。这在方案收购或并购或联合情况下特别普遍。




Although break fees are not formally regulated in South Africa, the Panel has developed a common market practice of imposing a cap on break fees given by a target equal to 1 percent of the offer consideration. This cap does not generally apply to reverse break fees.

尽管南非对终止交易费未进行正式规范，小组已起草了对目标公司所给出的终止交易费施加最高限额（相

当于要约对价的 1％）的共同市场惯例。这一最高限额一般不适用于反向终止交易费。




General Rights Afforded to Minorities 赋予少数赋予少数赋予少数赋予少数股股股股东东东东的的的的一般一般一般一般权利权利权利权利

Special resolutions (supported by 75 percent of the voting rights exercised on a resolution, or such different percentage as may be provided in the company’s memorandum of incorporation; subject to certain restrictions) are required for certain matters, including:

某些事项需要特别决议（由对决议所行使的75％的表决权所支持，或者公司的组织大纲中可能规定的此类

不同比例；但须受某些限制），包括：

• amending the company’s memorandum of incorporation;

修改公司的组织大纲；

• ratifying actions of the company or directors in excess of their authority;

批准公司或董事超出其职权的行为；

• authorising the board to grant financial assistance in certain circumstances;

授权董事会在某些情况下授予财务援助；


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• approving a decision of the board for the re-acquisition by a company of its own shares in certain circumstances;

批准董事会所做的在某些情况下由公司重新收购其自身股份的决定；

• authorising the basis for compensation to directors of a profit company;

批准对盈利公司的董事进行赔偿的基础；

• approving the voluntary winding up of a company; or

批准公司自动清盘；或者

• approving any proposed fundamental transaction (including schemes of arrangement and a sale of all or the greater part of the assets or undertaking of a company).

批准任何拟定的基本交易（包括方案收购和出售公司资产或企业的全部或大部分）。

Rights of Minorities in respect of Transactions 涉及涉及涉及涉及交易的交易的交易的交易的少数少数少数少数股股股股东东东东权利权利权利权利

The Companies Act has introduced, for the first time in South Africa, appraisal rights for shareholders. Any dissenting minority shareholders who vote against a scheme of arrangement, merger or sale of all or a greater part of the assets or undertaking of the target can require the target to purchase their shares at fair value (which can be determined by a court if the parties do not agree).

在南非，公司法第一次引入了股东评估权。投票反对方案收购、并购或出售目标公司资产或企业的全部或

大部分的持不同意见的少数股东可以要求目标公司以公平价值（如果双方不同意，该公平价值可由法院决

定）购买其股份。

Furthermore, if shareholders holding 15 percent or more of the voting rights exercised on the relevant special resolution vote against the implementation of such a transaction, the company is prevented from implementing that transaction without obtaining prior court approval. Similarly, even if less than 15 percent vote against implementation, any shareholder can apply to court for leave to require the company to obtain court approval prior to implementing the transaction. A court may only set aside the special resolution approving the transaction if, inter alia, it is satisfied that the resolution is manifestly unfair to any class of shareholder or if there was a material procedural irregularity.

此外，如果持有 15％或更多的对相关特别决议进行表决的票数的股东投票反对该交易的执行，则未经法院

事先批准公司不得执行该交易。同样，即使有少于 15％的股东投票反对执行，任何股东均可申请法院许可

要求公司在执行该交易之前获得法院批准。只有在满足（除其他事项外）该决议对于任何类别股东明显不

公平或者如果存在重大程序违法时，法院才能对批准该交易的特别决议予以撤销。




Employment relations will not generally be affected by a share acquisition and no notification or consultation obligations will generally arise as a matter of law. Contractual obligations may however arise, such as under any collective bargaining agreements.

股权收购一般将不会影响员工关系，且申报或协商义务一般将不会作为法律问题而产生。但可能产生合同

义务，例如集体协商协议。



In terms of section 197 of the Labour Relations Act, 1995, where a business (or part of a business) is transferred as a going concern (which includes an outsourcing), the employees of the target entity are automatically, by operation of law, transferred to the acquiring entity on the same terms and conditions of


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employment and the acquiring entity is automatically substituted as the new employer in the place of the old employer. The Labour Relations Act does permit the contracting-out of this position provided that an agreement to that effect is concluded between the old and new employer on the one hand and the affected employees (or their representatives or trade union) on the other. Retirement fund issues (if applicable) are governed by the rules of the particular fund read together with the Pension Funds Act, 1956.

根据1995年《劳工关系法》第197条，当某个企业（或企业的一部分）作为持续经营的企业（通常包括外

包）进行转让时，目标实体的员工会因法律实施基于相同的雇佣条款和条件自动转移到收购实体，且收购

实体自动取代老雇主的位置成为新雇主。《劳工关系法》确实允许协议转让这一职位，但条件是，一方面

要由老雇主和新雇主签署具有该效果的协议，另一方面还要和受影响的员工（或者代表或工会）签署该协

议。退休金问题（如果适用）受特定资金规则规范并与《1956年养老基金法案》一同解释。




On a business and asset sale, the parties agree on what liabilities will be transferred as part of the sale.

在业务和资产出售时，双方要约定哪些债务将作为出售的一部分进行转让。

In terms of section 34 of the Insolvency Act, 1936, any company (which is a trading company) which seeks to sell its business must publish a notice of the intended disposal in the Government Gazette and prescribed newspapers at least 30 days, and not more than 60 days, before the intended disposal. This requirement is aimed at alerting all creditors of the company to the intended disposition. Upon publication of the notice, any creditor may demand immediate payment of any liquidated claim which it may have against the company, even if such claim would only become due and payable at some future date.

根据《1936年破产法》第34条，寻求出售其业务的任何公司（为贸易公司）在进行预定处置之前，必须在

政府公报和规定的报纸上发布至少30天且不超过60天的有关预定处置的通知。这一要求旨在提醒公司的所

有债权人该预定处置。一经公布通知，任何债权人均可要求立即支付其可能有权针对公司提出的任何应偿

付的权利主张，即使该权利主张只在将来的某个日期到期应付。

If the notice is not published as prescribed, then the transfer shall be void as against the company’s creditors for a period of 6 months following the disposition. However, in practice, the parties to a business sale often agree to waive giving the prescribed notice and to agree to appropriate indemnification obligations.

如果未按照规定发布通知，则该转让在处置后的6个月期间对公司的债权人无效。但是，在实践中，业务出

售各方常常会同意放弃发出规定的通知并约定适当的赔偿义务。




• Jinchuan Group Limited: On 5 July 2011, Jinchuan Group Limited (“Jinchuan”) issued a firm intention announcement confirming its proposed acquisition of the entire issued and to be issued ordinary share capital of Metorex Limited, one of the leading mining companies in South Africa. Jinchuan’s offer valued Metorex’s ordinary share capital at R9,1 billion.

金金金金川川川川集团集团集团集团有限公司有限公司有限公司有限公司：：：：2011年7月5日，金川集团有限公司（“金川”）发出了一项确定意向公告，确认

其拟收购的Metorex有限公司（南非领先的采矿公司之一）全部已发行和拟发行的普通股股本。金川的

要约对Metorex的普通股股本估价为91亿兰特。


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• Industrial and Commercial Bank of China Limited: In 2007, the Industrial and Commercial Bank of China acquired 20% of shares in The Standard Bank of South Africa Limited, which is one of South Africa’s largest banks. At the time this was one of the largest foreign direct investments by a Chinese company anywhere in the world. The deal was worth approximately $5,5 billion.

中国中国中国中国工工工工商商商商银银银银行股行股行股行股份份份份有限公司有限公司有限公司有限公司：：：：2007年，中国工商银行收购了南非标准银行集团有限公司（为南非最大

的银行）20%的股份。当时，这一收购是一家中国公司在世界任何地方所进行的最大的对外直接投资之

一。该交易价值约为55亿美元。

Bowman Gilfillan is widely regarded as one of the premier corporate law firms in Africa with offices in

Johannesburg and Cape Town. The firm has an association with Coulson Harney in Nairobi. Employing 322

specialised lawyers (including 122 partners), with a total staff of 610, the firm is recognised for its

professionalism and superior legal services.

鲍曼•吉菲伦律师事务所被广泛认为是南非首屈一指的公司法律师事务所之一，其办公地位于约翰内斯堡和开普

敦。该所与内罗毕的库尔森•哈尼律师事务所有关联关系。聘有 322名专业律师（包括 122名合伙人），职员总

人数为 610名，该所因其专业化和优质的法律服务而获得认可。

As one of South Africa's biggest and oldest commercial law firms, Bowman Gilfillan draws from a solid knowledge of the local business environment and an in-depth understanding of the country's complex socio-political climate. Essentially, this enables us to offer technical legal services of the highest calibre in the context of sound, practical business advice.

作为南非最大和最老的商业律师事务所，鲍曼•吉菲伦从当地商业环境中获得了扎实的知识以及对该国复杂社会

政治环境的深入理解。从本质上而言，这使得我们能够在合理可行的企业建议情况下提供最高水准的技术性法

律服务。

Bowman Gilfillan's committed and diverse team of corporate attorneys, years of experience in the industry and supreme legal expertise comprise a winning formula that has earned us a series of accolades, including The Client Choice Award for South Africa for 2011 at the International Law Office Client Choice Awards, South African Law Firm of the Year at the PLC Which lawyer? Law Firm Awards 2010 and South African Law Firm of the Year at the Who's Who Law Firm Awards 2010.

鲍曼•吉菲伦的敬业和多样化的公司律师团队、多年的行业经验和最优秀的法律专业知识构成了使我们能够赢得

一系列荣誉的制胜法宝，这些荣誉包括：在国际律师事务所客户选择奖中获得 2011 年南非客户选择奖，PLC

哪位律师中的南非年度律所？2010年世界名人录奖中的 2010年律师事务所奖和南非年度律师事务所奖。

October 2011 Spain 西班牙

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Foreign investment in Spain is unrestricted except for investments in certain specific sectors, such as air transportation, radio and gambling where foreign investment is restricted (the most notable restriction being a 25% limit on foreign ownership of the share capital of the company concerned). Furthermore, the manufacture, marketing and distribution of weapons and explosives for civil use and activities related to national security require prior governmental authorisation, except in the case of companies engaged in any activity related to Spanish national defence that are listed. In such cases investment authorisation is required when foreign ownership exceeds 5% of the share capital of the company.

外商在西班牙投资不受任何限制，但投资于某些特定行业除外，例如，在航空运输业、广播业和博彩业，

外商投资是受到限制的（最显著的一点是，外商参股比例不得超过有关公司的25％）。与国家安全有关的

或民用及民事活动所需的武器及爆炸物的制造、市场营销和分销需要得到政府事先批准，但是如果是涉及

到从事与西班牙国防有关的任何活动的上市公司，则当外商投资参股超过5％时便需要获得批准。



There are industry sector controls applicable to foreign and national investors alike, that are applicable to certain type of businesses, including:

有。对于外国投资者和本国投资者，西班牙有相似的产业／行业监管，该等监管适用于某些类型的企业，

例如：

• the acquisition of a stake equal to, or in excess of 10% of financial entities (including credit entities, insurance companies, brokers and broker dealers) require approval from the relevant financial regulator;

收购金融实体（包括信贷机构、保险公司、经纪人和经纪自营商）10％或以上的股权时，需要得到有关

金融监管部门的批准；

• no individual or entity is entitled to hold, directly or indirectly, shares in more than one concessionaire of private television or representing more than 49% of the company’s share capital; and

任何个人或实体均无权直接或间接地持有一位私营电视特许权持有人(或代表该公司股本的)超过 49％的

股份；及

• any public entities or individuals, or any entities controlled by public entities or administrations which, directly or indirectly, acquire a significant shareholding (i.e., 3% of the share capital or of the voting rights of the target company) in entities carrying out activities at a national level in the energy markets (e.g., electricity generation and the hydrocarbon industry) shall not be entitled to exercise the voting rights corresponding to their shareholding, unless specially authorized to do so by a resolution of the relevant authorities.


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直接或间接地收购在能源（如电力和碳氢化合物）市场上开展全国性活动的实体的某一重大控股比例

（即目标公司的股本或表决权的 3％）的任何公共实体或个人，或被公共实体或主管部门控制的任何实

体: 该等实体或个人应无权行使与其控股有关的表决权，但根据有关主管部门的决定被明确授权如此作

为的情形除外。



Takeovers in Spain may be subject to competition legislation at both a Spanish and European level.

在西班牙，收购活动受西班牙和欧盟两个层面的规定的管辖。

European merger control is discussed in the article of this guide on “Merger control”. If European merger control does not apply, Spanish merger control may apply if the transaction meets any of the two alternative legal thresholds set out in the Spanish Antitrust Law:

关于欧盟并购监管规定的论述，请见本指南的跨境并购控制。在欧洲并购监管规定不适用的情况下，如果

交易达到西班牙的《反垄断法》所设定的两项法定标准中的任意一项，则可适用西班牙并购监管规定，具

体为：

• Market share threshold: The transaction entails the acquisition of a market share equal to, or higher than 30%. In relation to this market share threshold, there is a de minimis rule: the threshold would not be met if the joint market share of the parties resulting from the transaction is below 50%, and the target’s aggregate turnover in Spain is below EUR 10 million.

市场份额标准：交易导致 30％或以上的市场份额被收购。与这一市场份额标准相关的，存在着一条“低

额豁免”（de minimis）规则：如果交易后，各方的共同市场份额低于 50％而且目标公司在西班牙的营

业额合计低于 1千万欧元，则算未达到标准。

• Turnover threshold: The global turnover in Spain for all the undertakings concerned in the previous accounting year exceeded EUR 240 million, provided that at least two of them achieved an individual turnover in Spain higher than EUR 60 million.

营业额标准：在上一个会计年度，所有有关企业在西班牙的全球营业额超过 2 亿 4千万欧元，但前提是

这些企业中的至少两家单在西班牙便取得超过 6千万欧元的营业额。

Under this regime, any transaction meeting any of the legal thresholds must be notified and authorized by the National Competition Commission (“NCC”) prior to its implementation. The merger control procedure formally begins by providing notification of the transaction to the NCC. Before the formal opening of the procedures, the parties are encouraged to initiate pre-notification discussions of the draft notification with NCC officials. This stage is not subject to any legal deadline. The submission of the notification opens the first phase of the procedure. From this date, the NCC has one month in which to decide whether the transaction should be cleared or if a more detailed assessment is required. If the transaction raises competition concerns, the NCC will open a second phase of the procedure in which to conduct further assessment. If a transaction proceeds to the second phase the NCC must reach a final decision within the two months following the decision to conduct a second phase analysis.

在这一体制下，达到上述两项法定标准中的任意一项的任何交易，均需在施行之前进行通告并得到国家竞

争委员会（以下简称“NCC”）的批准。兼并监管程序的正式启动，是以向NCC呈交交易通知为标志的。在

程序正式启动之前，建议交易各方开展通知前的接触活动，与NCC的官员讨论通知的草稿内容。对于此类

接触活动可持续的最长期限，法律并无任何规定。提交通知后，便启动了程序的第一阶段。从这一刻起，

NCC有一个月的时间来决定是对该交易“放行”还是对该交易进行进一步的评估。如果该交易引起竞争问题，

则NCC会启动程序的第二阶段，以便进行更深入的评估。对于到达第二阶段的交易项目，NCC必须在做出

启动第二阶段的决定之后的两个月内做出最终决定。



There are currently no exchange control restrictions in Spain.


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目前在西班牙并无关于外汇监管的任何限制。




The most common form of business vehicles used by foreign companies are limited liability companies (sociedad de responsabilidad limitada or S.L.) or corporations (sociedad anónima or S.A.).

在外国公司采用的公司形式中，最常见的是有限责任公司（西班牙语为“sociedad de responsabilidad

limitada”或缩写为“S.L.”）或股份公司（西班牙语为“sociedad anónima”或缩写为“S.A.”）。

Corporations are often used for larger investments, when the possibility of becoming listed on the stock market is anticipated, or to comply with the investment requirements for certain regulated activities.

股份公司形式常被用于大型投资项目，或预期将会在股票市场上市的项目，或在某些受监管的活动中需遵守

投资规定的项目。





Companies Act (Ley de Sociedades de Capital) 《《《《公司公司公司公司法法法法》》》》（（（（西班牙语西班牙语西班牙语西班牙语“Ley de Sociedades de

Capital”））））

The Companies Act applies to all companies domiciled in Spain. In relation to M&A transactions, the Companies Act is relevant in connection to a number of issues, including:

《公司法》适用于一切以西班牙为住所的公司。具体到并购交易方面，《公司法》的管辖范围主要涵盖以

下方面：

• prohibitions against a company giving financial assistance for the purchase of its own shares (note that this prohibition extends to the shares of the parent (for corporations) and to the shares of any other entity of the group (for limited liability companies));

禁止一公司为收购其自己的股份之目的而给予经济协助（请注意，这一禁止性规定延及母公司的股份

（如果该公司是一家股份公司的话）和集团的任何其他实体的股份（如果该公司是一家有限责任公司的

话））；

• share capital increase and reduction and other amendments of the by-laws; and

股本的增资和减资，以及对公司规章制度的其他修改；及

• requirements and restrictions applicable to the payment of dividends.

适用于股息支付的要求和限制性规定。

Business Companies Structural Amendments Act (Ley sobre Modificaciones Estructurales de las

Sociedades Mercantiles) 《《《《商业公司商业公司商业公司商业公司结结结结构构构构修修修修正正正正法法法法》》》》（（（（西班牙语西班牙语西班牙语西班牙语 “Ley sobre Modificaciones

Estructurales de las Sociedades Mercantiles”））））

The Business Companies Structural Amendments Act applies to all mercantile companies domiciled in Spain, whether listed or unlisted. This Act is relevant to M&A transactions in connection with a number of issues, including:


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《商业公司结构修正法》适用于一切以西班牙为住所的商业公司，并不伦其是上市公司还是非上市公司。

这部法律对一些与并购交易有关的问题做出了规定，这些问题包括：

• transformation;

转化；

• mergers and spin-offs;

兼并和分拆；

• transfer of on going concerns;

转让正在运营的事业；

• transfer of the corporate domicile to another country; and

企业住所迁至他国；及

• appraisal right (“derecho de separación”) granted to minority shareholders in certain cases (i.e., the right to sell their shares to the company at a certain price determined in accordance with the law).

在某些情况下授予少数股东的评估权（appraisal right，西班牙语为“derecho de separación”，又称“异

议股东股份收买请求权”，即将其股份以根据法律确定的某一价格出售给公司的权利）。

Securities Market Act (Ley del Mercado de Valores) 《《《《证券证券证券证券市市市市场场场场法法法法》》》》（（（（西班牙语西班牙语西班牙语西班牙语“Ley del Mercado de

Valores”））））

The Securities Market Act sets out the rules of conduct that apply generally to participants in the Spanish securities market, regulating issues including:

《证券市场法》阐述了普遍适用于西班牙证券市场参与者的行为守则，尤其是对以下方面进行了规定：

• disclosure obligations in respect of certain transactions concerning shares of listed companies in excess of certain thresholds (including acquisitions, transfer of voting rights, and equity swaps);

对与上市公司股份有关的、超出一定标准的某些交易（包括收购、表决权转让和股权互换）进行披露的

义务；

• market abuse, such as insider dealing; and

市场违规行为，如内幕交易；及

• disclosure of shareholders agreements.

股东协议的披露。

It also sets out the regulation principles on takeover bids.

该部法律还阐述了关于出价收购（takeover bid）的监管原则。

Royal Decree on takeovers (Real Decreto 1066/2007, de 27 de julio, sobre el régimen de las ofertas

públicas de adquisición de valores) 关关关关于收购的于收购的于收购的于收购的《《《《皇皇皇皇家家家家法令法令法令法令》》》》（（（（西班牙语西班牙语西班牙语西班牙语“Real Decreto 1066/2007, de

27 de julio, sobre el régimen de las ofertas públicas de adquisición de valores”））））

The Royal Decree on takeovers (the “Royal Decree”) contains more detailed rules developing the principles set out in the Securities Market Act.

在关于收购的《皇家法令》（以下简称“皇皇皇皇家家家家法令法令法令法令”）中，含有对《证券市场法》中阐述的各项原则作进一步

发展的更详细规则。

The Securities Market Act and the Royal Decree together prescribe certain requirements which are applicable when making mandatory offers. This legislation also contains procedural rules relating to both voluntary and compulsory tender offers. The rules are intended to protect minority shareholders, and also to ensure that offers are conducted fairly and transparently, with the minimum possible disruption to the securities market.


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《证券市场法》和《皇家法令》对进行强制要约规定了一定的要求，并含有与自愿投标要约和强制投标要

约均有关的程序规则。该些规则的制定旨在保护少数股东的利益，同时也确保了要约的公平和透明，并尽

可能地将对证券市场的干扰最小化。

Spanish takeover regulation will govern all aspects of an offer if the target has its registered office in Spain and is admitted to trading on a regulated market in Spain. Specific rules apply to companies which meet only one of these two requirements.

如果目标公司在西班牙有自己的注册营业处且被允许在西班牙国内某一受监管的市场进行交易，则对于任

意一项要约，西班牙收购法规便管辖其的所有方面。而对于只满足了上述两项要件之一的公司，则有特定

规则适用。

D. THE CONDUCT OF LISTED COMPANY M&A 上上上上市市市市公公公公司的并购行为司的并购行为司的并购行为司的并购行为



The most common methods of acquiring a listed company are:

收购一家上市公司的最常见方式有：

• a takeover offer to purchase the shares of the target company; or

为购买目标公司的股份而提出收购要约；和

• a merger under the Business Companies Structural Amendments Act.

《商业公司结构修正法》项下的并购。


接下来将着重讨论收购（takeover）规定。



Yes.

允许。



The person or entity that (acting individually or with other parties) obtains control of a listed company has the obligation to make a takeover bid for all the securities of the target at an “equitable price”.

单独或一致行事的、获得某一上市公司的控制权的人或实体，有义务针对目标公司的所有证券并以“公平价

格”（equitable price）进行出价收购（takeover bid）。

The relevant control thresholds for purposes of takeover bids are the following:

为了出价收购之目的，关于“控制权”的相关标准如下：

• direct or indirect acquisition of a percentage of voting rights in the listed company equal to, or in excess of 30%; or

直接或间接地获得了该上市公司 30％或以上的表决权；或


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• holding any interest carrying less than 30% of voting rights but appointing, within 24 months following the acquisition, a number of directors which, together with those already appointed by the bidder, if any, represents more than one-half of the members of the board of directors.

虽然持有带有少于 30％的表决权的任何权益，但在收购后的 24个月内由此委任的一定数量的董事，连

同其已经委任的董事（如有），已超过了董事会全体董事人数的一半。

Control of a listed company may be obtained in any of the following manners:

可以以下任何一种方式获得某一上市公司的控制权：

• by means of the acquisition of shares or other securities that directly or indirectly carry voting rights in such company;

通过收购直接或间接带有该公司的表决权的股份或其他证券；

• through shareholders’ agreements; or

通过股东协议；或

• as a result of indirect or unexpected takeovers.

作为间接或未预料到的收购之结果。

Concert or concerted action is deemed to exist when two or more persons cooperate pursuant to an agreement (express, implicit, oral, or written) in order to obtain control of a listed company.

当两人或更多人根据某一（明示的、默示的、口头的或书面的）协议进行合作，以便获得某一上市公司的

控制权时，视作存在着一致或一致行动。



As a general rule, an offeror making a voluntary bid is free to offer whatever price it wishes.

通常，做出自愿要约的要约人可以以其希望的任何价格提出要约。

Mandatory takeovers must be made at an “equitable price”, which may not be less than the highest price that the offeror or persons acting in concert with it have paid or agreed to pay for the same securities over the 12 months prior to the announcement of the bid. In the event that the offeror did not carry out any acquisitions in the 12 months prior to the announcement of the takeover bid, the equitable price may not be less than the price calculated pursuant to the valuation rules set out in the Royal Decree for de-listing offers. There are cases where the CNMV can modify the price calculated in accordance with the foregoing.

强制收购应按“公平价格”做出，该价格不得低于要约人或与其一致行动之人在宣布投标前的 12 个月期间为

该等证券已经支付或同意支付的最高价。如果要约人在宣布投标前的 12 个月内未做出任何收购动作，则公

平价格不得低于根据《皇家法令》针对退市要约制定的估价规则计算出的价格。在西班牙，也有过 CNMV

根据上述规定修改价格的案例。



Key documents in a takeover bid include:

出价收购中的重要文件包括：

• Takeover notice: This is a notice given by the offeror, which starts the takeover process. It must be sent to the CNMV at the same time that it is disseminated by any other means and as soon as the event becomes known or the decision is adopted.

收购收购收购收购通知通知通知通知：这是一份由要约人发出的通知，标志着收购过程的开始。在通过任何其他方式被散发的同时

且一俟收购事件一旦被知晓或一俟决定一旦被采纳，就必须将通知发送到 CNMV。


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• Request for authorisation of the takeover: This request must be submitted by the offeror to the CNMV and contain the main terms of the transaction. It must be accompanied by: (i) documents evidencing the adoption of the decision to make the takeover bid by the competent person or body; and (ii) the offer document.

收购批准请收购批准请收购批准请收购批准请求书求书求书求书：该请求书必须由要约人提交给 CNMV，并含有交易的主要条件。其还必须伴有以下

两份文件：(i) 证明有关的个人或单位已批准进行出价收购之决定的文件和 (ii) 要约文件。

• Offer document: The offer document, which must be disseminated by the offeror, contains in summary:

要约文件要约文件要约文件要约文件：要约文件必须由要约人进行散发，大致含有以下内容：

− information regarding the offeror and its group; a description of agreements regarding the bid between the offeror and the shareholders or directors of the target; information on securities of the target which are held by the offeror; information regarding transactions on securities of the target made by the offeror and persons acting in concert therewith over the 12 months preceding the announcement of the bid;

关于要约人及其集团的信息，关于要约人和目标公司股东或董事之间投标的合意内容，关于要约人

持有的目标公司证券的信息，关于要约人与其一致行动之人在宣布投标前 12 个月内进行的目标公

司证券交易的信息；

− information regarding the securities which are subject to the bid, the consideration offered, the conditions to which the bid is subject, and the guarantees for and financing of the bid;

投标所指的证券、要约的对价、投标的条件以及有关投标的保证和融资；

− procedure for acceptance and settlement of the bid;

投标的接受和处理程序；

− information regarding the purpose of the transaction, including strategic plans; and

关于交易目的的信息，包括战略规划；及

− information on authorisations required.

关于所需批准的信息。

• Target’s board report: This report must contain, among other matters: (i) the opinion of the members of the board of directors of the target regarding the bid, and the intention to accept or reject the bid by those that are direct or indirect holders of the affected securities; (ii) information on agreements between the target and the offeror, its management or shareholders, or between any of these and the members of the board of the target; and (iii) conflicts of interest affecting board members.

目目目目标标标标公司公司公司公司董董董董事事事事会会会会报告报告报告报告书书书书：该报告书必须含有（但不限于）：(i) 目标公司的董事会全体成员对投标的意

见，以及受影响的证券的直接或间接持有人接受或拒绝投标的意向；(ii) 关于目标公司与要约人或其管

理层或股东之间所达成的或要约人或其管理层或股东中的任何一位与目标公司的董事会全体成员之间达

成的合意的信息；以及 (iii) 影响到董事会全体成员的利益冲突。

The report must be made public by the target itself, and must also be submitted to the CNMV and to the representatives of the employees of the target.

报告书必须由目标公司自己进行公开，并且还必须被提交给 CNMV以及目标公司的员工代表。



The offer document and related documentation must be filed with and be authorised by the CNMV prior to their distribution to the public.

需要。要约文件及其他相关文件在向公众分发之前必须向 CNMV进行备案并得到 CNMV的批准。


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The timetable will depend on a number of factors, including whether the bid is mandatory or voluntary, whether the consideration is in cash or whether competing offers are made.

收购的时间长短取决于诸多因素，包括投标属于强制性的还是自愿性的、对价是否为现金、是否存在竞争

性要约。

In a voluntary cash takeover bid without considering competing offers, key dates include:

在一个自愿性的现金出价收购项目中，如不考虑竞争性要约因素，关键性的时间点包括：

•••• D - 1 month: Announcement by the offeror of a firm intention to make an offer;

D日－1个月：要约人宣布要约实意；

•••• D: Submission of the request for authorisation of the bid;

D日：提交投标批准请求书；

•••• D + 20: Authorisation of the bid by the CNMV;

D日＋20 天：CNMV批准投标；

•••• D + 21: Public dissemination of the bid;

D日＋21 天：公开散发投标；

•••• D + 22: Commencement of the acceptance period;

D日＋22 天：投标接受期开始；

•••• D + 32: Publication of the target’s board report;

D日＋32 天：公布目标公司的董事会报告书；

•••• D + 36 / 911: Expiration of the period for acceptance of the bid;

D日＋36 / 912天：投标接受期届满；

•••• D + 43 / 98: Disclosure of the result of the bid; and

D日＋43 / 98 天：投标结果披露；及

•••• D + 46 / 101: Settlement of the bid.

D日＋46 / 101 天：投标处理。





MOU or LOI are common in Spanish transactions.

是的。在西班牙，签署谅解备忘录或意向书是很普遍的交易惯例。

1 For purposes of this timetable, the acceptance periods considered are of 15 and 70 calendar days, respectively.

2 为本时间表之目的，被考虑的接受期分别被设定为 15 天和 70 天。


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MOU and LOI are generally deemed and intended to be non-binding documents. However, it is usual for MOU and LOI to include legally binding provisions typically dealing with confidentiality, exclusivity and break-up fees.

谅解备忘录和意向书一般被视为并其意图是不具有约束力的文件。但是，谅解备忘录和意向书常常会备有

具有法律约束力的关于保密、排他性和终止交易费方面的典型规定。




Negotiating in good faith is a general principle of Spanish law to which the parties of a LOI/MOU are typically bound.

会的。以诚信的方式进行谈判，是西班牙法律项下的一项普遍原则，这一原则对任何一份意向书／谅解备

忘录的当事方均具有约束力。

This duty will be breached by a party that unreasonably refuses to cooperate with the other to assess the transaction (for example by unreasonably withholding information) or that refuses to negotiate unless under conditions that may be deemed abusive or illegal.

如果一方不合理地拒绝与另一方进行配合以便评估交易（例如不合理地不给出信息）或拒绝进行谈判，则

该方违反义务，但在可能被视为舞弊或非法的条件下合理拒绝配合或谈判的除外。




Time limited binding exclusivity agreements are common in private M&A transactions.

是的。有时间限制的、具有约束力的排他协议常见于私有并购交易。




Preliminary agreements between the target company and a potential bidder are possible and not unusual in the context of friendly acquisitions. These agreements may cover matters such as exclusivity undertakings from the target (that is, the agreement not to negotiate with any other potential offeror, nor to recommend a competing offer to its shareholders), standstill provisions (a clause preventing the offeror from acquiring shares of the target without the target’s consent for a specified period). A confidentiality obligation is a legal requirement where the target company grants access to information on the business to a potential offeror. In this situation, Spanish law provides that the recipient of the information must agree to keep the information confidential and use the information for the sole purposes of launching the tender offer. It should be noted that Spanish law requires that the target company should make the information available to any other offerors.

目标公司和某一潜在投标人订立初步协议是有可能的，而且在双方友好进行的收购交易背景下并非罕见。

这些协议可涵盖诸多事项，例如来自目标公司的一项排他性承诺（即约定既不与任何其他潜在要约人谈


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判，也不向其股东推荐某一具有竞争性的要约）、暂停规定（即在某一特定时限内防止要约人在未征得目

标公司的同意的情况下收购目标公司的条款）。目标公司准予某一潜在要约人接触关于其业务的信息时，

保密义务则是一项法定要求。对于这类情况，西班牙的法律规定是，信息的接收方应同意对该等信息保密

并仅将该等信息用于进行收购要约（tender offer）之目的。应当注意的是，西班牙法律要求目标公司应当

将该等信息提供给任何其他要约人。

Agreements in preparation for a bid between the controlling shareholder of the target (and not the target itself) and the potential offeror are relatively common: irrevocable commitments under which the latter undertakes to make a takeover bid and the former to participate with its controlling interest.

目标公司的控股股东（而非目标公司本身）与潜在要约人之间在为某一投标做准备的过程中达成各项合意

是相对常见的情况：例如达成不可撤销的许诺，根据该等许诺，后者承诺进行出价收购，而前者则以其控

制性权益参与其中。




There are no regulatory constraints in relation to the payment of break-up fees in private company M&A transactions.

对于非上市公司并购交易中的终止交易费的支付，并无任何法律规定。

With regard to M&A for listed companies, the Royal Decree expressly allows for the possibility of the target and the first offeror agreeing on a break-up fee. The Royal Decree, which considers the break-up fee as a fee payable to the first offeror as compensation for the expenses incurred in preparing the bid in the event that its bid is not successful because competing offers having been made, subjects such agreements to four conditions: (i) that the fee does not exceed 1% of the total amount of the bid; (ii) that it is approved by the board of directors of the target; (iii) that a favourable report is obtained from the financial advisors of the target; and (iv) that it is described in the offer document.

对于上市公司并购，《皇家法令》明确允许目标公司与第一要约人可约定终止交易费。《皇家法令》认

为，如果第一要约人的要约因为有其他竞争要约而未获成功，则终止交易费是一笔应付给第一要约人的费

用，以弥补其在准备投标过程中发生的费用，但是，该等约定需满足以下四项条件：(i) 终止交易费未超过

投标总金额的 1％；(ii) 该等约定得到了目标公司董事会的批准；(iii) 目标公司的财务顾问出具了赞同报告；

及 (iv) 要约文件中有对该等约定的描述。




The Companies Act contains a number of provisions designed to ensure that the principle of “majority rule” is not abused. For example, with regard to S.A.s:

《公司法》含有很多旨在确保“少数服从多数”原则不被滥用的规定。例如，与股份公司（S.A.）有关的规定

有：

• Holders of 5% of the issued shares may request that the management body: (i) include items on the agenda of the general shareholders’ meeting; or (ii) call the shareholders’ meeting.

5％已发行股份的持有人可要求公司的管理机构 (i) 将某事项包含在股东大会的议程中或 (ii) 召集股东大

会。


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• Regardless of whether or not it is included on the agenda of the relevant meeting, a shareholder may request that the general shareholders’ meeting decides upon whether a liability claim should be brought against a company director. Such a resolution is adopted by simple majority.

无论某一责任索赔是否被包括在了有关的股东大会的议程中，一位股东可要求股东大会就是否必须对公

司的某位董事提出该责任索赔做出决议。该等决议经简单多数表决即可通过。

• Holders of 5% of the issued shares may request that the directors call a general shareholders’ meeting to decide on whether to bring a liability claim against a company director. Furthermore, holders of 5% of the issued shares may jointly bring a liability claim against a corporate director to protect the corporate interest where: (i) the directors have not called the general shareholders’ meeting; (ii) the company has not filed the claim against the director within one month following the date on which the resolution to file a claim is adopted; or (iii) the general shareholders’ meeting decides not to file a claim against the company director.

5％已发行股份的持有人可要求董事召集股东大会，以就是否对公司的某位董事提出某一责任索赔做出

决议。而且，在 (i) 全体董事未曾要求召开股东大会、(ii) 公司未曾在表决通过提出索赔的决议之日后的

一个月内对该董事提出索赔或 (iii) 股东大会决定对该董事不提出索赔的情况下，5％已发行股份的持有

人可对公司的某位董事共同提出责任索赔，以保护公司利益。

• Where a liability claim is brought by the company against a company director, the general shareholders’ meeting may at any time decide to reach a settlement or waive the claim, unless holders of 5% of the issued shares oppose such a measure.

在公司对公司的某位董事提出某一责任索赔的情况下，股东大会可在任何时候决定达成和解或放弃索

赔，但 5％已发行股份的持有人提出反对的情形除外。

• Holders of 5% of the issued shares may challenge resolutions by the management body which are null or voidable.

5％已发行股份的持有人可对公司管理机构做出的决议表示异议，宣布该等决议无效或应被撤消。

• Holders of 5% of the issued shares may make a request for an auditor to be appointed to audit the accounts of the company, when such measures are not compulsory.

在没有审计账目的法律义务的公司中，5％已发行股份的持有人可要求委任一名审计师来审计公司的账

目。

• Those amendments of the by-laws which impose new obligations on the shareholders require their consent. Further, those amendments of the by-laws which directly or indirectly affect the rights of certain classes or series of shares, or of part of the shares, must be passed not only by the general shareholders’ meeting, but also by the majority of the shareholders whose share are affected.

对公司章程进行修改，以便对股东施加新的义务，需要得到股东的同意。而且，该等直接或间接地影响

某类或某系列股份的权利或部分股份的权利的修改内容，不仅必须得到股东大会通过而且必须得到受影

响的股份持有人多数通过。

• In certain cases (e.g., substitution of the corporate purpose), shareholders’ who have not voted in favour of the relevant resolution have an appraisal right.

在某些情况下（如公司经营活动的变更），未曾表决赞成有关决议的股东享有评估权（appraisal

right）。




From a strictly legal perspective, the acquisition of a Spanish company’s shares does not trigger any statutory obligations, either for the buyer or for the seller, and will not affect the employer/employee relationship. However, in order to encourage a healthy working environment, it could be advisable for the employer to provide the employees with information regarding the change of ownership of the company.


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严格地从法律上来说，收购一家西班牙公司的股份并不触发收购方和出售方的任何法定义务，而且也不会

影响雇主和员工之间的关系。但是，为了鼓励营造良好的工作环境，建议雇主向员工提供关于公司所有权

变更的信息。



Given that by law the transferee is subrogated to or “takes on” all the labour rights and obligations of the former employer (transferor) with respect to the affected employees, no employee issues arise in connection with the transfer of an undertaking, business or a part thereof. Hence, the main effect is the maintenance of all rights acquired by the employees, including pension rights. The mere occurrence of the transfer does not entitle the transferor or the affected employees to terminate their employment contracts.

因为根据法律，受让人代位取得或“承担”前雇主（转让人）对受影响的员工的一切劳动权利和义务，则不产

生任何与某一事业或业务之全部或部分转让有关的员工问题。因此，主要影响是维持员工取得的一切权

利，包括养老金权。如果只是发生了转让这一个情况，是不会令转让人或受影响的员工有权终止其劳动合

同的。

Unless otherwise agreed in the collective bargaining agreement applicable to the transferred business, undertaking or part of a business or undertaking at the time of the transfer, such agreement will continue to be applied until the date of its expiry or until a new collective bargaining agreement enters into force.

转让时，除非在可适用于被转让的事业或业务之全部或部分的集体协商协议中另有商定，否则，该等协议

将继续适用至其届满或直至一份新的集体协商协议生效。

Finally, the transferor and the transferee must provide the representatives of their employees involved in the transfer with certain information relating to the transfer (i.e., the expected date, the grounds for the transfer, and the measures to be adopted). If labour measures are to be adopted as a consequence of the transfer, a consultation period with the employee representatives must commence in relation to the proposed measures and the consequences for the affected employees.

最后，转让人和受让人必须向转让中涉及到的、它们各自的员工的代表提供与转让有关的某些信息（即转

让预期发生日、转让理由、将采用的措施）。如果因转让而将采用劳动措施，则对于拟采用的措施和受到

影响的员工所蒙受的后果，必须开始与员工代表进行商议。




Whereas with regard to share transfers the purchaser is not liable for the obligations of the seller that are not specifically transferred, with regard to transfers of businesses, assets and liabilities there are specific cases where the purchaser will be liable for certain pre-transfer obligations of the seller, for instance in relation to labour, tax and environmental liabilities.

对于转让正在运营的事业，西班牙没有一部特定的法律。股份转让时，收购方并不对出售方的、未被明确

转让的义务承担任何责任；而对于业务、资产和负债的转让，则有明确的规定，收购方会对出售方的特定

转让前义务承担责任，如与劳动、税务和环境责任有关的义务。

Further, with regard to spin-offs and transfers of on going concerns, pursuant to the Business Companies Structural Amendments Act a beneficiary or assignee may be liable in relation to liabilities transferred in the relevant transaction to other beneficiaries or assignees.

此外，对于分拆和转让正在运营的事业，根据《商业公司结构修正法》，受益人或受让人可能会承担与在

有关交易中被转让给其他受益人或受让人的负债有关的责任。


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Most Chinese investments in Spain are green field and amount to relatively small representative offices or permanent establishments. Examples of Chinese companies currently established in Spain include COSCO, ZTE, Air China, Haier, Chint Group, ICBC and Huawei. Large projects have been announced, particularly involving the automotive sector (the regional Government of Catalunya signed an agreement with Brillance Auto to establish a potential manufacturing plant, while the Government of Navarra entered into another agreement with Foton to manufacture electric buses) but little has been finalised so far. An area that may have potential (public procurement) remains out of reach of Chinese companies as a result of the impending accession by China to the Global Procurement Agreement (a WTO agreement) -- until then Chinese bidders will need to show that Spanish companies have free access to Chinese public procurement (something that may be hard to prove in some sectors).

中国在西班牙的投资大多为绿地投资（green field investment，又称“创建投资”）方式，一般是建立相对较

小的代表处或常设机构。最近在西班牙成立分支机构的中国公司有中中中中远远远远集团集团集团集团、中中中中兴兴兴兴通通通通讯讯讯讯、中国国际中国国际中国国际中国国际航空航空航空航空、

海海海海尔尔尔尔、正正正正泰泰泰泰集团集团集团集团、中国中国中国中国工工工工商商商商银银银银行行行行和华华华华为为为为。还有一些大型的项目业已公布，其中，几个涉及汽车产业的项目

尤为令人瞩目（西班牙的加泰罗尼亚自治区政府已与中国的华晨汽车签署了一份共建一家潜在制造工厂的

协议，而西班牙的纳瓦拉省政府则与中国的福田汽车签署了一份生产电动公交大客车的备忘录），尽管目

前为止这些项目的情况还并属初步阶段。因为中国加入《全球采购协议》（Global Procurement

Agreement，系世贸组织管辖的单项贸易协议）尚需时日的缘故，对于可能具有潜在投资空间的领域（指公

共采购，又称“政府采购”），中国公司依然无法涉足――一切均需等到投标的中国公司能够证明西班牙公司

已可以同样自由地进入中国的公共采购领域（在一些行业其实是很难来证明的）的时候才行。

However, there is an increased Chinese interest in Spanish assets which is evident in sectors where Spain is a world player or has particular expertise, such as tourism (for example, in October 2011, HNA agreed to acquire 20% of the Spanish hotel group NH), telecommunications (China Unicom and the Telefónica group agreed an exchange of shares that will increase Telefonica’s stake in China Unicom to 9.7% and China Unicom’s holding in the Spanish group to 1.37%) and financial services (BBVA agreed to partner with China Development Bank in various areas of business outside China, particularly in Latin American countries). Other sectors also seem promising and are attracting the interest of Chinese investors, such as renewable energies (one of the top priorities of the latest China five year plan) and key infrastructure operations that need to be privatized (airports and water treatment, for example) or disposed of by big Spanish private operators in order to increase their liquidity. The acquisition of stakes in interesting industrial conglomerates that are disposed of by cash-strapped savings banks also appear to have appealed to Chinese investors.

但是，中国投资者对西班牙资产日益增长的渴望是很明显的，这一点在西班牙居世界领先地位或具有特别

技术专长的行业上尤为突出，像旅游业（例如，中国的海航集团于 2011 年 10 月协议收购了西班牙 NH 酒

店集团 20％的股权）、电信业（中国联通和西班牙电信（Telefónica）完成了协议换股，从而令西班牙电

信持有的中国联通股权增至 9.7％，而中国联通持有的西班牙电信股权增至 1.37％）和金融服务业（西班牙

的毕尔巴鄂比斯开银行（BBVA）和中国的国家开发银行协议建立伙伴关系，从而在中国以外的多个地区

（尤其是拉美国家）开展业务合作）。西班牙的其他行业似乎也同样充满潜力，正在吸引着来自中国的投

资者的浓厚兴趣，如可再生能源（中国的“十一五”规划中的优先目标之一），或如在寻求流动性需要，由大

型的西班牙私有运营企业来进行私有化（如对机场或水处理项目）或处分的关键性基础设施运营。对感兴

趣的、被现金拮据的一些（西班牙的）储蓄银行处分的特定产业集团企业进行收购，似乎也已落入了许多

中国投资者的视野之中。

Chinese investors have also been dealing with Spanish investors regarding their mature investment portfolio in Latin America. For example, in May 2010, State Gird acquired seven concessionaries of electricity transmission lines in Brazil from Spanish owners for USD 1.72 billion and, shortly afterwards, in October 2010, the oil company Sinopec acquired a 40% stake in its Brazilian subsidiary from Spanish oil company Repsol. We believe that this trend is set to continue in financial sector, as well as the energy and public infrastructure sectors.


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中国投资者已经在与西班牙投资者打交道的领域，是前者在拉美市场上展现出的成熟投资组合。例如，

2010年 5月，中国的国家电网从西班牙股东手中收购并接管了七家巴西输电线特许权公司，对价高达 17.2

亿美元，而且很快之后的 2010年 10月，中国石油巨头中石化收购了西班牙石油公司 Repsol的巴西子公司

40％的股权。我们认为，以上种种大趋势注定还将在金融、能源和公共基础设施等行业继续下去。

Uría Menéndez is a 600-lawyer international law firm with 16 offices around the world acknowledged as the leading firm in Spain, Portugal and Latin America.

乌利亚律师事务所是一家拥有 600 多位律师的国际性律所，在西班牙、葡萄牙和拉美被公认为居领先地

位，目前在欧洲、美洲和亚洲共拥有 16 家办事处。

Uría Menéndez Beijing Office, the first and only Iberian law firm in this city, is run by international lawyers with extensive experience in European and Latin American investments, finance, mergers and acquisitions. The focus of the Beijing office is to assist investors in the region with their outbound investments into Spain, Portugal and, particularly, Latin America, where the firm has five offices, an unparalleled transaction record and execution capabilities that have earned us a reputation for having the world’s best network in the region.

乌利亚律师事务所北京代表处是北京第一家也是唯一一家来自伊比里亚半岛的律师事务所。代表处的执业

律师在欧洲和拉丁美洲的并购与投融资方面具有丰富的经验。北京代表处的业务重心，是为中国企业在西

班牙、葡萄牙，尤其是在拉丁美洲的投资方面提供顾问、咨询服务。我们在拉美设有 5 家办事处。卓越的

独立执行能力让我所被公认为该地区最好的律师网络。

For further information, please contact:

如欲了解更多信息，请按以下方式联系我们：

In Beijing 北京: Juan Martín Perrotto ([email protected]), tel. +86 5965 0701

In Spain 西班牙: Eduardo Bagaría ([email protected]), tel. +34 93 4165592

In Portugal葡萄牙: Ana Sa Couto ([email protected]), tel. + 35 1213583005

In Latin America拉美: Luis Acuña ([email protected]), tel. + 55 1130872101

October 2011 Sweden 瑞典

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SwedenSwedenSwedenSweden 瑞典瑞典瑞典瑞典





Foreign investment in Sweden is widely encouraged by local and central government.

外国投资在瑞典受到中央及地方政府的广泛鼓励。

There are no specific governmental or regulatory approvals etc. required specifically for foreign buyers. However, please see below for information on general approvals needed from a competition law perspective and in the event companies in the financial sector are acquired / invested in.

外国买方不需要特别的政府或监管机关的批准等。但是，从竞争法的角度以及当被收购/投资对象为金融领

域的公司时存在一般性的审批要求，详情请见下文。



The primary sector control concerns investments in the financial sector. An acquisition of a “qualified holding” (normally exceeding 10% of the shares or the votes) of a regulated company (banks, insurance companies, fund companies etc.) is subject to the prior consent from the Swedish Financial Supervisory Authority.

投资受到控制的主要行业是金融业。如果收购一家被监管企业（例如银行、保险公司、基金公司等）的“合

格股权”（通常指超过10%的股份或表决权），则该收购应当获得瑞典金融监管机构的事先批准。



Notifications of mergers and acquisitions to the Swedish Competition Authority (Sw. Konkurrensverket) are mandatory if:

发生下列情况，必须向瑞典竞争管理机构(Sw.Konkurrensverket)进行并购和收购申报：

1) The transaction effects a lasting change in the control over one or several undertakings or businesses (including mergers, acquisitions of a controlling interest, full-function joint ventures and operations that bring about a change in the quality of control over an undertaking or business);

交易导致一家或多家企业或商行的控制发生持续变化（包括兼并、收购占控制地位的股权、全面合资以

及使一家企业或商行的控制权发生实质变化的行为）；

2) the aggregate turnover in Sweden of all undertakings concerned during the preceding financial year exceeds SEK 1 billion; and

在前一会计年度中，所有相关企业在瑞典的营业额超过 10 亿瑞典克朗；并且


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3) at least two of the undertakings concerned each had a turnover in Sweden during the preceding financial year exceeding SEK 200 million.

在前一会计年度中，至少两家相关企业在瑞典的营业额各自超过 2 亿瑞典克朗。

Please note that the Swedish concentration control rules are not applicable if the concentration has an EU dimension, i.e. if it satisfies the thresholds set out in the EC Merger Regulation.

但是如果公司合并在欧盟设定的限度内，即符合欧共体兼并条例设定的限度，瑞典的公司合并控制条例就

不再适用。

There is a prohibition on implementation before notification. It is normal practice to submit the notification when the concentration occurs and prior to completion, since a prohibition will render the concentration invalid. There is a standstill obligation during the Competition Authority’s investigation.

在申报前禁止实施交易。然而，对于未能递交通知的行为并无直接制裁。通常惯例是在合并发生后并在完

成之前递交通知，以防合并因被禁止而失效。此外在竞争管理机构调查期间，有“暂停交易”的义务。

Further, please note that the Competition Authority may order the parties to notify a particular transaction that satisfies the SEK 1 billion threshold but not the SEK 200 million threshold.

此外，竞争管理机构可以要求各方通知符合 10 亿瑞典克朗额度，而非符合 2 亿瑞典克朗额度的特别交易。



No, there are no exchange control or currency regulations.

没有，瑞典无外汇管制和货币（管制）的法规。




The most common form of business association is a limited liability company (Sw. aktiebolag or AB), where, subject to certain very limited exceptions, the shareholders are not personally liable for the obligations of the company. Limited liability companies are divided into public and private companies.

最普遍的商业组织形式为有限责任公司（Sw. aktiebolag 或者 AB），除了非常有限的一些例外情况，股东

个人对公司义务不承担责任。有限责任公司分为上市公司和私营公司（非上市公司）。

Public companies must have a share capital of at least SEK 500,000 (approx. USD 75,000) and private companies must have a share capital of at least SEK 50,000 (approx. USD 7,500). Only public companies may issue shares or other securities to the public.

上市公司股本必须至少为 500,000 瑞典克朗（约为 75,000 美元），私营公司至少为 50,000 瑞典克朗（约

为 7,500美元）。只有上市公司可以公开发行股票或其他证券。

Other types of business associations commonly utilized are (i) branches (Sw. filial) and (ii) partnerships (Sw. handelsbolag eller HB).

其他普遍使用的商业组织形式是(i) 分支机构(Sw. filial) 及 (ii)合伙组织 (Sw. handelsbolag eller HB)。


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Private M&A 并购并购并购并购私营私营私营私营公司公司公司公司

Acquisitions of unlisted companies are not governed by any specific rules save for the general rules contained in the Swedish Companies Act. Such acquisitions may, however, be subject to specific provisions in the target company’s articles of association or any applicable shareholders’ agreements.

除瑞典公司法的一般规定外，对于非上市公司的收购没有特别规定。该项收购取决于章程或者股东协议中

的特别规定。

The Swedish Companies Act contains a wide range of general provisions that, in most cases, apply to both private and public (listed) companies and transactions involving such companies. Such provisions are, inter alia:

瑞典公司法含有广泛的一般性规定。在大多数情况下，该一般性规定同时适用于私营公司和公众（上市）

公司以及涉及这些公司的交易。其中，这些规定包含：

� board composition, shareholder rights and corporate governance;

董事会组成、股东权利和公司治理；

� value transfers (dividends etc.);

价值转移（红利等）；

� issues of shares and other securities;

股票及其他证券发行；

� compulsory acquisitions procedures (minority squeeze out); and

强制收购程序（排挤少数股东）；及

� statutory mergers and de-mergers.

法定合并和分立

Further, a number of additional laws and regulations often apply in relation to an acquisition of a Swedish company, such as employment, environment, competition, real estate and general contractual laws and regulations.

此外，一系列其他的法律法规通常亦适用于对瑞典公司的收购，例如有关雇佣、环境、竞争、不动产和一

般合同性的法律法规。

Public M&A 并购上并购上并购上并购上市市市市公司公司公司公司

Acquisitions of listed companies are primarily regulated by the so-called Takeover Rules, issued by the applicable stock exchange (e.g. NASDAQ OMX Stockholm). The Takeover Rules are, although issued by separate exchanges, quite similar and fairly inspired by the UK equivalent. A takeover offer that does not comply with the applicable Takeover Rules may be prohibited by the Swedish Financial Supervisory Authority.

上市公司的收购主要由适用的证券交易所（例如：斯德哥尔摩纳斯达克 OMX 交易所）签发的所谓的“收购

规则”所规范。虽然这些收购规则由不同的证券交易所发布，但是它们都十分相似并且很大程度上受到英国

同行的启发。收购要约若不符合适用的收购规则，可能会被瑞典金融监管机构禁止。

Public M&A transactions are also affected by the applicable listing rules and the Swedish Securities Council’s (Sw. Aktiemarknadsnämnden) rulings.

上市公司并购交易也受到适用的上市规则和瑞典证券委员会(Sw. Aktiemarknadsnämnden)规则的影响。


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The primary method for acquiring a listed company is by a public takeover offer, whereby the shareholders in the target company are offered to sell their shares to the offeror. The consideration may be either cash or shares of the bidder, or a mix thereof. The consideration may, under certain circumstances vary between different groups of shareholders (e.g. minor shareholders are offered a cash only alternative), although the value of the consideration must be the same for all shareholders. A 90% acceptance level is commonly applied as a condition for the offer, as a 90% holding is a prerequisite for the offeror to initiate a minority squeeze out following completion of the offer.

收购上市公司的主要方法是通过公开要约进行收购，即向目标公司的股东发出将其股份出售给要约人的要

约。收购对价可以是现金或竞买人的股份，或者二者兼有。尽管给予所有股东的每股对价价值是一样的，

在某些情形下，对价因股东类型不同而变化（例如：少数股东只收到现金报价的要约）。要约通常以 90%

的股份被接受作为条件，因为持有 90%的股份是要约人在要约完成后挤出少数股东的先决条件。

A less common, but yet possible, approach of accomplishing an acquisition of a listed company is a statutory merger between the bidder and the target company. The consideration in such merger may be a mixed cash/share consideration, however not more than 50% cash.

竞买人与目标公司的法定合并，虽不及公开要约常用，也是完成上市公司收购的可行途径之一。该种合并

中的对价可能兼有现金和股份，然而现金不得超过 50%。

There are no “arrangement schemes” or similar procedures in Sweden.

瑞典无“协议安排”或类似程序。



Hostile bids are permitted, but not very common. The offeror normally endeavors to procure a favorable statement (see below) from the target board, in order to increase the possibilities of a positive outcome of the offer.

敌意竞购是被允许的，但并不普遍。要约人通常都会尽力获得目标公司董事会有利的声明（见下文），以

增加要约取得有利结果的可能性。



A shareholder must make a public offer for the entire target company where the applicable shareholder acquires 30% or more of the voting rights of the company, provided that the shares of the company are traded on a regulated market. Holdings of parties acting in concert with such shareholder shall be included when determining whether the 30% threshold has been reached or exceeded.

如果股东持股达到或超过该公司投票权的百分之三十，该股东必须发出公开要约收购整个目标公司，但是

需以该公司的股份在受监管的市场上进行交易为前提。判断是否达到或超过 30%的阀值时应当包括该股东

的一致行动人持有的股份。

Immediately after the 30% threshold has been reached or exceeded, the shareholder shall make public its holdings in the company and, within four weeks thereafter, make a public takeover offer for the remaining shares of the company.

一旦股东持股达到或超过 30%阀值，该股东应立即公开其对该公司的持股，并应在此后四周内发出公开要

约收购公司的剩余股份。

The mandatory bid obligation can be avoided if shares are sold within four weeks to such an extent that the holdings fall below the 30% threshold, or if the Swedish Securities Council has granted an exemption.


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如果在四周内股份出售至持有比例低于 30%阀值或者经瑞典证券理事会豁免，强制收购义务可以免除。

Please note that there have been discussions in Sweden regarding a second mandatory bid threshold of 50%. No legislation in this regard has, however, yet been enacted.

瑞典国内已在讨论再设定一个 50%的强制收购阀值，但是至今尚未进行相关立法。



If the offeror within six months prior to the offer has acquired shares in the target company (otherwise than through a previous public offer), the conditions of the offer may not be less favorable.

如果在要约前的六个月内，要约人已经获得目标公司的股份（通过先前的公开要约获得的除外），该要约

不得降低条件。

A mandatory bid must contain an all cash alternative, but may also include a voluntary cash/shares or all shares consideration.

强制收购必须含有一个全现金的报价，但也可包括自愿的现金/股份对价或全股份对价。



A public takeover offer in Sweden is strictly regulated by the takeover rules and, accordingly, entail a number of mandatory documents, of which the most important are:

在瑞典，公开收购要约严格受收购规则所规范，相应地也需要一系列必要材料，其中最重要的有：

� The bid press release. The takeover offer is announced through a bid press release which must include information on, inter alia, the terms of the offer, any conditions for completion, financing of the offer, number of shares and other securities of the target already held by the offeror, any parties acting in concert, any pre-acceptances and irrevocables, background and reasons for the offer etc. Already by announcing the bid press release, the offeror is legally bound to proceed with the offer. As a general rule, it is not allowed to merely express an intention to make an offer.

竞标竞标竞标竞标公告公告公告公告。。。。竞标公告用以发布收购要约，同时必须包括但不限于如下信息：要约条款，完成收购所需任

何条件，要约资金筹集，要约人已持有的目标公司股份及其他证券数额，任何一致行动人，任何事先承

兑和不可撤销，要约的背景情况和原因等。竞标公告发布以后对要约人具有法律约束力，要约人应当按

照已发布的竞标公告履行要约内容。一般来说，禁止仅仅表示发出要约的意向。

� The offer document. The content of the offer document varies depending on the consideration offered. A share offer triggers an obligation to prepare a full scale prospectus, which is far more extensive than an offer document in a plain cash offer.

要约文件要约文件要约文件要约文件。。。。要约文件的内容因要约对价种类的不同而不同。股份要约会引发编制详细内容说明书的义

务，该说明书内容比简单的现金要约涉及的内容更广。

� Board recommendation. The board of the target company is obliged to issue a statement to the shareholders with a recommendation to accept or decline the offer. The statement is often included also in the offer document.

董董董董事事事事会会会会建建建建议议议议。。。。目标公司董事会应当向股东发表一份声明，建议是否接受要约。该声明通常也包含在要约

文件中。

� The outcome press release. As soon as possible following the expiry of the acceptance period, the offeror must announce a press release with the results of the offer. The press release shall also contain information on whether the offer is completed and/or prolonged and if any minority squeeze out procedure is to be initiated.

结果结果结果结果公告公告公告公告。。。。接受期终止后，要约人须尽快发布公告，公布要约结果。公告同时应当包含要约是否已完成

和/或延长的信息，以及是否将开始任何“挤出”收购程序。


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The offer document must be approved by and registered with the Swedish Financial Supervisory Authority, which normally takes 2-3 weeks.

要约文件必需经瑞典金融监管机构批准并登记，通常需要 2－3周。

In the event any deviations from the Takeover Rules are made, the Swedish Securities Council’s pre-approval is required. The Swedish Securities Council can also be consulted prior to launch if the offer contains any unusual features.

如果与收购规则有任何不符，需经瑞典证券委员会事先审批。如果该要约具有任何特殊性，也可以在收购

开展前咨询瑞典证券理事会。



The total time from preliminary consultations with the board of the target to completion of the minority squeeze out procedure may take up to 12-18 months. Once the offer has been announced, the Takeover Rules contain detailed provisions on timing of the different steps in a takeover process. For example:

从向目标公司董事会初步咨询到完成“挤出”收购程序可能需要 12－18 个月。要约一经公布，收购规则对收

购过程中的不同步骤规定了具体的时间要求，例如：

� The offer document shall be made public within four weeks following the bid press release.

竞购公告发布之日起四周内应当公开要约文件。

� The acceptance period shall be at least three weeks and not more than ten weeks.

接受期至少为 3周，但不得超过 10周。

� The target board recommendation shall be made public no later than two weeks prior to the expiry of the acceptance period.

目标公司董事会建议最迟应于接受期终止前两周公布。





Yes, the parties to a private M&A transaction often enter into such “agreements”. These documents commonly contain provisions related to the negotiation of the transaction, such as lock-up and exclusivity periods and confidentiality undertakings.

是的，私有并购交易各方经常签署这样的“协议”。这些文件通常含有关于交易磋商的条款，例如：锁定和排

他期以及保密承诺。

Generally, the parties aim at creating more of a morally binding framework for the transaction, and the documents as such often contain provisions on that the parties are not legally bound to anything prior to a definite share/asset purchase agreement has been entered. Exclusivity periods, confidentiality undertakings, dispute resolution clauses etc. are, however, often specifically pointed out as legally binding even in such “pre-agreements”.


318

一般来说，各方意在为交易创设一个更具有道德约束力的框架，该等文件通常规定在确定的股权/资产购买

协议签署之前，各方在法律上不受任何约束。尽管如此，在该等“初步协议”中，排他期、保密承诺、争议解

决等条款通常被特别指明是具有法律约束力的。




Pursuant to generally applicable Swedish legal principles negotiations - regardless of the topic thereof - shall always be conducted in good faith. In practice, however, it is very difficult to initiate any subsequent legal proceedings based on the opposing party’s alleged breach of such an obligation, save for the event the opposing party has made directly misleading or false statements or representations.

根据适用的瑞典一般法律原则，谈判（不管就何议题）均应诚意进行。但在实践中，除对方已直接作出误

导性或错误的声明或陈述外，很难基于声称对方违反该项义务而启动任何的后续法律程序。




Yes, this is quite common and also accepted under Swedish law. However, should the seller not comply with such undertaking, the buyer will need to prove that it has been inflicted a specified loss in order to be financially compensated. Consequently, such provisions may - depending on the parties’ bargaining position - be complemented by specific contractual fines in the LOI/MOU.

是的，这种做法非常常见，且为瑞典法律接受。但如卖方不遵守该等承诺，买方为取得金钱赔偿，需证明

其遭受了特定的损失。因此，根据各方的谈判地位，可在意向书或备忘录中规定具体的违约金对该等条款

进行补充。




Given the structure of and the formal procedure associated with a public takeover offer, no such preliminary agreements are required between the offeror and the target company. It is, however, not prohibited to enter into agreements containing provisions on exclusivity and break-fees etc, and such agreements exist (although quite rarely), specifically with foreign offerors involved.

考虑到公开收购要约的结构及其相关正式程序，不要求要约方和目标公司签署该等初步协议。但亦不禁止

各方签署包含排它期和终止交易费等条款的协议，该等协议也是存在的（尽管很少见），特别是在涉及到

国外要约人的情况下。

Further, it should be mentioned that it is very common that preliminary agreements are entered between the offeror and certain major shareholders of the target company. Such agreements generally regulate pre-acceptance or hard/soft irrevocable undertaking regarding acceptances of the offer.

其次，应当指出初步协议由要约人与目标公司的某些大股东签署的情况是非常常见的。该等协议一般就要

约的接受规定了事先接受或硬性/软性的不可撤销的承诺。

It should be noted that the Swedish Corporate Governance Board in May 2011 initiated a review of the existing Takeover Rules in this regard, following a similar review initiated by the UK Takeover Panel. The Swedish Corporate Governance Board estimates that the review will be completed by mid 2012, which is likely to restrain the use of preliminary agreements in public takeovers.


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应当注意的是，2011 年 5 月，瑞典公司治理委员会对现有的收购规则开始进行重新审查。在此之前，英国

的收购委员会已进行了类似的审查。瑞典公司治委员会预计此次审查将于 2012 年中期完成，修改之后的收

购规则可能会限制在公开收购中使用初步协议。




There is no prohibition on break fees in Sweden (see above, though, regarding a possible limitation in the near future). However, the board of a target company must at all times comply with its fiduciary duties, meaning that when, and if, a break fee is discussed, the board must consider whether it is in the best interest of the shareholders that a break fee is agreed upon. For example, is the break fee a prerequisite for the offer being made at all, and is the offer as such beneficial for the shareholders?

瑞典不禁止终止交易费（尽管如此，请参看上述有关不久以后可能对终止交易费限制的内容）。不过，目

标公司的董事会应始终遵守其忠诚义务，即如果讨论终止交易费，董事会必须考虑同意终止交易费的做法

是否最符合股东的利益。例如，终止交易费是否为作出要约的前提条件？该等要约对股东是否有利？

Further, it is generally considered that a break fee must be limited to approximately 1% of the deal value, although that the circumstances in the particular case need to be closely considered.

此外，尽管需要密切考虑特定交易的具体情况，但一般情况下终止交易费应当限制在大约交易额的 1%以

内。




The Swedish Companies Act contains a number of different thresholds that need to be reached or exceeded in order for a specific shareholder, or a group of shareholders, to be able to resolve on certain matters. The below list is summary of the most relevant provisions:

瑞典公司法规定了某一特定股东或一股东团体就某些事项进行表决所需达到或超过的一系列不同的下限。

以下清单是对与之最相关条款的概述：

•••• 5% of the shares: Demand that a merger plan or a demerger plan shall be submitted to the general meeting of the transferee company for approval.

5% 股股股股份份份份：要求提交一项合并计划或分立计划至被转让公司的股东大会审批。

•••• In aggregate less than 10% of the shares held by minority shareholders: Right to require redemption of the minority shares if a majority shareholder holds more than 90% of the shares.

少数少数少数少数股股股股东合东合东合东合计计计计持持持持有不有不有不有不到到到到 10%的股的股的股的股份份份份：：：：在一个多数股东持股比例超过 90%时，有权要求其回购少数股东

的股份。

•••• 10% of the shares

10% 股股股股份份份份:

o Ability to prevent a complete take-over of the company since a shareholder needs more than 90% of the shares to squeeze out the minority.

能够阻止对公司的全部收购，因为一个股东需要持有 90%以上的股份才可将少数股东挤出公司。

o Force the general meeting to postpone resolutions regarding adoption of the profit and loss account and the balance sheet, the distribution of profits and discharge from liability for the members of the board and the managing director.


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强制要求股东大会推迟通过关于损益表和资产负债表、利润分配以及免除董事和执行董事责任的决

议。

o Demand that an extraordinary general meeting shall be held.

要求召开特别股东大会。

o Appoint a minority auditor and a special examiner.

任命一名少数股东审计师和一名特别检查员。

o Force the general meeting to resolve on certain dividends.

强制要求股东大会就某些分红进行表决。

o Force the company to be placed in liquidation, if the majority seriously abuses its influence.

如大股东严重滥用其影响，强制要求公司进入清算。

o Initiate legal proceedings against the founders of the company, the directors, the managing director, auditors, special examiner or shareholder regarding damages to the company.

就对公司造成的损失，发起针对公司发起人、董事、执行董事、审计师、特别检查员或股东的法律

程序。

•••• 33 1/3% of the shares represented at the general meeting: Appoint a minority auditor and a special examiner.

在股在股在股在股东东东东大大大大会会会会上上上上代表代表代表代表 33%（（（（1/3））））的股的股的股的股份份份份：：：：任命一名少数股东审计师和一名特别检查员。

•••• Reaching 30% of the votes: Obligation to make a public offer for the remaining shares if the target company’s shares are traded on a regulated market.

达到达到达到达到拥拥拥拥有有有有 30%的投的投的投的投票票票票权权权权: 如果目标公司的股份在受监管的市场上进行交易，则有义务公开要约收购剩余

股份。

•••• More than 50% of the votes cast: Normally, the required majority for a resolution at the general meeting.

已投已投已投已投票票票票票票票票数数数数的的的的 50%以以以以上上上上: 正常情况下，为股东大会通过一项决议所需的多数票。

•••• 66 2/3% of the votes cast as well as the shares represented at the general meeting 代表代表代表代表出出出出席席席席股股股股

东东东东大大大大会会会会的股的股的股的股份份份份和已投和已投和已投和已投票票票票票票票票数数数数的的的的 66%（（（（2/3））））:

o Resolve on divergence from the shareholders’ pre-emption rights regarding issues of shares, convertibles etc.

就由股东就发行股份和可转债等的优先认购权的分歧进行表决。

o Normally, required to resolve on amendments of the company’s articles of association, redemption of the share capital and approval of a merger plan and approval of a demerger plan.

正常情况下，为通过关于修改公司章程、回购股本和批准合并方案或分立方案的决议所需的多数

票。

o Regarding listed companies, resolve on acquisition of the company’s own shares.

就上市公司而言，对回购公司自己的股份进行表决。

•••• 66 2/3% of the votes cast and 90% of the shares represented at the general meeting: Resolve on amendments of the articles of association in certain cases regarding limitations of voting rights and limitations of the rights to the company’s assets and profits.

已投已投已投已投票票票票票票票票数数数数的的的的 66%（（（（2/3））））和和和和代表代表代表代表出出出出席席席席股股股股东东东东大大大大会会会会的股的股的股的股东东东东所所所所持持持持股股股股份份份份的的的的 90%:对有关限制投票权和限制对公

司的资产和利润的权利有关的某些特定情况而修改公司章程进行表决。

•••• 90% of the votes cast as well as the shares represented at the general meeting: Direct share issues or certain loans in stock market companies to directors, managing directors and other related parties, entities and persons related to them.


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代表代表代表代表出出出出席席席席股股股股东东东东大大大大会会会会的股的股的股的股东东东东所所所所持持持持股股股股份份份份和已投和已投和已投和已投票票票票票票票票数数数数的的的的 90%:在股票市场上对董事、执行董事和其他与他们

相关的各方、实体和人员直接发行股份或某些债。

•••• More than 90% of the shares: Right to initiate a minority squeeze out.

90%以以以以上的股上的股上的股上的股份份份份: 有权发起挤出少数股东。

•••• Unanimity at the general meeting representing 90% of all shares

在股在股在股在股东东东东大大大大会会会会上上上上代表全代表全代表全代表全部股部股部股部股份份份份中的中的中的中的 90%的的的的一致一致一致一致决决决决议议议议:

o Resolve on amendments of the articles of association which affect the relationship between issued shares, the right to transfer the shares and the right to the companies’ assets and profits.

对已发行股份之间关系、转让股份的权利和对公司资产和利润的权利产生影响的章程修改进行表

决。

o Approval of a merger plan or a demerger plan for a public company if the transferee company is a private company.

表决将一个上市公司变成非上市公司。




Generally, if otherwise not agreed or prescribed by a collective bargaining agreement, no statutory obligations are triggered by a share acquisition, as the legal entity of the employer does not change. However, already existing obligations, such as but not limited to payment of social security tax, pension installments etc, will still apply.

一般来说，如果非另有约定或因某一个劳资集体协商协议另有规定，股权收购不触发任何法定义务，因为

雇主的法律身份并未改变。但是，既有的义务，例如但不限于社会保险税支付、养老金分期支付等，将仍

然适用。



The Swedish Employment Protection Act (the “EPA”) contains mandatory provisions governing the transfer of employees from one employer (the “transferring employer”) to another employer (the “acquiring employer”). The provisions are based on the European Directive 2001/23/EG.

瑞典雇佣保护法（“EPA”）包含规范将雇员由一个雇主（“转让雇主”）转到另一个雇主（“受让雇主”）的强

制性条款。该等条款是基于欧洲指令第 2001/23/EG 号制定的。

Generally, where there is a transfer of a business (or a part of a business), the employees’ existing rights and obligations, pursuant to the terms and conditions valid at the time of the transfer shall be automatically transferred to the acquiring employer.

一般来说，当发生业务（或部分业务）转让时，雇员的既有权利和义务，根据转让时有效的条款和条件，

应自动转让给受让雇主。

Where the transferring employer is bound by a collective bargaining agreement and that agreement is not terminated by the transferring employer within a certain time limit before the transfer, the agreement will (with some exceptions) be transferred to the acquiring employer. Furthermore, both the transferring and acquiring employer are obliged to consult with the employees’ trade union representatives. Such negotiation must be concluded before any decision to transfer the employees is taken (even prior to signing a preliminary agreement or a letter of intent with a third party).


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如果转让雇主受一个劳资集体协商协议约束，且协议并未在转让之前的某个时限内由转让雇主终止，则协

议将（除了一些例外情况）被转让给受让雇主。此外，转让雇主和受让雇主均有义务与雇员工会代表进行

协商。该等协商必须在达成任何转让雇员的决定作出之前完成（甚至早于与第三方签署初步协议或意向书

的时间）。




No.

无。




Zhejiang Geely Holding Group/Volvo Cars Corporation: Volvo Cars Corporation is a leading Swedish automotive manufacturer producing models ranging from SUVs, station wagons and sedans, to compact executive sedans and coupes.

浙江吉浙江吉浙江吉浙江吉利控股利控股利控股利控股集团集团集团集团/沃沃沃沃尔尔尔尔沃汽车沃汽车沃汽车沃汽车公司公司公司公司：沃尔沃汽车公司是一家领先的瑞典汽车制造商，其产品涵盖了从运动

型多功能车、旅行车及轿车到紧凑型行政用车及跑车等多种车型。

In August 2010, Volvo Cars Corporation was acquired by Zhejiang Geely Holding Group from Ford Motor Company for USD 1.8 billion.

2010年 8月，浙江吉利控股集团以十八亿美元的价格从福特汽车公司收购了沃尔沃汽车公司。

Vinge is one of the largest law firms in the Nordic region with approximately 500 employees. Vinge specializes in complex transactions and assignments within all areas of corporate and business law. Vinge’s broad level of expertise means that Vinge truly is a full service firm and is thus able to deal with all types of business law related issues.

维格是北欧地区最大的律师事务所之一，拥有约 500名员工。维格专注于公司和商业法律领域内各种复杂的交

易和业务。维格在不同领域的宽阔的视野和详尽的知识意味着其是一家真正提供全方位服务的律师事务所，能

够处理各种商业法律上的问题。

Vinge’s assignments often have an international element and Vinge has an extensive global network of law firms at our and our clients’ disposal. Vinge is a member of Lex Mundi, an international association of independent law firms. Vinge has domestic offices in Stockholm, Gothenburg, Malmö, Helsingborg and international offices in Brussels, Hong Kong and Shanghai. In addition, the firm has French, Chinese, German and East European desks comprising specialists in the law, language and culture of the region in question.

维格的业务通常具有国际化性质，其拥有广泛的国际律师事务所网络可供我们及我们的客户选择。维格是国际

独立律师事务所联盟 Lex Mundi 的成员。维格在瑞典国内设有斯德格尔摩、哥德堡、马尔默和赫尔辛堡办公

室，在国际上拥有布鲁塞尔、香港和上海办公室。此外，维格拥有分别由熟悉各地区的法律、语言和文化的专

家组成的法国、中国、德国和东欧团队。

October 2011 Taiwan 台湾

323

Taiwan Taiwan Taiwan Taiwan 台台台台湾湾湾湾





Foreign investments (excluding PRC investments which are subject to a separate set of investment regulations) are generally subject to the Statute for Investments by Foreign Nationals and a Foreign Investment Approval (“FIA”) issued by the Investment Commission (“IC”) of the Ministry of Economic Affairs (“MOEA”) is required.

一般而言，外国人投资（不含大陆地区人民来台投资，大陆地区人民来台投资须依其他法令规定办理）须依

「外国人投资条例」，并取得经济部投资审议委员会（「投审会」）外人投资许可。

Foreign investors may invest into most of the business sectors except for those on the Negative List. The List is divided into “Prohibited Industries” where no foreign investment is permitted and “Restricted Industries” where special permits/licenses from competent authorities are required.

外国人可以投资在除“负面表列”以外之所有产业。“负面表列”又可进一步分为“禁止类”及“限制类”，“禁止类”

完全禁止外人投资，“限制类”则须另外取得目的事业主管机关核准。

For PRC investments, the Regulations Governing Investments by PRC Persons (the “PRC Investment Regulations”) shall apply. According to the PRC Investment Regulations, a PRC Person may invest in certain industries identified in the “List of Permitted Industries” as promulgated by the MOEA from time to time. Article 3 of the PRC Investment Regulations defines the term "PRC Person" as (a) PRC citizen, (b) PRC entity or (c) a corporate entity incorporated in third jurisdiction ("Non-PRC Jurisdiction") and controlled by a PRC citizen or a PRC entity.

至于大陆地区人民来台投资，则须依照「大陆地区人民来台投资许可办法」规定办理。依照上述办法规定，

大陆地区投资人仅得投资于经济部所发布“大陆地区人民来台投资业别项目”之产业；依照「大陆地区人民来

台投资许可办法」第 3 条规定，「大陆地区投资人」乃指（a）大陆地区人民，（b）大陆地区法人、团

体、机构，及（c）在第三地区设立之公司，而受大陆地区人民、法人、团体或机构所控制者。

It is advisable to consult a legal counsel in the early stage if you plan to invest in Taiwan.

任何人如有计划来台投资，应及早寻求法律顾问咨询服务，以确保投资权益。

To view the full Negative List applicable for general foreign investors and the List of Permitted Industries applicable for PRC investments, please visit http://www.moeaic.gov.tw/

如需查询外人投资“负面表列”或“大陆地区人民来台投资业别项目”，可以在 http://www.moeaic.gov.tw/ 获得

相关信息。


324



Investments in the regulated business such as financial sector, including banking, insurance, securities and futures are subject to review and approval of the Financial Supervisory Commission (“FSC”); investments in telecommunications and broadcasting business are subject to foreign investment holding ceilings and review and approval of the National Communications Commission (“NCC”).

投资于受监理之事业，例如金融服务业，包括银行、保险、证券及期货等事业，须经金融监督管理委员会

核准（「金管会」）；投资于电信广播事业，则须经国家通讯委员会核准。

Likewise, PRC investments in certain business, such as financial sector and telecommunications, are subject to foreign investment holding ceiling and regulatory approvals.

大陆地区人民来台投资于例如金融服务业及电信等受监理之事业，须受投资限额限制，并须另外申请主管

机关核准。



The Fair Trade Act of Taiwan (the “FTA”) is the major merger control regulations. When a transaction constitutes a “merger” under the FTA, a pre-transaction filing is required to be made with the Fair Trade Commission of Taiwan (“FTC”) if the contemplated transaction hits the relevant prescribed thresholds. According to the FTA, the term “merger” refers to a situation:

「公平交易法」为主要的并购控制法规。依照「公平交易法」规定，事业结合而达到法律规定之门槛时，

应先向公平交易委员会（「公平会」）提出申报。所谓“结合”，乃指：

• where two enterprises are merged into one;

与他事业合并者；

• where an enterprise holds or acquires the shares or capital contributions of another enterprise exceeding one-third of the total voting shares or total capital of such other enterprise;

持有或取得他事业之股份或出资额，达到他事业有表决权股份或资本总额三分之一以上者；

• where an enterprise is assigned by or leases from another enterprise the whole or the major part of the business or properties of such other enterprise;

受让或承租他事业全部或主要部分之营业或财产者；

• where an enterprise operates jointly with another enterprise on a regular basis or is entrusted by another enterprise to operate the latter's business; or

与他事业经常共同经营或受他事业委托经营者；或

• where an enterprise directly or indirectly controls the business operation or the appointment or discharge of personnel of another enterprise.

直接或间接控制他事业之业务经营或人事任免者。

The waiting period before a merger transaction may take effect is 30 days, which may be shortened or extended by FTC if needed.

公平会自事业提出完整申报资料之日起三十日内，未表示意见者，事业得径行结合。但公平会认为必要时，

得将该期间缩短或延长。


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Since July 1987, the Central Bank of Taiwan, the ROC (“CBC”) has actively deregulated the foreign exchange controls on capital movements and the remaining restrictions include the following:

自 1987年起，台湾的中央银行已大幅放宽外汇管制，但目前仍下列管制规定：

• Inward and outward remittances related to foreign trades in goods and services do not require prior approval from the CBC as long as supporting documents are filed along with the declaration form.

与有形、无形贸易有关之汇入、汇出款，只需检附证明文件提出结汇申报书即可办理，无须事先取得央

行核准。

• Direct investments (with FIA) and portfolio investments, such as Foreign Institutional Investors (FINI) and Foreign Individual Investors (FIDI) do not require a separate CBC approval.

外人直接投资（FIA）及外国人证券投资（FINI/FIDI）之投资汇入、汇出款得自由结汇。

• Foreign exchange for purposes other than those mentioned above can be up to US$5 million per annum in aggregate by a Taiwan natural person and up to US$50 million per annum in aggregate by a Taiwan business enterprise.

上述以外，个人每年累积结购或结售金额未超过五百万美元之汇款；公司、行号每年累积结购或结售金

额未超过五千万美元之汇款，得自由结汇。

• Single remittance by a non-resident may be up to US$100,000.

非居民每笔结购或结售金额未超过十万美元之汇款。




The most common types of corporate legal entities established under the laws of Taiwan are “company limited by shares” and “limited company”.

依据台湾法律设立公司之型态，以“股份有限公司”及“有限公司”最为常见。

“Company limited by shares” is a company organized by at least two individuals or at least one corporate shareholder, with total capital being divided into shares and each shareholder being liable for the company only to the amount of shares subscribed by him/her.

“股份有限公司”系指由二以上之个人或至少一法人股东所组成，将其全部资本分为股份，股东仅就其所认股

份之股款对公司负责之公司组织。

“Limited company” is a company organized by at least one shareholder, each being liable for the company up to the amount of capital contributed by him/her.

“有限公司” 系指由至少一人股东所组成，股东仅就其出资额对公司负责之公司组织。

Given the nature of the above two types of limited liability companies, while “limited company” is popular in family-owned business of middle to small size, “company limited by shares” is the only choice for public companies.

基于上述二种有限责任公司组织型态之特性，“有限公司”在中小型家庭企业较为普遍，上市公司则必须为

“股份有限公司”型态。


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General一般一般一般一般规规规规定定定定:

The principal sources of law for M&A transactions of both private and public companies are the Business Mergers and Acquisitions Act (“BMA”) and the Company Act of Taiwan.

在台灣一般併購交易的主要法規依據為「企業併購法」及「公司法」，二者均適用於私人企業及上市公

司。

The BMA, promulgated in February 2002 and last amended in May 2004, provides the platform for mergers, acquisitions (whether acquiring shares, business or assets of another company in exchange for shares, cash or other assets) and spin-off transactions involving corporate legal entities of “companies limited by shares” and is a special law to the Company Act. Other highlights of the BMA include:

「企业并购法」颁布于 2002 年 2 月，最后一次修正于 2004 年 5 月，适用于“股份有限公司”型态企业从事

合并、收购（无论是以股份、现金或其他财产作为对价，以取得另一公司之股份、营业或资产）及分割之

交易，属于「公司法」之特别法。

其他「企业并购法」重要规定如下：

• Special tax treatments and tax incentives for applicable M&A transactions;

提供相关租税处理规定，并对符合条件之并购交易提供租税优惠；

• Buyback option for dissenting shareholders;

异议股东请求公司买回股份之权利；

• Transfer and redundancy of employees;

劳工之移转及资遣；

For corporate legal entities in the form other than “companies limited by shares”, the Company Act will be the major source of law governing M&A transactions.

非“股份有限公司”型态企业若从事并购交易，其主要法规依据为「公司法」。

Public companies 上上上上市市市市公司公司公司公司:

For public companies, in addition to the BMA, the Securities and Exchange Act (“SEA”) will be in play.

上市公司于从事并购交易时，除须遵守「企业并购法」外，必须另外符合「证券交易法」规定。

Financial institutions 金融机构金融机构金融机构金融机构:

For M&A involving financial institutions, the application of the Financial Institutions Merger Act and the Financial Holding Company Act will prevail over the BMA.

如果是涉及金融机构之并购交易，「金融机构合并法」及/或「金融控股公司法」则优先于「企业并购法」

适用。


327




The principal methods of acquisition available for listed company M&A include:

上市公司的主要收购方式大致上有：

• “Public tender offer – The detailed rules are provided in the SEA and the Regulations Governing Public Tender Offers for Securities of Public Companies.

公开收购 – 其有关规定详见「证券交易法」及「公开收购公开发行公司有价证券管理办法」。

• Block trade – The rules are provided in the Operating Rules of the Taiwan Stock Exchange Corporation and the Taiwan Stock Exchange Corporation Rules Governing Block Trading of Listed Securities; and the GreTai Securities Market Rules Governing Block Trading of OTC Securities.

巨额买卖 – 其有关规定详见「台湾证券交易所股份有限公司上市证券巨额买卖办法」及「财团法人中

华民国证券柜台买卖中心上柜证券巨额买卖办法」。

• Private placement – The rules are provided in the SEA.

私募 – 依「证券交易法」规定办理。

• Cash merger – the rules are provided in the BMA.

现金合并 – 依「企业并购法」规定办理。



Hostile bids are possible under the structure of “public tender offer”, but rare in Taiwan. Most of public tender offers would proceed as “recommended offers”.

敌意收购可以在公开收购的制度下进行，但在台湾市场上较为罕见。大多数公开收购还是在被收购公司董

事会支持的情况下进行。



Any person who individually or jointly with another person(s) intends to acquire within 50 days shares accounting for 20% or more of the total issued shares of a public company shall employ a public tender offer method.

任何人单独或与他人共同预定于五十日内取得上市公司已发行股份总额达百分之二十以上者，必须采公开收

购方式为之。



No.

无。


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According to the Regulations Governing Public Tender Offers for Securities of Public Companies, before the commencement date of the public tender offer, the prospective acquirer shall file a report with the FSC together with the following documents:

根据「公开收购公开发行公司有价证券管理办法」规定，公开收购人于公开收购开始日前，必须备齐下列

书件向金管会申报：

• Public Tender Offer Report Form

公开收购申报书

• Public tender offer prospectus, including a board or shareholders resolution authorizing the tender offer and an appraisal by an independent expert in respect of the reasonableness of the cash consideration or share exchange ratio

公开收购说明书

• The mandate contract entered into between the prospective acquirer and the mandated institution

公开收购人与受委任机构签定之委任契约书

• The power of attorney to the prospective acquirer's designated representative for litigious and non-litigious matters (if the prospective acquirer does not have any domicile or a fixed place of business in Taiwan)

公开收购人在台湾境内无住所或营业处所者，指定诉讼及非讼事件代理人之授权书

• Legal opinion on the legality of the filing documents (if the intended public tender offer is subject to the approval of the FSC or other competent authorities)

公开收购如须经金管会或其他主管机关核准或申报生效者，须另提供律师审核申报书件并出具具有合法

性之法律意见

Upon receiving the above public tender offering documents, the targeted company shall file a report with the FSC indicating the following information and make a public announcement accordingly:

被收购之上市公司于接获公开收购人相关申报书件后，应就下列事项向金管会申报，并进行公告：

• The types, number and amount of shares held by the directors and supervisors and any shareholders with more than 10% of the company's stocks

董事、监察人及持有公司已发行股份超过百分之十之股东目前持有之股份种类、数量

• The recommendation made to the shareholders on such tender offer purchase, which shall include the names and reasons of each dissenting director

就本次收购对其公司股东之建议，并应载明反对董事之姓名及其反对之理由

• Any major changes on the company's financial conditions after the issuance of its most recent financial statements

公司财务状况于最近期财务报告提出后有无重大变化及其变化内容

The types, number and amount of shares of the prospective acquirer or its affiliates held by the current directors, supervisors or the major shareholders having over 10% of the shareholding of the target company

董事、监察人或持股超过百分之十之大股东持有公开收购人或其关系企业股份之种类、数量及金额


329



Tender offer documents only need to be filed with the FSC, but no approval is required.

公开收购申报文件只须向金管会提出申报，无须经其预先批准。



The length of public tender offer period shall be at least 10 days, but no more than 50 days, which may be extended for an additional 30 days if there is a justifiable reason.

公开收购之期间不得少于十日，多于五十日。





In private company M&A transactions, it is common for the transacting parties to enter into a preliminary document usually called Memorandum of Understanding (MOU), Letter of Intent (LOI), Termsheet, Framework Agreement or other.

在私有并购交易中，各方签署预先签属例如备忘录、意向书、关键性条款、框架协议或其他类似文件等，

相当常见。

Generally, such a preliminary document usually would identify the proposed transaction structure and the price, which are often non-binding. On the contrary, general terms such as exclusivity, confidentiality, governing law, dispute resolutions, etc. are often provided to be legally binding.

一般而言，此类交易初步文件会提出预定的交易架构及价格，但不具有拘束力；相反的，如果是一般条

款，例如排他性、保密义务、准据法及争议解决等，则通常约定为有拘束双方之效力。




According to Article 148 of the Civil Code of Taiwan, a right shall be exercised and a duty shall be performed in accordance with the means of good faith. In a non-binding LOI or MOU, it is reasonably expected that the parties will negotiate in good faith with the goal to conclude a definite agreement. However, since a non-binding LOI/MOU would not oblige the parties to enter into a definite agreement, there would be no legal consequence even if one party is found to not act in “good faith”, unless misrepresentation or other fraudulent activities are identified.

依据民法第 148 条规定，行使权利、履行义务，应依诚实信用方法为之。在没有拘束力的备忘录或意向书

中，尽管当事人仍然应该依诚信进行交易之谈判，以达到最终签署确定协议之目的，但由于备忘录或意向

书本身已清楚指出无拘束双方之效力，而使双方有签订确定协议之义务，因此，除非有一方当事人涉及不

实陈述或有其他舞弊行为，否则仅单纯的没有依诚信进行交易之谈判，并无具体之法律后果。


330




Yes, lock-out/exclusivity agreements are common on private M&A transaction.

在私有并购交易中，安排锁定/排他性协议，相当常见。




It would be more common for the prospective acquirer to enter into agreements with directors, officers or the major shareholders of the target company, rather than the target company. If there exist such agreements, disclosure to the public is required.

预定收购人与目标公司之董事、经理人或其主要股东预先签订协议的情形可能较与目标公司签订协议更为

普遍。如有签署此类协议者，其内容必须予以揭露。




There is no specific regulatory constraint on arrangement of breakup fee.

针对支付终止交易费的协议，并无特别之监管限制。




The Company Act of Taiwan contains a number of measures to the protection of minority shareholders’ rights. Below is a summary of the key items:

台湾的公司法对于少数股东权益影若干保护规定，兹摘要如下：

• Certain key corporate actions require the resolutions by the majority of a shareholders meeting with supermajority quorum. For example, amending the company’s Articles of Incorporation, increasing or decreasing the company’s authorized capital, dismal of director, transferring the whole or the major part of the company’s business or assets, etc. shall be approved by a majority vote of shareholders representing at least two-thirds (2/3) or more of the total issued and outstanding shares of the company.

特定决议事项须经股东会特别决议通过，例如：修改公司章程、增加或减少授权资本额、解任董事、转

让公司全部或主要部份之营业或资产等，须经代表已发行股份总数至少 2/3 以上股份之股东出席，经出

席股份过半数之同意后，始得办理。


331

• Shareholder proposal – Shareholders holding at least 1% of the issued and outstanding shares of the company may submit a shareholder proposal to be considered in the Annual Shareholders’ Meeting.

股东提案权 - 持有已发行股份总数百分之一以上股份之股东，得向公司提出股东常会议案。

• Convening a shareholders’ meeting - Shareholders holding at least 3% of the issued and outstanding shares of the company for at least one year may apply to the competent authority for approval to convene a shareholders’ meeting if the board fails to respond within 15 days after such request is made.

自行召集股东会 - 董事会于股东请求后，未于十五日内为召集之通知时，继续一年以上，持有已发行股

份总数百分之三以上股份之股东，得向主管机关申请许可后，自行召集股东会。

• The dissenting shareholders who oppose to shareholders’ resolutions for merger, spin-off or transfer of the whole or the major part of the company’s business or assets may ask the company to buy back their shares at the then fair price.

股份收买请求权 - 公司于进行合并、分割或转让全部或主要部分之营业或资产时，反对股东得请求公司

按照当时公平价格买回其股份。

• Accumulative voting system for election of directors – Each share will have the same number of votes as the number of directors to be elected. The minority shareholders will have better chance to win a seat of the board if they cast all the votes to one candidate.

董事选举累积投票制 - 每一股份有与应选出董事人数相同之选举权，少数股东得集中选举一人，以获得

董事席位。

Shareholders holding at least 3% of the issued and outstanding shares of the company may file a petition to the court to dismiss the director(s) if such directors are found acting in material violation of laws or Articles of Incorporation of the company and the shareholders’ meeting fails to dismiss such director.

解任董事 - 董事执行业务，有重大损害公司之行为或违反法令或章程之重大事项，而股东会未为决议将其解

任时，得由持有已发行股份总数百分之三以上股份之股东诉请法院裁判之。




A share acquisition will not trigger any statutory obligations for the buyer in relation to employee matters since there is no change of legal status of the employer.

由于股权收购并不涉及雇主地位的改变，因此不会引发买方对于员工问题的任何法定义务。



In transactions involving merger or acquisition of assets, the major employee issues include:

在涉及合并或资产收购的交易中，可能产生的员工问题，主要有：

• Redundancy – The surviving/acquiring company (the new employer) may agree with its counterpart (the old employer) to decide employees to be retained after closing. The old employer may lay off those not being retained with redundancy pay.

裁员 – 并购后存续或收购资产之公司（新雇主）得与原雇主商定并购完成后留用之员工，对于未留用之

员工，则由原雇主予以资遣。

• Labor pension fund – The labor pension fund (established under the defined benefit scheme) sponsored by the old employer shall be transferred to the new employer after paying pensions or redundancy payments as applicable to employees not being retained.


332

劳工退休准备金 - 原雇主提拨之劳工退休准备金（依确定给付制提拨），于支付未留用员工退休金或资

遣费后，应移转于新雇主。

• For employees being retained and transferred to the new employer, their previous service years shall be carried over and recognized by the new employer.

留用劳工于并购前在原雇主之工作年资，由新雇主予以承认。

In addition to the above, the Mass Termination Protection Act (the “Mass Termination Act”) provides additional requirements when a redundancy plan meets any of the following thresholds:

除上述以外，「大量解雇劳工保护法」对于符合下列大量解雇劳工定义之情形，订有特别规定：

(a) In a worksite of less than 30 employees, termination of more than 10 employees within 60 days;

同一事业单位之同一厂场雇用劳工人数未满三十人者，于六十日内解雇劳工逾十人；

(b) In a worksite of less than 200 employees, termination of more than 1/3 of the total number of employees within 60 days, or more than 20 employees in a single day;

同一事业单位之同一厂场雇用劳工人数在三十人以上未满二百人者，于六十日内解雇劳工逾所雇用劳工

人数三分之一或单日逾二十人；

(c) In a worksite of less than 500 employees, termination of more than 1/4 of the total number of employees within 60 days, or more than 50 employees in a single day;

同一事业单位之同一厂场雇用劳工人数在二百人以上未满五百人者，于六十日内解雇劳工逾所雇用劳工

人数四分之一或单日逾五十人；

(d) A business entity of more than 500 employees, termination of more than 1/5 of the total number of employees within 60 days.

同一事业单位雇用劳工人数在五百人以上者，于六十日内解雇劳工逾所雇用劳工人数五分之一。

According to the Mass Termination Act, the employer shall submit a termination proposal to the labor authority, notify the relevant parties, such as the union (if any), the labor representatives of Labor-Employer Committee (if there is no union) and the affected workers, and publish the termination proposal 60 days prior to the intended termination date followed by the consultation process.

根据「大量解雇劳工保护法」规定，事业单位大量解雇劳工时，应于预定解雇日六十日以前，提出解雇计

划书通知主管机关及相关单位或人员，例如工会（如有的话）、事业单位劳资会议之劳方代表及涉及大量

解雇部门之劳工，并公告揭示，然后开始就解雇计划书内容进行协商。




No.

无。




Thanks to the relaxation of PRC related investment restrictions in the past two years, there is increasing trend of PRC direct investments into Taiwan and the trend is expected to continue going forward given the signing of the Economic Cooperation Framework Agreement (“ECFA”) between PRC and Taiwan in June 2010.


333

由于台湾在过去两年以来持续放宽大陆地区人民来台投资的限制，大陆地区人民来台直接投资有增加趋

势，随着两岸在 2010 年 6 月签订「海峡两岸经济合作架构协议」（ECFA），我们预期这个趋势在未来将

继续发展下去。

While most of PRC investments into Taiwan were made to establish new business entities so far, we expect to see more M&A transactions in the coming years. The notable M&A activities in the recent years include:

目前大陆地区人民来台投资仍以新设公司为主，但预期未来应该会有愈来愈多的并购交易发生。近年来较

受瞩目的中国企业并购案例有：

• In 2009, China Mobile Limited entered into a share subscription agreement and a strategic cooperation agreement with Far EasTone Telecommunications Co., Ltd. The China Mobile-Far EasTone deal, although not yet closed due to certain conditions precedent not yet fulfilled, is the first major direct investment in the Taiwan Telecom industry made by China investor. The deal value is about US$526m.

2009 年，中国移动与台湾远传电信签订金额高达美金 5.26 亿元的股份认购及策略合作协议，尽管因部

份交易先决条件尚未满足而尚未完成，该交易案仍是中国投资人直接投资台湾电信业的首件重大投资

案。

• In 2010, a PRC invested BVI entity invested into a Taiwanese IT software company, Data Systems Consulting Co., Ltd. in a total amount of about US$23,658k.

2010年，中国所持有英属维尔京群岛商鼎捷系统集团控股有限公司投资美金 23,658 万于台湾企业鼎新

计算机股份有限公司。

• In 2010, the Volvo Car Corporation acquired the Taiwan based Volvo Cars Taiwan limited.

2010年，中国投资的瑞典商富豪汽车公司转投资美金 5千万于台湾企业国际富豪汽车股份有限公司。

• In 2011, Beijing Tong Ren Tang International Co., Ltd. acquired the Taiwan based Beijing Tong Ren Tang Tai Fong Co., Ltd.

2011 年，中国投资的香港商北京同仁堂国际有限公司转投资美金 7.1 万于台湾企业北京同仁堂太丰股

份有限公司。

For easy reference, ECFA is a preferential trade agreement between Taiwan and China aiming to reduce tariffs and commercial barriers between the two sides. The pack was signed on June 29, 2010, taking effect on September 12 of the same year. The "early harvest" list of tariff concessions agreed by the two sides in ECFA covers 539 Taiwanese products and 267 mainland Chinese goods. In services area, China agrees to open markets in 11 service sectors such as banking, securities, insurance, hospitals and accounting, while Taiwan offers wider access in seven areas, including banking and movies.

ECFA 是两岸签订的优先贸易协议，以降低两边关税及非关税障碍。ECFA 在 2010 年 6 月 29 日签订，并

于同年 9月 12日正式生效，ECFA的「货品贸易早收清单」涵盖 539 项台湾产品及 267 项大陆产品；在服

务业方面，大陆同意开放包括银行、证券、保险、医院及会计服务等 11 项业务，而台湾则同意放宽包括银

行及电影等项目的投资限制。

It is expected that the deal would benefit Taiwan with the advantage of entering into the China market ahead of other competitors, in particular Japan and Korea, as most of industrial products exported from Taiwan to China will enjoy zero tariff. It is expected that Taiwan would become the most preferred partner for foreign companies intending to enter into China market, which would eventally boost the economy within the island.

由于 ECFA 的签署，台湾出口至大陆的多数工业产品将享有零关税优惠，有利于台湾取得领先竞争对手国

进入中国大陆市场之优势，特别是日本及韩国。因此，一般预期台湾将成为外商企图进入大陆市场之优先

合作伙伴及门户，有助于台湾经济的成长。


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Founded in 1965, Tsar & Tsai Law Firm is one of the most prestige law firm Taiwan. Being a leading commercial law firm, Tsar & Tsai has extensive experience of international practice and prides itself on providing to the clients with problem-solving solutions and strategic advice of constantly superior quality.

「常在国际法律事务所」于 1965 年在台湾设立，是台湾最受推崇的法律事务所之一。「常在」是商业法律事

务所的领导者，在跨国商务事件上有丰富的经验，并以持续提供客户高质量的解决方案及策略性法律服务自

许。

The firm offers a full range of legal services, including M&A, capital market, banking & financing, securities, insurance, employment, dispute resolutions, international trade, intellectual property, tax and general corporate.

「常在」提供全方位的法律专业服务，范围包括合并收购、资本市场、银行、金融、证券、保险、劳工、争议

解决、国际贸易、知识产权、税务与一般公司事务等各方面。

The firm is based in Taipei with a branch office located at the Science-Based Industrial Park in Hsinchu, Taiwan. For further information, please contact:

「常在」位于台北市，另外在新竹科学工业园区设有分所，如需进一步信息，请洽询：

Jackie Lin林林林林香香香香君君君君律师律师律师律师, Equity Partner 合合合合伙伙伙伙人人人人

Email: [email protected]

Sophia Hsieh, Integrated Partner 谢淑谢淑谢淑谢淑芳芳芳芳律师律师律师律师

Email: [email protected]

TEL: +886 2 2781 4111

FAX: +886 2 2721 3834

WEB: www.TsarTsai.com.tw

October 2011 United Kingdom 英国

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United Kingdom United Kingdom United Kingdom United Kingdom 英国英国英国英国





Foreign investment is generally unrestricted.

外商投资一般不受限制。


是否是否是否是否存存存存在对投资的在对投资的在对投资的在对投资的任任任任何行何行何行何行业控业控业控业控制制制制？？？？

Regulatory (including ministerial) consents may be required for takeovers of or increases of holdings in companies in certain industries, such as newspapers, television, radio and financial services.

收购某些行业（例如报纸、电视、电台和金融服务）中的公司或增持该等公司的股份，可能需要取得监管

机关的（包括部的）同意。



Takeovers in the United Kingdom may be subject to competition legislation at the UK or European level.

在英国进行收购或需遵守英国或欧洲的竞争法规。

Under the UK competition legislation (pursuant to the Enterprise Act 2002), the Office of Fair Trading (the “OFT”) may initiate investigations of takeovers if there is a merger situation qualifying for investigation (unless the merger is already being investigated by the European Commission – see paragraph below). Such investigations may take anything from four to eight weeks although it may be longer in the case of complex issues. The OFT will be under a duty to refer a takeover to the Competition Commission (the “CC”) for a more in-depth investigation if it believes that the merger has resulted or may be expected to result in a substantial lessening of competition. The maximum statutory period for this process is 24 weeks and to date most references to the CC have taken the maximum permitted time.

根据（依据 2002 年《企业法》制定的）英国竞争法规，如有合并情况符合调查条件，公平交易办公室

（“公平交易公平交易公平交易公平交易办办办办”）可以开展收购调查（除非欧洲委员会已对有关合并开展调查 - 见下一段）。该等调查可能

历时四至八星期，但是如果涉及复杂的问题，则可能需要更长时间。公平交易办如果相信合并已经导致或

可预期将导致竞争大幅度减少，有责任将有关收购提交竞争委员会作更深入的调查。办理这程序的最长法

定期间为 24 个星期；到目前为止，在大部分需提交竞争委员会处理的情况下，这程序所需要的时间均达到

最长许可时间。

Under the EU competition legislation (pursuant to the EU Merger Regulation), the European Commission has exclusive jurisdiction to review competition issues arising out of takeovers which are “concentrations with a Community dimension”. This means that mergers subject to an EU review will not also be reviewed at the EU national level (e.g. by the OFT in the UK). Whether a takeover will have a “Community dimension” depends on whether it satisfies a number of turnover thresholds. In most cases the European Commission investigations are completed within 25 working days from formal notification. Where there is


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a perceived problem, further investigation is required, which may last between a further 90 to 135 working days.

根据（依据《欧盟合并条例》制定的）欧盟竞争法规，欧洲委员会拥有专属管辖权，可审查由构成“有影响

共同体的一面的集中”的收购产生的竞争问题。须接受欧盟审查的合并无须同时在欧盟成员国层面接受审查

（例如英国公平交易办的审查）。一宗收购是否有“影响共同体的一面”，取决于其营业额是否超过若干界

限。在大部分情况下，欧洲委员会均在发出正式通知后25个工作天内完成调查。如察觉到有问题，则需要

作进一步调查；进一步调查可能历时90至135个工作天。



There are no exchange control restrictions on movement of currency into or out of the United Kingdom.

对于货币汇入英国境内或汇出英国境外，并无外汇管理方面的限制。




The most common types of corporate legal entities formed under English law are private companies limited by shares (a “private company”) and public limited companies (a “PLC”). Both types of company have a share capital and the liability of members is limited to the amount, if any, unpaid on their shares.

根据英国法律成立的公司法人实体中，最常见的类型为私人股份有限公司（“私人私人私人私人公司公司公司公司”）和公众有限公司

（“公公公公众众众众有限公司有限公司有限公司有限公司”）。两类公司均有股本，公司成员的责任限于其股份的未缴金额（如有）。

A private company cannot offer its shares for sale to the general public, whereas a PLC can do so. Only PLCs may be floated on a stock exchange (but there is no requirement to do so). A PLC has more stringent disclosure requirements.

私人公司不得向公众要约出售其股份，公众有限公司则可以这样做。只有公众有限公司可以在证券交易所

挂牌买卖（但没有规定要求公众有限公司这样做）。公众有限公司须遵守较严格的披露规定。

Other types of corporate entity are a private company limited by guarantee (usually used for non-profit organisations such as clubs and charities), a private unlimited company and a limited liability partnership or LLP (commonly used by accountancy and law firms).

其他公司法人实体类型为私人担保有限公司（会社和慈善机关等非牟利机构通常采用这种形式）、私人无

限公司以及有限责任合伙或LLP(会计师和律师事务所常用的形式)。



您您您您所在司所在司所在司所在司法法法法辖区辖区辖区辖区适适适适用于并购交易的用于并购交易的用于并购交易的用于并购交易的法法法法律律律律法法法法规的主要规的主要规的主要规的主要来源来源来源来源是什么是什么是什么是什么？？？？这些这些这些这些法法法法律律律律法法法法规中所处理的规中所处理的规中所处理的规中所处理的与并购有与并购有与并购有与并购有关关关关的主要的主要的主要的主要


The City Code on Takeovers and Mergers (the “Code”) 《收购和合并守则》（“《收购守则收购守则收购守则收购守则》”）

The main source of regulation of takeovers in the UK is the Code. The Code applies to offers for UK-registered companies whose securities are admitted to trading on a regulated market, offers for public companies which have their place of central management or control in the UK, and offers for private companies which have either been admitted to the Official List, or been required to publish a prospectus for securities, in the previous ten years.


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对于在英国进行收购的主要监管法规是《收购守则》。《收购守则》适用于对以下公司提出的收购要约：

证券获准在受监管市场交易的英国注册公司、中央管理或控制地点在英国的公众公司，以及在过去十年内

曾获准列入正式挂牌名单或曾被要求刊发证券相关说明书的私人公司。

The Code is administered by the Panel on Takeovers and Mergers (the “Panel”). Both the Code and the Panel have a statutory footing under the Companies Act 2006 (“CA 2006”).

《收购守则》由收购和合并委员会（“收购委收购委收购委收购委员会员会员会员会”）执行。《收购守则》以及收购委员会在 2006 年《公司

法》（“《《《《公司公司公司公司法法法法》》》》”）下均有法定立足点。

The Code is based on a number of General Principles, which set standards of good commercial behaviour to ensure the fair and equal treatment of shareholders. The Code also contains a number of detailed Rules, which are required by CA 2006. It is the spirit and not the letter of the Code that is important and the General Principles will therefore apply in situations which are not expressly covered by the Rules. This flexibility also means that the Rules can be relaxed where circumstances so require (so long as the General Principles continue to be respected).

《收购守则》以若干一般原则为根据。该等一般原则设定良好商业行为准则，以确保股东得到公平和平等

的对待。《收购守则》也包含《公司法》要求的若干细则。重要的是《收购守则》的精神，而不是其字面

意义，因此上述一般原则在一些没有被上述细则明确涵盖的情况下也适用。这灵活性也意味着在有需要的

情况下，（只要遵守一般原则）该等细则可被放宽。

The Panel is authorised by CA 2006 to give binding rulings on the interpretation, application or effect of the Rules. Past rulings by the Panel on the Code also provide guidance on the ongoing interpretation of the Code.

《公司法》授权收购委员会就该等细则的解释、适用范围或效力作出有约束力的裁决。收购委员会过去就

《收购守则》作出的裁决也为对《收购守则》的持续解释提供指引。

The UKLA Rules 英国上市管理局规则

The UKLA Rules are rules prescribed by the Financial Services Authority (acting as the United Kingdom Listing Authority). The UKLA Rules are the Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules. These may be relevant whenever one of the parties to a takeover is listed, or is seeking a listing, on the Main Market of the London Stock Exchange. If the offeror is listed, the UKLA Rules will require it to obtain consent from its own shareholders if the takeover is a comparatively large acquisition. In addition, if the offeror is offering its own listed securities as consideration, the UKLA Rules will prescribe the contents of the prospectus (or equivalent document) to be published.

英国上市管理局规则由金融服务管理局（作为英国上市管理局）订定。英国上市管理局规则包括《上市规

则》、《披露和透明度规则》以及《说明书规则》。但凡收购的一方已经或正在申请在伦敦证券交易所主

板市场上市，这些规则都可能适用。如果要约方为上市公司，英国上市管理局规则规定倘若收购为比较大

型的收购，要约方必须取得其股东同意。此外，如果要约方提出以其自身的上市证券作为对价，英国上市

管理局规则订明了须刊发的说明书（或同等文件）的内容。

CA 2006《公司法》

CA 2006 applies to all companies incorporated under it and contains a number of relevant provisions to takeovers, including:

《公司法》适用于根据该法成立的所有公司，其中包含若干与收购有关的条文，包括：

• schemes of arrangement (see Section D1 below);

协议安排（见下文 D1段）；

• reductions of capital;

削减资本；


强制收购（“squeeze out”）程序；


禁止公司为了对自身股份的收购而提供资助；


338


对支付股息的限制；及

• restrictions on the issue of shares at a discount to their par/nominal value.

对按低于股份面值的折让价发行股份的限制。

Criminal Justice Act 1993 1993 年《刑法》

This statute contains insider dealing provisions which make certain dealings in securities while in possession of inside information a criminal offence.

此法包含内幕交易条文，规定在持有内幕信息的情况下进行某些证券交易属刑事罪行。

Financial Services and Markets Act 2000 2000 年《金融服务及市场法》

This statute contains a number of relevant provisions, including those prohibiting behaviour which amounts to “market abuse” and those regulating the manner in which “financial promotions” concerning investments are made (which will be relevant if the offeror is to offer listed securities as consideration). 此法包含若干相关条文，包括禁止构成“市场舞弊”的行为的条文，以及规范与投资有关的“财务宣传”方式的

条文（如果要约方提出以上市证券作为对价，这些条文将会适用）。

Competition Rules 竞争规则

Please see section A3 above in relation to competition rules under both UK and European law. 有关英国和欧洲法律下的竞争规则的详情，请参阅上文 A3段。




A takeover can be carried out either by the offeror making an offer to acquire the shares held by the target company’s shareholders, or by the target company initiating a statutory court process called a scheme of arrangement (a “Scheme”). (Both structures are governed by the Code, the Rules of which are modified appropriately where a scheme is being used.)

收购可以通过以下两种方式进行：由要约方提出收购目标公司股东持有的股份的要约，或者由目标公司依

法启动一个名为协议安排的法院程序（“协议协议协议协议安安安安排排排排”）。（两种结构均受《收购守则》管辖；在采用协议安排

的情况下，其细则将被适当修改）。

An offeror must not invoke any condition that would cause the offer not to proceed unless the circumstances which give rise to the right to invoke such a condition are of material significance to the offeror in the context of the offer. Furthermore, an announcement of a firm intention to make an offer is binding on the offeror. An offer must not be announced subject to a condition unless the condition falls within a limited number of specified exceptions or has been expressly allowed by the Takeover Panel. Chinese regulatory approvals would not be exceptions to this rule and would therefore have to be secured before an offer could be announced.

要约方不得援用任何将会导致要约不能继续进行的条件，除非就该要约而言，使援用该条件的权利产生的

情况对要约方有重大的重要性。此外，有关提出要约的确实意图的公告对要约方有约束力。被公告的要约

不得以任何条件为前提，除非该条件属少数特定的例外情况之一或者是收购委员会明确准许的。就这规则

而言，中国监管机关的批准并非例外情况，因此在公告要约前必须先取得中国监管机关批准。

In the case of an offer, the target shareholders are asked to accept the offer being made to them by the offeror.

在要约方提出要约的情况下，目标公司股东被邀请接受要约方向其提出的要约。

In the case of a scheme, the target company shareholders are asked to vote on the takeover proposal put to them by the target, in conjunction with the offeror. (It should be noted that, in both cases, the offeror and the target will remain separate companies.)

在采用协议安排的情况下，目标公司股东被邀请就目标公司与要约方共同向其提出的收购建议进行表决。

（请注意，在两种情况下，要约方和目标公司均仍是独立的公司）。


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For a Scheme, shareholder approval must constitute a majority in number of each class of shareholders whose shares are the subject of a scheme and who are voting at the meeting. This majority must be at least 75 per cent. in number of those shares which are voted. The arrangement is binding on the target company and on all the shareholders involved.

协议安排须经持有作为协议安排标的之股份并在有关的股东会上表决的每一类别股东以多数票批准。这多

数票必须至少达到相关表决权被行使的股份数目的百分之七十五。有关安排对目标公司和所有有关股东有

约束力。

In general, a Scheme is a less flexible procedure, particularly because of the High Court constraints on the timetable. Also, it requires the co-operation of the target company and so cannot be used where an offer is hostile. A substantial benefit of a Scheme is that, where shares are cancelled by the court and new shares issued, stamp duty will not be payable.

一般而言，协议安排是一个灵活性较低的程序。这尤其是因为高等法院对时间表的限制。此外，它需要目

标公司合作，因此在敌意收购情况下不能采用。协议安排的一个很大的好处是在股份被法院取消以及新股

被发行的情况下，将无须缴纳印花税。

There are two further structures available to UK companies wishing to undertake a true “merger” under the EU Cross-Border Merger Regulations. Both structures must involve at least one UK company (as offeror or target) and at least one company governed by the law of a member state of the European Economic Area other than the UK (again as offeror or target). However, such structures have so far never been used in the public arena in the UK, and it is thought that this will generally remain the case.

希望在欧盟《跨境合并条例》下进行真正“合并”的英国公司还可以采用另外两种结构。该两种结构均必须涉

及至少一家英国公司（作为要约方或目标公司）以及至少一家受英国以外的欧洲经济区成员国法律管辖的

公司（作为要约方或目标公司）。然而，该等结构从未在英国公众领域中被采用过。我们认为情况大致上

将继续如此。



Takeovers can be effected by means of a hostile bid.

可以通过提出敌意收购要约进行收购。



The Code contains provisions which require a person to make a mandatory offer where they:

《收购守则》规定任何人在下列情况下必须作出强制收购要约：

(i) acquire (either alone or together with their “concert parties”) interests in shares with 30% or more of the voting rights in a target company; or

该人（单独或与“一致行动人士”共同）取得附有目标公司 30%或以上的表决权的股份权益；或

(ii) are already interested in shares carrying between 30% and 50% (inclusive) of the voting rights in the target, and they (or any person acting in concert with them) acquire an interest in any other shares carrying voting rights which increases their percentage interest in the target.

该人已经拥有附有目标公司 30%至 50%（包括该两数在内）的表决权的股份权益，且该人（或与该人

一致行动的的任何人）取得任何其他附有表决权的股份权益，因而提高其在目标公司的股权百分比。

The Code lists a number of categories of persons who will be presumed to be acting in concert unless the contrary is shown. These include “affiliated persons” (as defined in the Code), companies in the same group, companies and their directors and companies and their advisers.

《收购守则》列出了除非证明情况相反否则将被推定为一致行动的若干类别人士。该等人士包括（《收购

守则》所界定的）“关联人士”、同一集团内的公司、公司与其董事以及公司与其顾问。

There are certain circumstances in which the Panel may waive the requirement to make a mandatory offer. In particular, there is a “whitewash” procedure which allows the issue of new securities to a person who


340

will end up with a 30% plus holding, if the issue has been approved by a special vote of the independent shareholders of the target.

在若干情况下，收购委员会可能会豁免遵守作出强制收购要约的规定。有一个关于“清洗”程序的规定，准许

在经目标公司的独立股东特别表决批准的情况下，向将会因有关的证券发行而取得 30%以上的股权的人士

发行新证券。



In general, an offeror making a voluntary bid is free to offer whatever price it wishes.

一般而言，自愿收购的要约方可随意提出任何价格。

However, the Code requires that the bid price must not be less than the highest price (as calculated in accordance with the Rules) paid by the offeror or any person acting in concert with it to acquire an interest in shares in the target during the three months prior to the offer period or during any period between the commencement of the offer period and the announcement of a firm intention to make an offer. The Panel may also count purchases made before the three month deadline if, for example, they were made from directors of the target. (This is subject to the discretion of the Panel; which could, for example, be exercised if the market has fallen sharply since the relevant acquisition and/or the target board is happy to recommend a lower price.)

然而，《收购守则》规定要约收购价不得少于要约方或与要约方一致行动的的任何人在要约期之前三个月

内或在要约期开始到公告提出要约的确实意图期间任何时间为收购目标公司股份权益而支付的最高价格

（按照《收购守则》的细则计算）。在某些情况下（例如有关股份权益是从目标公司董事收购的），收购

委员会也可能会将三个月期限前作出的收购计算在内。（收购委员会对此有酌情决定权。在某些情况下

（例如市场自有关收购以后大幅度下跌和/或目标公司董事会乐意推荐较低的收购价），收购委员会可能会

行使该酌情决定权。）

In addition, if the offeror stated prior to making its offer that it was considering making an offer at a particular price, it will generally not be permitted to make an offer at a lower price, unless it reserves the right to bid at a lower level if certain specified events occur (e.g. a competing offer or a recommendation).

此外，如果要约方在提出要约之前声明其正在考虑提出以某一价格进行收购的要约，一般不会获准以较低

的价格提出要约，除非要约方保留在若干特定事件发生的情况下（例如出现相竞争的要约或推荐情况）以

较低的价格提出要约的权利。

In the following circumstances, the offer price must also not be less than the highest price paid by the offeror for shares in the 12 months prior to the offer period and during the offer period:

在下列情况下，要约价也不得少于要约方在要约期之前 12个月内以及在要约期间就股份支付的最高价格：

(a) where a mandatory bid is required; or

如需要提出强制收购要约；或

(b) where the offeror and its concert parties have acquired an interest in shares in the target “for cash” during the preceding 12 months which carries 10% or more of the target company voting rights.

如要约方以及其一致行动人士在前 12 个月内“以现金”收购了附有 10%或以上的目标公司表决权的目标

公司股份权益。



The number, style and content of documents in a public takeover will depend on whether the bid is hostile or recommended (and also whether a Scheme is used).

公开收购文件的数目、形式和内容取决于收购是否敌意或受推荐的（以及是否采用协议安排）。


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Set out below is a table illustrating the main relevant public documents for each type of takeover:

下表列出了每一种收购中的主要有关公共文件：

Recommended 受受受受推推推推荐荐荐荐的的的的

Hostile 敌敌敌敌意的意的意的意的

Press Announcement (offeror/target)

报章公告（要约方/目标公司）

Press Announcement (offeror)

报章公告（要约方）

Letter circulating announcement to shareholders etc. (target)

载有给股东的通告等内容的通函（目标公司）

Letter circulating announcement to shareholders etc. (target)

载有给股东的通告等内容的通函（目标公司）

Rejection Press Announcement (target)

关于拒绝的报章公告（目标公司）

Offer Document (or Scheme Document) (offeror/target)

要约文件（或协议安排文件）（要约方/目标公

司）

Offer Document (offeror)

要约文件（要约方）

Acceptance Form (offeror) (or Scheme Form of Proxy (target))

接受表格（要约方）（或协议安排股东代表委任

表格（目标公司））

Acceptance Form (offeror)

接受表格（要约方）

Circular to offeror shareholders, where their approval is required (offeror)

给要约方股东的通函（如需要其批准）（要约

方）

Circular to offeror shareholders, where their approval is required (offeror)

给要约方股东的通函（如需要其批准）（要约方）

Prospectus or equivalent document, where required (offeror/target)

有关证券说明书（或同等文件）（如有需要）

（要约方/目标公司）

Prospectus or equivalent document, where required (offeror)

有关证券说明书（或同等文件）（如有需要）（要

约方）

First Defence Document (target)

最初反收购文件（目标公司）

Final New Information Defence Document (target)

最终新信息反收购文件（目标公司）

Revised Offer Document, where applicable (offeror)

经修订要约文件（如适用）（要约方）

Note: In addition, there will be a number of press announcements: for example, of acceptance levels, extensions of the offer, etc. In a hostile bid, there are also likely to be further documents sent to target shareholders by both the offeror and the target at regular intervals over the offer period, setting out their arguments and including, for example, profit forecasts and asset valuations.

注意：此外，还有若干报章公告，例如关于接受程度、延长要约期等的报章公告。在敌意收购中，要约

方和目标公司也很可能会在要约期内，定期向目标公司股东寄发列出其论点以及包含利润预测和资产估

值等内容的其他文件。

The Code also requires the board of the target company to obtain independent advice on any offer and the substance of that advice must be communicated to its shareholders. In certain circumstances the Code also requires the offeror to obtain independent advice.

《收购守则》也规定目标公司董事会须就任何要约取得独立意见，且必须向目标公司股东传达该意见的

主要内容。在某些情况下，《收购守则》也规定要约方须取得独立意见。


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The Panel will review all documents published by the parties to a bid to ensure that they comply with the requirements of the Code. However, a document will only need to be “pre-approved” by the Panel if there is something in the document which is controversial or which requires Panel consent.

收购委员会将会审阅收购中各方公开的所有文件，以确保其符合《收购守则》的规定。然而，只有在某份

文件包含有争论或需要收购委员会同意的内容的情况下，该文件才需要取得收购委员会“预先批准”。

If an offeror is required to send a circular to its own shareholders (because it requires their consent to the bid) and/or to issue a prospectus or equivalent document (because it is issuing new (listed) securities as consideration), those documents will all need to be pre-approved by the UKLA before publication. The minimum time for approval of a prospectus is 10 clear business days but, in practice, it will take longer (five weeks is a guideline).

如果要约方按规定需要向其股东寄发通函（因为要约方需经股东同意才可进行收购）和/或需要刊发说明书

或同等文件（因为要约方将发行新（上市）证券作为对价），该等文件在刊发前全部需经英国上市管理局

预先批准。审批说明书至少需时足 10 个营业日，但实际上需要更长时间（指示性时间为五星期）。

If a takeover is to be implemented by way of a scheme of arrangement, the scheme document will be presented to the court prior to it ordering the holding of any meetings necessary to gain shareholder approval of the scheme. The scheme document will usually be submitted to the court, with a sworn statement from one of the directors setting out the facts relevant to the scheme, approximately two days before such court hearing.

如果收购以协议安排方式实行，须先向法院提交协议安排文件，然后由法院下令召开必要的会议，以取得

股东对协议安排的批准。协议安排文件通常会在法院聆讯约两天前，连同经一位董事宣誓后作出、列明与

协议安排有关的事实的陈述书一并提交法院。


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The City Code recognises that a takeover bid disrupts the ordinary business activities of the target company. In order to avoid unnecessary disruption the code imposes a strict timetable for the making of bids. The following table gives an outline of the most important events in making a takeover offer:

《收购守则》承认要约收购扰乱目标公司的日常业务活动。为了避免不必要地扰乱目标公司业务，《收购

守则》规定了一个严格的要约收购时间表。下表提供要约收购中最重要事件概要：

Day 天天天天

Event 事件事件事件事件

-28 Announcement of offer

公告要约

0 Last day for posting an offer document

寄发要约文件的最后期限

+14 Last day for posting target’s response to the offer

寄发目标公司对要约的回复的最后期限

+21

An offer must remain open for 21 days after sending the offer document. Day 21 is the first date at which the offer can be closed

要约必须在要约文件寄发后 21 天内持续有效。从第 21 天起，要约可以截止。

+39

Last day for the target to announce material new information e.g. trading results, profit or dividend forecasts and asset valuations

目标公司公告重大新信息（例如经营业绩、利润或股息预测以及资产估值）的最后期

限

+46 Last day for offeror to revise its offer

要约方修订其要约的最后期限

+60 Last day for offer to be declared unconditional as to acceptances

宣布要约就接受而言成为无条件的最后期限

+81 Last day for the offer to be declared wholly unconditiona

宣布要约成为完全无条件的最后期限

+95 Last day for paying the offer consideration to shareholders who accepted at day 81

支付要约对价给在第 81 天接受了要约的股东的最后期限


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In private company M&A transactions in the UK it is common for the parties to document the agreed proposed terms and conditions of the transaction. Such documents may take the form of a “Memorandum of Understanding”, “Heads of Terms”, “Term Sheet” or “Letter of Intent”.

在英国的私人公司并购交易中，各方就交易中已同意的建议条款与条件签订文件是很普遍。该等文件可以

是“备忘录”、“条款总目”、“关键性条款”或“意向书”。

Preliminary agreements are set out on a non-legally binding basis. The parties may specify in the agreement any terms that are intended to be legally binding, most commonly provisions for confidentiality, exclusivity (“lock-out”), costs and governing law. For the avoidance of doubt, preliminary agreements will ideally specify, term by term, whether that term will be legally binding.

各方首先签订不具有法律约束力的初步协议。各方可在协议中具体列明任何将会具有法律约束力的条款，

最普遍是关于保密、排他性（“锁定”）、费用及管辖法律的条款。为免产生疑问，初步协议的条款最好逐条

订明该条款是否具有法律约束力。




While English law does not impose a general duty of good faith on contracting parties, a duty of good faith may arise when negotiations begin and crystallise when terms are agreed, such as those agreed in principle under a MOU. Express contractual terms to negotiate in good faith are recognised and considered by the English courts.

虽然英国法律没有规定订约各方必须履行一般诚信责任，但谈判开始后各方即有诚信责任，而在协定条款

后例如在备忘录中原则上同意了一些条款后，应真诚地履行责任。英国法院会承认并考虑真诚地明确订定

的条款。




In private M&A transactions in the UK it is common to enter into an exclusivity agreement under which the seller agrees not to (for example) negotiate with, or enter into, an agreement with third parties. The agreement may be documented in a standalone agreement or may be included as a term of the parties’ preliminary agreement. In order to be legally binding the agreement must be expressed as a negative covenant, must be for a fixed term and must either be supported by consideration or executed as a deed. If the exclusivity agreement forms part of the preliminary agreement it is advisable to make clear that the term is intended to be legally binding.


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在英国的私人并购交易中，订立排他性协议很普遍，卖方在该协议项下同意不会（例如）与第三方谈判或

签订任何协议。该协议可以是独立的协议或作为各方订立的初步协议的其中一项条款。为了令该协议具有

法律约束力，该协议必须明确订明为一份负面契约、必须为固定期限、以及必须有对价支持或作为一份契

约签订。若该排他性协议属于初步协议的一部分，最好清楚订明该条款应具有法律约束力。



通常通常通常通常要处理哪要处理哪要处理哪要处理哪些些些些类类类类问题问题问题问题？？？？

In the UK a listed company may be acquired through a normal contractual process, which may include preliminary agreements. The extent of the preliminary negotiation will depend on whether the proposed takeover is “recommended” or “hostile”. Preliminary agreements commonly address matters such as confidentiality and exclusivity. While the offer must be made to all shareholders of the target company, it is common for the bidder to secure irrevocable undertakings from key shareholders to accept the bid when it is made in order to secure the likelihood of completing the transaction.

在英国，可以通过正常订约程序包括订立初步协议收购一家上市公司。初步谈判的范围将视乎拟议收购是

属于“建议收购”或“敌意收购”。初步协议的内容通常有关例如保密和排他性的条款。虽然收购要约必须向目

标公司所有股东作出，但为了提高完成交易的可能性，收购方通常会先取得主要股东不可撤回地承诺在收

购要约作出时他们会接受要约。


是否是否是否是否存存存存在在在在专专专专门门门门针针针针对对对对支付终止支付终止支付终止支付终止交易费交易费交易费交易费（（（（是是是是指指指指在交易不在交易不在交易不在交易不继续继续继续继续进行的进行的进行的进行的情况情况情况情况下下下下，，，，买买买买方方方方或卖或卖或卖或卖方方方方向向向向其他方其他方其他方其他方进行的进行的进行的进行的付付付付


Break fees have been a common feature of both public and private acquisitions in the UK.

终止交易费是英国的公开收购或私人收购的共同特点。

The negotiation of break fees will involve the consideration of a number of legal issues. Directors must ensure that the terms of break fees are consistent with their statutory and fiduciary duties to act in the interest of the company and exercise independent judgement. Break fee agreements must also be drafted to avoid being construed as an indemnity or gift from the target company. Such forms of ‘financial assistance’ are unlawful.

终止交易费的谈判涉及要考虑很多法律事宜。董事必须确保终止交易费的条款是符合他们以公司利益为前

提履行其法定和受信责任，并行使独立判断。同时，终止交易费协议应小心草拟，以免被误解为目标公司

的赔偿或馈赠。如此形式的“财务资助”是违法的。

A break fee of 1% or more of the value of the listed company (calculated either by reference to the offer price or market capitalisation of the company) payable in respect of a transaction will make the transaction a ‘Class 1’ transaction. This classification imposes requirements to announce the transaction, to publish an explanatory circular and to obtain shareholder approval of the transaction.

若终止交易费为该上市公司价值的 1% 或以上（根据收购价或公司的资本市值计算），该交易属于“第 1类”

交易。这类别交易须遵守的规定是该交易必须公布、印发说明通函以及该交易必须取得股东批准。

In relation to public takeovers, as of 19 September 2011, the Code includes a general prohibition on deal protection measures which will extend to any “offer-related arrangement”. Such arrangements include inducement fees (break fees), any implementation agreement entered into before the announcement of a firm offer and any exclusivity agreement entered into at an early stage in the offer process.

至于公开收购，截至 2011 年 9 月 19 日，《收购守则》包括对交易保护措施实施一般性禁止规定，该等规

定将延伸至适用于任何“要约相关安排”。该等安排包括奖励费（终止交易费），任何在确实要约公布之前已

签订的执行协议，以及任何在要约过程初期签订的排他性协议。


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The general powers of managing a company are vested in the board of directors of a UK company pursuant to its constitutional documents. Pursuant to CA 2006, shareholder consent is required for certain actions to be taken, either under an “ordinary” or a “special” resolution. An ordinary resolution will require more than 50% of the votes cast by shareholders voting in person or by proxy. A special resolution requires not less than 75% of the votes cast. This means that shareholders holding an aggregate of over 25% of the company’s shares are able to block a special resolution. CA 2006 also provides shareholders with the power to remove a director by ordinary resolution.

一家英国公司可根据公司的组成文件赋予董事会一般权力管理该公司。根据《公司法》，如要采取某些行

动，不论通过“普通”或“特别”决议方式，必须取得股东同意。普通决议必须由亲自或委派代表投票的股东

50% 以上投票赞成才可通过。特别决议则必须不少于 75% 股东投票赞成才可通过。这表示持有公司股份合

共 25% 以上的股东可阻止通过特别决议。《公司法》也订明股东有权力以普通决议罢免董事。

Any shareholder has the following rights under English law: the right to ask a court to call a general meeting, the right not to be unfairly prejudiced, the right to vote, the right to receive notice of general meetings, and the right to a copy of the annual accounts.

任何股东在英国法律下均拥有以下权利：有权向法院要求召开股东大会、有权不受到不公平损害、表决

权、有权收取股东大会通知、以及有权取得年度账目文本。

Shareholders holding in aggregate 5% or more of the company’s shares have the right to refuse consent to a general meeting at short notice, the right to circulate a written statement and the right to call a general meeting. Such powers, in combination with the capacity to remove a director by ordinary resolution, enable minority shareholders to enforce the full process of removal of a director.

持有公司股份合共 5% 或以上的股东有权反对以短时间通知召开股东大会、有权传阅书面声明、以及有权

召开股东大会。该等权力加上可通过普通决议罢免董事，少数股东因此可进行有关罢免董事的全部程序。

Shareholders holding in aggregate 10% or more of the company’s shares have the right to have the company’s annual accounts audited.

持有公司股份合共 10% 或以上的股东有权取得公司的经审计年度账目。

In a transactional context, the CA 2006 gives minority shareholders holding the final 10% of the company’s shares the right to have those shares bought out by a bidder who has acquired a 90% shareholding (“sell-out” rights). Similarly, a bidder who has acquired 90% or more of the company’s shares has the right to buy out the remaining 10% (“squeeze out” rights).

就交易而言，根据《公司法》，持有公司股份最终 10% 的少数股东有权要求已购入公司 90% 股权的收购

方必须购买该等股份（“强制出售”权）。同样，已购入公司 90% 或以上股份的收购方有权强制购入余下的

10% 股份（“强制排除”权）。




A share acquisition of a UK company will not affect the employer/employee contractual relationship as the employer is not deemed to have changed under English law. Employees’ continuity of service and other rights are preserved and no renewal of contracts is required. No statutory information or consultation obligations arise in a share acquisition although some employers may have consultation obligations with trade unions under industrial agreements.


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英国公司的股权收购不会影响雇主与员工的合同关系，在英国法律下，股权收购不会导致雇主变更。而

且，雇佣期的连续性及其它权利均予以保留，无需重新签订合同。股权收购交易不会引致有关法定资料或

咨询的责任，虽然一些雇主可能需依据产业协议对工会履行咨询责任。

A share acquisition will affect share, benefits, and pensions schemes, as well as any contractual change of control provisions.

股权收购将影响到有关股份、利益、养老金的计划，以及任何有关控制权变更的合同条款。

If the transaction is subject to the Code, the bidder and target companies are required to provide information to employees or employee representatives. Such obligations include the requirement to notify employees of possible offer and firm offer announcements and the requirement to inform employees of their right to have an opinion appended to a circular, the costs of which are to be borne by the employer. Employers must also make available to employees the offer documents and related opinions.

若该交易受限于《收购守则》，收购方和目标公司必须向员工和员工代表提供有关资料。该等责任包括必

须通知员工关于可能要约和确实要约的公告、必须通知员工有权将其意见附加于通函、以及雇主将需承担

的相关费用。此外，雇主必须向员工提供要约文件和相关意见。

The Takeover Directive requires employers to inform employees of the company’s intentions with regard to the future business of the target, any material changes to the conditions of employment that may arise and the offeror’s strategic plans for the two companies, particularly where they relate to employment.

《收购指令》规定雇主应通知员工关于公司对目标公司未来业务的意向、劳动条件可能出现的任何重大改

变、以及要约方对两家公司的战略计划，尤其是雇佣方面的计划。



The transfer of employees in an asset or business sale is governed by the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”). TUPE imposes a statutory novation of employee contracts on transfer of the undertaking. Where there is a TUPE transfer a specified group of employees, who are identified as relevant to the transfer, will therefore transfer to the buyer under their existing terms of employment with their continuity of employment unbroken. These rights to continuity of terms extend to any employee in the relevant group immediately before the transfer and anyone who would have been in the grouping if they had not been dismissed due to the transfer or a reason connected with it.

在资产或业务出售中的员工转让现时受《2006 年企业转让（就业保护）条例》（下称 “《《《《转让转让转让转让条条条条例例例例》》》》”）所

规管。《转让条例》对企业转让时劳动合同的更新作出规定。在《转让条例》项下转让具体类别员工且他

们被确定为与该转让相关的，该等员工将按其现时的劳动条款转让给买方，并且他们的雇佣期视为持续没

有中断。这些持续雇佣的权利延伸至也适用于在紧接该转让之前相关类别的任何员工，以及适用于假如不

是因为该转让或与该转让相关的原因而被解雇，原本应属于该类别的任何人。

All of the seller’s rights, duties and liabilities in relation to the transferring employees pass to the buyer and any acts or omissions of the seller before the transfer become the liability of the buyer.

凡卖方与被转让员工相关的所有权利、职责和责任均转让给买方，并且卖方在该转让之前的任何作为或不

作为均成为买方的责任。

Since the transfer of liability to the seller is comprehensive, it is important that the buyer conducts due diligence to ascertain precisely what accrued liabilities and obligations it will acquire. There may be factual issues in determining, in the case of casual, contracted or self-employed workers, whether they constitute employees who will transfer automatically under TUPE, for example.

由于卖方责任的转让非常繁复，重要是买方应进行尽职调查以准确地确定本方将接收哪些现有责任和义

务。在决定现有责任和义务方面可能存在一些事实性问题，例如临时、合同或自雇员工，他们应否属于在

《转让条例》下自动转让的员工。

Both the seller and buyer have an obligation to inform and consult with recognised trade unions or elected employee representatives in relation to any of their own employees who may be affected by the transfer or any measures taken in connection with it, with a view to reaching agreement. The timing and length of


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consultation will depend on the nature of the transaction. Such consultation must take place before the changes are effected.

卖方和买方均有责任就本方可能受该转让或与该转让相关的任何措施所影响的员工，通知和咨询认可的工

会或被选定的员工代表，以便达成协议。咨询的时间和期限将视乎交易的性质而定。有关咨询必须在有关

转变生效之前进行。



您所在司法辖区是否存在可能导致业务买方对业务卖方的债务或义务承担责任的任何法律规定？

There is no legislation imposing automatic liability on the transferee other than the employee liabilities under TUPE discussed above.

除了上文提及《转让条例》规定关于员工的责任外，现时没有法例规定承让方须自动承担其它责任。




• Guangdong Rising’s takeover by scheme of arrangement of Caledon Resources plc through a subsidiary bidco (July 2011)

广东广晟以一家子公司作为收购方，以协议安排方式收购卡利登资源公司（Caledon Resources plc）

（2011年 7月）

• Petro China Company Limited’s £1billion joint venture agreements with INEOS Group Holdings plc (July 2011)

中国石油天然气股份有限公司与 INEOS Group Holdings plc 的 10 亿英镑合资企业协议（2011 年 7

月）

• Cheung Kong Infrastructure’s recommended takeover of Northumbria Water plc (August 2011)

长江基建集团建议收购 Northumbria Water plc (2011年 8月)

Slaughter and May is a leading international law firm recognised throughout the business community for its

commercial awareness and commitment to clients. With offices in London, Brussels, Hong Kong and Beijing,

we provide top-quality corporate and M&A (including in areas such as competition, tax and pensions and

employment), commercial and financial legal advice to market leaders throughout the world. We have 125

partners and over 600 other lawyers worldwide, with a total staff of over 1300. For further information, please

contact Lisa Chung ([email protected]) or visit our website: www.slaughterandmay.com.

司力达律师事务所是一家具领导地位的国际律师事务所，我们对商业事务的了解和对客户委托事项付出的努力

备受商界赏识。我所在伦敦、布鲁塞尔、香港和北京设有办事处。我们为世界各地的市场领先企业提供最优质

的企业及兼并与收购(并包括竞争、税务、退休金和劳动关系等范畴)、商业和财务法律意见。我们在全球共有

125 位合伙人和其他 600 名律师，员工总数超過 1300 多人。如您需要更多信息，请联系钟慕贞律师

([email protected])或浏览我所的网站：www.slaughterandmay.com.

October 2011 United States of America 美利坚合众国

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United States of AmericaUnited States of AmericaUnited States of AmericaUnited States of America 美利坚合众国美利坚合众国美利坚合众国美利坚合众国

CRAVATH, SWAINE & MOORE LLP





Committee on Foreign Investment in the U.S. 美国外国投资委美国外国投资委美国外国投资委美国外国投资委员会员会员会员会 (“CFIUS”)

The President, acting through CFIUS, has the authority, under the Exon-Florio amendment to the Defense Production Act of 1950, to investigate to determine the effects on national security of mergers, acquisitions and takeovers by or with foreign persons that could result in foreign control of persons engaged in interstate commerce in the U.S.

美国总统有权根据《1950年国防产品法》(Defense Production Act) 的《埃克森－弗罗里奥修正案》(Exon-

Florio)调查确定外国人士的合并、收购和接收活动是否可能导致外国对在美国从事跨国商务的人士的控制。

If the parties voluntarily notify CFIUS of a proposed acquisition, the transaction is subject to a 90-day timetable: 30 days in which CFIUS determines whether to commence an investigation, 45 days in which an investigation is completed, and 15 days in which the President announces a decision to suspend or prohibit the transaction. Parties to a proposed acquisition that falls under the scope of the Act may voluntarily notify CFIUS because otherwise the President indefinitely has the right to order divestment if he subsequently makes the required findings. An investigation is mandatory where a foreign government or an entity controlled by or acting on behalf of a foreign government seeks to engage in any merger, acquisition or takeover which could result in control of a person engaged in interstate commerce in the U.S.

如果相关各方自愿向 CFIUS 通报拟议中的收购，该项交易有 90 天的审查期：CFIUS将用 30 天来确定是否

需要展开调查，另用 45 天完成调查，然后总统将在 15 天内宣布是否暂停或禁止这项交易。属于该法案管

辖范围的拟议收购相关各方可自动通报 CFIUS，否则，如果总统后来按规定进行调查后发现，有权下令出

售资产，这种权利没有期限。如果外国政府或受外国政府控制或代表外国政府行事的实体参与任何合并、

收购或接收，并可能导致对在美国从事跨国商务的人士的控制，则必须进行调查。

Industry-Specific Statutes 针针针针对具体产业的对具体产业的对具体产业的对具体产业的法法法法规规规规

There are also industry-specific statutes that restrict or prohibit entirely foreign ownership. Examples of sensitive industries include airlines, maritime activities and nuclear power generation.

还有针对具体产业的法规，限制或完全禁止外国所有权。例如，敏感产业包括航空、海事业务和核能发电。



Certain industries are subject to federal and/or state statutes that require prior approval for an acquisition, or restrict investment, within the industry. Examples of such industries include television or radio broadcast licenses, airlines, banks and savings and loan associations, health care, insurance, maritime activities, public utilities and industrial facilities subject to environmental statutes.


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某些产业必须遵守联邦和/或州法律的规定，在业内进行收购或限制性投资时获得事先批准。例如，这类行

业包括电视或无线电广播牌照、航空、银行及储蓄和贷款机构、医疗保健、保险、海事业务、公用事业和须

遵守环境法的工业设施。



Clayton Antitrust Act of 1914 (the “Clayton Act”) 1914年年年年《《《《克莱顿克莱顿克莱顿克莱顿反反反反托托托托拉拉拉拉斯斯斯斯法法法法案案案案》》》》（（（（“克莱顿克莱顿克莱顿克莱顿法法法法案案案案“））））

Section 7 of the Clayton Act is the primary substantive U.S. merger control statute. Section 7 of the Clayton Act prohibits acquisitions of stock or assets “where the effect of such acquisition may be substantially to lessen competition, or to tend to create a monopoly.” The Department of Justice (the “DOJ”) and the Federal Trade Commission (the “FTC”) have joint jurisdiction to enforce Section 7, but only one of the two agencies may obtain authorization to review a given transaction. In addition, state attorneys general may also sue to block mergers under federal antitrust law, and they have taken on an increasingly important role in merger review in the last two decades.

克莱顿法案第 7 节是美国最主要的实质性合并控制法。克莱顿法案第 7 节规定，“如果收购的效果可能会在

实质上降低竞争或趋向于形成垄断”，则禁止收购股票或资产。美国司法部（“DOJ”）和联邦贸易委员会

（“FTC”）在执行该法案第 7 节方面都有管辖权，这两个机构中只有一个机构可获权审查某一项交易。此

外，州检察长也可根据联邦反垄断法提起诉讼，阻止合并，而且在过去 20 年里，已在合并审查中起到越来

越重要的作用。

Hart-Scott-Rodino Antitrust Improvements Act of 1976 1976年年年年《《《《哈哈哈哈特特特特-斯斯斯斯各各各各特特特特-羅迪諾羅迪諾羅迪諾羅迪諾反反反反托托托托拉拉拉拉斯斯斯斯改改改改進進進進法法法法

》》》》 (“HSR”)

HSR is the primary relevant procedural statute. It requires that parties whose mergers meet certain requirements (generally relating to the size of the transaction) file a premerger notification form along with certain documents (including a copy of the merger agreement and any appendices) with the DOJ and the FTC. Acquisitions of non-U.S. companies may be exempt if the companies do not have sufficient U.S. assets or sales. The buyer is required to pay a substantial filing fee, which depends on the size of the transaction. Filing of the premerger notification form sets in motion an initial waiting period (of either 30 calendar days or 15 calendar days, depending on the form of the transaction) for the DOJ and the FTC to review the deal. Most transactions are cleared relatively quickly through an initial screening process during the initial waiting period. If that screening process indicates potential competition concerns, however, the reviewing agency will undertake a more extensive review process, which can significantly delay closing of the transaction. The parties can request early termination of the waiting period, which may be granted if the reviewing agencies quickly conclude that the transaction does not present competition concerns. Failure to comply with HSR filing requirements by the merging parties can result in significant delays in the merger review process, substantial financial penalties or even rescission of a completed transaction.

HSR 是最主要的相关程序法。该法要求，须遵守特定规定的合并案（主要与交易的规模有关）应向美国司

法部和联邦贸易委员会呈报合并前通知表和其它文件（包括合并协议和任何附件的副本）。如果收购非美

国公司，且这类公司并没有足够的美国资产或销售额，则无须遵守此项规定。买方必须支付很大一笔呈报

费，数额多少取决于交易的规模。呈报合并前通知表后，会启动一个最初等待期（30个或 15个日历日，取

决于交易的形式），以便司法部和联邦贸易委员会审查。大多数交易很快就会在最初等待期通过初级筛查

程序。但是，如果筛查程序显示可能存在妨碍竞争的潜在问题，审查机构将着手展开更广泛的审查程序，

可使交易的成交显著延后。相关各方可要求提前结束等待期，如果审查机构迅速得出结论，认为该项交易

不会妨碍竞争，可能会获得批准。如果相关各方不遵守 HSR 的呈报要求，可导致合并审查程序显著延迟，

受到高额财务处罚，或甚至会废除已完成的交易。

Sherman Antitrust Act of 1890 (the “Sherman Act”) 1890年年年年《《《《谢谢谢谢尔曼反尔曼反尔曼反尔曼反托托托托拉拉拉拉斯斯斯斯法法法法案案案案》》》》((((“谢谢谢谢尔曼尔曼尔曼尔曼法法法法案案案案”))))

The proposed merger of the only two substantial competitors in a relevant market may trigger Section 2 of the Sherman Act, which makes it illegal to monopolize or attempt to monopolize any line of commerce. Until the proposed transaction closes and the parties become a single entity, the buyer and the seller


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remain subject to Section 1 of the Sherman Act, which prohibits certain kinds of agreements that produce or are likely to produce anticompetitive effects. The buyer and seller must continue to compete as separate entities, and they may not, for example, agree to allocate customers or coordinate pricing. In addition, the DOJ and the FTC have recently stepped up enforcement of the so-called “gun jumping rules”, which prohibit parties to a merger from integrating aspects of their operations or the target from ceding control to the buyer before clearance under HSR.

在相关市场上两个仅存的竞争对手之间的拟议合并可能引起谢尔曼法案第 2 节相关调查，该节规定，在任

何商业领域实现垄断或企图实现垄断均属非法。在拟议交易成交及相关各方合并成一个整体之前，买方和

卖方仍需遵守谢尔曼法案第 1 节的规定，该节禁止产生反竞争效果或可能产生反竞争效果的任何形式的协

议。买方和卖方必须作为分立实体继续竞争，而且，举例来说，双方不得达成分配客户或协调价格的协

议。此外，司法部和联邦贸易委员会最近已加强执行所谓的“抢先起跑规则”，这些规则禁止合并相关各方在

通过 HSR审查之前整合运营领域或禁止卖方将控制权让给买方。



There are no exchange control restrictions on movement of currency in or out of the U.S.

对出入美国的货币没有外汇控制限制。




The principal distinction under U.S. law is between public and private companies. A public company has securities (equity or debt) that have been registered with the Securities and Exchange Commission (the “SEC”). A company is required to register securities with the SEC if any of the following is true:

根据美国法律，主要分为上市公司和私营公司两大类。上市公司的证券（股票或债券）已在证券与交易委

员会（“SEC”）注册。如果存在以下情况，公司证券必须在 SEC注册：

•••• The securities are listed on a national securities exchange;

其证券在一家全国性证券交易所上市；

•••• The company has total assets exceeding $10 million and a class of equity security (other than an exempted security) held of record by at least 500 persons; or

该公司的总资产超过 1,000 万美元，而且某一类股权证券（豁免证券除外）根据记录至少由 500 人持

有；或

•••• The company has registered the offer of its securities under the Securities Act of 1933, as amended (the “Securities Act”).

该公司已根据 1933年《证券法》（“证券法”）注册发售其证券。

Limited exemptions to registration are available to a company that would otherwise be required to register securities because it meets the second bullet point above, if the company is a “foreign private issuer” and either (a) the relevant class of securities is held by less than 300 U.S. residents or (b) the company (1) is not otherwise required to file or furnish reports with the SEC, (2) maintains a current listing of the securities on an exchange in its primary trading market and (3) the company has published certain information in English on its own internet website or another electronic information delivery system.

如果一家公司在其它情况下因符合上述第二点的规定而必须将其证券注册，但是，如果这家公司是“外国私

营发售人”而且(a)相关类别的证券由不到 300 个美国居民持有，或(b)该公司(1)在其它情况下并不需要向


352

SEC 呈报或提供报告，(2)目前一直在其主要交易市场的交易所挂牌交易，并(3)该公司已用英文在自己的互

联网或其它电子信息传递系统公布某些信息，则可能可以免予注册。

The primary types of legal entities are corporations, partnerships and limited liability companies, which are established under state law:

法律实体的主要类型有：法人公司（corporation）、合伙公司（partnership）和有限责任公司（limited

liability company），均根据州法律成立：

•••• A partnership is an association of two or more persons carrying on a business for profit. Each partner is a general partner, having the right to participate in management and personally liable for the obligations of the partnership, unless the partners agree that one or more of them will be general partners (having this right and liability) and others will be limited partners (having no personal liability and a limited right to management). A partnership does not pay taxes at the entity level; partners are taxed directly on their share of the partnership’s profits. Withdrawal of a general partner dissolves a general partnership.

合伙公司是两到三个人组成的以盈利为目的经营业务的联合体。各合伙人均为普通合伙人，有权参与管

理，并对合伙公司的义务承担个人责任，除非各合伙人同意一个或多个合伙人将成为普通合伙人（有上

述权利和义务），其他合伙人将成为有限合伙人（不承担个人责任，而且管理权受到限制）。合伙公司

本身不交税；合伙人直接就其在合伙公司的利润份额直接交税。如果一名普通合伙人撤出，则整个合伙

公司解散。

•••• A corporation is a separate legal entity from its owners, the shareholders. It generally shields them from personal liability and continues to exist after they withdraw. Income earned by a corporation is taxed at the entity level and again as a dividend in the hands of its shareholders, though certain smaller corporations can elect to be treated differently for tax purposes.

法人公司是与其拥有人（即股东）分立的法律实体。这种公司通常可使拥有人避免个人责任，而且在拥

有人撤出后继续存在。法人公司的收入须由公司纳税，然后，其股东的股息还要纳税，不过某些小型法

人公司可选择税务上的不同待遇。

•••• A limited liability company (“LLC”) has some characteristics of a corporation and a partnership: It is a separate legal entity from its owners, the members. It generally shields them from personal liability, and it is run by the members or managers they appoint. Unless a contrary election is made, income from an LLC is taxed at the member level only. An LLC’s existence can be perpetual.

有限责任公司（LLC）兼具法人公司和合伙公司的某些特点。有限责任公司是与其拥有人（即成员）分

立的法律实体。这种公司通常可使其成员避免个人责任，而且由其成员或其成员任命的经理经营。除非

做出相反的选择，LLC的收入只需经由其成员纳税。LLC可永久存在。





Securities Laws 证券证券证券证券法法法法律律律律

•••• Securities Act: The Securities Act requires that, subject to certain exclusions, any offer or sale of securities “using the means and instrumentalities” of interstate commerce in the U.S. must be registered with the SEC. The Securities Act and rules promulgated thereunder apply where the consideration for an M&A transaction includes securities.

证券法：证券法规定，除某些例外情况外，在美国通过跨国商务的“手段和方式”发售或出售任何证券，

必须在 SEC注册。证券法和根据证券法颁布的条例适用于合并和收购交易对价中包含证券的情况。


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•••• Securities Exchange Act of 1934 (the “Exchange Act”): The Exchange Act governs reporting, disclosure and other obligations of public companies and certain persons having interests in public companies. The Exchange Act and rules promulgated thereunder apply to tender and exchange offers and proxy solicitations.

1934年《证券交易法》（“交易法”）：交易法管辖上市公司的报告、披露或其它义务及在上市公司中具

有权益的某些个人。交易法和根据证券法颁布的条例适用于投标、交换要约和征集委托投票等活动。

State Laws州州州州法法法法律律律律

The laws of an entity’s state of incorporation impose fiduciary duties (duties of care, loyalty, good faith and candor) on the entity’s directors that are implicated by M&A transactions. In conjunction with the entity’s organizational documents, these laws govern various matters, such as requisite approvals for significant transactions and defensive measures a company can take against a hostile bidder.

实体成立所在州的法律规定，实体中涉及合并与收购交易的董事须恪守诚信职责（尽职、忠诚、善意和坦

诚职责）。这些法律以及实体的组织章程文件对各种事务作出规定，如重要交易须获得必要批准及公司可

采取防御措施抵制敌意收购。

Antitrust Laws 反垄断反垄断反垄断反垄断法法法法

For a discussion of the Clayton Act, the Sherman Act and HSR, see Section A.3 above.

请参见以上 A.3节对克莱顿法案、谢尔曼法案和 HSR的论述。

Regulation of Foreign Buyers关关关关于外国于外国于外国于外国买买买买方的有方的有方的有方的有关关关关规规规规定定定定

For a discussion of the Exon-Florio amendment, see Section A.1 above.

请参见以上 A.1节对埃克森－弗罗里奥修正案的论述。




The principal methods of acquiring a public company are a tender offer and a merger. In a tender offer, the acquiror offers to purchase the shares held by shareholders of the target, in exchange for either cash (called a “cash tender offer”) or shares of the acquiror’s stock (called an “exchange offer”). Often, a tender offer results in the acquisition of less than 100% of the outstanding shares of the target company and is followed by a merger (together, these are referred to as a “two-step merger”). To achieve a merger, the acquiror generally must obtain an affirmative vote of stockholders of the target company (usually a majority of outstanding shares) in favor of merging the two companies. However, when a high percentage of the stock of the target corporation (usually 90%) is owned by the acquiror, some state laws will permit a “short form merger” without a vote of the target company’s stockholders.

收购上市公司的主要方式是要约收购和合并。在要约收购中，收购方以现金（称为“现金要约收购”）或收购

方的股票（称为“交换要约”）要约购买目标公司股东持有的股份。通常，要约收购可导致收购目标公司

100%以下的流通股份，其后通常发生合并（通称“两步合并”）。要达到合并的目的，收购方通常必须获得

目标公司股东投票批准（通常是流通股份的多数票），同意两个公司合并。但是，如果收购方拥有目标公

司的股票比例很高（通常为 90%），某些州的法律将准许进行“简易合并”，不需要目标公司股东投票表决。



Hostile bids (meaning, those not recommended by the target company board) are permitted in the U.S. However, they are somewhat uncommon because, compared to a recommended bid, takeover defenses and defensive measures of the target make the outcome less certain, and the acquiror has access to more limited, publicly-available information about the target in the due diligence process.


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在美国，允许进行敌意收购（并非出于目标公司董事会的建议）。但是，和建议收购相比，敌意收购并不

是很普遍，目标公司对接收的抵抗和采取的抵抗措施会使结果难以预料，而且收购方只能获得有限的，在

尽职调查中公布的目标公司相关资料。



There is no general requirement that an investor must make a bid for all outstanding shares of a corporation. However, the statutes of three states (referred to as “control share cash-out statutes”) provide that, under specified circumstances and subject to limited exceptions, if an investor acquires a specified percentage of the outstanding shares or voting power of a company, the remaining shareholders are entitled to demand that the investor purchase their shares at a fair price. These states are Pennsylvania (20% threshold), Maine (25% threshold) and South Dakota (majority threshold).

并没有一般性规定要求投资方必须出价收购某家法人公司的所有流通股份。但是，三个州的法律（称为“控

股买断法”）规定，在某些情况下，除少数例外情况，如果投资人收购某家公司一定比例的流通股份或投票

权，剩余股东有权要求投资人以公平价格购买其股份。这三个州市宾夕法尼亚州（界限是 20%）、缅因州

（界限是 25%）和南达科他州（界限是多数股东）。



There is no general requirement that an acquiror make an offer at a minimum price. However, in a cash tender offer or an exchange offer, the “best price rule” requires that the consideration paid to any shareholder for shares tendered in the offer must be the highest consideration paid to any other shareholder for securities tendered in the offer.

对收购人要约的最低出价没有一般性规定。但是，在现金要约收购或交换收购中有一项“最佳价值规则”要

求，即在一项要约中，为支付拟收购股票而支付给任何股东的对价必须是该项要约中为支付拟收购证券而

支付给任何其他股东的最高对价。

Some states have “fair price” statutes designed to protect shareholders who do not participate in a tender offer from being forced to accept consideration in the second step of a two-step merger that is not equivalent to what was paid in the first step (which could otherwise occur if an acquiror purchased sufficient shares in a tender offer to subsequently “squeeze out” minority shareholders). These “fair price” statutes typically prevent an investor that has acquired a specified percentage of the outstanding shares of a company from engaging in a business combination with the target unless either the business combination is approved by the board of directors of the target (and, in some cases, a supermajority vote of shareholders) or the compensation to minority shareholders in the business combination meets the fair price criteria of the statute.

某些州还有“公平价格”法，目的是保护未参加要约收购的股东不至于在两步合并的第二步中被迫接受不同于

第一步实付价格的对价（否则，如果收购方已在要约收购中买到充分的股份，可在后来“排挤”少数股东，这

种情况可能发生）。这些“公平价格”法通常会阻止已收购某家公司流通股份特定百分比的投资人与目标公司

的业务合并，除非这种业务合并获得目标公司董事会的批准（而且在某些情况下须经过绝大多数股东投票

批准）或在业务合并中少数股东的报酬达到法定公平价格的标准。

Some states provide shareholders who do not vote in favor of a merger and who meet necessary procedural requirements with the right to seek appraisal of the fair value of their shares. These shareholders do not receive the merger consideration and instead receive the cash value of their shares as of the time of the transaction, as determined by a court after the merger is completed.

某些州规定，并未对合并投赞成票的股东和已达到必要程序要求的股东有权对其股份的公平价格进行评

估。这些股东不会收到合并对价，但会收到其股份交易时的现金价值，这个价值在合并完成后由法院决

定。


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The type of documents used in a takeover of a public company will depend on whether the takeover will be effected through a merger and/or a tender or exchange offer for the outstanding shares of the company and whether the bid is hostile. Documents will include:

接收上市公司时要使用哪些文件，将取决于这种接收是否会通过合并和/或要约收购或交换收购该公司流通

股份的方式进行，以及是否属于敌意收购。这些文件将包括：

Tender or Exchange Offer 要约要约要约要约或或或或交交交交换换换换收购收购收购收购

•••• Tender offer statement on Schedule TO, a form document that generally incorporates by reference information contained in the offer to purchase;

要约收购表（Schedule TO）上的要约收购说明，这种表格文件通常以提及的方式包含收购要约中的信

息；

•••• Offer to purchase, which is an exhibit to Schedule TO and contains disclosure about the parties and the proposed terms of the transaction;

收购要约，这是要约收购表的附件，包含关于相关各方的披露和交易的拟议条款；

•••• Letter of transmittal and other documents that explain the process for stockholders to tender their shares;

传送函和其它文件，解释股东要约出售其股份的程序；

•••• A statement, on Schedule 14D-9, of the target board’s position regarding the offer; and

14D-9 表载列的目标公司董事会声明，表明董事会对要约的立场；及

•••• In the case of an exchange offer (unless an exemption from registration applies to the offering of the acquiror’s securities as merger consideration), a registration statement on Form S-4 containing a prospectus (which in turn contains additional disclosures regarding the parties, the acquiror’s securities and specified audited financial statements).

如果是交换要约（除非作为合并对价，收购方发售证券可免除注册要求），S-4 表上包括公开说明书

（公开说明书中另包含关于相关各方、收购方方证券和某些经审计之财务报表的其它披露）在内注册说

明。

Merger合合合合并并并并

•••• Merger agreement, among the parties to the transaction, providing the terms of the transaction; and

交易各方之间的合并协议，其中载明交易条件；及

•••• Proxy statement soliciting proxies that entitle management to vote shareholders’ shares in favor of the transaction and, if the merger consideration includes securities, contains a prospectus that meets applicable requirements under the Securities Act.

征集委托投票的委托声明，使管理层有权代股东股份投票赞成该项交易，并且，如果合并对价中包括证

券，则包含一份符合证券法适用要求的公开说明书。



In a tender offer, the tender offer statement on Schedule TO must be filed with the SEC. Although the statement is not subject to SEC pre-approval, the SEC can review and comment on the document and changes to the document may require recirculation. In a merger, the proxy statement must be pre-approved by the SEC.


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在要约收购中，要约收购表上的要约收购说明必须呈报 SEC。尽管这份说明不需要经过 SEC的事先批准，

但 SEC 可审阅该文件并提出意见，因此可能需要修改和再次分发该文件。在合并案中，委托声明必须经过

SEC事先批准。



Regulation 14E, promulgated by the SEC under the Exchange Act, requires that a tender offer remain open for 20 business days from the date the offer is published or sent to security holders. A buyer wishing to extend the length of a tender offer must issue a press release or other public announcement providing adequate notice to security holders of the extension.

SEC 根据交换法案颁布的 14E 规则要求，要约收购必须从要约公开提出后或要约送至证券持有人后 20 个

营业日内开放接受竞标。买方如果希望延长要约收购期，必须刊出新闻发布或其它公告，以充分的时间提

前通告证券持有人。

Some tender offers are also subject to the laws of the state in which the target is incorporated. State takeover statutes can impose additional disclosure requirements and restrictions on the timing of tender offers, which may add another layer of complexity to the planning and execution of a tender offer.

某些要约收购还须符合目标公司成立所在州法律的要求。关于接收的州法律可能要求提供更多的披露资

料，并对要约收购的时间做出限制，这会使要约收购的筹划和执行更加复杂。

In the case of a merger, the proxy process (preparation, review and distribution of the proxy statement) normally takes three to six months to complete.

如果是合并，委托投票的过程（包括委托声明的准备、审查和分发）通常需要三到六个月才能完成。

If antitrust approvals are required, additional time will be required to complete the takeover. See Section A.3 for additional detail.

如果需要反垄断批核，还需要更长时间才能完成接收。详情请见第 A.3节。





It is common in private M&A transactions for the parties to enter into one or more preliminary documents that set out the basic terms of the transaction and the terms on which the parties will continue to negotiate. The document that sets out the proposed terms will generally do so on a non-legally binding basis. Other terms will be agreed on a legally binding basis (for example, confidentiality and terms regarding the target’s ability to negotiate with other parties before the buyer has the opportunity to negotiate a binding agreement). If these terms are included in the same document as the terms of the proposed transaction, it is important to distinguish carefully between the terms that are legally binding and those that are not.

在私有并购交易中，相关各方签署一项或多项初步文件的情况很常见，其中规定交易的基本条款和各方继

续谈判的条款。对拟议条款做出规定的文件一般没有法律约束力。其它条款则有法律约束力（例如保密条

款，以及是否准许目标公司在买方有机会商定具有约束力的协议之前与其它方协商）。如果这些条款包含

在同一份文件中作为拟议交易的条款，须仔细区别具有法律约束力的条款和不具有法律约束力的条款，这

一点很重要。


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签签签签署署署署不具有约不具有约不具有约不具有约束力束力束力束力的意的意的意的意向书向书向书向书/备备备备忘录忘录忘录忘录是否是否是否是否会导会导会导会导致致致致产生产生产生产生各各各各方进行方进行方进行方进行诚诚诚诚信信信信谈判谈判谈判谈判的的的的义义义义务务务务，，，，如如如如果会果会果会果会产生产生产生产生，，，，这这这这一义一义一义一义务务务务


Not necessarily. However, if the parties do not want to agree to a duty to negotiate in good faith, then to avoid the possibility that a court would later find that the LOI/MOU gave rise to a duty to negotiate in good faith, a LOI/MOU should be clearly drafted to identify which terms are binding or nonbinding.

不一定。但是，如果相关各方不希望就善意协商职责达成协议，为了避免将来法院可能判定意向书/备忘录

条款包含善意协商职责，意向书/备忘录必须明确行文，指明哪些条款属于约束性条款，哪些不是。




Yes. Exclusivity (or “no-shop”) provisions in preliminary and definitive agreements are common in private M&A transactions.

是。排他性（或“不得寻购”）条款在私有并购交易的初步和最终协议中都很常见。




No. In connection with a proposed acquisition of a listed company, it is not common to enter into a preliminary agreement because doing so may require the target company to publicly disclose the negotiation. The definitive agreements commonly deal with conditions to the parties’ obligations to consummate the transaction and provisions that protect the agreed-upon deal. These “deal protection provisions” can include limiting a target’s ability to solicit, entertain, recommend or enter into a competing bid after signing an agreement with the initial bidder, breakup fees (paid by the buyer to seller) or reverse breakup fees (paid by the seller to the buyer) and voting or tender agreements.

并不普遍。在拟议收购上市公司时，签署初步协议并不普遍，因为这样做将要求目标公司公开披露协商内

容。最终协议通常会对相关各方完成交易的义务设定条件，还会设定保护议定交易的条款。这些“交易保护

条款”可包括对目标公司在与最初投标方签订协议后续招揽、考虑、建议或订立竞争性投标的限制，终止交

易费（由买方支付卖方）或反向终止交易费（由卖方支付买方），以及投票或要约协议。




There are no regulatory provisions specifically covering breakup fees (paid by the buyer to seller) or reverse breakup fees (paid by the seller to the buyer). However, directors are constrained in the size of the fee to which they can agree, and in the circumstances in which it must be paid, by their fiduciary duties to the corporation they serve.


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不存在专门针对终止交易费（由买方支付卖方）或反向终止交易费（由卖方支付买方）的监管规定。但

是，董事可同意支付的费用金额会受到限制，而且在某些必须付费的情况下，董事须履行对其服务之公司

恪守诚信之职责。




In general, a person who acquires less than a majority of the outstanding shares of a company cannot direct the affairs of the corporation because the person does not have the legal right to appoint members to the company’s board of directors or influence the outcome of actions submitted for shareholder approval. In practice, a person who becomes a significant minority shareholder in a public company through a business combination or a minority shareholder in a private company commonly will seek to negotiate contractual rights such as director nomination rights or veto rights over key corporate events. With these contractual rights, a minority shareholder has the practical power to influence the membership of the board of directors and the outcome of actions submitted to shareholders for approval, and thereby influence the affairs of the corporation.

一般而言，收购一家公司流通股份时，如果收购数目不到多数股，不能指导该公司的事务，因为该人士不

具有任命公司董事会成员的法定权力，也不能影响提交股东大会批准之动议的结果。在实际情况中，如果

某人通过业务合并成为一家上市公司的重要少数股东，或成为私有公司的少数股东，通常会协商取得合同

权利，如董事提名权，或对公司关键事务的否决权。少数股东具有这些合同权利后，实际上有权影响董事

会的成员构成，影响提交股东大会批准之动议的结果，并因此影响公司的事务。

In Delaware (the most common jurisdiction of incorporation), a controlling shareholder owes fiduciary duties to minority shareholders that limit the shareholder’s ability to deal unfairly with minority interests. However, these duties do not prevent a controlling shareholder from voting its shares of the company in the shareholder’s own interest.

在特拉华州（注册成立法人公司最多的司法辖区），控股股东对少数股东承担恪守诚信之职责，这种职责

限制该股东以不公平的方式处理少数股东权益。但是，这些职责不得妨碍控股股东为自己的利益行使其公

司股份赋予的投票权。




A share acquisition of a U.S. company will not affect the employer/employee relationship. Existing employment contracts and collective bargaining agreements will transfer automatically with the transferred company, and group benefit and incentive schemes sponsored by the transferred company will also remain in place following a share acquisition. Furthermore, a share purchase will not trigger any consultation obligations for a U.S. employer.

收购美国公司的股份不会改变雇主和雇员之间的关系。现有雇用合同和集体协商协议将与被转让的公司一

起自动转移，而且被转让公司资助的团体福利和激励计划在收购股份后也将保留。此外，购买股份不会使

美国雇主承担任何征询意见的义务。


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In the U.S., there is no automatic transfer of the employees upon the sale of a business. Instead, the buyer must offer employment to the employees of the transferred business. There is no statutory severance in this context, but in rare cases, certain employees may be entitled to severance pursuant to the terms of the seller’s severance plan. Assignment of any existing employment contracts will require the consent of the relevant employee, unless the terms of the contract permit assignment without consent. Similarly, when a business is sold, group benefit and incentive schemes remain with the seller unless the buyer specifically agrees to assume them.

在美国，出售公司后不能自动调用雇员。相反，买主必须向被转让公司的雇员提供就业。在这种情况下，

不存在法定遣散费，但在罕见的情况下，某些雇员有权根据卖方遣散计划的条款获得遣散费。转让任何现

有雇用合同必须经过相关雇员的同意，除非该合同的条款准许不经过同意就可转让。同样，如果一家公司

被出售，团体福利和激励计划由卖方保留，除非买方明确同意承担。

There are no works councils in the U.S., and the transfer of a business will not trigger any workers’ consultation obligations. However, if employees of the transferred business are covered by a collective bargaining agreement, it may be necessary for the buyer to negotiate with the labor union in order to assume the collective bargaining agreement.

美国不存在工人理事会，因此转让公司不会导致任何向工人征询意见的义务。但是，如果被转让公司的员

工受集体协商协议的保护，买方有必要与工会协商，以便承接集体协商协议。




There are three primary methods of acquisition: asset acquisition, stock acquisition and merger. In an asset acquisition, the acquiror acquires specific assets and liabilities of the target, after which the target continues to exist. In a stock acquisition, the acquiror purchases all the stock of the target from the target’s stockholders and the target becomes the acquiror’s subsidiary. In a merger, two companies combine, with only one entity surviving. The asset acquisition is the only method that permits an acquiror to avoid assuming liabilities of the target. However, the ability of an acquiror to do so is limited by U.S. courts using theories of “successor liability” or “fraudulent conveyance” to allow creditors to pursue the acquiror and by federal laws allowing employee pension and environmental liabilities to follow the acquired business.

收购主要有三种形式：资产收购、股票收购和合并。在资产收购中，收购方收购目标公司的特定资产和负

债，收购后，目标公司继续存在。在股票收购中，收购方从目标公司股东手中购买目标公司的所有股票，

而目标公司则成为收购方的附属公司。在合并案中，两个公司合并，仅作为一个实体继续存在。资产收购

是唯一准许收购方避免承担目标公司债务的方法。但是，美国法院根据“继承人责任”或“欺诈性转让”理论限

制收购方这样做，以便允许债权人向收购方讨债，美国法律也有所限制，允许员工退休计划和环保责任随

被收购公司一并转让。




Examples of recent M&A activity include:


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近来的并购活动包括：

•••• Industrial and Commercial Bank of China Limited (“ICBC”)/The Bank of East Asia, Limited (“BEA”): In January 2011, ICBC agreed to purchase an 80% stake in The Bank of East Asia (U.S.A.) N.A. from BEA for total consideration of approximately US$140 million.

中国工商银行股份有限公司（“ICBC"）/东亚银行有限公司（“BEA”）：2011 年 1 月，ICBC 同意从

BEA购买 The Bank of East Asia (U.S.A.) N.A. 80%的股权，总对价大约为 1.40 亿美元。

•••• CNOOC International Limited (“CNOOC”)/Chesapeake Energy Corporation (“Chesapeake”): In February 2011, CNOOC, a wholly owned subsidiary of CNOOC Limited, acquired a 33.3% interest in Chesapeake’s Niobrara-focused Denver-Julesburg Basin and Powder River Basin project for US$570 million in cash. In addition, CNOOC Limited agreed to fund 66.7% of Chesapeake’s share of drilling and completion costs up to US$697 million.

中国海洋石油国际有限公司（“CNOOC”）/Chesapeake Energy Corporation (“Chesapeake”)：2011年

2 月，中国海洋石油有限公司全资拥有的附属公司 CNOOC 以 5.70 亿美元现金购买 Chesapeake 集中

于奈厄布拉勒地区的 Denver-Julesburg Basin和 Powder River Basin 项目权益的 33.3%。此外，中国

海洋石油有限公司同意为 Chesapeake 承担的钻井和竣工成本提供 66.7%的资金，最高为 6.97 亿美

元。

•••• CNOOC/Chesapeake: In November 2010, CNOOC acquired a 33.3% interest in Chesapeake’s Eagle Ford Shale project for US$1.08 billion in cash, subject to adjustment. In addition, CNOOC Limited agreed to fund 75% of Chesapeake’s share of drilling and completion costs up to US$1.08 billion.

CNOOC/Chesapeake：2010 年 11 月，CNOOC 以 10.8 亿美元现金购买 Chesapeake 拥有的 Eagle

Ford Shale 项目权益的 33.3%，尚待进一步调整。此外，CNOOC 同意为 Chesapeake 承担的钻井和

竣工成本提供 75%的资金，最高为 10.8 亿美元。

•••• WuXi PharmaTech (Cayman) Inc. (“WuXi”)/Charles River Laboratories International, Inc. (“Charles River”): In April 2010, WuXi and Charles River agreed to merge in a cash and stock transaction valued at approximately US$1.6 billion. The transaction, which was terminated in July 2010, would have been among the largest acquisitions of a China-based company by a U.S. acquiror.

无锡药明康德（开曼）有限公司（“无锡药明”）/Charles River Laboratories International, Inc. (Charles

River)：2010 年 4 月，无锡药明和 Charles River 同意在一项价值大约 16 亿美元的现金和股票交易中

合并。此项交易在 2010年 7月终止，否则会成为美国收购人对中国公司的最大收购交易之一。

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U.S., with their work being handled out of our New York or London offices. For further information, please

contact Richard Hall ([email protected]) or your usual contact at Cravath.

Cravath 创建于 1819 年，被视为世界上最卓越的律师事务所之一。我们在每一个法律从业领域都受到高度评

价，我们的律师因向美国和世界各地的客户提供严谨可靠的法律服务而闻名。我们为世界上许多最著名的公司

服务，有些从公司成立之初就聘请我们，使我们有能力发展范围极为广泛的法律业务。我们的目标是成为客户

的首选律师事务所，办理他们最棘手的法律事务、最重要的业务交易和最关键的法律纠纷。我们在每一个法律

业务领域都有雄厚的国际重点业务能力，我们的客户有 25%以上在美国境外，我们在纽约和伦敦的办公室办

理他们的业务。若要了解详情，请联系 Richard Hall ([email protected])或您平常联系的 Cravath人员。