MSL China _Chinese Outbound M&A_EN

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1、LEVELINGTHEM&APLAYINGFIELDMSLCHINAExecutiveWhitepaperJune2013AuthorsJamesHawksworthDirector,FinancialCommunicationsandCorporateAdvisoryBeijingJames.Hawksworth@mslgroup.comLindaDuGeneralManager,FinancialCommunicationsandCorporateAdvisoryShanghaiLinda.Du@mslgroup.comAntoi

2、neDenryDirector,FinancialCommunicationsandCorporateAdvisoryHongKongAntoine.Denry@mslgroup.comTheauthorsdeeplythanktheM&Aadvisorswithwhomweengagedindetailedinterviews.TheauthorsaregratefultothesubstantialandcommittedcontributionsofourcolleaguesJohanBjörkstén,TzyyWang,Chr

3、isLuan,andDaliaDuwhoprovidedvaluabledirection,editingandtranslationsupportinthedevelopmentofthisreport.ContentsIntroduction2What’sdrivingoutboundM&A?5Opportunisticinvestmentinthewakeofthecrisis5JamesHawksworthAcquisitionofstrategicassetsorcapabilities5Director,Financial

4、CommunicationsandCorporateAdvisoryEncouragementfromChineseGovernment6BeijingHurdlesforChinesecompanies7James.Hawksworth@mslgroup.comReputationcanmakeorbreakadeal7Acostlypremium8Fivekeycommunicationschallenges9LindaDu1.Socialresistancestemmingfromfearoftheunknown9General

5、Manager,FinancialCommunicationsandCorporateAdvisory2.Politicalresistancebasedoncompetitiveconcerns9Shanghai3.Pooremployeeengagementleadstoweakperformance,resistanceandnegativechatter11Linda.Du@mslgroup.com4.China=Cheap135.The‘MuddyWaters’dynamicandanervousglobalinvestme

6、ntcommunity13WhatcanChinesecompaniesdotoachieveafairervaluation?14Understandthecommunicationslandscape14Developaclearmulti-stakeholderstrategybaseduponunifiedmessagingandalonglead-time15Listenandengageearlytoaddresssocialresistanceandrespondeffectivelytocrises15Initiate

7、dialogueearlytohelpallayconcernandopposition16Addressimageandbrandingissues17Nurturethemergedcorporateculture17Don’tignorethecustomers–retentionismuchcheaperthanacquisition18Increasecredibilityandcalminvestorsthroughtransparentandconsistentdialogue18Communicationsmilest

8、onesduringadeal20TenCrucialM&ACommunicationsConsiderations22AboutMSLGROUP242LevelingtheM&AplayingfieldLeveling