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1、M&AinUnconventionalGasProjectsDavidClinchPartner,GlobalEnergyPractice,HerbertSmith6September20122ContentsHerbertSmith’sEnergyM&AteamRecentmarketdevelopmentsOverviewofM&AprocessDifferencesforunconventionalgasprojectsDocumentation3HerbertSmith’sEnergyM&AteamLeadi
2、ngglobalenergypracticewidelyrecognisedforindustryknowledge;energyhasbeenamajorsectorofourfirmovermanydecadesOurenergyteamconsistsofover70partnersand120associatesgloballyandweareexpandingwithourmergerwithFreehillsAsignificant“fullfunction”energyteambasedinAsia(C
3、hina,Singapore,Indonesia,Japan)GenuinefullyintegratedinternationalteamwithspecialistenergyM&A,projectdevelopment,finance,taxanddisputeexpertisegloballyProventrackrecordinemergingmarketsandcomplexcountryentry,countryexit,projectdevelopmentandprojectfinance,forM&
4、AbuyandsellsidemandatesRankedintoptierforclientservice4RecentmarketdevelopmentsIncreasedimportanceofunconventionalgasprojectsLessdependenceonoilandmoredemandforlower-cost,lower-pollutantenergyAdvancedtechnologyallowingaccesstounconventionalgasresourcesUnconvent
5、ionalgassourcespromptingM&AintheenergysectoracrosstheworldJuly2012:CNOOCoffered$15.1billiontoacquireNexen,whichhasassetinoilsandsandshalegasOctober2011:SinopecboughtDaylightEnergyLtdfor$2.1billionAugust2011:BHPBillitonacquiredPetrohawkEnergyCorporationfor$12.1b
6、illionFebruary2011:ChevronacquiredAltasEnergyfor$3.2billion5OverviewofM&Aprocess(1)Privatenegotiateddealortender/auctionBriefinformationdocument(“teaser”)and/orrequestforproposals(“RFP”)ConfidentialityAgreementInformationMemorandumDuediligenceOrdinarilycovering
7、business,financial,technical,environmentalandlegalLegalduediligence–investigatingtheassetsandliabilitiesofthetargetandconductingagenerallegalreviewinrelationtocorporate,contractualandregulatorymattersPuttingthedealtomarketandconsultinginterestedparties,roleofin
8、vestmentbanks6OverviewofM&Aprocess(2)SharesaleorassetsaleKeyconsiderations:“cleanslate”or“existingliabilities”,thirdpartyconsents,timing/documentation,taxlosses,taxstructuri