在德国并购企业的融资相关法律问题——以三一重工并购德国普茨迈斯特有限责任公司为例

Financing Issues of Acquisition of German Enterprises From a Legal Perspective——Taking Sany Group's M&A Deal with Putzmeister GmbH as an Example

中国企业在德国并购涉及诸多层面:法律问题、企业经营问题、合理避税和融资财务问题。上述问题互相交融,互相制约,其中选择何种融资渠道和方式、如何在德国法律框架下构建合理交易结构是核心。本文以三一重工收购德国普茨迈斯特有限责任公司为例,试图还原并购细节,结合相关法律规定和融资技巧,探讨在德并购企业面临的法律风险及其规避之道。

Acquisition of German enterprises by Chinese enterprises involves many factors such as legal issues, management issues, financing issues. They are mutually dependent. The choice of financing channels and construction of a sophisticated transaction structure according to German law might be the core of such subject. Taking Sany Group＇s acquisition of German Putzmeister GmbH as an example, this paper is attempted to explore the legal risks of such transactions through restoration of the details hereof, combined with clarification of relevant legal provisions and financing tech- niques.