| With the degree of economic and social integration into the WTO deepening in recent years in China, more and more domestic enterprises begin to go abroad to rush the layout of global investment, mergers and acquisitions market.As a technology-intensive industry, power grid operating characteristics of network management operation is significantly different from other industries in China, such as labor-intensive manufacturing, energy industries and high-tech R & D industry. Because power grid management and technical operations of our enterprises are at the same level as developed countries', it is not so easy to dwell on the intellectual property issues with developed countries. In recent years, with the technical advantage of the power grid companies and the support of relevant state departments, China Grid industry has actively implemented the international strategy to expand international operations, layout overseas, to strengthen energy cooperation with neighboring countries, and that has made important progress. Overseas investment, mergers and acquisitions are also gradually expanded from the proximity of Hong Kong, Macao, Southeast Asian countries to the surrounding area. With the bid received in 2009, China Grid got the Philippine National transmission grid operating rights for 25 years, which has taken the first step in cross-border mergers and acquisitions.However, the road to overseas mergers and acquisitions of Chinese enterprises is not smooth, but full of frustrations, failures, such as SAIC took over Ssangyong, China's acquisition of Rio Tinto Alcan. SAIC is the main cause of failure of South Korean labor unions and local laws related to oversight, and the failure of CHALCO, are mainly made in the original contract on the legal loopholes.Therefore, it is necessary to the national grid company has just started power overseas mergers and acquisitions business, to do a risk analysis overseas investment law particularly for the power industry, the characteristics of business operations in order to be able to contribute to the national grid to the company's overseas business development, to avoid repeating other transnational mergers and acquisitions fail in the past.The first chapter analyzes the technical characteristics of the electric power operations and legal features of the State Grid Corporation of China in overseas M & A market, and about which the advantages and disadvantages are.Chapter II is an analysis for the State Grid Corporation launching the first cross-border mergers and acquisitions, extracted from which, there is an in-depth analysis and discussion on legal issues. Chapter III specially for the natural monopoly characteristics of grid operator State Grid Corporation , taking the European Union v. Germany, E. ON Company case for example, giving an in-depth analysis of the mature European and American antitrust law on the issue in developed markets.Chapter IV provided detailed analysis for the technology and operating characteristics of State Grid Corporation. Having the recent acquisition of other domestic enterprises overseas legal case as a reference, the paper gives a forecast on the possible problems which State Grid Corporation might encounter in overseas M & A legal issues in the future. The paper ultimately concludes that the State Grid Corporation must seize the labor disputes, national security review, antitrust investigations to prepare for a place in overseas M & A market. |
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