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美国是中国商业银行海外拓展的重要市场,并购是中国商业银行拓展美国市场的重要方式。并购涉及大量法律问题,而中美法律体系差异较大,使得中国商业银行在美并购过程中的法律问题显得更加突出。本文根据美国的成文法规定和司法实践,对法定合并与三角合并、股权收购与资产收购等并购方式及其特点进行比较,进而从中国商业银行在美并购的实际需要出发,从州法层面和联邦证券法层面就并购中的信义义务、评估权、州反收购立法以及代理投票权规则和威廉姆斯法案等问题进行分析,这些问题是中国商业银行规划在美并购方案时必须考虑的基础因素。
The United States is an important market for Chinese commercial banks to expand overseas. Mergers and acquisitions are an important way for commercial banks in China to expand their markets in the United States. Mergers and acquisitions involve a large number of legal issues, while the legal systems in China and the United States vary greatly, making the commercial issues of commercial banks more prominent in the process of U.S. mergers and acquisitions. Based on the statutory provisions and judicial practice in the United States, this article compares the merging methods and characteristics of statutory mergers with those of triangular mergers, share acquisitions and asset acquisitions. Based on the actual needs of commercial banks in the United States, The law level analyzes the litigation obligations, evaluation rights, state anti-takeover legislation, proxy voting rules and the Williams Act in mergers and acquisitions. These issues are the basic factors that Chinese commercial banks must consider when planning for U.S. mergers and acquisitions.