www.cblj.com December 2013/January 2014 | Volume 5, Issue 1 2013 年 12 月/ 2014 年 1 月 | 第 5 辑第 1 期 探索治病良方:三中全会 改革决定重点探析 Party pill for all ills? Key issues in plenum’s reform manifesto 争议摘要:港仲新主席 谈仲裁未来发展之路 Dispute Digest: New HKIAC chair charts way forward 路在脚下: 投资非洲新方向 Roads less travelled: Better directions for African investment 年度杰出交易 Deals of the year Stars that shone in 2013 2013 夜空最璀璨夺目的星辰
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Party pill for all ills? Key issues in plenum’s reform manifesto
争议摘要:港仲新主席谈仲裁未来发展之路
Dispute Digest: New HKIAC chair charts way forward
路在脚下:投资非洲新方向
Roads less travelled: Better directions for African investment
2013年
12月/
2014年
1月
| Decem
ber 2013/January 2014
年度杰出交易
Deals of the yearStars that shone in 2013
2013夜空最璀璨夺目的星辰
商法 | CHINA BUSINESS LAW JOURNAL 31December 2013/January 2014 | 2013 年 12 月/ 2014 年 1 月
MARKET WATCHDeals of the year
大连万达集团收购圣汐国际
(3.2亿英镑 / 5.213亿美元)
参与方 法律顾问
大连万达集团 富而德律师事务所
FL Partners (卖方) 伟凯律师事务所
圣汐管理层(卖方)
这宗交易的重要意义在于,它显示出中国民营企业闯入有利可图
的英国奢侈品市场的意图。
万达从总部位于都柏林的私募股权投资公司 FL Partners
手中购买了英国最大的豪华游艇制造商圣汐国际(Sunseeker
International)92%的股份。余下的 8%由圣汐管理层收购。
中国房地产及娱乐集团万达显示出对英国奢侈品行业的浓厚兴
趣。除了圣汐交易,万达还达成了一项协议,收购在伦敦南岸的一
块重要的开发用地,拟建设一座西欧最高的大型豪华酒店。
据富而德律师事务所介绍,这两笔交易是万达在英国的第一笔
重大投资,也是中国民营企业对英国的最大规模投资之一。
双汇收购史密斯菲尔德(71亿美元)
交易交易参与方 法律顾问
双汇国际控股 隆路律师事务所
迈普达律师事务所
普衡律师事务所
长盛律师事务所
史密斯菲尔德(Smithfield)
方达律师事务所
McGuireWoods
宝维斯律师事务所
盛信律师事务所
巴克莱银行(史密斯菲尔德的财务顾问)
世达律师事务所
银行 (贷款人) 安理律师事务所
汇嘉开曼群岛律师事务所
本次交易是中国投资者对美国企业最大的一宗。双汇国际对世
界领先的猪肉加工商史密斯菲尔德的收购已经完成。双汇国际是
深圳上市的中国领先的肉类加工企业河南双汇投资发展股份有限
公司的大股东。
普衡律师事务所介绍说,这笔交易可能是今年最具挑战的交易
之一。它面临的监管障碍包括美国外国投资委员会的审查以及美国、
欧洲和墨西哥有关当局的反垄断审查。
Dalian Wanda Group’s acquisition of Sunseeker International (US$521.3 million)
Parties Legal counsel
Dalian Wanda Group
Freshfields Bruckhaus Deringer
FL Partners (seller) White & Case
Sunseeker’s management (seller)
This deal is significant because it involves a Chinese private company intent on breaking into the UK’s lucrative luxury market. Wanda purchased a 92% stake in Sunseeker, Britain’s largest luxury yacht maker, from FL Partners, a Dublin-based private equity firm. The remaining 8% was acquired from Sun-seeker’s management.
Wanda, a Chinese property and entertainment conglomer-ate, has shown a keen interest in luxury business in the UK. In addition to the Sunseeker deal, Wanda also reached an agreement to acquire a significant development site in London’s South Bank, with the intention to build one of the tallest luxury hotel complexes in Western Europe.
According to Freshfields, the two transactions represent Wanda’s first major investments in the UK and are among the largest investments in the UK by a Chinese private company.
Shuanghui’s acquisition of Smithfield (US$7.1 billion)
Parties Legal counsel
Shuanghui International Holdings
Loyens & Loeff
Maples and Calder
Paul Hastings
Troutman Sanders
Smithfield Foods Fangda Partners
McGuireWoods
Paul Weiss Rifkind Wharton & Garrison
Simpson Thacher & Bartlett
Barclays (financial adviser to Smithfield)
Skadden Arps Slate Meagher & Flom
Banks (lenders) Allen & Overy
Walkers
This transaction is the largest Chinese acquisition of a US company. Shuanghui International has completed its acquisition of Smithfield, the world’s leading pork processor.
Shuanghui International is the majority shareholder of Henan Shuanghui Investment & Development, a leading Chinese meat processing enterprise listed in Shenzhen.
Paul Hastings says the deal may be one of the most chal-lenging of the year. It faced regulatory hurdles including a review by the Committee on Foreign Investment in the United States and antitrust reviews by US, European and Mexican authorities.
PAUC
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商法 | CHINA BUSINESS LAW JOURNAL 33December 2013/January 2014 | 2013 年 12 月/ 2014 年 1 月
The large size and competition in this deal also resulted in some innovative elements, Paul Hastings says, including a time-sensitive offer, a “qualified pre-existing bidder” provision, and an alternative debt financing structure.
Simpson Thacher says one of the key concerns was the physical proximity of the US target’s locations to military bases or other sensitive facilities. “We frontloaded the review and analysis of the company’s hundreds of US locations to avoid any substan-tial delays,” the firm says.
Sinopec’s acquisition of Talisman Energy’s UK North Sea business (US$1.5 billion)
Parties Legal counsel
Sinopec Group Herbert Smith Freehills
Talisman Energy Slaughter and May
The transaction represents a milestone for Chinese companies investing in the global oil and gas industry in developed markets, Herbert Smith Freehills says.
It marks the first direct investment by a Chinese company in the North Sea. The deal, which took place in mid-December 2012, too late for last year’s tally, was also the largest UK deal in the energy sector in 2012.
Sinopec acquired a 49% stake in Talisman Energy (UK), the UK North Sea business of Talisman Energy, a Canada-based global upstream oil and gas company.
Talisman Energy (UK), which has been renamed Talisman Sinopec Energy UK, operates the assets. Sinopec obtains the right to appoint personnel into the key positions within the renamed company.
CWEI (Hongkong) acquisition of EDP Renewables’ wind power assets (US$490 million)
CWEI acquired EDP Renewables’ wind power assets in Portugal in a transaction worth more than €360 million (US$492 million). Chai Jie, a partner at Tian Yuan in Beijing, says the deal had a complicated structure in which CWEI acquired the equity and loans of the target Portuguese company through multiple holding companies established in Luxemburg.
Chai Jie says one highlight of the transaction is its structure on the basis of tax planning. Based on the Luxemburg platforms, the structure takes into account regulations in EU and Luxemburg laws, and benefits from the tax treaties that Luxemburg has concluded with Hong Kong and Portugal.
Jurisdictions involved in this acquisition include Portugal, Luxemburg, the EU, Hong Kong and mainland China. Chai Jie and
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商法 | CHINA BUSINESS LAW JOURNAL 51December 2013/January 2014 | 2013 年 12 月/ 2014 年 1 月
MARKET WATCHDeals of the year
equity investment fund to invest in local infrastructure projects. According to Dacheng, this business mode has received consent from the China Insurance Regulatory Commission. Through this mode, local governments can find a new financing channel to gain large-sum and long-term insurance capital for the develop-ment of the municipal infrastructure. The mode can also provide a long-term low-risk investment option for the considerable amount of insurance capital.
This Suzhou fund’s formal name is China Life (Suzhou) City Development Equity Investment Enterprise (limited partnership), with Suzhou International Development Venture Capital as the general partner. China Life (Group) Company and other member companies in China Life, as well as Soochow Securities, are the limited partners.
KKR’s strategic investment in Qingdao Haier (US$560 million)
Parties Legal counsel
KKR Haiwen & Partners
Paul Weiss Rifkind Wharton & Garrison
Qingdao Haier King & Wood Mallesons
Qingdao Haier, a Shanghai-listed company, has announced the signing of a definitive agreement with KKR under which KKR
该苏州基金正式名称为“国寿(苏州)城市发展产业投资企业
(有限合伙)”,以苏州国发创业投资控股有限公司作为普通合伙人
(GP),以中国人寿保险(集团)公司及其他中国人寿成员公司、东
吴证券作为有限合伙人。
KKR战略投资青岛海尔
(5.6亿美元)
参与方 法律顾问
KKR集团 海问律师事务所
宝维斯律师事务所
青岛海尔 金杜律师事务所
上交所上市公司青岛海尔宣布与 KKR 签署最终战略投资与合
作协议,KKR 将取得青岛海尔 10% 的股份,并将在多个领域建立
长期的战略合作伙伴关系。
海问表示,青岛海尔是国内上市公司中第一家与国际顶级私募
Legal and tax advice
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