Page 1

1. .

.

 Page 2

01 20 , 27

02 4 , 11 , 18
M&A 03 1 , 8
04 16 , 22 , 29
05 20 29

 65.1. : Page 3

1. , () ()
1 65.3 ,
(). ,
() , ,
, , , (),
, ,
, .
, ,
.
, , , , ,
- .
2. ()
, ,
.

 Page 4

?
? ,
. ,
.

?
?

 Page 5

-


(,
, , , , ,
) ,
, School of Law


, 2017 .




Yale Law Journal:

10
.

 Page 6
:

(universitas personarum);
() ;
() ;
()
;
transferability?
Investor ownership?
?
?

 Page 7

 Page 8

 Page 9

()

: Adams M. (1999). Cross-holdings in Germany. Journal of Institutional and Theoretical Economics, Vol. 1 / 155, pp. 80109.

 Page 10

 Page 11

 Page 12

.

.
.
.
.
.
.
.

12
 Page 13
:
(trusts and foundations)
(partnerships)

 Page 14

()
.. , ,

 Page 15

*

* .. : . .:
, 2014.

 Page 16

M&A

- ,



( ,
, ,
)
.







,

 Page 17

 1. Page 18

.
transferability
- ?

, ?

?
investor ownership
- ?

,
?
?


:

 Page 19

( 500 )



!

 Page 20


7

( 15 )







 Page 21

1.
,
.

 Page 22
M&A transaction at a glance
Looking for
Decision and targets / buyers
Preparatory definition of and approaching
phase scope parties

Draft teaser and Release vendor

Pre-due information Release DD reports on
Confidentiality
memorandum; set information the basis of
diligence agreements
up data room; memorandum release (and
phase vendor DD reliance) letter

Q&As /
Due management
1st phase due Binding offer /
diligence Letter of intent meetings / confir-
diligence final bid
phase matory DD

SPA, in Parallel Post-signing:

particular reps Signing: Notarial
agreements may prepare filings /
Negotiation & warranties recording may
be needed (eg. prepare transfers /
be necessary for
& signing indemnities, shareholders obtain funds
purchase price signing
agreement, etc.)

Pre-closing, Fulfilment of
closing Closing: Transfer Post-closing Post-closing
closing & of shares / assets
conditions restructuring convenants
post-closing