ABSTRACT
Chinese investors have both particular advantages and unique challenges in executing cross-border investments, and they must adequately prepare for these challenges in order to increase the likelihood of an international transaction being a success. The legal framework of the target jurisdiction; the existence of a competitive bidding environment and organized sale process; the regulatory review process to obtain any required approvals (in particular, the CFIUS national security review process in the United States and the European Commission antitrust review process in Europe); and the successful transition and integration of the target’s business into that of the acquirer are all challenges that Chinese investors must confront during the lifecycle of a transaction. This chapter contains an analysis by the legal practitioners at the global law firm of Sullivan & Cromwell of how best to address these challenges in order to ensure that each transaction has the highest chance of succeeding and yielding its anticipated benefits, with reference to several recent international deals involving Chinese companies.
