CROSS-BORDER INVESTMENTS ELECTIVE COURSE Rainer kulm Mac Planck Institute for Comparative and International private Law-Hamburg culms(@mpipriv de 1. Cross-Border Investments -- Patterns M & a typology, Negotiation, Company Law Aspects 23456 M a and Ancillary Contracts -Joint Ventures Acquisition Finance EU Takeover and Competition Laws Investment Controls-Summary CESLELECTIVE-APRIL2016
CESL ELECTIVE - APRIL 2016 1 CROSS-BORDER INVESTMENTS - ELECTIVE COURSE - Rainer Kulms Max Planck Institute for Comparative and International Private Law – Hamburg kulms@mpipriv.de 1. Cross-Border Investments – Statistics – Patterns 2. M & A Typology, Negotiation, Company Law Aspects 3. M & A and Ancillary Contracts – Joint Ventures 4. Acquisition Finance 5. EU Takeover and Competition Laws 6. Investment Controls - Summary
Statistics: Chinese Outbound fdi flows 2002-2014 UsD billion. annual 140 Financial outbound fdi flows Non-financial outbound FDi flows 100 2002 2003 2006 2007 2009 20102011 2012 20132014 Source: Ministry of Commerce (MOFCOM):"Projections by MOFCOM officials. Source: rhodium Group 2016/MOFCOM Statistics CESLELECTIVE-APRIL2016
CESL ELECTIVE - APRIL 2016 2 Statistics: Chinese Outbound FDI Flows 2002 – 2014 Source: Rhodium Group 2016/MOFCOM Statistics
Completed Chinese Outbound Cross Border M&A USD million, percent share of global total 70.000 10% Aggregate Value of Completed Chinese Outbound Cross Border M&A Deals(Left Axis 9% - Chinese Share in Total Global Cross Border m&A Value(Right Axis 40.000 5% 30.000 3% 2% 10.000 1% 2004 2005 2006 2007 2008200920102011 2012 2013 2014 Source: Bloomberg, Thomson, Rhodium Group, includes disclosed value of all completed M&a transactions by ultimately Chinese-owned firms irrespective of the size of the resulting stake, aggregated by date of completion CESLELECTIVE-APRIL2016
CESL ELECTIVE - APRIL 2016 3 Completed Chinese Outbound Cross Border M & A
Completed Chinese Cross Border M&a (Industry of Target) Aggregate value, USD million 70.000 60000 Others 50000 Real Estate Ent. 40000 Hospitality High Tech 30000 Industrials 20000 Financial 10000 Retail Energy Power Materials 20042005200620072008200920102011201220132014 Source: Bloomberg, Thomson, Rhodium Group; includes disclosed value of all completed M&A transactions by ultimately Chinese-owned firms irrespective of the size of the resulting stake, aggregated by date of completion CESLELECTIVE-APRIL2016
CESL ELECTIVE - APRIL 2016 4 Completed Chinese Cross Border M&A (Industry of Target) Source: European Chamber of Commerce in China (2013)
Completed chinese Cross Border m&A (Region of Target Aggregate value, USD million 70.000 60000 50000 Others 40.000 Japan Canada 30000 20.000 EU 28 10.000 United States 200420052006200720082009201020112012201320142015 Source: Bloomberg, Thomson, Rhodium Group; includes disclosed value of all completed m&a transactions by ultimately Chinese-owned firms irrespective of the size of the resulting stake, aggregated by date of completion CESLELECTIVE-APRIL2016
CESL ELECTIVE - APRIL 2016 5 Completed Chinese Cross Border M&A (Region of Target) Source: European Chamber of Commerce in China (2013)