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CONTENTS

List of Exhibits = xxiii

PART ONE ； CRITICAL ISSUES IN PLANNING AND IMPLEMENTATION = 1

 Chapter 1 ； Strategic Choices / Laurance R. Newman ; Guy F. diCicco = 3

  The Quest for Corporate Growth = 3

  Corporate Strategy = 5

  International Transactions and Deal Making = 9

  Deal－Making Strategy = 14

  Privatization－ A Deal－Making Opportunity = 22

  Joint Ventures and Strategic Alliances in the Era of Globalization = 22

  Summary = 25

PART TWO ； LEGAL ASPECTS = 27

 Chapter 2 ； Legal Aspects of Acquiring U.S. Enterprises / Paul McCarthy = 29

  Regulatory Framework = 29

  Structuring an Acquisition = 36

  Documentation = 40

  Principal Legal Concerns of the Buyer = 44

  Other Legal Matters = 50

  Organizing the Acquisition Vehicle = 51

  Closing = 54

  U.S. Acquisition Legal Checklist = 56

  Checklist：U.S. Acquisitions = 57

 Chapter 3 ； Legal Aspects of Acquiring Non－U.S. Enterprises / Paul McCarthy = 65

  Regulatory Framework = 66

  Structuring the Acquisition = 70

  Documentation = 72

  Principal Legal Concerns of the Buyer：Due Diligence = 74

  Organizing the Acquisition Vehicle = 80

  Closing = 83

  Non－U.S. and Multinational Acquisition Checklist = 85

  Checklist：Multinational and Other Non－U.S. Acquisitions = 86

PART THREE ； ACCOUNTING AND TAX ASPECTS = 93

 Chapter 4 ； Accounting Aspects of International Mergers and Acquisitions / Michael R.Nanus = 95

  Understanding Financial Information = 96

  Evaluating the Target = 111

  Postacquisition Considerations = 116

  Control－As Evidenced in Financial Reporting and Audit Requirements = 117

  Checklist：Evaluating the Target = 134

  Appendix 4.1：Summary of GAAP(by Country) = 144

 Chapter 5 ； Tax Aspects of Inbound Merger and Acquisition and Joint Venture Transactions / David R.Tillinghast = 151

  Inbound Mergers and Acquisitions = 151

  Summary = 162

  Inbound Joint Ventures = 162

  Checklist：Mergers and Acquisitions = 165

  Checklist：Joint Ventures = 170

  Appendix 5.1：Tax－Free, Taxable, and Hybrid Transactions = 172

 Chapter 6 ； Tax Considerations in Acquiring Non－U.S. Enterprises / Robert T. Bossart ; Jane W. Meisel = 181

  U.S. Tax Accessibility and Tax Deferral = 182

  U.S. Foreign Tax Credit Rules = 183

  Forms of Transactions = 187

  Financing Considerations = 195

  Checklist：Tax Considerations in Acquiring Non－U.S. Enterprises = 197

PART FOUR ； FINANCIAL ASPECTS = 203

 Chapter 7 ； International Financing for Cross－Border M&A Transactions / Roy C. Smith = 205

  First Steps = 206

  The International Bond Market = 207

  Summary = 240

  Checklist：International Financing for Cross－Border M&A Transactions = 241

 Chapter 8 ； Government Assistance in Financing Cross－Border Transactions / Kenneth D. Brody ; Roberta J. Waxman－Lenz = 245

  OPIC = 247

  IFC = 248

  EBRD = 249

  IIC = 250

  Ex－Im Bank = 250

  Dealing with Government Financial Institutions = 251

  Appendix 8.1：Financing Investments = 253

  Appendix 8.2：Financing Trade = 256

  Appendix 8.3：Contact Information = 260

 Chapter 9 ； Overview of International Project Finance / Scott L. Hoffman = 265

  Introduction to International Project Finance = 266

  Financing the Project = 271

  Project Risk Identification and Allocation of Responsibility = 273

  Credit Enhancement = 281

  Checklist：Structuring the International Project Financing = 286

  Appendix 9.1：Case Study 1：Example of Financing Structure = 291

  Appendix 9.2：Case Study 2：Example of Financing Structure = 292

PART FIVE ； JOINT VENTURES = 293

 Chapter 10 ； Nature of International Joint Ventures and Their Role in Global Business / Vladimir L. Kvint = 295

  Introduction = 295

  Operational Issues = 306

  IJVs and Their Relationships with Multilateral Financial Institutions and National Governmental Agencies = 309

  Differences and Similarities in IJVs in Emerging Markets Compared to Those in Developed Countries = 310

  Special Role of IJVs in the Internationalization of the World Economy = 311

  Checklist：Risk Factors to Consider When Choosing Location for an UV = 312

 Chapter 11 ； Legal Aspects of International Joint Ventures and Strategic Alliances / Robert F. Ebin = 315

  Forms of Traditional Joint Ventures = 315

  When to Use the Joint Venture or Strategic Alliance = 320

  Regulatory Framework－U.S. and Abroad = 321

  Structuring the Joint Venture = 327

  Structuring the Strategic Alliance = 331

  Special Problems Relating to Technology Ventures and Alliances = 332

  Checklist：International Joint Ventures and Strategic Alliances = 334

  Appendix 11.1：Manufacturing Joint Venture Partnership Agreement = 336

  Appendix 11.2：Strategic Alliance Agreement = 345

PART SIX ； VALUING COMPANIES AND NEGOTIATING TRANSACTIONS = 361

 Chapter 12 ； Pricing and Negotiations / Arthur H. Rosenbloom = 363

  Pricing = 363

  Negotiation = 396

  Checklist：Pricing = 404

  Checklist：Negotiation = 410

PART SEVEN ； SPECIAL TOPICS = 419

 Chapter 13 ； Risk Management in Cross－Border Transactions / Alexander E. Fisher ; Richard M. Inserra = 421

  The Nature of the Transaction = 421

  The Operations Review = 423

  Specific Areas for Review = 425

  Safety and Loss Control = 426

  Environmental Issues = 427

  Liability of Owners, Directors, and Officers = 427

  Government Regulations = 428

  Political Risk = 428

  The Due Diligence Report = 430

  Summary = 430

  Checklist：Risk Management = 431

 Chapter 14 ； Human Resources Issues in International Mergers and Acquisitions / Russell M. Demers = 433

  The Impact of Human Resources Issues on International Mergers and Acquisitions = 433

  Preacquisition Evaluation = 434

  Staffing Strategy = 438

  Compensation = 440

  Integration of Personnel Information Systems = 443

  Transitional Support Mechanisms = 444

  Checklist：Addressing Human Resources Issues in International Mergers and Acquisitions = 450

 Chapter 15 ； Postmerger Integration / Cynthia N. Wood ; Richard Porter = 459

  Key Indicators of Success and Failure = 460

  Postmerger Integration Activities = 462

  Checklist：Critical Postmerger Integration Considerations = 488

References = 497

Index = 509