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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

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.

商法  |  CHINA BUSINESS LAW JOURNAL  33December 2013/January 2014 | 2013 年 12 月／ 2014 年 1 月

MARKET WATCHDeals of the year

这宗交易的规模之大和竞争之激烈也导致了一些创新元素，普衡

说，包括出价的时效性、“符合资格的既存竞标人”条款以及独特的

另类债务融资结构。

盛信律师事务所表示，这笔交易中有一个关键问题，就是目标

公司的一些场所靠近军事基地或其他敏感设施。“我们对这家公

司在美国的数百处地点作了事前的调查和分析，以避免出现任何

实质性的延误。”

中石化收购塔利斯曼能源英国北海业务（15亿美元）

参与方 法律顾问

中石化集团 史密夫·斐尔律师事务所

塔利斯曼能源 司力达律师事务所

这是中国企业在发达国家市场进行全球石油和天然气投资的

一个里程碑式的交易，史密夫·斐尔律师事务所说。

这宗交易是中国企业在英国北海的首次直接投资，也是英国能

源领域 2012 年最大的交易。

中石化收购了塔利斯曼能源（Talisman Energy）（英国）北海业

务 49％的股份。塔利斯曼能源是总部位于加拿大的一家上游油气

公司。塔利斯曼能源（英国）已更名为 Talisman Sinopec Energy

UK，负责资产经营。中石化获得任命人员到更名后的公司内担任

要职的权利。

中水电国际（香港）收购葡电新能源公司葡萄牙风电资产项目

（约 4.9亿美元）

参与方 法律顾问

中水电国际（香港） Bonn & Schmitt （卢森堡法律顾问）

佳利律师事务所，布鲁塞尔办公室 （欧盟法律顾问）

Serra Lopes, Cortes Martins & Associados （葡萄牙法律顾问）

天元律师事务所

中水电国际收购了葡电新能源公司（EDP Renewables）位于葡

萄牙的风电资产，交易金额逾 3.6 亿欧元（4.9 亿美元）。

天元所驻北京合伙人柴杰介绍说，本次交易结构较复杂，中水

电国际通过卢森堡的多层控股公司为中间架构来收购葡萄牙目标

公司的股权加债权。柴杰表示，本次交易的一大亮点在于基于税务

筹划的交易结构设计，立足于卢森堡这一平台，充分考虑了欧盟法

律和卢森堡法律中的相关规定，并受益于卢森堡与香港、葡萄牙之

间的税收协定。

本次交易涉及的司法管辖区主要包括葡萄牙、卢森堡、欧盟、

香港和中国大陆等。柴杰和天元所驻北京首席合伙人王立华担任

了收购方的牵头法律顾问，组织不同法域的律师在有限的期限内

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)

Parties Legal counsel

CWEI (Hongkong) Bonn & Schmitt (Luxemburg counsel)

Cleary Gottlieb Steen & Hamilton, Brussels office (EU counsel)

Serra Lopes Cortes Martins & Associados (Portuguese counsel)

Tian Yuan Law Firm

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

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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Hong Kong office, 28/F, 8 Wyndham Street, Central, Hong Kong, China, T +852 3763 9300Carola van den Bruinhorst, E carola.van.den.bruinhorst@loyensloeff.comThierry Lohest, E thierry.lohest@loyensloeff.com

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