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Clifford Chance

Clifford Chance

Foreign Investment and National Security

Navigating regimes can be critical for success on a transaction

Foreign investment and national security screenings are increasingly being applied to a wider range of global M&A transactions. The global trend for protectionism has led to more restrictive government measures. This requires a more strategic and co-ordinated approach towards foreign investment rules.

Our specialists have a wealth of experience in advising clients in foreign investment proceedings in established and emerging jurisdictions. We are at the forefront of developments, and regularly participate in consultations and interest groups concerning regulatory trends.

Our insights, strong relationships and reputation with government departments and foreign investment authorities enable us to find commercially acceptable solutions for our clients even when remedies are required.

Our global team can seamlessly advise on all foreign investment filings ensuring a coordinated and high-quality service. Our experienced team will develop a deep understanding of your business and the preferences of your legal function to deliver efficiencies and provide you with the confidence to pursue your M&A ambitions.

Recent experience

We have advised on some of the largest and most complex foreign investment matters in recent years, and have helped clients overcome major regulatory hurdles in Europe, Asia-Pacific and the U.S. We have long-standing experience of handling Phase I and II instructions and regularly act as global counsel to co-ordinate multi-jurisdictional foreign investment and merger control filings. We seek innovative solutions to protect our clients' strategic interests and to best achieve our clients' commercial objectives.

Our experience includes advising:

  • Airbus, Safran and Tikehau Ace Capital in relation to the agreement with Eramet for the joint acquisition of Aubert & Duval
  • General Electric Company with regards to AerCap Holdings N.V.’s acquisition of GE Capital Aviation Services business
  • Leonardo S.p.A. on the acquisition of its stake in Germany-based listed defence and security specialist HENSOLDT AG from KKR
  • Hitachi on its acquisition of Thales’ Ground Transportation Systems business
  • Oracle on its acquisition of Cerner Corporation

How Clifford Chance will help you

At all stages of the foreign investment and national security cycle

1

Identification of where and what filings are required

Identifying where foreign investment filings are triggered for each transaction, and carrying out an initial multi-jurisdictional foreign investment filing analysis. Monitoring closely the fast-changing rules of foreign investment screening.

2

Preparing foreign investment filings

Preparing any required foreign investment filings (Phase I and Phase II proceedings) and engaging in any discussions with the authorities (pre- and post-notification), responding to information requests, making any supplemental submissions and, to the extent required, agreeing remedies with the relevant authorities.

3

Spotting related issues

Identifying and managing regulatory risks as well as addressing other related issues such as political and other stakeholder engagement.

4

Foreign investment clearance process

Assisting you with navigating the foreign investment clearance process across all jurisdictions (working with our international network and local counsel when required). Clifford Chance would act as a "central hub" and co-ordinate each of the processes. 

5

Setting up standard protocols and training

Assisting your in-house legal function with setting up standard protocols such as a global foreign investment filing database to streamline the process for gathering and maintaining the information necessary for conducting future filings and developing policies for dealing with challenging jurisdictions. We also offer regular training on best practice, document production, transaction rationale, trends and regulatory developments for legal and deal teams.

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