Mergers & Acquisitions 2020
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Mergers & Acquisitions 2020 A practical cross-border insight into mergers and acquisitions 14th Edition Featuring contributions from: Aabø-Evensen & Co Advokatfirma E&G Economides LLC Oppenheim Law Firm Abdulnasir Al Sohaibani Attorneys ENSafrica Ramón y Cajal Abogados and Counsellors FTPA Sabeti & Khatami Advokatsko druzhestvo Stoyanov & Tsekova Gjika & Associates Schoenherr Alexander & Partner Rechtsanwaelte mbB GSK Stockmann Shardul Amarchand Mangaldas & Co Atanaskovic Hartnell HAVEL & PARTNERS s.r.o. Skadden, Arps, Slate, Meagher & Flom LLP Bär & Karrer Ltd. Houthoff and Affiliates BBA//Fjeldco Laurence Khupe Attorneys (Inc. Kelobang Škubla & Partneri s. r. o. Bech-Bruun Godisang Attorneys) Stibbe Blake, Cassels & Graydon LLP Law firm Vukić and Partners SZA Schilling, Zutt & Anschütz Brain Trust International Law Firm Maples Group Rechtsanwaltsgesellschaft mbH Cains Matheson Vieira de Almeida Cektir Law Firm MJM Limited Wachtell, Lipton, Rosen & Katz Consortium Legal Moravčević Vojnović and Partners in Walalangi & Partners (in association with Nishimura & Asahi) Debarliev Dameski & Kelesoska Attorneys cooperation with Schoenherr at Law Nader, Hayaux & Goebel Walkers de Bedin & Lee LLP Nishimura & Asahi WBW Weremczuk Bobeł & Partners Attorneys at Law DF Advocates Nobles White & Case LLP Dittmar & Indrenius NUNZIANTE MAGRONE Zhong Lun Law Firm ISBN 978-1-83918-026-2 ISSN 1752-3362 Published by 59 Tanner Street London SE1 3PL United Kingdom Mergers & Acquisitions 2020 +44 207 367 0720 [email protected] th www.iclg.com 14 Edition Group Publisher Rory Smith Senior Editors Suzie Levy Rachel Williams Contributing Editors: Sub Editor Jenna Feasey Lorenzo Corte & Scott C. Hopkins Creative Director Skadden, Arps, Slate, Meagher & Flom (UK) LLP Fraser Allan Printed by Stephens and George Print Group Cover image www.istockphoto.com ©2020 Global Legal Group Limited. All rights reserved. Unauthorised reproduction by any means, Strategic Partners digital or analogue, in whole or in part, is strictly forbidden. Disclaimer This publication is for general information purposes only. It does not purport to provide comprehen- sive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. Table of Contents Expert Chapters The Developing Landscape of ESG Considerations 1 Lorenzo Corte, Skadden, Arps, Slate, Meagher & Flom (UK) LLP The New Dealmakers and Dealbreakers: M&A Activism 5 Adam O. Emmerich & Trevor S. Norwitz, Wachtell, Lipton, Rosen & Katz The Dutch ‘Stichting’, an Effective and Useful Tool in Global Structuring 12 Alexander J. Kaarls, Paul P. de Vries & Willem J.T. Liedenbaum, Houthoff Q&A Chapters Albania Finland 17 Gjika & Associates: Gjergji Gjika & Evis Jani 138 Dittmar & Indrenius: Anders Carlberg & Jan Ollila Angola France 24 Vieira de Almeida: Vanusa Gomes & Susana Almeida 146 FTPA: Alexandre Omaggio & François-Xavier Brandão Beauvisage Australia Germany 31 Atanaskovic Hartnell: Lawson Jepps 153 SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH: Dr. Marc Löbbe & Austria Dr. Michaela Balke 39 Schoenherr: Christian Herbst & Sascha Hödl Hong Kong 161 50 Belgium de Bedin & Lee LLP: Claudio de Bedin & Helen Morris Stibbe: Jan Peeters & Joachim De Vos Hungary 169 59 Bermuda Oppenheim Law Firm: József Bulcsú Fenyvesi & MJM Limited: Jeremy Leese & Brian Holdipp Mihály Barcza 66 Botswana Iceland Laurence Khupe Attorneys (Inc. Kelobang Godisang 175 BBA//Fjeldco: Baldvin Björn Haraldsson & Stefán Attorneys): Seilaneng Godisang, Laone Queen Reykjalín Moreki & Muhammad Mitha India British Virgin Islands 182 71 Shardul Amarchand Mangaldas & Co: Raghubir Walkers: Patrick Ormond & Matthew Cowman Menon, Sakshi Mehra & Dipayan Bhattacherjee Bulgaria 78 Indonesia Schoenherr (in cooperation with Advokatsko 190 Walalangi & Partners (in association with Nishimura druzhestvo Stoyanov & Tsekova): Ilko Stoyanov & & Asahi): Miriam Andreta & Siti Kemala Nuraida Katerina Kaloyanova Iran Canada 196 87 Sabeti & Khatami: Behnam Khatami, Amir Mirtaheri, Blake, Cassels & Graydon LLP: Markus Viirland & Niloofar Massihi & Farzaneh Montakhab Richard Turner Ireland Cayman Islands 203 Matheson: Fergus A. Bolster & Brian McCloskey 95 Maples Group: Nick Evans & Suzanne Correy Isle of Man China 213 Cains: Tristan Head & Scott Leonard-Morgan 102 Zhong Lun Law Firm: Lefan Gong Italy Croatia 220 110 NUNZIANTE MAGRONE: Fiorella Alvino & Fabio Law firm Vukić and Partners: Zoran Vukić & Iva Liguori Sunko Japan Cyprus 227 Nishimura & Asahi: Tomohiro Takagi & Kei Takeda 117 E&G Economides LLC: Virginia Adamidou & George Economides Luxembourg 236 GSK Stockmann: Marcus Peter & Kate Yu Rao Czech Republic 124 HAVEL & PARTNERS s.r.o.: Jan Frey & Jan Koval Malta 242 DF Advocates: Celia Mifsud & Edward Meli Denmark 131 Bech-Bruun: Steen Jensen & David Moalem Table of Contents Mexico Slovakia 250 Nader, Hayaux & Goebel: Yves Hayaux-du-Tilly 337 Škubla & Partneri s. r. o.: Martin Fábry & Marián Laborde & Eduardo Villanueva Ortíz Šulík Montenegro Slovenia 257 Moravčević Vojnović and Partners in cooperation 343 Schoenherr: Vid Kobe & Bojan Brežan with Schoenherr: Slaven Moravčević & Miloš Laković South Africa Mozambique 354 ENSafrica: Professor Michael Katz & Matthew 264 Vieira de Almeida: Guilherme Daniel & Paulo Morrison Trindade Costa Spain Netherlands 363 Ramón y Cajal Abogados: Andrés Mas Abad & Lucía 271 Houthoff: Alexander J. Kaarls & Willem J.T. García Clavería Liedenbaum Switzerland Nicaragua 370 Bär & Karrer Ltd.: Dr. Mariel Hoch 280 Consortium Legal: Rodrigo Taboada & Olga Barreto Taiwan North Macedonia 378 Brain Trust International Law Firm: Hung Ou Yang & 285 Debarliev Dameski & Kelesoska Attorneys at Law: Jia-Jun Fang Emilija Kelesoska Sholjakovska & Ljupco Cvetkovski Turkey Norway 388 Cektir Law Firm: Berk Çektir 292 Aabø-Evensen & Co Advokatfirma: Ole Kristian Aabø-Evensen Ukraine 397 Nobles: Volodymyr Yakubovskyy & Alexander Poland Weigelt 307 WBW Weremczuk Bobeł & Partners Attorneys at Law: Łukasz Bobeł United Arab Emirates 405 Alexander & Partner Rechtsanwaelte mbB: Portugal Dr. Nicolas Bremer 314 Vieira de Almeida: Jorge Bleck & Francisco de Almeida Viegas United Kingdom 413 White & Case LLP: Philip Broke & Patrick Sarch Saudi Arabia 322 Alexander & Partner Rechtsanwaelte mbB in USA 421 association with Abdulnasir Al Sohaibani Attorneys Skadden, Arps, Slate, Meagher & Flom LLP: Ann and Counsellors: Dr. Nicolas Bremer Beth Stebbins & Thad Hartmann Serbia 329 Moravčević Vojnović and Partners in cooperation with Schoenherr: Matija Vojnović & Vojimir Kurtić 12 Chapter 3 The Dutch ‘Stichting’, an Effective and Useful Tool in Global Structuring Alexander J. Kaarls Paul P. de Vries Houthoff Willem J.T. Liedenbaum Introduction represented solely by its board. The authority to appoint and dismiss board members can be attributed to outside parties, but The Dutch ‘stichting’, also referred to as ‘foundation’, is an already is also frequently attributed to the board itself in a system of widely used type of legal entity, allowing major corporates, inves- co-optation. Also, in well-defined circumstances, the board tors and others around the globe to separate economic interest members can be dismissed by a court. In addition to a board and control (whether permanently or temporarily) in ways they of directors, the stichting may also have a supervisory board that do not manage to do effectively through structures available in supervises and advises the board of directors. other jurisdictions. We believe that the stichting could be used A stichting is created solely for the purpose of clearly defined even more extensively in international deal-making and govern- objectives as included in the objectives clause to be laid down ance situations in years to come. in the articles of association of the stichting. As a result of this A stichting is an orphan entity that only needs to have a board objectives clause, the articles of association provide the context of directors which has full control of the entity. It does not in which the stichting operates. The objectives clause cannot have, and is therefore not controlled by, any member or share- contain any provision allowing payments to be made to the sticht- holder. Different from foundations in many other jurisdictions, ing’s founders, except for salary (for work done on behalf of the the establishment of a stichting does not require governmental stichting, where applicable) or reimbursements. approval, nor does it have to operate for charitable purposes (in The stichting is established through the execution of a deed fact, most do not). This makes the stichting an effective and useful of establishment before a Dutch civil-law notary and must be tool in corporate structuring. Below, we provide a brief descrip- registered with the Dutch trade register. Neither any govern- tion of the main characteristics of the stichting under Dutch law, mental approval or authorisation, nor the contribution of any followed by the most typical business structures in which sticht- capital, is required for such establishment. Once established, a ings are used: (i) as a structural measure to split legal and bene- stichting can attract funding by way of fundraising, governmental ficial ownership of shares, and to