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对买方和投行来说,最奇妙的地方还是尽职调查,对卖方的法律关系、财务、人力和市场等各个方面作综合考量。只有用好尽职调查这个环节,后面的估值和交易才有可能展开。虽然最近工行收购美国东亚银行获批等好消息不断,但在笔者看来,中国企业出海并购仍暗藏陷阱。而如何最大限度地发挥投行的作用,实现其服务创造价值最大化,是买方并购能否成功的关键。
For buyers and investment banks, the most wonderful place is due diligence, comprehensive consideration of all aspects of the seller’s legal relationship, financial, human and market. Only with due diligence in this session, the valuation and the subsequent trading is likely to start. Although ICBC recently approved the acquisition of Bank of East Asia so good news continues, but in my opinion, Chinese enterprises are still hidden hidden in the sea mergers and acquisitions. How to maximize the investment bank’s role and maximize its service creation value is the key to the success of buyer’s M & A.