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Auteur :
Date :
Conférence
Pascal DUPEYRAT
October 31th 2013
Mergers & Acquisitions and
Strategic Sectors
1
Mergers & Acquisitions and Strategic Sectors
Usual
business
2
Strategic sector
Unusual
businessMergers, Acquisitions,
Investments
State's specific
powers
3
Refusals
Negotiated
agreements
Cancellation
Monetary
sanctions
Authorization
Mergers & Acquisitions and Strategic Sectors
Mergers & Acquisitions and Strategic Sectors
Ceramic
pan
4
Am i dealing with a strategic sector ?
Armored
vehicle
Chinese
Government
Mergers & Acquisitions and Strategic Sectors
5
Datas Customer/Military
Mergers & Acquisitions and Strategic Sectors
6
Por
k
Smithfield
Food
Security
Shuanghui International
Mergers & Acquisitions and Strategic Sectors
7
More and stronger
legislation
Mergers & Acquisitions and Strategic Sectors
3 consequences of the presence of strategic
sectors :
8
Specific M & A
Specific monitoring issues
Specific management
01
Specific Mergers &
Acquisitions
9
Specific Mergers & Acquisitions
What makes a merger/acquisition in a strategic
sector specific ?
10
Need for an
administrative authority
Specific Mergers & Acquisitions
Administrative authority with
unique features
11
Regulations open to broad
interpretation
Non-public case law
High sensitivity to political factors
Incestuous State
controls
Unclear means of appeals
0
2
Specific Monitoring Issues
12
Specific Monitoring Issues
13
In legal terms:
- Foreign investment ?
The core issue : determining the nature of the
transaction
- Takeover ?
Specific Monitoring Issues
14
In institutional terms:
- Sector outside or within
the scope of public policy ?
- Strategic sector ?
0
3
Specific Management
15
Specific Management
3 levels of
management:
16
Administrative management :
Filing the authorization application
Waiting for authorization
Specific Management
17
Strategic management :
Anticipating the forces at play
Reducing any competitive risk
Specific Management
18
Offensive management :
Involving the state
Sanctuarise the transaction
Conclusion
19
Mergers & Acquisitions and Strategic Sectors
20
Source UNCTAD
FDI
trend
Mergers & Acquisitions and Strategic Sectors
Geoconomics
trends :
21
Shift in the financial
balance of power :
- Multinational
corporations
- Investment
funds
- Sovereign
funds
Mergers & Acquisitions and Strategic Sectors
22
Huge competition for
access to:
- Rare
commodities
- Critical
infrastructures
- Strategic
technologies
- Key
ressources
Mergers & Acquisitions and Strategic Sectors
23
Strategic sector
Shift from an endured situation
to a mindset partnership
Contact :
Thank
You
Pascal
DUPEYRAT
24

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Mergers & acquisitions and strategic sector