insights into asia pacific m&a - global m&a...

INSIGHTS INTO

ASIA PACIFIC M&A

FINANCEASIA AND

CLIFFORD CHANCE

M&A SURVEY

CLIFFORD CHANCE |

M&A

This boom was driven by a number of

factors including in the PRC's continued

outbound M&A binge (best summed up by

ChinaChem's US$40+billion offer for

Sygenta) and the continued strength in

intra-regional deals with numerous US$

billion+ transactions (by way of example,

Japan attracting record levels of investment

from Asian players including Foxconn's

acquisition of Sharp).

2

Whilst we expect that the recent foreign exchange curbs

introduced in the PRC will have some adverse impact on

PRC outbound M&A activity levels in the year ahead, we

anticipate that outbound Asian-wide M&A levels, as well as

intra-Asian M&A, will continue to be strong in the year

ahead. This is supported by our survey, with almost 94%

of the respondents expecting an increase in, or at least the

same levels of, activity for outbound Asian M&A in the

coming year. Whilst the US and UK remain popular

jurisdictions for investment flows, both jurisdictions are

seen as being less attractive than last year given the

uncertainties around the US change of government and

Brexit respectively. Interest in the Asian M&A markets is

the most balanced in the 10 years that we have been

undertaking this survey, with China sharing equal billing for

the first time together with both India and Indonesia.

We look forward to continuing to work with you and

supporting you in your assessment and execution of M&A

opportunities. Please do reach out if there are any areas

on which you would like us to share our insights.

VIEWS FROM ASIA PACIFIC

2016 was a stellar year for M&A in Asia Pacific with record-breaking

activity levels (in both M&A deal volume and value).

INSIGHTS INTO ASIA PACIFIC M&A

Andrew Whan

Head of Corporate/M&A

Asia Pacific

CLIFFORD CHANCE |

CONTENTS

1. Key findings 4

2. Sector trends 8

3. Asia Pacific inbound M&A 9

4. Asia Pacific outbound M&A 10

5. Key drivers…and challenges 11

7. Antitrust and other regulatory hurdles 12

8. Focus on compliance and risk management 13

9. Economic sanctions 14

10. Deal structures and pricing gap 15

11. Private Equity in focus 16

12. About the survey 17

13 Global M&A key contacts 18

3 INSIGHTS INTO ASIA PACIFIC M&A

CLIFFORD CHANCE |

KEY FINDINGS


INBOUND

The previous gap between Mainland China and other

markets has significantly reduced, with the most attractive

destinations for inbound M&A now equally being Mainland

China, India and Indonesia. Australia/New Zealand and

Vietnam then follow the top destinations closely.

BIGGER DEAL SIZES

We have continued to see deal sizes increase, with more

US$ billion+ deals in Asia Pacific than ever before.

Sentiment remains strong for deals in the US$100million –

US$500million range. With many companies pursuing

global strategies, we continue to expect to see more big

ticket acquisitions particularly by Asian companies, both

within the region and globally.

OUTBOUND

Asia outbound M&A sentiment shows no sign of abating

with almost 90% of respondents again forecasting an

increase in, or at least similar levels of cross-border

outbound M&A. The US (68%), Eurozone (55%) and UK

(38%) continue as the most popular target jurisdictions for

outbound M&A, with the US and UK having decreased

slightly due to uncertainties related to the new Trump

administration and Brexit respectively. In light of the drivers

of M&A which were highlighted, the most popular being

Asian companies adopting a global strategy and the desire

to find new markets, we are expecting even stronger

outbound M&A in the next year.

DRIVERS

The biggest drivers for Asia Pacific outbound M&A remain

Asian companies adopting a global strategy and the desire

to find new markets, followed by depressed valuations in

target markets and the desire to secure

knowhow/technology and brands. Lack of opportunities or

weaker growth prospects in home markets were also

flagged as being an increased concern over the past.

DRAGS

Concerns about local protectionism and regulatory issues

continue to be major issues in cross border M&A and were

identified as having the greatest negative impact.

Concerns about economic growth in Asia Pacific and

concerns about bridging cultural differences in the

acquisition process and during integration featured next

most strongly. Significant concerns were also raised about

political and military uncertainty including

economic sanctions.

BUYER IN CONTROL

The balance of power still remains strongly in favour of the

buyer in the next 18 months, having slightly decreased

from 79% to 65% from the previous year. We continue to

expect strong competition in auction processes for

attractive assets and, therefore, a more balanced, or seller

friendly, situation in those circumstances.

CLIFFORD CHANCE |

KEYS FOR SUCCESS

Managing and clearing regulatory hurdles increased in

importance as a factor for success (56%), identified as a

joint top factor, along with having a good acquisition team

including advisers with local knowledge and experience in

successfully complete deals in the region. Respondents

considered comprehensive due diligence of decreased

importance in comparison to last year.

BREXIT IMPACT

Some 60% of respondents said they thought Brexit would

have a negative impact on investment in the UK compared

to just 15% that expected a positive impact. Despite this,

the currency depreciation has encouraged deal flow,

especially in the property sector, with Chinese buyers

continuing to be active in the UK.

CLIFFORD CHANCE |

OTHER KEY FINDINGS

Expected M&A deal size over the next 18 months

6

Preferred methods of financing


Bank loans

Equity swap

ECM

Cash reserves

DCM

Deals with strategic/financial

co-investor

US$100 million –

US$500 million

48.7%

< US$100 million US$500 million –

US$1 billion

> US1 billion

17.4%

26.4%

7.5%

Buyers Sellers

35%

65%

Who is in control? The balance of power will be with:

39%

40%

47%

53%

55%

66%

CLIFFORD CHANCE |

OTHER KEY FINDINGS


Comprehensive due

diligence

50%

Good deal structure

and protection in

legal agreements

48%

Managing and clearing

regulatory hurdles

56%

Good acquisition team

including

advisers with local

knowledge

56%

Managing

stakeholder

expectations

44%

Assured funding

42%

CONTINUED

Factors for success

CLIFFORD CHANCE |

SECTOR TRENDS

8

Technology, media and telecoms (TMT) is now identified as the top

priority sector this year, overtaking consumer, retail and leisure

which was the top sector for the previous three years.


22

19

7

7

1

2

1

2

1

1

-

42

31

16

13

5

4

5

3

1

2

1

105

80

61

53

38

34

34

28

21

19

9

Technology, media and telecom

Consumer, retail and leisure

Pharma/healthcare

Financial services

Industrials and chemicals

Real estate

Oil and gas

Power

Transportation

Mining

Other services

Greatest investment

Greatest + 2nd greatest investment

Total (Greatest + 2nd greatest + 3rd greatest)

Deal activity in the TMT sector has been buoyant

throughout the Asia Pacific – conglomerates and

corporates in Japan and Hong Kong for example having

been actively hiving off non-core TMT assets, and the

buoyant China TMT sector continuing to be a big lure for

investment. We expect this sector to continue to be a top

priority sector in the short to medium term.

Despite dropping off its the top perch, the consumer,

retail and leisure sector continues to attract interest from

investors drawn by the opportunities to find new markets

and growth in the region and to take advantage of the

growing middle class. Populous countries like China,

India and Indonesia will continue to drive activities in the

region.

Financial services sector activity is driven by the many

global financial institutions continuing to seek to reshape

their businesses in light of regulatory changes and

increased compliance risks and costs. Regional

institutions are looking to grow their businesses through

acquisition, particularly in key new markets and product

lines.

Pharma/healthcare has seen a number of big mergers in

the US and Europe, and, although deal sizes in Asia are

generally smaller than these, there is a focus on

acquisitions as the sector consolidates and as

companies pursue a strategy to take advantage of

increasing spending by governments and individuals on

healthcare in Asia and develop products suitable for local

markets.

CLIFFORD CHANCE |

ASIA PACIFIC INBOUND M&A

For the first time in 10 years, Mainland

China is not the undisputed leader and

shares the top destination for inbound M&A

equally with India and Indonesia.

This can be attributed to the slowing of economic growth in

Mainland China and the high competition for quality assets

which have made investors look further afield in Asia.

Australian/New Zealand and Vietnam follow thereafter,

being 34% and 32% respectively. A number of large

infrastructure privatisation programs in Australia together

with the devalued currency have helped Australia secure

this position. Vietnam has significantly increased from

20% in the previous year's survey, also fuelled by

privatisation transactions and greater private equity-led

investment levels.

Singapore, Taiwan, Thailand, Malaysia, the Philippines

and South Korea maintain consistent numbers compared

to last year.

9

The outlook for inbound M&A from non-Asia Pacific strategic

acquirers remains positive, with 71% of respondents expecting an

increase on the previous year or at least similar levels.


17%

Mainland China

42%

Singapore

Hong Kong

Philippines

Taiwan 3%

Thailand

Malaysia

Japan

19%

14%

32%

Vietnam

South Korea

India

42%

9%

13%

8%

11%

Indonesia

42%

Australia/

NZ

34%

Myanmar

14%

CLIFFORD CHANCE |

ASIA PACIFIC OUTBOUND M&A

The overall outlook for cross border

outbound M&A from Asia Pacific strategic

acquirers remains very positive, with 94% of

respondents expecting an increase on the

previous year, or at least similar levels.

10

The US, Eurozone and UK remain the most popular target

jurisdictions for outbound M&A, with the US decreasing to

68% from 87% in the prior year, perhaps partly attributed

to the uncertainty surrounding the incoming Trump

government. The UK has also seen a decrease in

interest, declining to 38% from 47% in the prior year, due

to Brexit concerns.

In light of the drivers of outbound M&A highlighted below,

we are expecting continued strong M&A levels in the next

year. A desire to secure know-how/technology brands has

increased to 45% as one of the top drivers of outbound

M&A, along with drivers of lack of opportunities in home

markets and fear about downturns in domestic markets.


Top drivers of Outbound M&A

Middle East

Canada

South America

US

68%

9%

11%

Africa

23%

13%

CEE

16%

Eurozone

55%

UK

38%

Other – APAC

65%

Asia companies adopting global strategy

Desire to find new markets

Depressed valuations in

target markets

Desire to secure know-how/

technology, brands

Lack of opportunities

in home markets

Fear about

downturns in

domestic markets

72%

53%

28%

45%

26%

19%

Increased

confidence of

acquirers 17%

CLIFFORD CHANCE |

KEY DRIVERS AND CHALLENGES


Asian companies adopting global strategy

The continued top driver for Asia-led M&A

Depressed valuations in target markets

Attracting investors to target markets with the hope of

taking advantage of attractive valuations

Desire to find new markets

Continues to be a top driver of outbound M&A.

Desire to secure know-how/technology, brands

Continues to fuel the M&A levels in particular in the TMT,

CG&R and Pharma/Healthcare sectors

Lack of opportunities in home markets

Particularly relevant to low growth markets and where

companies already have strong domestic positions such as

in Japan and Korea

Successful acquisitions

Majority of respondents indicated fast M&A successes

have fuelled a greater determination to undertake further

M&A

Correction in natural resources

The continued rebound in commodity prices is attractive

for opportunistic acquirers

Increased confidence of acquirers

Asian companies continue to become more sophisticated

in cross-border M&A as can be evidenced by their growing

relevance and success on the global M&A stage

Improving economies in US/Europe

Attracting Asian companies to target acquisitions in those

markets and increasing the confidence of companies there

to make acquisitions in Asia Pacific

Concerns about local protectionism and

regulatory issues

Continued complexity in navigating anti-trust and other

regulatory regimes and increasing enforcement action in

major jurisdictions ranks as the top concern for

respondents (both within Asia and globally). Respondents

expect such challenges to only become more burdensome

in the current geo-political climate

Regional and global economic conditions

Slow down in growth in Asia Pacific, especially China, and

the impact on the US and European economies as

quantitative easing ends are seen as significant risks

Sellers’ unrealistic price expectations

In the past three years, seen as the biggest drag on M&A

and potentially stalling M&A deals - still seen as a

significant challenge this year

Cultural differences in process

Comprehensive due diligence to ensure no post-

acquisition surprises, good deal structures, and legal

agreements are seen as key to successful M&A, but there

can be resistance to these from the seller. Advisers with

local experience are key to manage this environment.

Lack of attractive targets

Companies are holding on to quality assets

Political and military uncertainty including economic

sanctions

Geo-political factors such as Brexit and the US election

result continue to raise concerns

Post-merger Integration

More than half (58%) of respondents see integration of

acquisitions in Asia-Pacific as more difficult than

anticipated. Post-merger integration is key to any

successful acquisition and can be a greater challenge in

foreign markets where the business, cultural, legal and

political issues are different to those in the acquirer's home

markets

Key drivers…

…and challenges

CLIFFORD CHANCE |

ANTITRUST AND OTHER

REGULATORY HURDLES

Concerns over protectionism and regulatory intervention creep ever higher up the

corporate agenda, helped by geo-political factors such as Brexit and the US

election/incoming Trump administration.

In 2016, we saw a number of deals run into difficulties in countries normally considered

welcoming to inbound M&A. In Australia, a number of acquisitions were blocked,

notably the sale of a stake in the New South Wales electricity grid to Hong Kong's

Cheung Kong Infrastructure and China's State Grid and the sale of Australia's largest

cattle landholder, S Kidman & Co to a Chinese consortium. In Germany, ministerial

approval of the acquisition of chemicals firm Aixtron was unexpectedly reversed and

the deal was subsequently blocked in the US by presidential decree. In the UK,

approval of Chinese investment in a new nuclear build was temporarily put on hold

before being subsequently approved on the understanding that future deals in sensitive

infrastructure would be subject to a greater degree of government control.

The common feature in all of these cases has been the presence of Chinese investors

and concern at the rising levels of Chinese investment, much of it by State-owned

entities. This trend looks unlikely to abate in the short term and raises the question of

whether there will be any form of reaction affecting inbound investment into China.

In 2014, Chinese antitrust agencies were strongly criticised for targeting their

enforcement activities on foreign companies (a charge they strongly denied). Since

then, with some notable exceptions, the focus of the agencies' enforcement seems to

have been on domestic industries, including an increase in enforcement against public

authorities or State-owned players. Whether this trend continues in an environment

that is becoming increasingly difficult for outbound Chinese investors remains to be

seen.

12

Protectionism concerns continue to dog M&A.


“ Protectionism in the

name of "national security" is

growing, making cross-

border investment more

complicated. It is also worth

noting that increasingly

active and complex antitrust

review may possibly co-exist

with the national security

review or foreign investment

review and even affect each

other.

Richard Blewett, Head of

Antitrust, China

Strategic considerations

Early engagement

Companies that are planning to invest

in sensitive sectors must take into

account national security review,

foreign investment review, and merger

control risks when they are planning

their deals, map out effective

government relations strategies and

engage their government relations

teams at an early stage in the process

to monitor progress

Managing relationships with multiple

regulators

Companies may need to balance

between focusing on regulators in

"high-intervention" jurisdictions such as

China, EU and US, while not alienating

regulators in other jurisdictions

Timing

Timing is critical: prepare early, have a

list of "prioritized jurisdictions" (e.g.,

with pre-notification and/or more data

input), and have a timing strategy and

be disciplined on timing and deadlines

”

CLIFFORD CHANCE |

FOCUS ON COMPLIANCE AND

RISK MANAGEMENT

The negative impact of concerns about

post-acquisition differences in business

cultures, regulatory issues, and insufficient

due diligence can be overcome with a

focused assessment of risk, post-acquisition

planning, and integrated sustainable

compliance programs.

13

Some key target areas to focus on are:

Buyer

Earlier, and more thorough due diligence on target's

anti-corruption policies and compliance history

(particularly if a "red flag“ sector or jurisdiction)

Consideration of transaction structure e.g. asset

deal/share deal/ joint venture? (JVs may lead to

responsibility for violations of a JV partner)

Additional robust representations, warranties and

indemnities from sellers in relation to historical

compliance

Obtaining anti-bribery certifications from key persons

at target

Avoidance of transactions that lead to unmanageable

liability risk

Planning ahead – detailed plans regarding anti-

corruption practices and procedures that will be

implemented post-completion

Seller/Target

Commencing and/or refining internal policies to ensure

compliance with anti-bribery legislation before sale

Statements of commitment from management

Risk assessment and monitoring of compliance

Vetting prospective employees and appropriate

disciplinary procedures

Education of employees

Diligence of business relationships

Policies and procedures that meet highest standards

Compliance and risk management are crucial to successful M&A


China

UK

US

CLIFFORD CHANCE |

ECONOMIC SANCTIONS

Donald Trump’s election has caused

uncertainty in long-term planning and M&A

prospects due to the possibility that the

loosened Iran and Cuba restrictions

encouraging investment could be reversed,

just as the Russia/Ukraine sanctions which

dampened investment are struck down.

Until those changes become reality,

measures must still be taken to ensure

compliance with sanctions laws to minimise

the risks of potential penalties

14

Newly acquired company to

implement any necessary changes to

its business (e.g. cut ties with certain

customers, ringfence US persons

from certain customer

transactions, etc.)

Implement sanctions compliance

programmes during integration phase

Risk management and effective

compliance programs should be seen as

enablers to overcome the negative

impact of uncertainty in M&A

transactions.

Wendy Wysong, Partner, Litigation &

Dispute Resolution

M&A in a time of economic sanction uncertainty


“ ”

Due diligence to cover the target’s operations with

sanctions targets or in sanctioned countries/sectors

If they exist, to determine extent of business contact

and whether exemptions would be available to cover

business operations after acquisition

Sanctions laws (US in particular) change continuously

Acquirer must monitor these changes continuously if it

decides its target can continue to interact with its pre-

acquisition customers that raise sanctions risks

Post-

acquisition

Ongoing monitoring

Pre-

acquisition

CLIFFORD CHANCE |

DEAL STRUCTURES AND

PRICING GAP

Full control acquisition of targets has

traditionally been the most popular

structure, and it is still the most preferred

structure according to 39% of respondents.

Alternative deal structures also seen as

viable options, with joint ventures with a

strategic partner and partnerships with

private equity and other financial investors

the most preferred structure according to

25% and 16% of respondents respectively

Joint ventures and alternative deal structures

Provide opportunity to share business, financial, cultural

and political risk – a particular feature in emerging

markets, and combine JV partners’ expertise

May enable foreign ownership restrictions and antitrust

considerations to be navigated successfully

May add valuation gap

Often used as a stepping stone to acquire 100%

15

Bridging the pricing gap

The survey revealed that 60% of respondents believe

sellers’ unrealistic price expectations is a drag on M&A. It

was ranked as one of the biggest drags on M&A and

alternative forms of structuring can help to mitigate risk.

The challenge of bridging the pricing gap can be

addressed, at least in part, by the following:

Contingent or deferred consideration e.g. earn-out

Vendor retained stakes

Staggered sales

Purchaser clawbacks

Vendor financing

Warehousing

Control deals and joint ventures/partnerships favoured


Know your partner

Clear delineation of roles and decision making

Can be unstable

What happens next?

Extensive due diligence required

Detailed contractual framework required

Contractual framework must address how disputes to

be dealt with

Critical to agree exit mechanism at the outset

CLIFFORD CHANCE |

PRIVATE EQUITY IN FOCUS

Whilst deal volume was not particularly strong, 2016 was a year highlighted by a number of

high-profile PE-backed transactions including MBK and TPG's US$1.2 billion acquisition of

Wharf T&T and KKR's US$4.5 bid for Nissan's Calsonic business. We expect an uplift in

activity levels from PE investors this coming year, especially in China which was particularly

quiet in 2015.

16

A competitive market place

Asia Pacific is becoming an increasingly competitive

market in the PE space – numerous PE funds have cash

which they need to spend and the quality assets at the

right valuations are few and far between.

Expectations remained at the same strong levels as compared to

last year that Private Equity (PE) funds will be increasing or

maintaining similar levels of activity on the buy-side (89.5%) and

sell-side (86%).


35%

51%

14%

PE sell-side activity

Increase Similar Decrease

50%

40%

10%

PE buy-side activity

Increase Similar Decrease

With the relative scarcity of 'quality assets' we expect that auction processes

will continue to be particularly competitive throughout 2017 and for there to be an

increase of secondary transactions between private equity firms. Andrew Whan, Head of PE, Asia Pacific “

GP casualties:

We are starting to see PE houses fall by the wayside as

they struggle to raise new funds and effectively drop out

of the buy-side market

The rise of the strategic:

Corporates with strong balance sheets have re-entered

the market in force. PE funds find it difficult to compete

when strategics can demonstrate the synergies on an

acquisition – despite this, PE funds were successful in

out-muscling their corporate competitors on a number of

auction-side processes including Permira’s acquisition

of Vistra

”

CLIFFORD CHANCE |

23%

15%

12%

10%

5%

5%

5%

4%

3%

2%

16%

Banking

Services

Legal/Advisory

Asset management

Consumer

Energy and resources

Industrial

Alternative investment fund

Private equity

TMT

Others

21%

11%

4%

3%

3%

3%

3%

2%

2%

1%

1%

1%

1%

1%

1%

7%

Hong Kong

Singapore

Southern Asia

India

Malaysia

Australia/New Zealand

Mainland China

Japan

North America

Taiwan

Thailand

UK

Indonesia

South Korea

Eurozone

Middle East

Other

ABOUT THE SURVEY

Over 200 respondents expressed their views in November 2016, with 62% at CEO, MD,

CFO or executive level. FinanceAsia was appointed to conduct this M&A trends study by

engaging with leading decision makers and M&A professionals using an online survey. The

goal was to gauge perceptions on the very latest market conditions and identify M&A trends

in Asia Pacific.

17

This is the tenth year in which Clifford Chance and FinanceAsia

have collaborated on a regional M&A survey.


Respondents’ Profiles (%)

25%

18%

19%

21%

17%

MD/CEO/Partner

COO/CFO/Director

Company executive

Business development or M&A manager

Others

37%

CLIFFORD CHANCE |

GLOBAL M&A KEY CONTACTS

18

*LINDA WIDYATI & PARTNERS IN ASSOCIATION WITH CLIFFORD CHANCE


Asia Pacific

Andrew Whan

T: +852 2825 8903

E: andrew.whan

@cliffordchance.com

North America

David Brinton

T: +1 212 878 8276

E: david.brinton

@cliffordchance.com

India

Neeraj Budhwani

T: 852 2826 2428

E: neeraj.budhwani

@cliffordchance.com

Central and Eastern Europe

Alex Cook

T: +420 22 255 5212

E: alex.cook

@cliffordchance.com

Spain

Javier Garcia de Enterria

T: +34 91590 9466

E: javier.garciadeenterria

@cliffordchance.com

Japan

Tatsuhiko Kamiyama

T: +81 35561 6395

E: tatsuhiko.kamiyama

@cliffordchance.com

Thailand

Andrew Matthews

T: +66 2401 8822

E: andrew.matthews

@cliffordchance.com

China

Terence Foo

T: +86 10 6535 2299

E: terence.foo

@cliffordchance.com

Korea

Hyun Kim

T: +82 2 6353 8118

E: hyun.kim

@cliffordchance.com

Africa

Spencer Baylin

T: +44 20 7006 1519

E: spencer.baylin

@cliffordchance.com

Hong Kong

Amy Ho

T: +852 2825 8993

E: amy.ho

@cliffordchance.com

Netherlands

Hans Beerlage

T: +31 20711 9198

E: hans.beerlage

@cliffordchance.com

Latin America

Anthony Oldfield

T: +1 212 878 3407 /

+55 11 3019 6010

E: anthony.oldfield

@cliffordchance.com

France

Laurent Schoenstein

T: +33 14405 5467

E: laurent.schoenstein

@cliffordchance.com

United Kingdom

Mark Poulton

T: +44 20 7006 1434

E: mark.poulton

@cliffordchance.com

Global

Guy Norman

T: +44 20 7006 1950

E: guy.norman

@cliffordchance.com

Germany

Thomas Krecek

T: +49 697199 1524

E: thomas.krecek

@cliffordchance.com

Middle East

Mike Taylor

T: +971 4503 2638

E: mike.taylor

@cliffordchance.com

Australia

Lance Sacks

T: +61 28922 8005

E: lance.sacks

@cliffordchance.com

Singapore

Lee Taylor

T: +65 6410 2290

E: lee.taylor

@cliffordchance.com

Indonesia*

Linda Widyati

T: +62 212988 8301

E: linda.widyati

@cliffordchance.com

CLIFFORD CHANCE |

* Linda Widyati & Partners in association with Clifford Chance

**Clifford Chance has a co-operation agreement with Abuhimed Alsheikh

Alhagbani Law Firm in Riyadh

Clifford Chance has a best friends relationship with Redcliffe Partners in Ukraine.


Clifford Chance, 10 Upper Bank Street, London, E14 5JJ

© Clifford Chance 2017

Clifford Chance LLP is a limited liability partnership registered in England and Wales under number OC323571

Registered office: 10 Upper Bank Street, London, E14 5JJ

We use the word 'partner' to refer to a member of Clifford Chance LLP, or an employee or consultant with equivalent standing and qualifications

WWW.CLIFFORDCHANCE.COM

insights into asia pacific m&a - global m&a...

Documents