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Контакты

109028 г. Москва,
Б. Трехсвятительский пер.,
д. 3, каб. 411

Тел.: +7(495) 772-95-90,
доб. 22755

Руководство
Руководитель департамента Ерпылева Наталия Юрьевна
Заместитель руководителя департамента Касаткина Александра Сергеевна

109028 г. Москва,
Б. Трехсвятительский пер.,
д. 3, каб. 411а

Тел.: +7(495) 772-95-90,
доб. 22761

Менеджер департамента Антонян Анна Артуровна

Телефон:
+7 (495) 772-95-90
15099
Электронная почта:
aantonyan@hse.ru
Адрес: Б. Трехсвятительский пер., д. 3, каб. 411

Глава в книге
Стандартизация условий венчурных сделок в США и формирование Lex Corporatoria

Новикова О. В.

В кн.: Актуальные проблемы права и экономики в ракурсе междисциплинарных научных исследований как формы международного сотрудничества: монография. М.: Проспект, 2022.

Препринт
THE SOCIAL HISTORY OF LAW AS A FACTOR OF THE RULE OF LAW

Fogelson Y. B., Poldnikov D.

Law. LAW. Высшая школа экономики, 2021. No. WP BRP 98/LAW/2021.

Project Seminar "Mergers and Acquisitions in Private International Law"

2020/2021
Учебный год
ENG
Обучение ведется на английском языке
3
Кредиты
Статус:
Курс обязательный
Когда читается:
2-й курс, 2 модуль

Преподаватель

Кроль Константин Ильич

Кроль Константин Ильич

Course Syllabus

Abstract

Mergers and acquisitions (M&A) and joint ventures (JVs) are the driving force of business development and growth of any market economy. These transactions are subject to complex legal regulation and are performed in the context of sophisticated and well established market practice. The aim of the Course is to, inter alia: - familiarize the students with the main trends in structuring, negotiating and documenting M&A (mergers and acquisitions) and JV (joint venture) transactions in the international practice and in the Russian market; - familiarize the students with the structure of the standard market legal documentation documenting the M&A and JV transactions, the main legal concepts (e.g. warranties, indemnities, disclosure, conditions precedent/subsequent, closing) and common provisions as well as the relevant legal vocabulary and market “jargon”; - discuss and compare the advantages and disadvantages of structuring M&A and JV transactions under Russian law as compared to English law (English law being a predominant choice of law for most of the cross-border M&A and JV transactions); - focus on the development of contemporary Russian civil and corporate law with the emphasis on recently introduced concepts traditional to English law; - discuss the applicability of the anti-monopoly regulations, strategic industries regulations and other related laws and regulations in the context of the M&A and JV transactions; and - discuss the available choices for dispute resolution in connection with the M&A and JV translations. The course will also analyse the main international treaties applicable to the relevant transactions (e.g. the New York Convention of 1958 on Recognition and Enforcement of Arbitral Awards), some of the national legislative acts and foreign and domestic court judgments. Thus, the course will include elements of private international law and comparative law. Besides, it will also contain elements of international law – to the extent it relates to the implementation of cross-border M&A and JV transactions. It is, therefore, desirable, that the students have already studied the courses “Russian Civil Law”, “Russian Corporate Law” and “Private International Law”.
Learning Objectives

Learning Objectives

  • enable students to apply relevant provisions of the Russian civil, corporate, anti-monopoly, banking and strategic industries laws and regulations in the context of the M&A and JV transactions, whether Russian or cross-border;
  • understand the main principles of English law relevant to M&A and JV transactions governed by English law;
  • compare the relevant provisions of Russian and English law;
  • prepare the students to apply their academic knowledge in practice (in-house or private legal practice), including conducting due diligence, carrying out legal research and solving practical cases in this field.
Expected Learning Outcomes

Expected Learning Outcomes

  • Students must gain knowledge on: ─ subject and sources of Russian law applicable to M&A and JV transactions; ─ main principles of English law applicable to M&A and JV transaction governed by English law; ─ international market practice for structuring and documenting cross-border M&A and JV transactions; ─ main provisions, scope of application and content of the
  • Skills and abilities: ─ ability to use specific terms customary in the context of M&A and JV transactions; ─ understanding main legal concepts and areas of law applicable to M&A and JV transactions; ─ understanding the structure of the M&A and JV transactions and the main legal documentation (contracts) documenting such transactions; ─ practical abilities to undertake a research and analysis of judgments, decisions and academic writings;
  • Students should gain the following competences: ─ ability to work with information (search, evaluate, use information, necessary for fulfilment of academic and professional tasks, from various sources, including application of the systematic approach); ─ ability to carry out professional activities in the international market environment; ─ ability to search, analyse and work with legally relevant information by using of juridical, comparative and other specific methods;
Course Contents

Course Contents

  • Subject-matter, basic principles and sources of Regulation
    What is an M&A transaction? What is a JV transaction? What are the laws and regulations applicable in the context of structuring and implementation of an M&A or JV transaction? Applicability of international treaties (e.g. investment treaties). Regulatory role of the Federal Antimonopoly Service (FAS), the Central Bank of Russia, the Governmental Commission on foreign investment in strategic industries and equivalents in other jurisdictions.
  • Structure and key stages of M&A and JV transactions
    How are M&A and JV transactions structured? Off-shore vs. on-shore structure for a JV company. What are the key stages of an M&A/JV transaction? The role of investment banks, law firms and auditors. Timing of M&A and JV transactions. Governmental approvals.
  • Negotiation strategies and main problems
    Key issues negotiated in the context of an M&A or JV transaction. Main problems arising in the context of M&A and JV transactions. “Deal-breakers”. Corporate governance in JVs. Resolution of deadlock situations in JVs.
  • Documenting an M&A or JV transaction
    What are the principal legal contracts documenting an M&A/JV transaction? Structure and standard provisions of each of the principal documents documenting the transaction: LOI/MOU/Termsheet Sale and Purchase Agreement or JV Agreement Shareholders Agreement Disclosure Letter Guarantees
  • Choice of applicable law and judicial protection
    Choice of applicable law and comparison of the relevant provisions of Russian law and English law in the context of M&A or JV transaction. Arbitration vs state courts in resolving disputes arising in the context of M&A and JV transactions. Arbitrability of corporate disputes under Russian law. Choice of arbitration court.
Assessment Elements

Assessment Elements

  • non-blocking Attendance, active participation and in-class discussion
  • non-blocking Essay
  • non-blocking Written and oral exam
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.4 * Attendance, active participation and in-class discussion + 0.3 * Essay + 0.3 * Written and oral exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Harvey Poniachek. (2019). Cross-Border M&As. World Scientific Book Chapters, 409. https://doi.org/10.1142/9789813277427_0013

Recommended Additional Bibliography

  • Aevoae, G. M., Dicu, R., & Mardiros, D. (2018). How do the foreign direct investments flow? The case of the cross-border M&As in the European Union. Accounting & Management Information Systems / Contabilitate Si Informatica de Gestiune, 17(4), 641–662. https://doi.org/10.24818/jamis.2018.04007
  • Brakman, S., Garretsen, H., Gerritse, M., & van Marrewijk, C. (2018). A Model of Heterogeneous Firm Matches in Cross-Border Mergers & Acquisitions. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.9BB7A6A0
  • Etzo, I., & Takaoka, S. (2018). The impact of migration on the cross‐border M&A: Some evidence for Japan. World Economy, 41(9), 2464–2490. https://doi.org/10.1111/twec.12615
  • International corporate governance spillovers ; Evidence from cross-border mergers and acquisitions. (2019). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.70FD472B
  • Jelena Zvezdanovic Lobanova, Davorin Kračun, & Alenka Kavkler. (2018). Institutions as a Mediator of the Effect of Crossborder Mergers & Acquisitions on Domestic Investment. Prague Economic Papers, (4), 479. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.prg.jnlpep.v2018y2018i4id665p479.493
  • Kai Li, Tingting Liu, & Juan (Julie) Wu. (2018). Vote Avoidance and Shareholder Voting in Mergers and Acquisitions. Review of Financial Studies, (8), 3176. https://doi.org/10.1093/rfs/hhy065
  • Lenihan, A. T. V. (DE-588)1157033911, (DE-576)502584068, aut. (2018). Balancing power without weapons : state intervention in cross-border mergers and acquisitions / Ashley Thomas Lenihan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.502582642
  • Ludivine Chalencon, & Ulrike Mayrhofer. (2018). Do cross-border mergers-acquisitions in mature and emerging markets create similar value? Post-Print. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hal.journl.halshs.01870271
  • Luong, T. A. (2018). Picking cherries or lemons: A unified theory of cross‐border mergers and acquisitions. World Economy, 41(2), 653–666. https://doi.org/10.1111/twec.12500
  • Marco Becht, Andrea Polo, & Stefano Rossi. (2016). Does Mandatory Shareholder Voting Prevent Bad Acquisitions? Review of Financial Studies, (11), 3035. https://doi.org/10.1093/rfs/hhw045