隔行不隔山 | 未来的德国巴菲特都可能是我的客户,在德国收购企业是一种什么体验?

德国华人书友会
书友讲坛(总第182期)
主题:在德国收购企业
时间: 2021年0509日德国10: 30-11:30 
形式:ZOOM 演讲
分享嘉宾:高森

企业并购是现代经济生活中企业通过资本经营实现自我发展的重要途径。一句话概括其目的与意义:实现资源合理配置,扩大生产经营规模,实现协同效应,最终提升企业价值。
面对如此高价值的话题,身为企业家以及未来企业家的你是否蠢蠢欲动呢?那就不要错过今天干货满满的分享!
今天来自德国久负盛名的豪金事务所的高森律师,将会手把手教你:中国企业在收购德国本土企业的注意事项

目录

1. 什么是并购?
2. 如何获取可收购公司的信息
3. 为什么要签保密协议
4. 问答环节

什么是并购?

并购是一个非常广的概念。通常而言,大型项目不仅有律师的参与还会有专业的并购师,银行机构以及并购保险的参与等。
从科普的角度出发,我们需要重点了解并购在法律层面最基础,最重要的概念:简单来讲,并购就是买一个公司。
基于不同种类的公司,例如常见的GmbH,AG ,以及个体经营等。
高律师建议,并购要根据不同经营规模及形式的公司仔细思考自己需要买什么。股份,土地租赁,品牌名称等,都有可能是你需要考虑的对象。

如何获取可收购公司的信息

首先,你自己就可以成为专家。你需要十分了解某一个公司了或者某一个领域。
其次,你可以购买专业咨询服务。
高律师提醒,一定要确认并购师的专业度来避免没有价值的,甚至有可能是坑的信息
根据过往经验,不够专业化是很多中国公司没能在并购竞争中成功的一个主要原因。与此同时,还需要考虑想收购的企业它是不是能被德国政府允许收购。
一些特殊领域比如国防,军火,航空,半导体,安全领域等都是受限领域。中国本身作为非欧共体成员,肯定会经过十分严格和繁琐的审查。 
如果想要了解初步的信息,高律师建议大家参考如下信息:
www.handelsregister.de
www.unternehmensregister.de
www.insolvenzbekanntmachungen.de 

为什么要签保密协议?

高律师表示,这一步是为了防止企业机密信息在尽调过程中外泄,同时也是为了避免并购信息对企业可能会产生的负面影响。所以通常企业并购本身不会是特别公开的一件事,在成功并购前对外都不会有过多宣传。
 接下来需要大家了解的信息就是“尽调”。通过字面我们也能大概理解它的意思:对被收购企业的进行彻底的尽职调查。这需要卖方配合并提供一些不对外公开的重要信息。
就好比我们在买一辆二手车之前,我们会仔细询问,然后尽量获得最全面的并且有效的信息,这就是尽调的目的。
其中,对于技术,财政,法务和税务的调查最为关键
交易价格通常也是在尽调完成后才能确定,尽调结果也会直接影响购买价格。
多数购买价格都会在尽调后有一个适当的修改,如果再发现问题,这就是可以和卖方进行价格再商讨的条件。
 这里高律师又重点为我们解释了公司法的意义:公司法的目的在于保护第三方,保障顾客和公司之间的交易不因公司股东的变化而受影响 
这其实也说明,作为购买方,当你成为一个公司的新股东,就要对这个公司以前所有的责任,债务和义务全部负责。
这也是为什么尽调非常关键的原因,因为你需要尽可能知道关于这个公司的前世今生,而不是买完后没多久就收到税务局的发来,需要你补交的5年前甚至10年前的增值税的通知。

关于签合同的那些事儿

1)英语合同:
因为并购增额领域是很英语化的一个领域,所以并购合同一般是英文,即使是在两个德国公司之间的合同一般也是英文。
2)股权转移流程:
股权交易中的合同会明确卖方的保证和免责,不过仅签署合同并不代表着这个公司就已经属于买方了。接下来需要做的事情就是公证当资金转入,合同公证后,买方才算是真的拥有这个公司的股权。
3)买卖方利润转换时间
那么,从哪天开始公司的利润就属于买方了呢?一般出于方便,买卖双方会拟定一个交割日。从交割日开始公司的利润将属于买方。 
4)并购是否要交税?
在德国买卖公司或者股权,只要不涉及房地产,买方无需交税,卖方可能会要交盈利税。
但是如果这个公司有自己的房地产,那么涉及到税的方面会更复杂一些。目前出了相关的新的法律规定,以前的只买95% 的方法不再行得通了。

问答环节

1. 尽调中财务的部分可以由买方的财控来做吗?
可以的,财务的话,一般肯定是卖方派人来做,尽调中的所有任务都可以自己来做,并不是说必须一定专业人士来做.如果买方本身已经有很大的财务队伍,那么就可以自己完成。
2.技术和财政调查可以委托给律所吗?
可以,我们事务所提供full-service, 任何并购过程中的顾客需求,比如需要办签证,都可以提供相应的服务。
通常,事务所在达到一定规模后就可以提供很全面的服务。
3.并购过程中,反垄断的百分比怎么计算的呢?
首先,我们有专门的反垄断律师负责这相关内容。
其次,即使是反垄断律师,这个问题也不是能一下子回答的。
因为这个要视情况而定,他不光涉及中国和德国的反垄断法,还有欧洲的垄断法,甚至是全世界的垄断法。
比如你在德国买一架企业,你要看这个公司它在德国,在波兰,在捷克,在法国等各个地方各有多少营业,而不是只看它在德国的情况。调查它在每一个国家是不是触及到了当地国家的反垄断法的工作量是很大的。
4.在股份转让公证时, 需要双方同时在场吗?
理论上,购买股份的时候当事人时不需要出面,但是涉及到大量金额的时候,在实际操作层面上,律师方面还是会要求一份公证和认证过的当事人的授权书,否则没人敢轻易承担巨大的责任。不过当事人不一定要来德国境内,可以授权委托律师们去做。
5.在收购项目完成以后,后期的融合过程中,还有什么工作是需要律师的呢?
企业并购之后的融合阶段也是一个专门的领域,叫post-merger integration。需要说明的是,并购并不是在签完合同后就结束了。还有很多文件的交接会在之后发生的,以及人事上的调整等。所以说企业并购的工作并不是在股份转让后的那一刻就结束了的。
其次,作为企业新的投资者,融合初期肯定还会有各种问题需要律所处理。有些投资者会为并购请国际知名的律所,先完成并购,再请当地律所进行处理实际运营层面上的工作。
比如我所在的事务所,相比国际律所的名气虽然没有那么大,但是我们的性价比很高。同样的服务,一些国际律所的收费可能达到我们的两倍。
6.中德之间的并购意向和成功率如何
不高,我觉得很可惜。
事实上,中国有一个天然优势就是它巨大的市场和发展潜力,但是时期操作过程并不是很理想。
首先,不够专业,购买专业服务的意识不够强,经常在不该省钱的时候舍不得钱花钱,这是中国投资者在并购德国公司没能成功的一个重要原因。在德国,这类案件过程是必须要经过专业人员的处理。
其次,在并购后的问题更多体现在双方由于文化不同,交流并没有特别成功。当然,这是另外一个话题了。
7.活动后如何联系到高律师?
如果大家不反对的话,最好还是先给邮件沟通。
8.在反垄断问题上,如果买方,卖方和律师意见不一致的时候应该怎么办?有没有仲裁方呢?
反垄断不是由买方卖方来决定的,是由反垄断局来决定的
像我上面提到的,一个是反垄断,另一个是涉及到德国对外贸易上的一些限制行业,并购计划是一定要上交的进行审查的。
如果德国政府或者反垄断局反对,这个并购就不能实现。这并不是双方之间能决定的问题。
9.能否在就中国外汇资金管制问题再进行一些补充?
涉及大金额的交易,尤其是转到国外的资金,国内是肯定要备案的,要走一些行政手续的,这肯定是要咨询国内律所,这很大程度上取决于顾客自己。
这其实是中国在并购上的一个劣势,因为考虑的资金流通问题,中国公司有可能因为资金转不过来而取消购买计划,这对卖方来说就很麻烦。所以有些公司考虑到这一点更倾向选一些比如欧盟境内的投资者。
10.如何拟定一份律师委托书?
我知道的都是由律所发出一份委托书模版给顾客的。
11.目前遇到过最奇葩最艰难的case是什么呢?
因为职业保密,所以不能完全告诉大家具体细节,我就讲两个轻松一点儿的。
一个是我听说的, 中古买方在几千万上亿的并购合同上按手印,在场的德国律师就懵了,他们不了解按个手印的文化。
还有一次我的顾客给我发过来扫描的授权书上面还有一个大蚊子的痕迹,那我当然只能说这个不行。因为就像我说的,这就显得太不专业了。
不知道这两个小故事是不是能满足一下大家的好奇心。
12.在中方遇到一些问题,比如因为签证拿不下来,而造成并购不能顺利进行的情况下,通常会怎么解决?
目前,德国公司在大的并购案上肯定是有律师和并购师,他们多数都有和中国公司打交道的经验的。
就我所知,为避免这种情况,德国卖方通常会要求买方支付一定的保证金.没有保证金的情况下大多数的德国卖方是不会继续下一步谈判的。
13.是不是还有一个环节买方可以供来参观这个公司?疫情情况下,会不会因为不能现场观测而延缓并购的进程?
这个其实并不涉及太多法律问题,参观公司工厂肯定是可以的,不一定本人,可以委托他人代替你来参观。
如果有情况买方需要在场,那么如果并购案够大的话,甚至当地经济发展部门会配合律所给顾客发出邀请函用于办理签证等一些行政手续,当然前提是这个案子够大,对当地经济很有帮助。如果说就一个50万的小案子,那肯定就不会给你发邀请函了。
14.并购律师工作量很大,工作节奏怎样?
并购就跟打仗一样,每一环节都有很大的时间压力,比如三周内要完成尽调。两周内合同要出,还要反复修改,经常工作到凌晨3点。
15.对于购买小公司,还有必要请专业人士进行尽调吗?有其他方式吗?您有没有可以推荐的华人并购师?
我们有长期合作的华语并购师,您可以之后联系我,这个我可以推荐给您。
从律师的角度我当然会说,是的,当然需要找。但是当然也看个人具体情况,尤其是小型交易,很多人不愿花这个钱我也是可以理解的。
这就是个风险问题,如果您觉得这个律师费的投入和这个可能不比风险损失少多少,那就看个人是否愿意承担这个风险了。不够对于大额并购,那肯定必须要有专业人士陪同。
16.上一年的审计报告是否足够能说明这个公司的情况?
审计报告只是各个法律问题中的一个小问题,就算审计报告全都没问题,那员工合同,租赁合同,过去的股份转让,之前是否有税务债款。这些审计报告是说明不了,所以审计报告很重要,但只是其中一小部分。

以上就是本次分享的主要内容。后续我们将有更多的活动,欢迎大家关注和支持。感谢各位!
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