Mergers & Acquisitions and Partnerships in China provides a fast and accessible framework to external growth in China, and is an attempt to accurately describe the main operative conditions and in particular the most common pitfalls for foreign businessmen. The business cases in this book illustrate real business situations, including different outcomes and a thorough analysis of the reasons for success or failure of the case. The authors provide all the necessary tools to better master the negotiation and transaction process, and provide in particular, detailed explanation on the due diligence process and the regulatory framework to help readers successfully lead acquisitions in China.
Written by well-known experts in finance, law, and management, who all have deep business knowledge of China, the book aims to help practitioners, such as law firms, audit and advisory firms, and entrepreneurs to start or grow their businesses in China through successful partnerships, and acquisitions and mergers by explaining how these aspects are regulated by a complex web of laws, regulatory, and political practices in a context where the state plays a key role in the approval of important transactions.
Sample Chapter(s)
Foreword (49 KB)
Chapter 1: Introduction (198 KB)
Contents:
- Introduction (Olivier Coispeau)
- Preparing for an External Growth Operation in China (Olivier Coispeau and Stéphane Luo)
- Initial Approach of the External Growth Operation (Olivier Coispeau, Stéphane Luo and Thierry Labarre)
- Managing Acquisitions Risks (Frank Zheng, Thierry Labarre, Josephine Chow, Steven Yu and Olivier Coispeau)
- Negotiating Effectively (Olivier Coispeau)
- Closing the Transaction (Olivier Coispeau and Stéphane Luo)
- Seven Case Studies of Mergers & Acquisitions and Partnerships in China (Olivier Coispeau)
Readership: Advanced corporate finance students; emerging market students, in particular those working on China; corporate finance professionals, lawyers, auditors, and strategy officials; officers in charge of M&A in international companies and responsible for strategy, with a specific interest in the China market.
"This research is exceptional in many aspects. As the topic itself becomes more relevant than ever, this approach combines a thorough reminder of the key principles in any M&A situation with their practical knowledge of the Chinese environment. This work is of direct academic interest while providing the necessary analysis usually provided with time but also a practical 'handbook' for any player on 'any side of the fence' — advisors, companies on the sell-side, potential buyers as well as asset managers and funds."
Jean-François Di Meglio
President, Asia Centre
"This text is a major contribution to understanding the mechanics of executing an M&A in China, which is likely to become the most significant emerging market for many foreign companies. It is a detailed, technically comprehensive analysis of a complex process in a business environment that presents particular challenges to foreign investors. This book guides the business planners through all the challenging steps of this complex business strategy and will prove to be a major resource in avoiding what could turn out to be very costly errors."
Professor Seamus Grimes
Emeritus Professor
Whitaker Institute, National University of Ireland, Galway
"This is indeed an unusual book on foreign investment in China. It provides a brand new framework and an in-depth analysis about the failures of M&A conducted by foreign-owned enterprises. The cases associated with the analyses are beyond the traditional ones and some previously unnoticed ones are highlighted. The authors obviously have a keen understanding of the China market and society based on a long and on-the-field experience. In a nutshell, this book is packed with interesting findings; it will bring a lot to those wishing to do business in China."
Dr Wang Duanyong
Associate Professor and Director of the Center for China Overseas Studies
Shanghai International Studies University
"This book provides multifaceted and essential answers to the questions that senior management, and their advisors, willing to design a proper growth strategy in China are facing on the challenge, the complexity and the risk of M&A operations in China."
Professor Yves Dolais
Emeritus Dean of Angers Law & Economics University
Olivier Coispeau is the co-founder of Maverlinn, a strategy consulting firm specialized in growth acceleration and social impact projects. As a former investment banker and industrial strategy expert, he has engineered numerous industrial partnerships, and led many complex industrial projects and M&A transactions for Fortune 500 and international clients. He is also a specialist in capital investment, and previously started and headed a number of technology investment funds in Europe. Aside from advising on industrial projects, he dedicates the rest of his time working in less-favoured areas on responsible leadership and social impact projects. He spent many years in China advising Chinese industry leaders for accelerating economic growth and has been living in China for about 8 years. He has been educated at Institut d'Etudes Politiques de Paris, University Paris IX Dauphine, and Stanford University.
Stéphane Luo is a lawyer at the Paris Bar and specializes in mergers and acquisitions operations, as well as related matters of corporate law, tax law, and contract law for international projects. With over 20 years of field experience, he was an advocate for pre-eminent French and American law firms for more than fifteen years. He assisted many companies in large-scaled implementation and acquisition projects in China as well as their follow up. Stéphane Luo came back to Paris at the end of 2010 in order to support the trend of outbound investment from China to Europe, and continues to put his expertise in service of French and European companies, while dividing his time between France and China. Stéphane Luo is also a consultant for several law firms and French companies, and teaches Chinese corporate law at the Institut national des langues et civilizations orientales in Paris.
Thierry Labarre is the senior partner for Mazars in Mainland China. Based in Beijing since 1997, he opened the then-first Chinese Mazars office. This was followed by the establishment of offices in Shanghai (2002) and Guangzhou (2007). He previously worked for Mazars in France as well as in Hong Kong. He has accompanied numerous M&A in China on behalf of companies of all sizes, allowing him to acquire a recognized understanding of the Chinese business environment, particularly of its accounting, fiscal, and financial practices.
Mazars is an international, integrated, and independent organization, specializing in audit, accountancy, tax, legal, and advisory services. Mazars relies on the skills of 13,800 professionals in 72 countries in all the five continents, and is supported by a network of correspondents and JVs in 13 additional countries. Mazars is a founding member of the Praxity alliance (69 independent organizations and 33,400 professionals in 97 countries).
Josephine Chow, office practice leader of Towers Wyatt, Taiwan, is the director of the Asia-Pacific M&A services. Towers Watson specializes in human resources consulting. Josephine Chow is also the director of the Work Taiwan Employee Attitude Research Center. She specializes in employee training and motivation, for both local and multinational companies.
During her career at Towers Watson, Josephine Chow managed several projects related to organization and company transformation, M&A due diligences, post-acquisition integration, compensation mechanisms, talent management, and improvement of performance management tools.
Steven Yu, principal consultant, is the director of actuarial services of Towers Watson, China. He assists his clients with issues related to actuarial practices and staff remuneration, and has over 13 years of experience in this field. He also provides consulting services to many multinational companies in the area of benefits plan design, as well as post-acquisition integration. Steven Yu is an expert in actuarial valuation, retirement planning, and pension system designs.
Towers Watson is a leading global professional services company that helps organizations improve their performance through human resources management. With 14,000 associates worldwide, Towers Watson offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management.
Frank Zheng is the founder and CEO of Keen Risk Solution, a third party due diligence company based in Shenzhen. During his career, he has advised many international and Chinese companies on delicate issues related to business reputation. He is a regular invited speaker at business development forums in China.
Keen Risk Solution Co., Ltd. (KRS) is a Chinese professional company specializing in third-party due diligence in China. KRS focuses on in-depth due diligence for M&A risks in Greater China. The firm provides third party intelligence and assistance to negotitation strategy.
