GENERAL ISSUES FACING CHINESE INVESTORS IN EUROPE AND ITALY. Avv. Marco Marazzi

Transcription

1 GENERAL ISSUES FACING CHINESE INVESTORS IN EUROPE AND ITALY Avv. Marco Marazzi 5 luglio 2017

2 General Issues Facing Chinese Investors in Europe Currency movements / capital controls Government approvals National security reviews Regulated industry approvals Local approvals Political risks Threat of politicization Trade issues Reciprocity (e.g., EU-China Bilateral Investment Treaty) 2

3 General Issues Facing Chinese Investors in Europe Unfamiliarity with targets and markets Targets unfamiliar with Chinese bidders Unfamiliarity of Chinese bidders with auction processes Timing Presentation Unfamiliarity with market terms Importance and complexity of the contract Guarantees required 3

4 General Issues Facing Chinese Investors in Europe Concerns of Target regarding Chinese bidders (whether justified or not) Opaque and slow decision making Possible relocation of manufacturing activities to China (resulting in loss of jobs in Europe) Regulatory risk to close Uncertainty of financing availability 4

5 General Issues Facing Chinese Investors in Europe Governmental approvals Foreign investment reviews ("Golden Powers" in Italy - regulated industries) Antitrust (Italian or EU level) State and local laws Stakeholder concerns Unions Customers and suppliers Competitors General public 5

6 General Issues Facing Chinese Investors in Europe Chinese governmental approvals Corporate Governance (more complex, higher risks for directors) Cultural Integration Legal and Tax Issues Driving synergies achieving strategic goals 6

7 Focus on Italy Pros: Italian Srl" and SpA" types of company quite similar to China " 有限责任公司 " and " 股份有限公司 " Virtually no approval required for investment (exceptions for special sectors - Golden Powers, telecom, energy, transportation) Employment law impact less challenging than in France or Germany more flexibility also on the use of shop agreements vs. national collective contracts 7

8 Focus on Italy Cons: Tax system complex and at times unpredictable Approvals and permits for operations lenghty Visa and Immigration Process 8

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