Cross Border Acquisition Guide

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Cross Border Acquisition Guide

3 Critical issues covered by the guide

6 Tailored Report

7 Comparative Table

8 Company Incorporation

9 Our Mergers and Acquisitions group

11 Global M&A Toolkit

12 Online Services - other products

13 Global M&A team

14

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Cross Border Acquisition Guide

The Cross Border Acquisition Guide is an online, dynamic and searchable resource

which provides an invaluable overview of the specific issues faced by a participant in

the fast paced world of cross-border M&A. It will enable your team to anticipate

hurdles and aid your decision making process.

The guide is accessible 24 hours a day and is set out in a clearly structured and

readable format which will enable you to find the answer to your query quickly and

easily. It is updated quarterly by our global M&A team and is supported by our

dedicated Online Services team. The guide provides contact details which will direct

you to the relevant members of our global M&A team if you are looking for more

involved advice.

There are various ways to use the guide, such as:

n

You can quickly produce a tailored report covering the key

issues in the public and /or private sphere when planning an

M&A transaction in your choice of up to 19 key jurisdictions

n

You can effortlessly produce a summary comparative table

containing very brief details of the M&A rules in

relevant jurisdictions, which are hyperlinked to more detailed

information

n

You can instantly create a comprehensive guide to the M&A

rules in a particular country

For example, in a couple of clicks you can find answers to

queries such as:

n

How many directors are required to incorporate a company in

Japan, Poland or the Netherlands?

n

Are Heads of Agreement binding in Thailand or Singapore?

n

What are the mandatory takeover and squeeze out thresholds

in France, Germany and England & Wales?

n

Is Works Council consultation required in Belgium before you

sign a deal?

n

What are the restrictions and market practices on break fees

in Hong Kong and Japan?

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Cross Border Acquisition Guide

Structuring and executing modern

M&A transactions can be difficult

and highly complex, especially

multi-jurisdictional deals and

public company acquisitions.

Clifford Chance’s Cross Border

Acquisition Guide helps potential

acquirers, sellers, targets and their

advisers to scope complex M&A

transactions in both the public and

private spheres and to analyse and

optimise structures and ensure swift

execution. This service provides a

concise, tailored and practical

overview of the legal issues faced,

giving a higher chance of success.

We currently cover 19 jurisdictions

across the world with more being

regularly added:

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Jurisdictions covered

Jurisdictions covered:

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

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Critical issues covered by the guide

General

n Background

n Types of Deal

n Forms of Entity

n Management

n Consents & Approvals

n Financial Assistance

n Tax Issues

n Anti-trust Issues

Public

n Forms of Offers

n Regulatory Framework

n Main Offer Terms

n Timing and Procedure

n Documentation

n Irrevocable Undertakings

n Break Fees & Lock-Out

n Information Gathering

n Insider Trading

n Disclosure Issues

n Stakebuilding

n Mandatory Offer

n Defences

n Directors’ obligations

n Squeeze-out

Private

n Shares or Assets?

n Regulatory Framework

n Overview

n Good Faith Obligation

n Heads of Agreement

n Legal Review Process

n Documentation

n Warranties & Indemnities

n MBOs

Company Incorporation

n Type of Company

n Shelf Company Procedure

n Process and Documentation

n Practical Implications

n On-going Obligations

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Tailored Report

Using the guide, it is quick and easy to generate a tailored report focused on the jurisdictions

and issues which are relevant to your transaction.

Below is a sample tailored report which shows the key stakebuilding considerations for a

public takeover in Belgium and Singapore.

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Comparative Table

You can create comparative summary tables to assess the differences between the M&A

rules of various countries.

Below is a sample comparative table showing a comparative analysis of public takeover

requirements in Belgium, Czech Republic, England & Wales, Germany, Hong Kong and

Russia. This may assist in assessing which transaction faces higher execution risk.

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Company Incorporation

You can factor in any timing and logistical issues when setting up a company by viewing our

Company Incorporation Guide.

Below is a sample comparative report which shows key facts to bear in mind when incorporating

a company in Belgium, Czech Republic, England & Wales, France and Germany.

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“

This market colossus is ranked highly across key jurisdictions in

mainland Europe, the UK, Asia, Latin America and the Middle East. Its

well-earned reputation for excellence comes from an ability to advise

on the whole range of corporate and M&A-related matters, across

industries and across borders - making it a favourite for multinationals.”

Sources say: “The firm has the widest global reach on the market.”

Chambers Global 2011 – Corporate/M&A Tier 1

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Our Mergers and Acquisitions group

Your Clifford Chance team offers applied expertise - based on

our involvement in headline transactions including acquisitions,

takeover bids, hostile bid situations, mergers, demergers and

reorganisations.

Our substantial experience of working on M&A projects of all sizes enables us to make a valuable

contribution right from the start. We deliver cross-border deal expertise through a dedicated network

of more than 190 Corporate partners based across 23 countries and 33 offices*. We provide you

with access to local teams of lawyers, working together with one aim in mind: to achieve your

business objectives.

We work in dedicated cross-functional client teams bringing a wide range of legal experience and

industry knowledge to each deal. This integrated approach gives you access to complementary areas

of law including Competition; Finance and Capital Markets; Tax; Employment and Litigation/Dispute

Resolution.

We work closely with your in-house team, keeping your commercial objectives at the forefront of our

thinking, to minimise any impact on your day-to-day business.

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The Global M&A Toolkit is the essential interactive

resource for anyone involved in M&A transactions.

It brings clarity to the increasingly complex world

of cross-border M&A and provides practical

information and solutions to meet the challenges

you face as an M&A professional.

The Global M&A Toolkit comprises a growing

collection of web-based transaction tools and

in-depth analysis of the most important market and

regulatory developments in M&A regimes across

the globe. It features special access to Clifford

Chance's leading cross-border M&A databases,

informative videos, guides (including the Cross

Border Acquisition Guide), handbooks and

publications covering the key issues in Global M&A.

www.cliffordchance.com /GlobalM&AToolkit

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Online Services - other products

Our other Online Services provide instant

access to a variety of tailored know-how

information and include:

Our industry-focused Alerter

- regular email updates of key

developments in the Finance, Communications and Media and

Energy sectors.

Webinars

- we have recently introduced a series of live and

interactive audio-visual broadcasts, which are essentially online

seminars accessed through your web browser. The programme

started in mid-2009 and has covered current developments and

emerging trends in corporate finance transactions, such as

structuring transactions in difficult economic times and

developments in restructuring. We have received very positive

feedback from a wide range of clients on both the content and

format. As well as being broadcast live, the back catalogue is

available on the Clifford Chance website (www.cliffordchance.com).

COMPLY

- With regulators taking an increasingly tough stance

against breaches of competition / antitrust and anti-corruption

law, there is a need for a robust compliance training tool for your

employees.

COMPLY trains, tests and monitors your employees on all relevant

aspects of competition / antitrust and / or anti-corruption law.

Compliance officers can also monitor progress through the

reporting tool which makes COMPLY both a cost and time

effective service to deploy.

Cross Border Financing Guide

- gives you online access to

the information that can make or break your financing deal. It

offers a concise and practical overview of the key legal and

market developments in the financial arena in jurisdictions around

the world. This is used very widely by our banking clients and is

hugely valued by those operating in the debt markets.

To obtain access to any of these services please contact the

Clifford Chance Online Services Team. Contact details are

provided at the back of this document.

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Clifford Chance Global M&A team

Australia

Michael Lishman

T: +61 892625 502

Mark Pistilli

T: +61 28922 8001

Brazil

Anthony Oldfield

T: +55 113019 6010

Belgium

Philippe Hamer

T: +32 2533 5912

Tony Reeves

T: +32 2533 5943

China

Emma Davies

T: +86 212320 7215

Terence Foo

T: +86 106535 2299

Kelly Gregory

T: +86 212320 7234

Stephen Harder

T: +86 212320 7320

Glen Ma

T: +86 212320 7217

Tim Wang

T: +86 106535 2266

Czech Republic

Alex Cook

T: +420 22255 5212

David Kolacek

T: +420 22255 5212

France

Catherine Astor-Veyres

T: +33 14405 5325

Thierry Schoen

T: +33 14405 5247

Germany

Peter Dieners

T: +49 211 4355 5468

Andreas Dietzel

T: +49 697 199 1761

Bernd Meyer-Witting

T: +49 697 199 3115

Arndt Stengel

T: +49 697 199 1486

Hong Kong

Cherry Chan

T: +852 2826 3484

Roger Denny

T: +852 2826 3443

Mark Shipman

T: +852 2825 8992

Italy

Umberto Penco Salvi

T: +39 028063 4241

Paolo Sersale

T: +39 028063 4274

Japan

Tatsuhiko Kamiyama

T: +81 35561 6395

E: tatsuhiko [email protected]

Andrew Whan

T: +81 35561 6615

Luxembourg

Claudie Grisius

T: +352 485050 280

Christian Kremer

T: +352 485050 201

Poland

Nick Fletcher

T: +48 22429 9520

Agnieszka Janicka

T: +48 22429 9531

Qatar

Richard Parris

T: +974 4491 7041

Romania

Nadia Badea

T: +40 216666 102

Perry Zizzi

T: +40 216666 145

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Russia

Marc Bartholomy

T: +7 495797 9893

Nicholas Rees

T: +7 495258 5090

Singapore

Simon Clinton

T: +65 6410 2269

Lee Taylor

T: +65 6410 2290

Spain

José María Fernández-Daza

T: +34 91590 9466

Ignacio Ojanguren

T: +34 91590 7569

Thailand

Andrew Matthews

T: +66 2401 8822

The Netherlands

Jeroen Koster

T: +31 20711 9202

Turkey

Simon Williams

T: +90 212 339 0067

UAE

Guy Norman

T: +971 43620 615

Ukraine

Jared Grubb

T: +380 44390 2236

United Kingdom

Matthew Layton

T: +44 207 006 1229

Simon Tinkler

T: +44 207 006 1684

United States

Sarah Jones

T: +121 2878 3321

Clifford Chance Online Services Team

Find out how the Cross Border Acquisition Guide can benefit your company. To get access, for

subscription details or a product demonstration, please contact the Online Services team.

Online Services helpdesk

T: +44 20 7006 4444

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www.cliffordchance.com

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