opportunities in canada for chinese companies

Opportunities in Canada for Chinese Companies

中国公司投资加拿大市场的机遇

Philip J. [email protected]

Tel. +1.212.880.6238

March 2012

Michael D. [email protected]

Tel. +1.416.865.8140

2012年3月

© 2012 Torys LLP德瑞思

德瑞思国际律师事务所

Ron [email protected]. +1.403.776.3718

1

Agenda

• About Torys LLP

• Torys’ International Practice

• Torys’ China-Related Experience

• China – Canada Bilateral Investment Developments

• M&A in Canada

Canadian M&A Process

Acquisition Structures

Financing Requirements

Coordination of Chinese Regulatory Approvals and the CanadianM&A Process

PIPE Transactions

Regulatory Considerations

• Investment Canada Act Review

• U.S. FINSA National Security Review

• Canadian Competition Act Review

• U.S. HSR Antitrust Review

• Our Reputation

• Our Chinese Alliance Firm: TransAsia Lawyers

• Our People

Philip BrownRon Deyholos

Michael Amm

2

议程表

• 关于德瑞思律师事务所

• 德瑞思国际并购的经验

• 德瑞思与中国相关的经验

• 中加双边投资发展动态

• 加拿大境内的并购

加拿大并购的过程

收购的结构

融资需求

中国相关政府部门批准以及在加拿大的并购过程

私募投资上市公司股份

法规方面的注意事项

• 加拿大投资法案

• 美国国家安全法案

• 加拿大竞争法案

• 美国哈特-斯科特-罗迪诺反垄断法

• 我们的声誉

• 我们在中国的联盟律师事务所：权亚律师事务所

• 我们的团队

柏汇理

罗恩·德厚安明康

3

About Torys LLP

• Leading Canadian business law firm with offices in Torontoand Calgary and a significant U.S. law capability throughour New York office

• Top-ranked cross-border and international experience,having worked on many groundbreaking and innovativeinternational matters:

mergers and acquisitions

public and private financings

stock exchange listings

cross-border and international investment structures

corporate reorganizations

• New Calgary office

allows us to provide leading oil & gas, energy and infrastructurecoverage across Canada and internationally

• U.S. law capability

allows for seamless Canada-U.S. cross-border service

most significant Canadian businesses have U.S. operations

enhances ability to lead international transactions

• Strong relationship with TransAsia Lawyers, a leadingChinese law firm

positions Torys as the only Canadian law firm that can provideCanadian, U.S. and Chinese legal advice

44

关于德瑞思律师事务所

• 领先的加拿大商业律师事务所，在多伦多和卡尔加里设有办公室，并通过纽约分所展现出提供美国法律服务的充分实力。

• 拥有高水准的跨境及国际业务经验，完成过众多先驱性的、具有创新性的国际业务

并购

公募、私募

证券交易所上市

跨境以及国际投资结构

公司重组

• 尔加里设立新事务所

使我们可在整个加拿大和世界各地提供石油和天然气、能源和基础设施领域的领先法律服务

• 精通美国法律

提供完美的加拿大-美国跨境服务

大部分加拿大大型公司在美国设有分支机构

提升企业引领国际交易的能力

• 德瑞思与中国的一流律师事务所权亚律师事务所建立了密切的业务关系

使德瑞思成为加拿大唯一一家可同时提供加拿大、美国和中国法律服务的律师事务所

5

Torys’ International Practice

• Torys has regularly represented clients from outside ofCanada in significant international transactions

transactions have involved single or multiple countries and legalsystems

we have worked on transactions involving most major countries,including China, India, Russia (and the former Soviet Union),certain Middle East countries and Brazil

• We have developed deep experience with internationaltransactions and assisting our clients with the unique andcomplex challenges they bring, including

familiarity with multiple legal systems and reconciling Canadianand U.S. legal and regulatory requirements with those of othercountries

international tax and corporate structuring

coordinating international antitrust/competition and foreigninvestment regulatory matters

foreign investment protection

working closely with counsel in our clients’ domestic jurisdiction

66

德瑞思律所的国际业务

• 德瑞思经常作为加拿大境外客户的代表参与重要的国际交易

交易涉及了单个或者多个不同国家和法律体系

我们为包括中国、印度、俄罗斯（和前苏联）、一些中东国家和巴西在内的主要国家处理过交易业务

• 我们对国际交易有着丰厚的经验，我们帮助客户解决特殊和复杂的问题，包括：

熟悉多个法律体系，协调加拿大、美国和其他国家的法律及监管要求。

国际税收和公司结构

协调国际反垄断/竞争和涉外投资法规事务

涉外投资保护

与客户所在管辖区的法律顾问密切合作

7

Torys’ International Practice … cont’d

Our Experience

• We have advised on some of the most important Canada-relatedinternational transactions in recent years, including the following:

Brascan CorporationUS$3 billion

Takeover bid byNoranda for the minorityinterest in Falconbridge

Canadian and U.S. counsel toBrascan Corporation (now

Brookfield Asset Management)

Mitsubishi CorporationUS$2.5 billion

Investment in, andproject financing of, theAntamina copper project

in Peru

Counsel toMitsubishi Corporation

Brascan CorporationC$2.04 billion

Sale of Falconbridgeto Xstrata

Canadian and U.S. counsel toBrascan Corporation (now

Brookfield Asset Management)

Hindalco IndustriesUS$6 billion

Acquisition of Novelis byHindalco and relatedfinancing transactions

Global deal counsel to Hindalco

Gerdau AmeristeelUS$4.22 billion

Acquisition of ChaparralSteel by Gerdau and

related financingtransactions

Canadian and U.S. counsel toGerdau on various aspects of

the transactions

The ThomsonCorporation

US$18.2 billion

Merger with ReutersGroup to create

Thomson-Reuters

Canadian and U.S. counsel toThe Thomson Corporation

International PetroleumInvestment Company

US$2.3 billion

Acquisition of NovaChemicals

Canadian and U.S. counsel toIPIC

Westcoast EnergyUS$8.5 billion

Westcoast Energy

Merger with DukeEnergy

Canadian and U.S. counsel toWestcoast Energy

Algoma SteelC$1.85 billion

Sale of Algoma toIndia’s Essar Global

Canadian and U.S. counsel toAlgoma Steel

China InvestmentCorporationC$1.7 billion

Acquisition of a 17%equity interest in Teck

Resources

Canadian and U.S. counsel toChina Investment Corporation

Petro-CanadaC$43 billion

Merger with SuncorEnergy

Counsel to Petro-Canada

TMX GroupC$3.8 billion

Proposed takeover bid byMaple Group Acquisition

Corp.

Canadian counsel toTMX Group

88

德瑞思律所的国际业务

我们的经验

• 我们近期参与的最为重要的加拿大相关交易案例:

International PetroleumInvestment Company

23亿美元

收购Nova Chemicals

担任 IPIC的加拿大和美国顾问

Brascan Corporation30亿美元

Noranda就收购Falconbridge少数股权发

出收购要约

Brascan Corporation (现为Brookfield Asset Management)

的加拿大和美国顾问

三菱公司25亿美元

在秘鲁对Antamina 铜矿项目进行投资及项目融资

三菱公司的顾问

汤姆逊公司182亿美元

收购路透社，随后重组为汤姆逊-路透社集团

担任汤姆逊公司的加拿大和美国顾问

Gerdau Ameristeel42.2亿美元

Gerdau收购ChaparralSteel以及相关融资交易

就交易的各项事宜担任Gerdau的加拿大和美国顾问

Westcoast Energy85亿美元

Westcoast Energy

合并Duke Energy

担任 Westcoast Energy的加拿大和美国顾问

Algoma Steel18.5亿加元

向印度的Essar Global出售Algoma

担任 Algoma Steel的加拿大和美国顾问

中国投资有限责任公司17亿加元

收购泰克资源17%股权

担任中投的加拿大和美国顾问

Brascan Corporation20.4亿加元

向Xstrata出售Falconbridge

Brascan Corporation (现为Brookfield Asset Management)

的加拿大和美国顾问

Petro-Canada$430亿加元

与Suncor Energy合并

担任加拿大石油公司的顾问

印度铝工业公司60亿美元

印度铝工业公司收购Novelis以及相关融资交

易

担任印度铝工业公司的国际事务顾问

TMX集团38亿加元

枫叶并购集团公司拟要约收购提议

TMX Group的加拿大法律顾问

9

Torys’ International Practice … cont’d

The ThomsonCorporationUS$2.5 billion

Sale of its NorthAmerican newspaperassets (excluding The

Globe and Mail)

Canadian and U.S. counsel toThe Thomson Corporation

Ontario Teachers’Pension Plan Board

C$3 billion

Acquisition with KohlbergKravis Roberts of BellCanada’s telephone

directories unit

Canadian counsel toTeachers’ Merchant Bank, theprivate equity arm of Ontario

Teachers’ Pension Plan

Cognos Inc.US$4.9 billion

Acquisition ofCognos Inc. by IBM

Canadian and U.S.counsel to Cognos Inc.

Sun Life Financial

C$7.5 billion

Acquisition of ClaricaLife Insurance Company

Canadian counsel toSun Life Financial

OMERSUS$11.4 billion

Acquisition of SunGardData Systems

Canadian and U.S. counsel toOMERS as a co-investor withTexas Pacific Group and other

consortium members

GMACUS$9 billion

Acquisition of a majorityinterest in GMACCH from

GMAC by KohlbergKravis Roberts & Co.,

Five Mile CapitalPartners and GoldmanSachs Capital Partners

Canadian counsel to GMAC

FujisawaPharmaceuticalUS$7.76 billion

Merger with YamanouchiPharmaceutical to form

Astellas Pharma

Canadian counsel toFujisawa Pharmaceutical

MetLifeUS$11.8 billion

Acquisition of TravelersLife & Annuity

Canadian counsel to MetLife

Manulife FinancialC$18 billion

Acquisition of JohnHancock FinancialServices, Canada’slargest cross-border

takeover

Canadian counsel toManulife Financial

Clayton, Dubilier & Rice,Carlyle Group and Merrill

Lynch Global Private EquityUS$15.1 billion

Acquisition of The HertzCorporation from Ford

Motor Company

Canadian counsel to Clayton,Dubilier & Rice, Carlyle Group

and Merrill Lynch GlobalPrivate Equity

OAO SeverstalC$900 million

Acquisition of PBS Coals

Counsel to OAO Severstal

Sherritt InternationalC$1.6 billion

Acquisition of Dynatec

Counsel to Sherritt International

1010

德瑞思律所的国际业务（续）

汤姆逊集团25亿美元

出售其北美报业资产 (不包括Globe and Mail)

汤姆逊集团的加拿大和美国顾问

Cognos Inc.49亿美元

IBM收购Cognos Inc.

Cognos Inc.的加拿大和美国顾问

Ontario Teachers’Pension Plan Board

30亿加元

与Kohlberg KravisRoberts收购加拿大贝尔

的电话黄页业务

Teachers’ Merchant Bank——Ontario Teachers’ Pension Plan的私募股权投资部的加拿大顾问

加拿大永明金融集团

75亿加元

收购Clarica Life保险公司

永明金融集团的加拿大顾问

安大略省政府雇员退休计划

114亿美元

收购SunGard DataSystems

作为安大略省政府雇员退休计划加拿大和美国顾问，代表其和Texas Pacific Group及其他财团投资者共同投资

通用汽车金融服务公司90亿美元

Kohlberg Kravis Roberts& Co.、Five Mile Capital

Partners和GoldmanSachs Capital Partners从GMAC收购GMACCH大

多数股权

通用汽车金融服务公司的加拿大顾问

FujisawaPharmaceutical

77.6亿美元

合并YamanouchiPharmaceutica进而成立

Astellas Pharma

Fujisawa Pharmaceutical的加拿大顾问

大都会人寿118亿美元

收购旅行者人寿和年金公司

大都会人寿的加拿大顾问

宏利金融集团180亿加元

加拿大最大的跨境收购：收购John

Hancock FinancialServices

Manulife Financial的加拿大顾问

Clayton, Dubilier & Rice、Carlyle Group 和美林全球私募

基金151亿美元

从福特汽车公司收购TheHertz公司

Clayton, Dubilier & Rice、CarlyleGroup 和美林全球私募基金的加

拿大顾问

OAO Severstal9亿加元

收购PBS 煤业

OAO Severstal的顾问

Sherritt International16亿加元

收购Dynatec

Sherritt International的顾问

11

Torys’ China-Related Experience

• Torys has been active in assisting China-based clients makinginvestments in North America and North American clientsmaking investments in China

we have experience working with local law firms and investmentbanks in China

through our transaction experience, we have become familiar withthe roles of many of the Chinese regulators (including the NDRC,CSRC, MOFCOM, SAFE and SASAC) and how to coordinate theChinese and North American regulatory processes (see page 21of this presentation for more details)

• Foreign investment regulatory approvals can be a key factor ininternational investments into Canada and acquisitions ofCanadian businesses

special rules apply for acquisitions by state controlled entities

we have significant experience in guiding foreign investors(including those from Asia and the Middle East) through theCanadian foreign investment approval process

we also have significant experience in dealing with the U.S.national security regime under the Foreign Investment andNational Security Act of 2007 (FINSA)

see pages 29 to 39 of this presentation for more details

1212

德瑞思律所与中国相关的业务

• 德瑞思一直很积极地协助中国客户在北美的投资以及北美客户在中国的投资

我们在与中国本土的律所和投资银行合作方面具有丰富经验

通过积累我们的交易经验，我们越来越熟悉中国许多重要规管机构（包括了国家发展改革委员会、中国证监会、商务部、外汇管理局和国务院国有资产管理委员会）的职责，同时也了解如何协调中国和北美的监管流程（详情请参见情况介绍的第21页）

• 外国投资监管机构的批准对于国际投资进入加拿大以及收购加拿大企业是至关重要的

国有企业开展收购需要适用特殊的政策法规

我们在指导外国投资者（包括来自亚洲和中东的投资者）顺利通过加拿大外国投资审批程序方面有着丰厚的经验

同样，我们对于如何依照《 2007年外国投资及国家安全法案》与美国国家安全机构打交道方面也有着丰厚的经验

详情请参照情况介绍的第30页至40页

13

Torys’ China-Related Experience… cont’d

Outbound Transactions from China

We have represented:

• China Development Bank on its proposed financing of Minmetals Resources’ proposal to acquireEquinox Minerals

• China Investment Corporation in its C$1.7 billion acquisition of a 17% equity interest in Teck Resources

• China Investment Corporation on the establishment of its Toronto representative office

• China Longyuan Power on the acquisition and development of a 100 MW wind power project in Ontario,Canada

• China Development Bank on the financing of the proposed acquisition of Wescast Industries by SichuanBohong

• a Chinese mining company on a proposed IPO in Canada

• a Chinese investor in a C$200 million investment in a private Canadian oil and gas sector company

• BlueCrest Capital on the sale of Beaver Brook Antimony Mine to Hunan Nonferrous Metals

• a listed Chinese mining company on the proposed acquisition of a mid-tier public North American basemetals mining company

• Husky Energy in its joint venture arrangements with China National Offshore Oil Corporation to developthe Madura Strait Gas Project (Indonesia)

Inbound Transactions to China

We have represented:

• Scotiabank in its C$719 million acquisition of a 19.99% stake in China-based Bank of Guangzhou Co.,Ltd.

• Scotiabank in its C$162 million acquisition of a stake in Xi'an City Commercial Bank

• Husky Oil China on its joint venture with China National Offshore Oil Corporation (CNOOC) to developthe Liwan offshore gas project in the South China Sea, including advising on Husky Oil’s supplementaldevelopment agreement with CNOOC, a US$800 million deepwater EPCI agreement, a US$250 millionsubsea equipment supply agreement and a US$800 million contract for the provision of a drilling unit

• Canada Pension Plan Investment Board in its US$112.5 million acquisition of a majority stake in aChinese warehouse real estate development company

• Carter Holt Harvey as Canadian counsel in its US$500 million acquisition of the beverage packagingbusiness of International Paper, which involved the purchase of assets in the United States, China,South Korea and Taiwan

1414

德瑞思律所与中国相关的业务（续）

中国对外交易

我们曾经代表：

• 国家开发银行针对五矿集团对Minmetals Resources收购提议的建议融资

• 中国投资有限责任公司以17亿加元收购泰克资源公司17%的股本权益

• 中国投资有限责任公司成立多伦多办事处

• 中国龙源电力集团股份有限公司在加拿大安大略省收购和开发一个100MW的风能项目

• 国家开发银行为四川波鸿实业有限公司拟收购Wescast Industries进行融资

• 一家中国矿业公司在加拿大的IPO计划

• 一中国投资人对加拿大一家私有油气公司2亿加元的投资

• BlueCrest Capital向湖南有色金属控股集团有限公司出售Beaver Brook锑矿

• 一家上市中国矿业公司拟收购北美一家公有金属矿产公司

• Husky Energy与中国海洋石油总公司关于发展Madura Strait天然气项目（印度尼西亚）的合营安排

对中国的交易

我们曾经代表：

• 丰业银行以7.19亿加元收购总部在中国的广州银行19.99%的股份

• 丰业银行以1.62亿加元收购西安市商业银行股份

• Husky Oil China与中海油就开发中国南海荔湾海洋天然气项目成立合资企业，包括为Husky Oil与中海油的附加开发协议，8亿美元的深水EPCI协议，2.5亿美元的海底设备供应协议以及8亿美元的钻井装置提供协议提供法律意见

• 加拿大退休金计划投资局以1.125亿美元收购一家中国仓储式房地产开发有限公司的多数股份

• 作为Carter Holt Harvey的加拿大法律顾问为其以5亿美元收购国际纸业的饮料包装部门提供服务，其中包括在美国，中国，南韩以及台湾购买资产

15

China – Canada Bilateral InvestmentDevelopments

• Negotiations concluded toward a Foreign InvestmentPromotion and Protection Agreement (FIPA) betweenCanada and China

Expected to facilitate bilateral investment flows by providing amore stable and secure investment framework

Designed to protect and promote Chinese investment in Canadaas well as Canadian investment in China through legally bindingprovisions

Will allow investors to invest with greater confidence by ensuringgreater protection against discriminatory and arbitrary practices

• Other key agreements announced between Canadaand China

Completion of negotiations on a protocol that will allow for exportsof Canadian uranium to China

A Memorandum of Understanding on Sustainable Development ofNatural Resources intended to promote the sharing of expertise,technologies and services in the natural resources sector

Renewal of Memorandum of Understanding on EnergyCooperation expected to attract Chinese capital investment toCanada and improve access to Chinese markets for Canada’senergy resources, technology and related services

16

• 完成了中加两国就签署《外国投资促进及保护协议》（FIPA）的谈判

此协议可提供更为稳定安全的投资结构，促进双边投资往来

此协议旨在依靠具有法律约束力的条款保护和促进中国在加拿大的投资，以及加拿大在中国的投资活动

更有力地确保投资者不受歧视性或单方面行为的侵害，令投资者有更强的信心开展投资活动

• 现已公布的中加两国达成的其他重要协议

完成了一份将允许加拿大对华出口铀矿的协议之谈判

《自然资源可持续发展谅解备忘录》，其目的是促进对自然资源领域内的专业知识、技术和服务的共享

《能源合作谅解备忘录》的续展，将吸引中国资本投入加拿大，并使加拿大的能源、技术及相关服务更多地进入中国市场

中加双边投资发展动态

17

Canadian M&A Process

• The typical process for a friendly/negotiated Canadian M&Atransaction is as follows:

initial approach to target

formal expression of interest

confidentiality/standstill agreement

due diligence

possible lockup agreement with major shareholders

binding agreement negotiated and entered into by parties

obtain required regulatory approvals

generally, closing timeframe of 40–60 days after entry into abinding transaction agreement

1818

在加拿大实行并购的程序问题

• 以友好/协商的方式进行的加拿大并购交易的典型程序如下:

初步接洽目标公司

正式向其表示并购意向

保密/停止协议

尽职调查

可能与多数股东签署锁定协议

双方商讨、签署有约束力的协议

获得必要的监管部门批准

一般情况下，在有约束力的交易协议达成后40-60天，交易正式完成

19

• Acquisitions of Canadian public companies are typicallycarried out through

takeover bids

plans of arrangement

• The most advantageous acquisition structure will depend onthe circumstances of the transaction and the nature of theshareholdings, and will be influenced by a variety of strategic,tax and regulatory considerations

• Takeover bids

offer to acquire shares of target directly from shareholders

some form of second-stage transaction will be required to obtain100% of shares

• Plans of arrangement

single step negotiated with the target and undertaken inaccordance with the statutory requirements of the targetcorporation’s governing statute

shareholder approval required—threshold is typically 2/3 of thevotes cast at the special meeting

also requires court approval—determination of procedural andsubstantive fairness

offers the most flexibility for tax planning and dealing with variousclasses of securities

Acquisition Structures

2020

• 并购加拿大上市公司通常需要完成以下的步骤：

收购要约

安排计划

• 最有优势的并购结构依赖于交易条件以及股权性质，同时，也会受到不同战略、税收和法规政策因素的影响

• 收购要约

直接对股东提出目标公司股份的收购要约

一些第二阶段收购需要收购目标公司100%的股份

• 安排计划

与目标公司协商并根据目标公司章程执行的单一步骤

必须获得股东批准—也就是在特别会议中获得三分之二的投票权

同样需要法院的批准—确定程序和实质公平性

安排计划可以灵活处理税收规划及多类别证券

收购结构

21



• Takeover Bids

a bidder must have financing arrangements in place beforecommencing a bid

• Arrangement Transactions

prohibition on financing conditions does not apply, but targetboards have traditionally been unwilling to support a transactionwith a financing condition

2222

融资要求

融资要求

• 收购要约

投标人在开始投标前必须制定出融资计划

• 安排交易

在融资方面没有任何限制，但是目标公司的董事会一般不愿意支持带有融资条件的交易

23

Coordinating Chinese RegulatoryApprovals with the Canadian M&AProcess

Based on our experience with transactions involving Chineseacquirors, we have found the following approach to be effective:

1. Preliminary consultations—Chinese acquiror consults with principalChinese governmental and regulatory authorities on a confidential andnon-official basis about the proposed transaction before formallyapproaching target company

2. Coordination by Chinese Principal Regulator—Chinese principalregulator (likely the NDRC) informally undertakes to coordinate dialogueand approval process with the other key Chinese regulators - e.g.,SASAC, MOFCOM, CSRC, SAFE and others

3. Discussions with Target Begin—Formal discussions with the targetcommence, followed by detailed due diligence review of target business

4. Sharing Information with Chinese Regulators—Details regardingproposed terms of the transaction and key due diligence matters sharedwith the Chinese principal regulator

5. Preliminary Chinese Approval—Obtain preliminary approval fromChinese principal regulator prior to entering into the transactionagreement with the target

6. Entry into Transaction Agreement—Following entry into thetransaction agreement with the target and the public announcement ofthe proposed transaction, submit formal approval applications to therelevant Chinese and Canadian regulators

7. Obtain Final Approvals—Seek to obtain all final Canadian andChinese regulatory approvals within approximately six to eight weeksafter entering into the transaction agreement

8. Closing—Transaction closes and acquisition completed

2424

中国监管部门审核批准以及与加拿大并购过程的协调

基于我们有关协助中国公司并购的经验，我们认为下面的做法十分有效：

1. 初步协商—中国收购方在正式接触目标公司前与中国相关的政府部门在机密、非官方的基础上协商关于收购的有关事宜。

2. 中国主要监管部门进行协调—中国主要监管部门（例如国家发改委）与其他主要相关监管部门（例如国有资产监督管理委员会、商务部、中国证监会、国家外汇管理局）以非正式的形式协调双方对话以及审批程序

3. 与目标公司进入商讨阶段—与目标公司进行正式协商，随后对目标公司进行详细的尽职调查

4. 与中国监管部门共享信息—就有关交易的拟议条款及关键的尽职调查细节向中国主要监管部门汇报

5. 中国监管部门前期审核通过—在与目标公司达成交易协议之前必须获得中国主要监管部门的前期审核批准

6. 进入正式交易合同—与目标公司签署协议，向公众公开交易意向后向中国、加拿大相关监管部门提交正式的审核申请

7. 获得最终审批—达成交易协议后6-8周内获得所有加拿大和中国监管部门的最终审批

8. 交易完成—收购交易过程全面完成

25

PIPE Transactions

Private Investments in Public Equity (“PIPE” Transactions)

• PIPE transactions provide an efficient way to make significantinvestments in Canadian public companies

transactions involve the acquisition of newly issued securities from the targetcompany

can be structured to be completed without needing a prospectus orshareholder approval

can also be used for investments in Canadian companies that have a cross-listing on a US exchange

• Example: CIC's acquisition of a 17% equity interest / 6.7% votinginterest in Teck Resources for C$1.7 billion

• PIPE investments may involve a wide variety of securities including:common shares, preferred shares, convertible preferred shares,convertible debt, warrants, or a combination of them

• May be priced at a discount or premium to the market price or withconversion prices that are fixed or subject to adjustment

• PIPE investments can generally be completed without shareholderapproval under the TSX rules if:

the investor would hold less than a 20% voting equity interest after thetransaction; and

the securities are priced within the permitted discount to the market price(typically 15% where trading price is above C$2.00)

an exemption from shareholder approval is available where the targetcompany is in significant financial distress; this exemption has been used topermit PIPE investors to acquire control of the target company

2626

私募投资上市公司股份

私募投资上市公司股份（“PIPE”交易）

• “PIPE”交易有助于对加拿大上市公司进行重大投资

交易涉及从目标公司收购新发行的股份

可设计交易结构不需要招股说明书以及股东批准也能完成

也可同样用于投资在美国和加拿大共同上市的加拿大公司

• 案例：中国投资公司以17亿加元收购了泰克资源公司17%的股权/6.7%投票权

• “PIPE”交易涉及多种证券，例如：普通股、优先股、可转换优先股、可转换债券、认股证，或者以上几种的结合。

• 市场价格折价或者溢价收购，或者转换价格固定或可调整

• “PIPE”交易一般不需要根据多伦多证券交易所的规定取得股东批准，如果：

在交易完成后，投资者会持有少于20%有投票权的股权，以及，

交易价格在市场价格允许折扣范围内（一般是在交易价格高于2加元时可折价15%）

目标公司遇到严重财务问题的时候不需要得到股东的批准；此等豁免让PIPE投资者能够获得目标公司的控股权

27

PIPE Transactions … cont’d

• Securities generally become freely tradable in Canada 4 months afterthe date of issuance

exception is if the investor holds more than 20% of the voting securities and isconsidered to hold a "control block", in which case future sales can occur onlywith a prospectus or after a prior public announcement

consider requiring registration rights - so that the issuer is required to file aprospectus to permit future sales - if the investor holds a "control block" orotherwise holds a significant value of securities that would be difficult to sellon an orderly basis without a prospectus marketed process

• Investors should consider requesting governance rights in the case ofsignificant investments (e.g., above a 10% interest). Examples include:

rights to nominate one or more directors or a board observer

special approval rights for fundamental changes - e.g., undertaking significantcorporate transactions, incurring debt over a prescribed limit, issuingadditional securities, etc.

preemptive rights over the issuance of additional securities

in some PIPE transactions involving mining companies, investors havenegotiated for offtake agreements or rights to acquire a portion of theunderlying assets

• Target companies may seek certain restrictions on investors in somecases - examples include:

standstill on acquisition of additional securities for a period of time

transfer restrictions on acquired securities

• PIPE transactions where the investor would hold less than 20% of thesecurities of the issuer after the transaction typically do not triggerCanadian regulatory reviews (competition or foreign investment)

2828

私募投资上市公司股份（续）

• 在加拿大证券市场上，证券通常在发行日起四个月后能自由交易

例外情况是，如果投资者持有20%有投票权的股份并且被认为是持有“控股权”，那么将来证券仅能在有招股意向书或者在向公众公布后才能自由交易

考虑要求登记权利——股票发行人需要提交一份招股意向书以便将来售股——如果投资方持有“控股权”亦或是持有相当数量的特定债券，该证券在缺乏招股意向书流程的情况下难以正常出售

• 对于重大投资行为（例如：超过10%的权益），投资者应考虑申请管理权，例如：

任命一个或者多个董事或者一个董事会观察员的权利

对于公司根本性变化的特殊审批权—例如，进行重大交易、负债超过先期规定的限额、增发证券等

对增发股份的优先购买权

在涉及矿业公司的PIPE交易中，投资者协商签订承购协议或获得相关权利以收购部分基础资产

• 目标公司在一些情况下要对投资者进行限制，例如：

在一段时间内停止收购增发股份

对已收购的股份的转让限制

• PIPE交易中，当投资者在交易完成后持有少于20%发行股份时一般不受加拿大监管审查（有关竞争或外国投资行为）。

29

Investment Canada Act Review

• A direct acquisition of control of a Canadian business isgenerally subject to review if

the acquiror is non-Canadian; and

the asset value of the Canadian business exceeds C$330 million

• this threshold is adjusted annually and lower thresholds applyfor cultural-sector acquisitions

• amendments enacted but not yet in force will replace thecurrent threshold with a test based on a higher enterprisevalue

acquisitions of less than 33.3% of the voting shares of a corporationare deemed to NOT be an acquisition of control

• Reviews normally last 75 days and require cabinet ministerapproval

• Investors must demonstrate that the investment is of “netbenefit” to Canada

government considers the effect of the investment on Canadianemployment and resources; productivity; technological development;ability to compete in world markets; and compatibility with national,industrial, economic and cultural policies

• in practice the focus is on the impact to the Canadian business

investors must usually give binding 3-5 year undertakings relating tomatters such as continuation of employment levels; minimum R&Dand capital expenditures; the participation of Canadians inmanagement or as directors; and the maintenance of a Canadianhead office or stock exchange listing

Regulatory Considerations

3030

《加拿大投资法案》略览

• 通常，如果存在下列情况，直接收购加拿大企业控股权必须接受审查：

如果收购者不是加拿大人或公司，且

该加拿大企业的资产超过3.3亿加元

• 该审查门槛每年都会调整，文化产业并购的审查门槛更严

• 已颁布但尚未施行的法案修订将用以更高企业资产价值为依据的标准取代当前的审查门槛

收购少于33.3%有投票权的股份不被认为是收购控股权

• 审查通常需要75天并且要求内阁部长批准

• 投资者必须说明投资对加拿大是“净受益”

政府会考虑投资对加拿大就业、资源、生产力、科技发展和世界市场竞争能力的影响以及其是否符合加拿大国家、工业、经济、文化政策

• 在实际中，重点考虑的是对加拿大商业的影响

投资者必须在相关方面给出3-5年有约束力的承诺，例如：维持就业水平；最低的研发和资本支出；有加拿大人参与管理或担任董事；将总部保留在加拿大或者保证股票在加拿大证券交易所上市

应考虑的监管因素

31

Regulatory Considerations … cont’d

Investment Canada Act Review (cont’d)

• When investors are State-Owned Enterprises, additional “net benefit”criteria are considered

the government’s intent is not to block acquisitions by SOEs, but toensure that these investors operate under standards similar to othercommercial enterprises

the government will consider the nature and extent of foreign governmentcontrol, whether the target will adhere to Canadian standards of corporategovernance and whether the Canadian business will continue to operateon a commercial basis following the acquisition

• corporate governance considerations at the target level includecommitments to transparency and disclosure, independent directors andindependent audit committees

• commercial orientation considerations include commitments to operate thetarget on a commercial basis with respect to where to export products andprocess raw materials

• Separately, all investments are subject to potential review onnational security grounds

• no (financial) thresholds for national security reviews

• investments will be reviewed on an “injurious to national security” and notthe usual “net benefit” standard

• national security reviews are infrequent

• Extremely rare for transactions to be blocked

only two (over 1600 acquisitions) in the last 25 years

• Alliant/MDA (satellites) - US buyer

• BHP Billiton/Potash Corp. (potash/mining) - Anglo-Australian buyer

both were politically controversial

• absent unique political concerns, both likely would have been approved byreference to the standard “net benefit” factors

3232

应考虑的监管因素（续）

《加拿大投资法案》略览（续）

• 如投资者是国有企业，应同时符合下列额外“净受益”标准

政府的目的不是阻止国有企业的收购，而是确保这些投资者与其他商业企业依据类似标准运营；

政府将考虑外国政府控股的性质和程度，目标公司是否将遵守加拿

大公司治理标准以及在收购后该加拿大企业是否依然以商业基础运作

• 对目标公司的管理方面的考量包括，对公开性和相关披露的承诺，以及设立独立董事和独立审计委员会

• 有关商业定位的考量包括，目标公司承诺依据商业考量运作目标公司，决定在产品出口目的地和原材料加工地，

• 所有投资还可能必须单独接受国家安全审查

• 国家安全审查没有（财务）门槛

• 审查按照“对国家安全造成危害”的标准进行，而不是基于通

常的“净受益”标准

• 国家安全审查不会经常发生

• 交易被禁止的概率极低

过去25年只有两例（收购案总数超过1600 例）

• Alliant/MDA（卫星）——买方为美国公司

• BHP Billiton/Potash Corp.（钾肥/采矿）—— 买家是澳大利亚的英国公司

这两次交易均涉及政治争议

• 如果没有独特的政治因素，根据“净受益”标准，这两次交易均有可能获得批准

33


Investment Canada Act Review (cont’d)

• BHP Billiton/Potash Corp.

politically controversial

• transaction disproportionally significant to one province:Saskatchewan

• BHP plan to withdraw from export cartel created provincialgovernment opposition (adverse impact on tax revenues)

• Saskatchewan ridings important politically to federal government

bid had few supporters

• hostile nature: Potash Corp. opposed

• low offer price: shareholders indifferent

fallout of BHP/Potash Corp.

• BHP offered a strong set of undertakings: this may raise the bar forcommitments given by foreign acquirors in other transactions

• role of provinces/stakeholders in reviews can be important:

– early Government Relations and Public Relations engagementshould factor into transaction planning

• not a precedent for most transactions: Potash was a “perfect storm”

– high level of provincial opposition (very rare)

– hostile, with opposed/indifferent target/stakeholders

– government is sensitive to adverse global business communityreaction to further rejections

» Prime Minister and other senior government officials haverepeatedly stated that foreign investment is welcome

34


《加拿大投资法案》略览（续）

• BHP Billiton/Potash Corp.

政治争议

• 交易显著偏向一个省：萨斯卡切温省

• BHP计划退出出口卡特尔，引起省政府反对（因为对税收有不利影响）

• 萨斯卡切温省在联邦政府中有重要的政治影响

几乎没人投标

• 收购有敌意性质：Potash Corp.反对

• 出价很低：股东反应平淡

BHP/Potash Corp.案的影响

• BHP开出的收购条件很高：这可能导致外国收购方在其它交易中被迫提高收购条件

• 省政府/相关利益方在审查中的作用很重要：

– 在制订交易计划时应该提前考虑到政府关系和公共关系

• 不会成为大多数交易的先例：Potash Corp.案是多种因素综合作用的结果

– 省政府的强烈反对（这在以往非常罕见）

– 有敌意，目标公司/利益相关方的反对/冷淡

– 假如将来再出现这种拒绝收购的情况，可能引起全球商界的不利反应，政府对此很敏感

» 加拿大总理及其他政府高级官员一再重申欢迎外国投资

35

U.S. FINSA National Security Review

• U.S. developments—Foreign Investment and National SecurityAct of 2007 (FINSA)

the president has the authority to suspend, prohibit or divest anyforeign acquisition of a U.S. business that is determined to be athreat to the national security of the United States

FINSA broadens scope of foreign investment review under the U.S.national security transaction review regime

• national security mandate broadened to include “homelandsecurity” matters, “critical infrastructure” including “majorenergy assets,” and “critical technologies,” in addition to thetraditional defense sectors

• initial 30-day review followed by a more thorough 45-daysecond-stage investigation if there is a potential threat tonational security

• there is a presumption for second-stage investigation whenthe acquiror is a foreign government–controlled entity

• Market participants need to factor national securityramifications, broadly framed (both Canadian and U.S., asapplicable), into their transaction planning, and developproactive strategies early in the process to address regulatoryand political risk


3636

美国FINSA国家安全审查

• 美国的发展—《2007年外国投资和国家安全法案（FINSA）》

如果收购被认定会威胁到美国国家安全，总统有权延迟、禁止或者剥夺任何对美国企业的外来收购

FINSA扩大了美国国家安全交易审查体制下对外国投资的审查范围

• 国家安全要求范围扩大，在传统的国防行业基础上，另增了“国土安全”事宜、“关键基础设施”（包括“主要能源资产”）和“关键技术”

• 如果对国家安全有潜在威胁，首轮30天审查后仍需进行第二阶段45天更彻底的调查

• 当收购方是外国政府控制的企业时，在第二阶段调查中，会预设国家安全会受到威胁

• 市场参与者在制定交易计划时需要考虑国家安全审查结果，宽泛设

计交易结构（美国或加拿大，若适用），并在流程早期制定积极战略以应对监管和政治风险


37


Merger notification under the Competition Act (Canada)

• Pre-merger notification is required based on financial andshare-ownership thresholds

size-of-parties test: parties and their affiliates must have assetsin Canada or annual gross revenues from sales in, from or intoCanada that exceed C$400 million

size-of-transaction test: the target must have assets in Canadaor revenues generated from Canadian assets that exceedC$77 million

share ownership test: the acquiror must acquire at least 20% ofthe voting shares of a public company or 35% of the voting sharesof a private company

• if the acquirer already owns 20%/35% of the voting shares,notification may be required if a further acquisition will resultin ownership of more than 50% of the voting shares of thetarget

• Proposed transactions may not close before the expiry of a30-day statutory waiting period

• Straightforward transactions may receive an exemption fromthe notification obligation if an Advanced Ruling Certificate(ARC) is issued

most transactions cleared within 2-3 weeks

3838


《加拿大竞争法》项下的兼并通知

• 基于资产和股份所有权限额要求，兼并开始前必须履行通知义务

相关公司规模大小标准：相关公司以及他们的关联公司必须在加拿大境内拥有财产或者每年进出口加拿大，或在加国境内销售总额超过4亿加元

交易规模标准：目标公司在加国境内必须有资产或者从加拿大资产中获益超过7,700万加元

股份所有权标准：收购方必须收购上市公司至少20%的有投票权的股份或者非上市公司35%有投票权的股份

• 如果收购方之前已经持有20%/35%有投票权股份，如果收购方采取进一步收购导致其持有目标公司超过50%有投票权股份，

则仍可能要履行告知义务。

• 拟定的交易在30天法定等待期结束前也许不会完成

• 如果获颁发一份先期裁定证书，对结构简单的的交易，可能不再负有告知义务

大多数交易手续在2-3周内办妥

39


• Hart-Scott-Rodino (HSR) Act

transactions must be reported based on certain size thresholds tothe U.S. Federal Trade Commission and the Antitrust Division ofthe Department of Justice

must observe a waiting period before consummating thetransaction

exemptions may apply

when must parties report under HSR Act?

• commerce test: acquiror or target is engaged in U.S.commerce or some activity affecting U.S. commerce

• size-of-transaction test: as a result of the transaction, theacquiror will hold assets or voting securities valued at morethan US$68.2 million

• size-of-person test: one party has at least US$136.4 millionand the other party has at least US$13.6 million in totalassets or annual net sales

• transactions are valued at more than US$272.8 million,unless there is an exemption

U.S. Pre-Merger Notification and Review

4040


• Hart-Scott-Rodino (HSR)法案

根据相关资产规模限额，向美国联邦交易委员会和司法部反垄断司报告交易

在完成交易前必须经过一段等待期

可能适用例外情况

相关参与方什么时候必须依据HSR法案进行报告？

• 商业标准：收购者或者目标公司参与美国商业或者参与影响美国商业的活动

• 交易规模标准：交易后，收购方持有目标公司资产或者有投票权股份价值超过6,820万美元

• 交易方标准：一方至少持有1.364亿美元，同时，另一方总资产或者每年净销售额至少达到1,360万美元

• 除非有例外情况，价值高于2.728亿美元的交易，参与方都必须进行报告

美国兼并前通知及审查

41

Our Reputation

• “Torys is recognized for its capacity to advise on transactions ofany shape or size, its dominance in key areas of business, andabove all, its great clientele and tremendous brand.” ChambersGlobal

• “Innovation, complexity and market impact; consistent ability tooffer high-quality legal advice on specialist, complex andgroundbreaking matters; and outstanding advice on innovativeinternational deals.” IFLR

• “Clients said that ‘you know you'll always get incredibly goodprofessionals who can deal with the trickiest situations.’Described as ‘a great team of individuals,’ the team at Torysprides itself in giving clients realistic, bulletproof advice.”Chambers Global

• Clients report very positive experiences working with Torys: “Thefirm takes a real team approach to our business, making surethat those who deal with our files are aware of work being doneby other parts of the firm, which may sound simple, but it is ofgreat value to us.” Chambers Global

• “Strong, well-supported leaders. Torys is a highly respected androunded top-tier group.” Chambers Global

• “Sound advice and superb depth.” Lexpert

4242

我们极佳的声誉

• “德瑞思在为任何规模或形式的交易提供咨询服务方面的能力是公认的，它在主要商业领域上占有优势，最为重要的是德瑞思拥有稳定的客户及响亮的品牌。” Chambers Global

• “具有创新能力，善于处理错综复杂的业务，具有市场影响力；在专业性极强、繁复和重大的交易中始终提供优质法律意见；并在创新型国际交易中提供杰出的法律意见。” IFLR

• “客户都认为：你知道怎样找到对付最困难情况的最好专家。这些人组成了一个‘精英团队’。德瑞思的团队对他们能够为客户提供实际的、安全的建议感到自豪。” ChambersGlobal

• 客户都认为和德瑞思一起工作是很愉快的。“德瑞思对我们的业务是采取团队合作的方式，这样能够确保处理本公司文件的个人了解律所其他部门所做事宜，这听起来似乎很简单但是对我们确有重大的价值。” Chambers Global

• “强大、杰出的领军律所。德瑞思是个备受尊重的、全面的顶级团队。” Chambers Global

• “信实的建议、极佳的深度。” Lexpert

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Our ChineseAlliance Firm

TransAsia Lawyers is a leading Chinese law firm with offices in Beijing,Shanghai and Hong Kong. Most of TransAsia’s attorneys are admittedto practice in China, with others qualified in Canada, New York,Australia, Japan and Malaysia. TransAsia is one of only a few PRC lawfirms with a dedicated practice for outbound investments from China. Ithas successfully advised on various such projects in the mining, energyand natural resources sectors. Examples include China Shenhua’sacquisition and development of a coal mine in Australia, Oz Minerals’sale to China Minmetals and Indophil Resources’ sale to Zijin MiningGroup.

44

我们的中国合作伙伴

权亚律师事务所是一家顶级的中国律师事务所，在北京、上海和香港设有办公室。权亚的大多数律师为中国执业律师，其他律师具有加拿大、美国、澳大利亚、日本和马来西亚的执业资格。权亚是为数不多的专门从事中国对外投资法律业务的律师事务所之一。权亚在能源和自然资源等领域协助中国企业成功进行了多项投资。案例包括中国神华收购并开发澳大利亚煤矿，Oz Minerals出售给中国五矿，以及IndophilResources出售给紫金矿业等交易。

45

Philip J. BrownPartner

Direct: 212.880.6238Email: [email protected]

Phil is a leading corporate and M&Alawyer, and co-head of the M&A PracticeGroup.

Practice

Philip Brown, a member of the firm’s Executive Committee, practices corporate and commercial law, withan emphasis on investment banking, public financing, private placements and mergers and acquisitions.His primary interest is in mergers and acquisitions, and innovative corporate finance transactions.

Recognitions

Practical Law Company’s Which Lawyer? Yearbook 2009 and 2010—Highly recommended Canadianlawyer in capital markets: debt and equity; recommended in corporate/M&A

Chambers & Partners’ Chambers Global: World’s Leading Lawyers for Business, The Client’s Guide2008, 2009, 2010 and 2011—Leading lawyer in corporate/M&A

Lexpert/American Lawyer's Guide to the Leading 500 Lawyers in Canada 2008, 2009 and 2010 —Leading lawyer in corporate commercial, corporate finance and M&A

Woodward White’s Best Lawyers in Canada 2009, 2010 and 2011—Leading lawyer in corporate and M&A

Legal Media Group/Euromoney's IFLR1000 The Guide to the World's Leading Capital Markets Lawyers2008, 2009 and 2011—Leading Canadian lawyer in capital markets

Lexpert/Thomson Canada’s Canadian Legal Lexpert Directory 2009—Most frequentlyrecommended practitioner in corporate/commercial law, corporate finance and securities and in M&A;consistently recommended in income funds

Lexpert's Cross-Border Guide to the Leading U.S./Canada Cross-Border Corporate Lawyers in Canada2009 and 2010—Leading cross-border practitioner in corporate finance and securities and M&A

Real Time News' LawDay 2009—Leading lawyer in M&A and corporate law

Practical Law Company’s Cross-Border Capital Markets Handbook 2009—Highly recommendedCanadian lawyer in capital markets and recommended in M&A

Legal Media Group/Euromoney's IFLR1000 The Guide to the World's Leading Financial Law Firms2008 and 2009—Leading lawyer in M&A

Lexpert/Thomson Canada’s Canadian Legal Lexpert Directory 2008—Most frequentlyrecommended practitioner in corporate finance and in M&A; consistently recommended incorporate/commercial law

Thomson/Carswell's Guide to the Leading U.S./Canada Cross-Border Corporate Lawyers in Canada2008—M&A

Martindale-Hubbell’s Peer Review Ratings—Exemplary ethical standards and legal ability

IFLR's Guide to the World's Leading Capital Markets Lawyers 2008—Leading practitioner

4646

法律业务

我所常务委员会成员，擅长于公司法、商法，尤其精通投资银行、公募、私募以及企业兼并。他最为热衷的领域是企业兼并以

及创新型法人融资。

行业殊荣

入选 Practical Law Company 的 2009 年和 2010 年优秀律师年报－资本市场债务和股权强力推荐事务律师；公司法/兼并与收

购推荐律师

被钱伯斯的《Chambers Global：世界杰出的商业律师，2008,、2009、2010 和 2011 客户指南》评选为杰出的公司并购律师

Lexpert/American Lawyer：2008 年、2009 年及 2010 年《加拿大律师 500 强指南》——领先的公司商业、公司融资和并购

业务律师

被 Woodward White 的《2009、2010 和 2011 年加拿大最佳律师》评选为杰出的公司并购律师

被 Legal Media Group/Euromoney 的《IFLR1000:2008、2009 和 2011 年世界杰出资本市场律师指南》评为加拿大杰出的资

本市场律师

入选 2009 年度《Lexpert/Thomson 加拿大律师目录》—在公司设立、商法、公司财务、证券、并购领域最为推崇的的律师，

并且连年被推荐为收益基金的顾问

被 Lexpert 的《2009 和 2010 年美国与加拿大杰出的跨境公司律师指南》评为杰出的跨境企业融资、证券和并购律师

Real Time News 的《LawDay 2009》—并购及公司法领域领军人物

Practical law company 的《2009 年度 Cross-Border Capital Market》—强力推荐的资本市场及并购市场的加拿大律师

Legal Media Group/Euromoney 的《IFLR1000 世界优秀金融业律师事务所指南 2008 年和 2009 年版》—公司法和并购领域

权威律师

Lexpert/Thomson Canada 的《加拿大法律 Lexpert 名录 2008 年版》—在公司财务及并购领域推荐率最高的律师，连年被评

选为商法、公司法专业律师

Thomson/Carswell 的《2008 年加拿大美加跨境贸易律师指南》--并购领域

Martindale-Hubbell 的同行评级—模范职业道德标准及业务能力奖

IFLR 的《2008 年度世界顶级资本市场律师指南》--领军人物

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Euromoney Institutional Investor PLC’s IFLR 1000, Guide to the World’s Leading Financial Law Firms2008—Leading lawyer in capital markets, and in M&A

Lexpert/Thomson Canada’s Canadian Legal Lexpert Directory 2007—Consistently recommended incorporate finance; repeatedly recommended in corporate/commercial law and in M&A

Practical Law Company’s Mergers and Acquisitions Handbook 2007/08—Recommended lawyer in M&A

Practical Law Company’s Equity Capital Markets Handbook 2006/07—Recommended lawyer in equitycapital markets

Lexpert-Thomson-FindLaw’s Guide to the Leading 100 Canada/U.S. Cross-Border Corporate Lawyersin Canada 2005—Leading practitioner in M&A

Transactions

Phil has recently represented

China Investment Corporation in its C$1.7 billion acquisition of a 17% equity interest in TeckResources

International Petroleum Investment Company in its US$2.3 billion acquisition of Nova Chemicals

CPPIB and KKR in their proposed transaction with BCE

Holcim in its C$681 million going private transaction with St. Lawrence Cement

Spinrite Income Fund in its C$96 million acquisition by Sentinel Capital Partners LLC

ACS Income Fund in its sale to private equity

BFI Canada Income Fund in its C$1.1 billion acquisition of IESI

Stuart Energy Systems in its C$155 million merger with Hydrogenics

Merrill Lynch in its sale of its Canadian retail business

Trilogy Retail Enterprises in its C$121.5 million bid for Chapters

TD Bank

in its acquisition of Newcrest Capital

in its proposed merger with CIBC

RealFund REIT in its acquisition of RioCan

Midland Walwyn in its merger with Merrill Lynch

Abitibi-Price in its merger with Stone Consolidated

Onex in its acquisition of Jannock

Ontario Teachers’ Pension Plan in its acquisition of Bright’s Wines

Pennzoil in its acquisition of Co-Enerco Resources

Tim Hortons in its acquisition by Wendy’s

the Canadian underwriters in TD Waterhouse’s initial public offering

the underwriters in Tim Hortons’ US$772 million initial public offering

Resolve Business Outsourcing Income Fund in its C$225 million initial public offering

Pollard Banknote Income Fund in its C$56 million initial public offering

the underwriters in Lakeport Brewery Income Fund’s C$54.5 million initial public offering

the underwriters in KCP Income Fund’s US$200 million convertible debt and unit offering

the underwriters in Cargojet Income Fund’s C$59.5 million initial public offering

Spinrite Income Fund and Sentinel Capital Partners in the fund’s C$202 million initial public offeringof units

Richards Packaging Income Fund in its C$85.7 million initial public offering of units

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Euromoney Institutional Investor PLC 的《IFLR1000 世界优秀金融业律师事务所指南 2008 年版》--资本

市场及并购领顶级律师

Lexpert/ Thomson 的《2007 年度加拿大律师目录》—连续被推荐为公司财务领域及商法、并购领域顶级

律师

Practical Law Company 的《2007/08 年并购手册》—并购领域值得推荐的律师

Practical Law Company 的《2006/07 年股本市场手册》—资本市场值得推荐的律师

Lexpert-Thomson-FindLaw 的加拿大 2005 年度世界 100 强美加跨国公司法领域律师—并购专家

参与案例

柏律师曾代表

中投公司投资17亿加元购买泰克资源17%股权

International Petroleum Investment Company收购Nova Chemicals的价值23亿美元的交易

CPPIB，KKR和BCE进行拟定交易

Holcim和 St. Lawrence Cement进行价值6.81亿美元的私有化交易

Sentinel Capital Partners LLC以9600万收购Spinrite Income Fund

ACS 收益基金进行私募

BFI Canada 收益基金以11亿加元收购收购IESI

Stuart Energy Systems以1.55亿加元合并Hydrogenics

Merrill Lynch销售加拿大零售业务

Trilogy Retail Enterprises耗资1.215亿加元竞标Chapters

TD 银行

收购Newcrest Capital

拟合并CIBC

RealFund REIT收购RioCan

Midland Walwyn合并Merrill Lynch

Abitibi-Price合并Stone Consolidated

Onex收购Jannock

Ontario Teachers’ Pension Plan收购Bright’s Wines

Pennzoil收购Co-Enerco Resources

Wendy’s收购Tim Hortons

加拿大承销商参与TD Waterhouse的首次公开发行

承销商参与Tim Hortons价值7.72亿美元的首次公开发行

Resolve Business Outsourcing 收益基金价值2.25亿加元的首次公开发行

Pollard Banknote 收益基金价值5600万加元的首次公开发行

承销商参与Lakeport Brewery收益基金市值5450万加元的首次公开发行

承销商参与KCP收益基金2亿美元的可转换债券和单位发行

承销商参与Cargojet收益基金5950万加元的首次公开发行

Spinrite收益基金和Sentinel Capital Partners首次发行价值加元2.02亿加元的单位股本基金

Richards Packaging 收益基金进行8570万加元的首次公开发行

49

Yellow Pages Income Fund in its C$1 billion initial public offering

DavCo Restaurants in its proposed cross-border initial public offering of the Original RestaurantsIncome Fund in Canada and the United States

MDC in its C$110 million initial public offering of units of Custom Direct Income Fund and in itsC$58.9 million credit facility

ACS Media Income Fund in its C$175 million initial public offering of trust units

Specialty Foods Group Income Fund in its C$175 million initial public offering

the underwriters in Macquarie Power Income Fund’s C$211 million initial public offering of trustunits

the underwriters in BFI Canada Income Fund’s C$175 million initial public offering

the underwriters in General Donlee Income Fund’s C$89 million initial public offering

Great Lakes Hydro Income Fund in its C$141 million initial public offering of trust units

Professional Involvement

From 1990 to 1994, Phil was a part-time lecturer in corporate finance and securities regulation at OsgoodeHall Law School of York University.

Bar Admissions

Ontario, 1986

Education

LLB, 1984University of Windsor

BA, 1978University of Toronto

5050

Yellow Pages 收益基金进行10亿加元的首次公开发行

DavCo Restaurants 在加拿大和美国拟定进行Original Restaurants收益基金的首次跨境公开发行

MDC之Custom Direct收益基金进行1.1亿加元的首次公开募股及处理其5890万加元的信用贷款

ACS Media 收益基金公开发行1.75亿加元的信托单位

Specialty Foods Group收益基金进行1.75亿加元的首次公开发行

承销商参与Macquarie Power收益基金2.11亿加元信托单位的首次公开发行

承销商参与BFI Canada收益基金1.75亿加元的首次公开发行

承销商参与General Donlee收益基金行8900万加元的首次公开发行

Great Lakes Hydro收益基金进行1.41亿加元的信托单位首次公开发行

专业经历

1990—1994，柏律师在奥斯古德法学院担任兼职讲师，教授公司财务和证券法规课程

律师资格

1986 年获得安大略省执业资格

学历

1984 年毕业于温莎大学获得法学学士学位

1978 年毕业于多伦多大学获得本科学士学位

53

– in its US$580 million contract with Seadrill to provide a deep water semi-submersible drilling rigfor use in offshore China

• PTT Exploration and Production Public Company as Canadian counsel in its US$2.28 billionacquisition of a 40% partnership interest in Statoil Canada Partnership, whose main asset is the KaiKos Dehseh oil sands project in Canada

• UTS Energy

– in its C$1.5 billion plan of arrangement with Total E&P Canada

– in the disposition of its 50% working interest in Alberta oil sands leases nos. 421, 022 and 023 innortheastern Alberta to joint purchasers Imperial Oil and ExxonMobil

– in its C$750 million farm-down of a 10% interest in the Fort Hills oil sands project to existingpartners Petro-Canada and Teck Cominco, and its participation in the C$15.2 billion Fort Hillsproject

• SilverBirch Energy in its joint venture arrangements to develop the Frontier and Equinox oil sandsprojects

• Enerplus Resources Fund

– in its cross-border acquisition of an average 21.5% working interest in certain areas in theMarcellus shale natural gas play in the northeastern United States

– in the development of the Joslyn oil sands project and the subsequent US$500 million sale of itsinterest in the project to Occidental Petroleum

• Husky Energy

– in the disposition of a 10% interest in the Indonesia Madura project to Samudra Energy Ltd.

– in the disposition of a 50% interest to China National Offshore Oil Corporation and joint ventureagreement for the exploration and in the Indonesia Madura project development of the IndonesiaMadura fields

• Canadian Hydro Developers in the acquisition/development by CanHydro of renewable energy projectsacross Canada; advised on the acquisition and development of numerous wind-generation projects,including all aspects of the land rights, construction, turbine and supply contracts and related matters

• ENMAX

– in the development of the Taber wind power project

– in the purchase of wind turbine generators from ENERCON

– on matters pertaining to the development of its district energy facility

Professional Involvement

Ron frequently speaks at conferences and seminars on topics relating to the development and operation ofmajor energy projects.

Before joining Torys, Ron was a partner at another major Canadian law firm.

Selected Publications and Presentations

Major Construction Projects: Views from a Solicitor and a Barrister on Avoiding or Minimizing DisputesCo-Speaker, Calgary Petroleum Club, CalgaryFebruary 27, 2008

54

– 在其与Seadrill价值5.8亿美元的合同中提供在中国海洋使用的半浅式钻井架

• 就PTT Exploration和Production Public Company以22.8亿美元收购Statoil Canada

Partnership40%的合伙权益之事宜担任PTT Exploration和Production Public

Company加拿大的法律顾问；Statoil Canada Partnership的主要资产是位于加拿大Kai Kos

Dehseh的含油砂项目

• UTS能源公司

– 与Total E&P Canada15亿加元的安排计划

– 将其就亚伯拉罕油砂(位于亚伯拉东北部)第412，,022和023号租约享有的50%的经营权益出售给联

合买方帝国石油公司和埃克森美孚

– 将其对 Fort Hills含油砂项目的10%权益以7.5亿加元出售给目前的合作伙伴Petro Canada和Teck

Cominco,及其参与152亿Fort Hills项目之事宜

• SilverBirch Energy开发Frontier和Equinox油砂项目的合资企业安排

• Enerplus Resources Fund

– 跨境收购美国东北部Marcellus页岩气某些地区平均21.5%的经营权益

– 开发Joslyn油砂项目并在之后将其项目权益以5亿美元出售给Occidental Petroleum

• Husky Energy

– 将Indonesia Madura项目10%的权益处置给Samudra Energy Ltd.

– 对中国海洋石油总公司50%的权益处置，签订合资勘探协议，以及开发印尼Madura油田印尼Madur

a项目

• Canadian HydroDevelopers收购/开发遍布加拿大的可再生能源项目；为多项风力发电项目的收购和开发提供各个方面的

法律意见，包括土地权利、建设、涡轮供应合约以及相关事务

• ENMAX

– 开发Taber风力发电项目

– 从ENERCON购买风力涡轮发电机

– 地区能源设施开发相关事务

学术经历

罗恩经常出席各类会议和研讨会，发表与大型能源项目开发和运营有关的演讲。

加入德瑞思之前，罗恩是加拿大另一家重要律师事务所的合伙人。

部分著述和演讲

大型建筑项目：避免或尽量减少纠纷的方法（买方及律师视点）

联合主讲人，卡尔加里石油俱乐部(Calgary Petroleum Club)、卡尔加里

2008年2月27日

55

Selected Media Highlights

August 12, 2011: Who’s Who Legal 2011 names 28 of Torys’ lawyers as among Canada’s outstandingpractitioners

June 8, 2011: China is increasing its investments in Canada’s oil and gas sector, say Phil Brown and RonDeyholos in Financial Post

May 17, 2011: Lexpert ranks 56 Torys lawyers among Canada’s top legal experts

April 29, 2011: Gas prices could affect M&A, say Scott Cochlan and Ron Deyholos in Financial Post

April 13, 2011: Calgary offers young lawyers opportunities to do oil and gas work, says Ron Deyholos inFinancial Post

March 21, 2011: Chambers Global 2011 lauds four of Torys' lawyers among Canada's top energy sectorpractitioners

March 3, 2011: Torys opens Calgary office

Memberships

Canadian Bar Association (Natural Resources and International Business Law Subsections)Canadian Petroleum Law FoundationInternational Bar Association (Section on Energy and Resources Law)

Bar Admissions

Alberta, 1990

Education

LLB, 1989University of Calgary

BEd, 1979University of Calgary

56

媒体报道精要

2011年8月12日：28位德瑞思律师被《Who’s Who Legal》选为加拿大杰出的法律执业者

2011年6月8日：柏汇理和Ron Deyholos在接受Financial

Post采访时称中国正在加大在加拿大油气产业中的投资

2011年5月17日： 56名德瑞思律师被Lexpert评为加拿大一流法律专家

2011年4月29日：Scott Cochlan和Ron Deyholos在接受Financial Post采访时称油价可能影响并购业务

2011年4月13日：罗恩·德厚在接受《金融邮报》访问时称卡尔加里为青年律师提供石油和天然气领域的执业

机会

2011年3月21日：四名德瑞思律师被《2011年钱伯斯全球杰出律师名录》评为加拿大最佳能源律师

2011年3月3日：德瑞思卡尔加里事务所开张

会员资格

加拿大律师协会（自然资源和国际商业法律分部）

加拿大石油法律基金会国际律师协会（能源及资源法律部）

律师执业资格

于1990年在艾伯塔省取得执业资格

学历

1989年毕业于卡尔加里大学，获法学学士学位

1979年毕业于卡尔加里大学，获教育学学士学位

59

• New Flyer Industries in its C$200 million initial public offering of income deposit securities and inC$300 million subsequent follow-on offerings

• E-L Financial in its C$100 million offering of First Preference Shares, Series 2

• Manitoba Telecom Services in the C$281 million sale of its directories business to YPG Group

• RBC Dominion Securities, TD Securities and the other underwriters on First National FinancialIncome Fund’s C$106 million initial public offering

• Royster-Clark in its defence of the hostile takeover bid made by Agrium

• BMO Nesbitt Burns and the other underwriters on Arriscraft International Income Fund’s initialpublic offering

• Barclays Global Investors in connection with the initial public offering of several exchange-tradedinvestment funds in Canada

• various issuers and underwriters in proposed cross-border income fund and income deposit securitiesinitial public offerings

• The Dyson-Kissner-Moran Corporation on its sale of Optek Technology

• Boralex Power Income Fund on the financings relating to its acquisition of two hydroelectric facilitieslocated in New York state

• Ontario Teachers’ Pension Plan Board on its combined mezzanine debt and convertible preferredstock investment in Neptune Technology Group

• Waterlogic International on U.S. product-distribution matters

• Interbrew S.A. on its US$105 million acquisition of the U.S. importation and distribution rights forBass Ale

• Gas Components Group, an affiliate of The Dyson-Kissner-Moran Corporation, on its acquisition ofthe Sourdillon Group and Burner Systems International, and on its US$25 million private equityfinancing

• Centrica plc on the U.S. aspects of its C$1 billion acquisition of Enbridge Services

• Bracknell on its acquisition of Able Telecom Holding Corporation

• LeBlanc & Royle Enterprises on its US$170 million sale of Lodestar Towers

• Sun Life Assurance Company of Canada on its demutualization

• Manulife Financial on its demutualization

Selected Publications and Presentations

Key Legal Issues to Consider in International Agreements4th Negotiating and Drafting International Business Agreements Course, TorontoJune 14, 2011

Recent Chinese M&A and Investments in Canada: Trends and DevelopmentsPresentation given at the IQPC International Mergers & Acquisitions Conference in New York, NYApril 1, 2010

M&A in the North American Mining Sector: Selected Developments and TrendsPresentation given at the 59th Annual Meeting of the Colorado Section of the Society for Mining,Metallurgy and Exploration, Mineral Processing DivisionMay 1, 2009

60

• New Flyer Industries价值加元的收入存款券首次公开售和亿证发加元的后售亿续发2 3

• E-L Financial 售一加元的第一先股第二系列发亿优

• Manitoba Telecom Services以加元将其目出售亿录业务给2.81 YPG集团

• RBC Dominion Securities、TD Securities 和其它承销商承办的 First National Financial Income Fund 价

值 1.06 亿加元的首次公开发售

• Royster-Clark 抵御 Agrium 的敌意收购

• BMO Nesbitt Burns 和其它承销商承办的 Arriscraft International Income Fund 首次公开发售

• Barclays Global Investors 涉及的多个在加拿大交易所买卖基金的首次公开发售

• 各种发行人和承销商的拟议跨境收益基金和收入存款证券首次公开发售

• Dyson-Kissner-Moran Corporation 出售下属 Optek Technology 公司

• Boralex Power Income Fund 为收购两家纽约州水力发电厂进行的融资

• 安大略省教师退休计划理事会对 Neptune Technology Group 次级债券和可转换优先股票的综合性投资。

• Waterlogic International 的美国产品分销事务

• Interbrew S.A.以 1.05 亿美元收购 Bass Ale 美国进口和分销权

• Dyson-Kissner-Moran Corporation 的联营公司 Gas Components Group 收购 Sourdillon Group and

Burner Systems International 案，以及 2,500 万美元的私募融资

• Centrica plc 以 10 亿加元收购 Enbridge Services 案的美国事务

• Bracknell 收购 Able Telecom Holding Corporation 案

• LeBlanc & Royle Enterprises 以 1.7 亿美元出售 Lodestar Towers

• Sun Life Assurance Company of Canada 股份化

• Manulife Financial 股份化

部分著述和演讲

国定中考的关法律际协应虑键问题第四届国易定起草与商程际贸协协课，多多伦

2011 年 6 月 14 日

《中国最近的并购与加拿大投资：趋势和发展》

2010 年 4 月 1日在 IQPC 国际并购研讨会上的演讲

《北美采矿产业的并购：某些发展趋势简介》

在美国矿冶与探测协会选矿分会科罗拉多分部第 59 届年会上的演讲

2009 年 5 月 1 日

61

Hot Topics in Cross-Border Securities OfferingsPanelist, RR Donnelley, TorontoMay 13, 2008

Course Chair for the Osgoode M&A Skills Boot Camp2007 and 2008

Go-Shop Clauses in the U.S. & Canada: Window Dressing or a Useful Market Check?The 2007/2008 Lexpert CCCA/ACCJE Corporate Counsel Directory and YearbookOctober 25, 2007

Outlook for the Income Trust SectorEmployee Benefit News Canada, vol. 4, no. 1January 1, 2007

Canada's Booming M&A Market: Trends and Strategic Considerations for Cross-Border TransactionsLexpert/Thomson Canada's Guide to the Top 100 Industry Specialists in CanadaOctober 1, 2006

Selected Media Highlights

July 27, 2011: Torys announces the release of Torys’ Capital Markets 2011 Mid-Year Report

September 16, 2010: Ten of Torys’ lawyers rank as top cross-border corporate practitioners, reportsLexpert

November 13, 2009: Michael Amm and Michael Akkawi are among Canada's leading lawyers under 40

November 22, 2006: The billion-dollar question is how recent merger activity in Canada's mining sectorwill affect Canada's economy, says Michael Amm in Embassy

November 7, 2006: U.S. private equity firms are actively looking at public Canadian, European and Asianmarkets for opportunities, says Michael Amm on ROBTv

Bar Admissions

New York, 2002Ontario, 1998

Education

LLB, 1996Queen's University

BComm, 1993University of Toronto

62

跨境券行的证发热门话题专题讨论小成组员，当利纳多多伦,

年月日2008 5 13

奥斯古德兼并技能业务训练程课顾问和年2007 2008

美国与加拿大的求并条款寻购：装点面是有效的市门还场检验？年度公司法律指南与年顾问鉴2007/2008 Lexpert CCCA/ACCJE

年月日2007 10 25

《收入信托产业展望》

《加拿大员工福利新闻》第 4 卷，第 1 号

2007 年 1 月 1 日

《加拿大日益繁荣的并购市场：跨境交易趋势和战略考虑》

《加拿大行业专家百强指南》，Lexpert/Thomson Canada 出版

2006 年 10 月 1 日

媒体报导精要

年月日，德瑞思公布了德瑞思本市资场年中期告报2011 7 27 2011

年月日，将德瑞思的2010 9 16 Lexpert 十名律杰出的跨境公司法律师评为师

2009 年 11 月 13 日：麦克•安和 Michael Akkawi 跻身加拿大 40 岁以下最佳律师之列

2006 年 11 月 22 日：麦克•安在 Embassy 上问：这些十亿元交易引起的问题是，最近加拿大采矿业的兼并

活动对加拿大经济有何影响？

2006 年 11 月 7 日：麦克•安在 ROBTv 上说：美国私人股权公司在加拿大、欧洲和亚洲上市公司中积极寻

找机会

法律资格

纽约，2002

安大略，1998

学历

女王大学(Queen's University)

法学学位(LLB)，1996

多伦多大学(University of Toronto)

商学学士，1993

63

www.torys.com

Toronto

New York

Calgary

416.865.0040

212.880.6000

403.776.3700

opportunities in canada for chinese companies

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