í´ì¸ M&Aì ë²ì ìì - Sullivan & Cromwell

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2. 해외 M&A와 조세전략 수립 시 고려 사항 1) 해외지주회사의 설립 (4) 해외지주회사를 이용하는 경우 세무상 이점 (EU의 경우 예시) 직접인수 지주회사 설립 한국 모회사 • 외국에서 원천징수 납부액 최소화 Korean Co Korean Co 0% WHT • 외국납부세액공제 초과액 누적 회피 • 재투자에 의한 과세 이연 (subject to CFC rules) • 이익송금 과세 최소화 Target Co (Italy) WHT leakage Hold Co (Luxembourg) Target Co (Italy) 0% WHT EU 지주회사 • EU Parent Subsidiary Directive하에서, 배당, 이자, 사용료소득에 대한 원천 징수 의무 면제 → 원천징수에 의한 tax leakage 없음 • 대부분의 EU국가들은 다수의 국가들 과 조세조약을 체결하고 있음 12
2. 해외 M&A와 조세전략 수립 시 고려 사항 1) 해외지주회사의 설립 (5) 인수 구조별 세무 효과 분석 (EU경우의 예시) 구분 배당 원천징수 직접인수 인수 구조별 과세 규정 지주회사 설립 이태리 → 한국: 10% 이태리 → 룩셈부르그: 0% 룩셈부르그 → 한국: 0% (일정 요건 충족 시) 이자 원천징수 이태리 → 한국: 10% 직접외국 납부세액 간접외국 납부세액 구분 이태리 → 한국에 지급하는 배당원천세 이태리 → 룩셈부르그: 0% 룩셈부르그 → 한국: 0% 룩셈부르그 → 한국에 지급하는 배당원천세 이태리 납부 법인세 룩셈부르그 납부 법인세 + 이태리 납부 법인세의 50% 직접인수 세전이익 100 100 세후이익 65.25 (FTC이월공제, 12.75) 66.75 (FTC이월액 포함) 유효세율 34.75% (FTC 이월공제 고려전) 33.25% 순현금 • 국내모회사 = 65.25 13 세액 효과 분석 지주회사 설립 • 해외지주사 = 72.50 (* 현지국에서 유리한 현금흐름을 이용가능) • 국내모회사 = 66.75
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September 26, 2012 | Seoul 해외 M
Page 3 and 4:
Traditional Role of IP in M&A
Page 5 and 6:
Why does IP matter? continued Monet
Page 7 and 8:
Primary IP Objectives in M&A contin
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Selected IP Risks in M&A continued
Page 11 and 12:
IP Allocation in a Spin-Out continu
Page 13 and 14:
Spin-Outs ‒ Key IP Questions cont
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Emerging Role of IP in M&A 지적
Page 17 and 18:
What to expect
Page 19 and 20:
Patent Market - Trends 특허권
Page 21 and 22:
Case Study: Skype 2003: Niklas Zenn
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Case Study: Microsoft/Novell Attach
Page 25 and 26:
Biography of Nader A. Mousavi R eco
Page 27 and 28:
Biography of Nader A. Mousavi conti
Page 29 and 30:
Thank You
Page 31 and 32:
Acquiring a U.S. Public Company: Wh
Page 33 and 34:
Fundamental Deal Structuring Decisi
Page 35 and 36:
―One Step‖ Transaction Structur
Page 37 and 38:
―Two Step‖ Transaction Structur
Page 39 and 40:
Deal Consideration: Stock versus Ca
Page 41 and 42:
The Role of Stockholder Rights Plan
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Unsolicited Deal Schematic continue
Page 45 and 46:
Target Options Regarding the Sale P
Page 47 and 48: When Must Negotiations be Disclosed
Page 49 and 50: ―Public Company‖ Due Diligence
Page 51 and 52: ―Public Company‖ Due Diligence
Page 53 and 54: Key Terms of Negotiated Deal contin
Page 55 and 56: Material Adverse Effect continued C
Page 57 and 58: Document Creation continued From be
Page 59 and 60: Transaction Litigation: Significant
Page 61 and 62: Transaction Litigation: Focal Point
Page 63 and 64: Transaction Litigation: Acquirer‘
Page 65 and 66: Implications for Acquirer During Ea
Page 67 and 68: Importance of PR and Governmental R
Page 69 and 70: Certain U.S. Legal Regimes Implicat
Page 71 and 72: Summary: Key Elements of Acquiring
Page 73 and 74: Appendix B: Illustrative Timeline:
Page 75 and 76: Illustrative Timeline: Cash Tender
Page 77 and 78: Fiduciary Duties of Directors in a
Page 79 and 80: Appendix D: Speakers Profile Franci
Page 81 and 82: Biography of Francis J. Aquila cont
Page 83 and 84: Biography of Michael G. DeSombre co
Page 85 and 86: Biography of Michael G. DeSombre co
Page 87 and 88: September 26, 2012 | Seoul 해외 M
Page 89 and 90: 해외 M&A 단계별 조세상 고
Page 91 and 92: 1. 해외 M&A 단계별 조세상
Page 93 and 94: 1. 해외 M&A 단계별 조세상
Page 95 and 96: 2. 해외 M&A와 조세전략 수
Page 97: 2. 해외 M&A와 조세전략 수
Page 109 and 110: Partner Profile 김 규 동 회계
Page 113 and 114: 1. 해외 M&A의 일반적인 절
Page 115 and 116: 1. 인수 검토 및 예비 분석
Page 117 and 118: 3. 본 계약 체결과 Closing 효
Page 119 and 120: 투자의사결정 관련 내부
Page 121 and 122: 기업결합 신고의무 우리나
Page 123 and 124: 해외직접투자 신고 (신규
Page 125 and 126: 신고시기와 필요서류 해외
Page 127 and 128: 신고 처리 및 후속 조치 신
Page 129 and 130: 4. 계약 조항 중 주의할 부
Page 131 and 132: 분쟁해결 조항 국제 중재
Page 133 and 134: 진술과 보장 조항 영미법
Page 135 and 136: PMI 준비시 고려할 사항 장
Page 137 and 138: Partner Profile 김경연 변호사
Page 141 and 142: Investing in France: Selected Legal
Page 143 and 144: South Korean Investments in France
Page 145 and 146: 1. Providing Equity Without Taking
Page 147 and 148: 1. Providing Equity Without Taking
Page 149 and 150:
1. Providing Equity Without Taking
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Page 153 and 154:
Page 155 and 156:
2. Acquiring Control
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2.1 Regulated Business Sectors A.
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2.1 Regulated Business Sectors cont
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2.2 Merger Regulation (i) 프랑스
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2.3 Labor Law Issues 프랑스 기
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2.3 Labor Law Issues continued IRPs
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2.4 Public Companies a) Access to I
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2.4 Public Companies a) Access to i
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2.4 Public Companies b) Disclosure
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2.4 Public Companies c) Mandatory T
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2.4 Public Companies continued d) K
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2.4 Public Companies d) Key Rules o
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Appendix A - S&C Paris Office CHAMB
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Appendix B ‒ Biography of Dominiq
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Investing in Germany: Recent Trends
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Amount of Transactions Transaction
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Recent Market and Legal Trends - Ge
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Page 191 and 192:
Recent Market and Legal Trends - In
Page 193 and 194:
Page 195 and 196:
2.1Private M&A
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Selected Topics - Selected Topics i
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Selected Topics - Selected Topics i
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Page 203 and 204:
Selected Topics - Stake Building fo
Page 205 and 206:
Selected Topics - Prior Stake Build
Page 207 and 208:
Selected Topics - Stake Building Sh
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Selected Topics - Specific Features
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Page 213 and 214:
Page 215 and 216:
Selected Topics - Follow-on integra
Page 217 and 218:
2.3 Joint Aspects
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Joint Aspects - Regulatory Restrict
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Joint Aspects - Regulatory Restrict
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Joint Aspects - Corporate Restricti
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Joint Aspects - Labour Law/Due Dili
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Joint Aspects - Antitrust - Practic
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Outlook (1/2) Macroeconomic Situati
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Appendices Appendix A - S&C Frankfu
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Appendix B - Biography of Carsten B
Page 235 and 236:
Appendix B - Biography of Carsten B
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