21.11.05

真功夫

在香港搞收購合併,絕對是純雲呢拿,只要傾妥價錢,講掂用錢用股票,定好分期找數時限,幾可完工七成。沒有最考人的稅務安排,煩少許多。

  如果有資本增值稅,可以使一單本應簡單的交易複雜化,原因是賣家要保障自己沽貨後不會淪為幫稅局打工,一於要令交易結構建造得對自己最有利。例如這一單交易。

   Oracle出價近六十億美金收購Siebel,除了是軟件界一宗大事,更加是全世界打工仔的榜樣。Tom Siebel本來在Oracle打工,眼見公司主力做ERP而忽略CRM,毅然辭工自立門戶。Siebel員工全部西裝骨骨,表現最差的2%員工會定期被 辭退。公司全盛時期(五年前)股價過百,氣勢直迫Siebel舊老細。如今由Ellison將舊部收歸旗下,是老闆可以對員工付出的最好報酬。

  Oracle-Siebel這交易,以約十一元美金一股作價。為了讓舊部Tom Siebel少交稅款,投資銀行家再出「雙重空殼」這絕招,務求交最少稅款。

   被雷曼兄弟投資銀行家Willens稱為最有創意的安排(在美國稅制下),是如此運作:成立一家全新的控股公司Ozark,旗下開設兩家空殼公司,每家 分別與Oracle及Siebel合併。隨後,把這兩間空殼接埋,再跟Ozark一比一換股。Siebel的股東收七成現金、三成股票,股票部分免稅。換 言之,Siebel要交的資本增值稅,只按收購價七成計算。

  這「雙重空殼」安排,令Siebel股東得益,Oracle股東所受的攤薄影響亦減少。投資銀行家動動腦筋,開單收取的費用佣金又可以重手些少,唯一受害的,是稅局。不過,這受害者永遠沒有人同情,無人會為它講說話討回公道。

  作為收購合併活躍之地,美國的投資銀行家們就是每天為客戶想盡辦法,出謀獻策,練就滿腦子靈活多變的詭計。趁中國成為地球的stakeholder,降落此地找尋客戶獻計,有如用屠龍刀劏雞殺鴨斬瓜切菜,易如反掌。要從他們手底下的交易佔得甜頭,甚難。

1 comment:

港燦 said...

related article from CFO magazine on how "horizontal double dummy" works for Oracle-Siebel merger :


" First, the merging companies form a new holding company. In this case, Ozark Holdings was formed. Ozark then creates two transitory subsidiaries, the so-called dummies. One merges with Oracle, the other with Siebel Systems. Oracle and Siebel survive the double-dummy mergers; the dummy companies are shut down. Oracle shareholders exchange their stock on a one-for-one basis, tax free, for stock in Ozark. Siebel shareholders exchange their stock for cash or stock in Ozark (but no more than 30 percent of the consideration can be stock). Siebel's shareholders pay taxes only on the cash portion of the transaction.

The stock portions of the transactions qualify as tax free under Section 351 of the Tax Code, which is not bound by the continuity-of-interest rule of Section 368. However, Ozark must remain in place permanently. Terminating the holding company would jeopardize the tax-free nature of the deal. That's because Section 351 requires that the tax-free stock transfer between Ozark Holdings and the two operating companies be substantive in nature "