巨型并购交易政府审批风险分配实务研究——以哈里伯顿和贝克休斯并购交易为例

Practical research of risk allocation of government regulatory scrutiny in mega-deals——The case study of Halliburton-Baker Hughes M&A deal

2015年是全球并购史上巨型交易数量最多的一年。随着巨型交易数量的增多,各国政府均加强了对巨型交易的监管审查,巨型交易所面临的监管审查风险变得越来越高,如何在巨型交易中分配政府审批风险成为交易双方谈判的重点和难点。以哈里伯顿和贝克休斯失败的并购交易为例,较为全面地研究巨型并购交易的政府审查风险分配实务,从事前判断、交易计划、交易文件中的风险分配、监管机构沟通等方面提出了建议,同时介绍了监管机构在并购交易审查中的一些动向。

The number of global mega-deals reached its peak in 2015. With the increase of the mega-deals, all governments have strengthened their regulatory scrutiny and therefore the regulatory review risks the mega-deals faced became increasingly high. It is the important and difficult point of negotiations between the transactions parties how to allocate the regulatory review risks in the mega-deals. Taking the failed deal between the Halliburton and Baker Hughes as an example, this article conducts an overall study on allocation of regulatory risks in mega-deals and also provides constructive advises on pre-transaction judgment, deal planning, risk allocation in deal documents and communications with the regulatory agencies. Meanwhile, it introduces some trends which the regulatory agencies adopt in viewing the mega-deals