How does one acquire a large U.S. publicly listed company, and what key considerations should be taken into account when acquiring a U.S. listed company?

First, what kind of external advisors should be engaged for acquiring a large U.S. publicly listed company? Based on publicly announced information, Halliburton’s lead financial advisor is Credit Suisse, with BofA Merrill Lynch (a subsidiary of Bank of America) also serving as a financial advisor; Baker Botts (ranked #2 in energy law by Vault in 2015) and Wachtell, Lipton, Rosen & Katz (ranked #1 overall and #1 in M&A transactions by Vault in 2015) serve as its external legal counsel; BofA Merrill Lynch, acting as the lead arranger, together with Credit Suisse, provides debt financing for the cash portion of the transaction. From Baker Hughes’ perspective, Goldman, Sachs & Co. (Goldman Sachs) serves as its financial advisor, while Davis Polk & Wardwell LLP (ranked #5 overall by Vault) and Wilmer Cutler Pickering Hale and Dorr LLP (a leader in U.S. antitrust law, antitrust litigation, and securities litigation) serve as its external legal counsel. It is evident that, in world-class M&A transactions, prestigious investment banks and traditional Wall Street M&A law firms hold a dominant position. Moreover, given the industry-specific nature of this merger, an industry-leading law firm—such as Baker Botts—must necessarily be included among the external legal advisors. From the target company’s standpoint, because the transaction involves significant regulatory compliance matters (e.g., antitrust filings) and carries a risk of shareholder litigation, engaging a law firm with recognized expertise in regulatory compliance, securities litigation, and antitrust litigation is naturally essential. Of course, undisclosed advisory firms—including lobbying firms, PR firms, and HR consulting firms—are also almost certainly top-tier industry players. As for accounting and tax advisors, given the highly concentrated market dominated by the Big Four accounting firms (PwC, EY, Deloitte, and KPMG), it is safe to assume that one or more of these four will be involved. Careful consideration of how to select and coordinate external advisors—and how to structure the optimal advisory team—is a critical task for Chinese companies’ M&A teams during the pre-transaction phase. Second, what acquisition method should be used to acquire a large U.S. publicly listed company? Generally, acquiring 100% of a large U.S. publicly listed company’s equity proceeds via either a tender offer or a one-step merger. A one-step merger is typically adopted when governmental approvals are expected to take considerable time, or when the consideration offered includes the acquirer’s own stock (both scenarios occurring in friendly takeovers). In contrast, a tender offer is often preferred in hostile takeovers, where governmental approvals are not anticipated to pose obstacles, where timing is critical (especially if no second-step merger is planned), or where the transaction is all-cash—though tender offers may also include stock as part of the consideration.

Which German companies have been acquired by Chinese enterprises?

3. The economic downturn in Europe and the United States—particularly in Europe—has left many European companies struggling with weak domestic markets and encountering invisible barriers when attempting to enter emerging markets. Consequently, shareholders are opting to cash out and exit, effectively handing over Industry 4.0 capabilities to China while they pivot toward developing Industry 5.0. In July alone, 1,805 German companies filed for bankruptcy. 4. Chinese enterprises have indeed reached a stage where acquiring technology-driven companies has become imperative. Rising domestic labor costs, coupled with China’s long-standing position at the low-value end of the global product value chain (the ‘smile curve’), are creating strong internal impetus for industrial upgrading and transformation. Chinese companies have long harbored ambitions toward German enterprises—but previously, robust market conditions, the absence of major crises in Western economies, and strict EU capital controls on Chinese investment posed formidable obstacles. Now, however, the convergence of these four factors makes German enterprises an especially attractive target, precisely because their industrial profile aligns well with China’s current manufacturing landscape. The chart above shows a marked acceleration beginning in 2013: the number of acquisitions completed in a single year now rivals roughly half the total number executed between 2002 and 2012—in other words, annual deal volume has increased three- to six-fold since 2013. Prior to 2013, Chinese acquisitions of German targets were concentrated primarily in mechanical engineering and automotive parts sectors; of the 25 major deals in 2012, 21 fell within these two industries—and many involved financially distressed targets. Notable examples include: In 2016, Midea acquired approximately 86% of KUKA AG (a robotics company) for €4.6 billion.

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