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 [转帖] 海外企业在中国做企业收购要注意什么？ |
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[转帖] 海外企业在中国做企业收购要注意什么？ -- tutu - (456 Byte) 2007-1-11 周四, 16:12 (3274 reads) |
tutu
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作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Due Diligence in China
Reply
Due diligence is the key both before and after you sign the LOI and it should be ongoing after your acquisition as well.
Over the last 6 years I have been involved in 10 transactions on both the sell and the buy side in large state owned and small privately held companies.
Lessons learned:
Make sure your LOI has a one shop agreement in it or sign a separate one at the same time. There is a lot of money chasing deals and it is common for the target to seek other buyers to drive up the price.
Use a cross functional team for the due diligence process and do the site visit at one time with all members.
The team should consist of operations and HR people that will be involved in ongoing liaison work with the target after the acquisition. This keeps continuity and prevents the more valuable employees from looking elsewhere.
Ideally, one of the operational people has manufacturing experience, as they are better able to correctly value the condition of equipment in the factory then even the so-called asset valuation experts.
You need outside experts with China due diligence experience for financial, legal and environmental. Ideally, these people or teams should have a foreigner or a local that has had significant international exposure.
The cross functional team is critical to get an accurate financial picture and valuation. Accounting records in the PRC are for compliance only and are kept as vague as possible to avoid tax. Only by exchanging info with the other members of the team, can the finance people find the off balance sheet and contingent liabilities that are so common here.
Know the cost and time to do a greenfield start-up before you begin negotiating that is your arbitrage price and should be kept in mind.
Let the due diligence drive the valuation process. It is common that to bring a local firm into compliance with the law it will kill a share deal.
However, an asset deal maybe still viable. Keep in mind however that some assets are not transferable and to do an asset deal you must have a legal entity. i.e. WOFE or JV to hold the assets.
Make sure you structure any deal to give the other party face if you can keep him on as management and structure the deal to have claw-backs for non or under performance. This will ensure a smooth transition and prevent the top management from starting a competing operation with the capital they just acquired as non-compete agreements are not enforceable.
Finally be ready to walk away their competitors might make a better target.
在中国做尽职调查,
关键是你签订意向书前后,都应持续地进行尽职调查. 过去6年来我一直从事交易10月出售和购买方都在私下举行大型国有小公司. 教训: 确保你有一个店意向书或协议签订一项单独在同一时间. "有很多金钱交易,追逐共同的目标是寻求其他买家哄抬价格. 利用交叉功能团队的尽职并实地参观过程中,一度与所有成员. 该小组应包括业务和人事,将参与正在进行的联络工作,与目标收购之后. 这样可以使员工更有价值的连续性,避免从其他地方找. 最理想的业务之一,人们已经制造经验, 他们更能正确价值在厂内设备条件那么即使所谓资产估价专家. 你需要外部专家的经验与中国尽职财经、法律和环境. 最好还是这些人队应有一名外国人或地方重大,已在国际上曝光. 交叉功能团队的关键在于得到准确的财务状况和估价. <中华人民共和国会计记录都应该遵守并尽量模糊只有尽可能避免税. 只有通过信息交流与班子其他成员、 人们可以发现过财务负债表、负债等所共同这里. 知道成本和时间做一个松涛开办之初即谈判开始之前,你和你的套利价格应该铭记. 让驾驶尽职估价程序. 它使当地企业,共同遵守法律将成为A股交易杀死. 不过,也许仍是有利可图的资产交易. 不过,有些牢记资产不能转让资产做你必须有一个法人实体. 也就是一个外商独资或即中外合资经营企业. 让你给结构的任何交易另一方面,如果你能留住他,并在管理体制之中有爪下背部或无表现. 这将确保平稳过渡,避免高层管理人员从一开始,他们只是资本运作竞合后天非竞争协议是不可行的. 最后准备走其竞争对手可能作出更好的目标.
作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖] 海外企业在中国做企业收购要注意什么？ -- tutu - (456 Byte) 2007-1-11 周四, 16:12 (3274 reads) - [转帖回复] 在中国做尽职调查 （里面的中文翻译凑合着看吧） -- tutu - (3282 Byte) 2007-1-11 周四, 16:26 (737 reads)
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