SlideShare a Scribd company logo
Mergers & Acquisitions  in Post-Communist Countries Corporate Legal Strategies for M&A 19-21 May  2010, Asmsterdam Serghei Vahnovan +40 744-667-225 vahnovan@gmail.com This presentations is intended for educational purposes only and does not replace independent professional advice. Statements of fact and opinions expressed are those of the author and, unless expressly stated to the contrary, are not the opinion or position of the OAO Mechel, its shareholders, affiliates or its management. OAO Mechel does not endorse or approve, and assumes no responsibility for the content, accuracy or completeness of the information presented. The author does not in the ordinary course update, revise or correct any of the information contained in these presentation, or edit or otherwise correct any portion of any presentation, and the information contained in this presentation may no longer be accurate. FULL DISCLAIMER IS LOCATED IN APPENDIX 1
Mechel at a Glance Mechel  is a Russian vertically integrated mining,  steel, ferroalloys and power group.  Shares  are listed  on New York Stock Exchange, MICEX, RTS; Mechel  has a successful track record of acquisitions.  Assets  located in Russia, USA, Romania, Lithuania, Bulgaria, Kazakhstan.  Business strategy  envisions additional acquisitions and continued integration; Serghei Vahnovan · May 2010 · page
Investing in Post-Communist Countries: Risks versus Opportunities Serghei Vahnovan · May 2010 · page
Economic Risks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Political Risks   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Social Risks   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Economic Opportunities; ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Available Incentives; ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Legal System:  Weakness and Uncertainties Serghei Vahnovan · May 2010 · page
Constantly Changing Legal Framework ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Abundance of Secondary Norms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Judicial System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Legal Enforcement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Due Diligence:  Local Flavors Serghei Vahnovan · May 2010 · page
Shareholder’s Identity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Joint Ventures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Titles Clearance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Licenses and Permits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Taxation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Taxation - continued ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Weak Accounting and Internal Control ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Key Personnel ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Operations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Trade Barriers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Publicly Provided Services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Compliance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Social Issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Enforcement of securities and pledges. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Material Litigation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Privatisation:  a different type of acquisition Serghei Vahnovan · May 2010 · page
Methods of privatization. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Privatization - an exception to general framework. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Specifics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Business as usual after privatization? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Post-Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Drafting and Negotiating  the Agreement Serghei Vahnovan · May 2010 · page
Drafting  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Negotiating = Reducing the Risks. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Negotiating = Reducing the Risks – cont’d. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Representations and Warranties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Contract Law and Court. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Serghei Vahnovan · May 2010 · page
Thank You! Questions? ,[object Object],Serghei Vahnovan · May 2010 · page
Appendix 1 Global Disclaimer The information and opinions in this presentation are believed by author to be reliable and have been obtained from public sources believed to be reliable.  However, the author  makes no representation as to the accuracy or completeness of such information. The author may be have an interest in and open buy or sell proprietary positions in securities mentioned in this presentation. Opinions, estimates and projections in this presentation constitute the current judgment and opinion of the author as of the date of this presentation.  They do not necessarily reflect the opinions of OAO Mechel and are subject to change without notice.  The author has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation is provided for informational purposes only.  It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular investment strategy in any jurisdiction or as an advertisement of any financial instruments. The investments discussed in this presentation may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives.  If a investment is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from the investment, and such investor effectively assumes currency risk.  In addition, income from an investment may fluctuate and the price or value of investments described in this presentation, either directly or indirectly, may rise or fall.  Furthermore, past performance is not necessarily indicative of future results. The information contained in this presentation does not constitute the provision of investment advice. The information, interpretation, opinions and advice submitted herein are not in the context of an investment consultancy service. Investment consultancy services are provided by brokerage firms, portfolio management companies and banks that are not authorized to accept deposits through an investment consultancy agreement to be entered into such corporations and their clients. The interpretation and advices herein are submitted on the basis of personal opinion of the relevant interpreters and consultants. Such opinion may not fit your financial situation and your profit/risk preferences. Accordingly, investment decisions solely based on the information herein may not result in expected outcomes. The information, interpretation, opinions and advice submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. This presentation may not be reproduced, distributed or published by any person for any purpose without  author's prior written consent.  Please cite source when quoting. Copyright © 2010 Serghei Vahnovan May 2010

More Related Content

What's hot

Independence of competition authorities: from designs to practices – OECD Bac...
Independence of competition authorities: from designs to practices – OECD Bac...Independence of competition authorities: from designs to practices – OECD Bac...
Independence of competition authorities: from designs to practices – OECD Bac...
OECD Directorate for Financial and Enterprise Affairs
 
Factors Contributing to Accounting Diversity at the International Level
Factors Contributing to Accounting Diversity at the International LevelFactors Contributing to Accounting Diversity at the International Level
Factors Contributing to Accounting Diversity at the International Level
Sundar B N
 
StubbsGazette Anti Money Laundering E Book
StubbsGazette Anti Money Laundering E BookStubbsGazette Anti Money Laundering E Book
StubbsGazette Anti Money Laundering E Book
James Treacy
 
Cómo converger hacia un informe integral en la empresa
Cómo converger hacia un informe integral en la empresaCómo converger hacia un informe integral en la empresa
Cómo converger hacia un informe integral en la empresa
Fundación Ramón Areces
 
Independent oversight bodies lessons from fiscal productivity and regulatory ...
Independent oversight bodies lessons from fiscal productivity and regulatory ...Independent oversight bodies lessons from fiscal productivity and regulatory ...
Independent oversight bodies lessons from fiscal productivity and regulatory ...
OECDtax
 
Promoting Access to Finance Through Financial Sector Development, Melesse Minale
Promoting Access to Finance Through Financial Sector Development, Melesse MinalePromoting Access to Finance Through Financial Sector Development, Melesse Minale
Promoting Access to Finance Through Financial Sector Development, Melesse Minale
The i-Capital Africa Institute
 
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
World Bank Publications
 
Basel 3 News November 2012
Basel 3 News November 2012Basel 3 News November 2012
Basel 3 News November 2012
Compliance LLC
 
PwC Global Financial Sanctions
PwC Global Financial SanctionsPwC Global Financial Sanctions
PwC Global Financial SanctionsKevin Kirst
 
Assignment monday
Assignment mondayAssignment monday
Assignment mondayeric_584
 
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussionBarriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
OECD Directorate for Financial and Enterprise Affairs
 
Fund distribution harmonisation
Fund distribution harmonisationFund distribution harmonisation
Fund distribution harmonisation
Rebecca CLAYTON
 
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
Congressional Budget Office
 
"Challenges of financial regulation in the post crisis world"- "Những thách t...
"Challenges of financial regulation in the post crisis world"- "Những thách t..."Challenges of financial regulation in the post crisis world"- "Những thách t...
"Challenges of financial regulation in the post crisis world"- "Những thách t...
Development and Policies Research Center (DEPOCEN)
 
Barriers to Exit – MARTEL – December 2019 OECD discussion
Barriers to Exit – MARTEL – December 2019 OECD discussionBarriers to Exit – MARTEL – December 2019 OECD discussion
Barriers to Exit – MARTEL – December 2019 OECD discussion
OECD Directorate for Financial and Enterprise Affairs
 
ISDA Opinions for Basel Capital Regulatory Relief
ISDA Opinions for Basel Capital Regulatory ReliefISDA Opinions for Basel Capital Regulatory Relief
ISDA Opinions for Basel Capital Regulatory ReliefLiz Zazzera
 
Wagh 2a
Wagh 2aWagh 2a
Wagh 2acsear
 

What's hot (19)

Independence of competition authorities: from designs to practices – OECD Bac...
Independence of competition authorities: from designs to practices – OECD Bac...Independence of competition authorities: from designs to practices – OECD Bac...
Independence of competition authorities: from designs to practices – OECD Bac...
 
Factors Contributing to Accounting Diversity at the International Level
Factors Contributing to Accounting Diversity at the International LevelFactors Contributing to Accounting Diversity at the International Level
Factors Contributing to Accounting Diversity at the International Level
 
StubbsGazette Anti Money Laundering E Book
StubbsGazette Anti Money Laundering E BookStubbsGazette Anti Money Laundering E Book
StubbsGazette Anti Money Laundering E Book
 
Cómo converger hacia un informe integral en la empresa
Cómo converger hacia un informe integral en la empresaCómo converger hacia un informe integral en la empresa
Cómo converger hacia un informe integral en la empresa
 
Independent oversight bodies lessons from fiscal productivity and regulatory ...
Independent oversight bodies lessons from fiscal productivity and regulatory ...Independent oversight bodies lessons from fiscal productivity and regulatory ...
Independent oversight bodies lessons from fiscal productivity and regulatory ...
 
Promoting Access to Finance Through Financial Sector Development, Melesse Minale
Promoting Access to Finance Through Financial Sector Development, Melesse MinalePromoting Access to Finance Through Financial Sector Development, Melesse Minale
Promoting Access to Finance Through Financial Sector Development, Melesse Minale
 
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
System Characteristics and Reform Logic of China’s Subnational Debts: Qiao Ba...
 
Basel 3 News November 2012
Basel 3 News November 2012Basel 3 News November 2012
Basel 3 News November 2012
 
PwC Global Financial Sanctions
PwC Global Financial SanctionsPwC Global Financial Sanctions
PwC Global Financial Sanctions
 
FCPA Sandler
FCPA SandlerFCPA Sandler
FCPA Sandler
 
Assignment monday
Assignment mondayAssignment monday
Assignment monday
 
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussionBarriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
Barriers to Exit – ADALET MCGOWAN – December 2019 OECD discussion
 
Pan european-pension-funds-09
Pan european-pension-funds-09Pan european-pension-funds-09
Pan european-pension-funds-09
 
Fund distribution harmonisation
Fund distribution harmonisationFund distribution harmonisation
Fund distribution harmonisation
 
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
 
"Challenges of financial regulation in the post crisis world"- "Những thách t...
"Challenges of financial regulation in the post crisis world"- "Những thách t..."Challenges of financial regulation in the post crisis world"- "Những thách t...
"Challenges of financial regulation in the post crisis world"- "Những thách t...
 
Barriers to Exit – MARTEL – December 2019 OECD discussion
Barriers to Exit – MARTEL – December 2019 OECD discussionBarriers to Exit – MARTEL – December 2019 OECD discussion
Barriers to Exit – MARTEL – December 2019 OECD discussion
 
ISDA Opinions for Basel Capital Regulatory Relief
ISDA Opinions for Basel Capital Regulatory ReliefISDA Opinions for Basel Capital Regulatory Relief
ISDA Opinions for Basel Capital Regulatory Relief
 
Wagh 2a
Wagh 2aWagh 2a
Wagh 2a
 

Viewers also liked

SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
Salzburg NewMediaLab
 
American Flag
American FlagAmerican Flag
American Flag
Keith Erickson
 
Travel and tourism words part 1 new
Travel and tourism words part 1 newTravel and tourism words part 1 new
Travel and tourism words part 1 newVina Harrison
 
Hallgrimur Glaerur
Hallgrimur GlaerurHallgrimur Glaerur
Hallgrimur Glaerurdagbjort
 
Lions
LionsLions
Lionsbher
 
White House
White HouseWhite House
White House
Keith Erickson
 
Untitled Presentation
Untitled PresentationUntitled Presentation
Untitled PresentationTim Bray
 
Make the World Better: Tools for Designing Bright Green Cities
Make the World Better: Tools for Designing Bright Green CitiesMake the World Better: Tools for Designing Bright Green Cities
Make the World Better: Tools for Designing Bright Green Cities
Xanthe
 
uSell Current™ App
uSell Current™ AppuSell Current™ App
uSell Current™ App
Wei Wei
 
De la prehistoria a la historia
De la prehistoria a la historiaDe la prehistoria a la historia
De la prehistoria a la historia
laurasanchezsola
 
Results of audience survey
Results of audience surveyResults of audience survey
Results of audience surveyhumaira28
 
Columbus County Community Resource Guide
Columbus County Community Resource GuideColumbus County Community Resource Guide
Columbus County Community Resource Guide
Kenneth "Kip" Nance
 
De La Prehistoria A La Historia
De La Prehistoria A La HistoriaDe La Prehistoria A La Historia
De La Prehistoria A La Historia
laurasanchezsola
 
Building Strong Advocacy Efforts to Address Southern HIV/AIDS Disparities
Building Strong Advocacy Efforts to Address Southern HIV/AIDS DisparitiesBuilding Strong Advocacy Efforts to Address Southern HIV/AIDS Disparities
Building Strong Advocacy Efforts to Address Southern HIV/AIDS DisparitiesPatrick Packer
 
Pictures of my finished clay pot 1
Pictures of my finished clay pot 1Pictures of my finished clay pot 1
Pictures of my finished clay pot 1humaira28
 
NORTH CAROLINA TAX SUMMARY
NORTH CAROLINA TAX SUMMARYNORTH CAROLINA TAX SUMMARY
NORTH CAROLINA TAX SUMMARY
Kenneth "Kip" Nance
 
History of record[1]
History of record[1]History of record[1]
History of record[1]humaira28
 

Viewers also liked (20)

SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
SNML-TNG: Linked Media Interfaces. Graphical User Interfaces for Search and A...
 
American Flag
American FlagAmerican Flag
American Flag
 
Travel and tourism words part 1 new
Travel and tourism words part 1 newTravel and tourism words part 1 new
Travel and tourism words part 1 new
 
The American Flag
The American FlagThe American Flag
The American Flag
 
Hallgrimur Glaerur
Hallgrimur GlaerurHallgrimur Glaerur
Hallgrimur Glaerur
 
Lions
LionsLions
Lions
 
White House
White HouseWhite House
White House
 
Module 12 lesson 1
Module 12 lesson 1Module 12 lesson 1
Module 12 lesson 1
 
Untitled Presentation
Untitled PresentationUntitled Presentation
Untitled Presentation
 
Make the World Better: Tools for Designing Bright Green Cities
Make the World Better: Tools for Designing Bright Green CitiesMake the World Better: Tools for Designing Bright Green Cities
Make the World Better: Tools for Designing Bright Green Cities
 
uSell Current™ App
uSell Current™ AppuSell Current™ App
uSell Current™ App
 
De la prehistoria a la historia
De la prehistoria a la historiaDe la prehistoria a la historia
De la prehistoria a la historia
 
Results of audience survey
Results of audience surveyResults of audience survey
Results of audience survey
 
Columbus County Community Resource Guide
Columbus County Community Resource GuideColumbus County Community Resource Guide
Columbus County Community Resource Guide
 
De La Prehistoria A La Historia
De La Prehistoria A La HistoriaDe La Prehistoria A La Historia
De La Prehistoria A La Historia
 
Building Strong Advocacy Efforts to Address Southern HIV/AIDS Disparities
Building Strong Advocacy Efforts to Address Southern HIV/AIDS DisparitiesBuilding Strong Advocacy Efforts to Address Southern HIV/AIDS Disparities
Building Strong Advocacy Efforts to Address Southern HIV/AIDS Disparities
 
Pictures of my finished clay pot 1
Pictures of my finished clay pot 1Pictures of my finished clay pot 1
Pictures of my finished clay pot 1
 
NORTH CAROLINA TAX SUMMARY
NORTH CAROLINA TAX SUMMARYNORTH CAROLINA TAX SUMMARY
NORTH CAROLINA TAX SUMMARY
 
2
22
2
 
History of record[1]
History of record[1]History of record[1]
History of record[1]
 

Similar to Mergers & Acquisitions in Post Communist Countries

03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen20091203_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
V i P Consulting Group - Brand Building, Exclusive Luxury Branding Strategy Lectures, Branding Events, Charity Branding
 
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...Netherland Antilles, Dutch Antilles, these islands banking systems seem under...
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...SantaCruzSaint
 
Getting Started in Ukraine
Getting Started in UkraineGetting Started in Ukraine
Getting Started in Ukraine
Lidiya Markova
 
Volsung Management - Q3 2013 Investor Letter - China Supplement
Volsung Management - Q3 2013 Investor Letter - China SupplementVolsung Management - Q3 2013 Investor Letter - China Supplement
Volsung Management - Q3 2013 Investor Letter - China SupplementNick Poling
 
The fight against corruption in latin america and the caribbean…
The fight against corruption in latin america and the caribbean…The fight against corruption in latin america and the caribbean…
The fight against corruption in latin america and the caribbean…Homealoneagain
 
The country risk
The country riskThe country risk
The country risk
Mohamed Awad
 
TAIEX workshop Cairo.pdf
TAIEX workshop Cairo.pdfTAIEX workshop Cairo.pdf
TAIEX workshop Cairo.pdf
midorasho
 
2014 policy brief3_denialofentry_en
2014 policy brief3_denialofentry_en2014 policy brief3_denialofentry_en
2014 policy brief3_denialofentry_enDr Lendy Spires
 
Senior Level Meeting 2013 - Issue Paper illicit Financial Flows
Senior Level Meeting 2013 - Issue Paper illicit Financial FlowsSenior Level Meeting 2013 - Issue Paper illicit Financial Flows
Senior Level Meeting 2013 - Issue Paper illicit Financial Flows
Dr Lendy Spires
 
403 ib International Business Environment model Q&A
403 ib International Business Environment model Q&A403 ib International Business Environment model Q&A
403 ib International Business Environment model Q&A
ASM's IBMR- Chinchwad
 
Financial regulation and supervision in ethiopia
Financial regulation and supervision in ethiopiaFinancial regulation and supervision in ethiopia
Financial regulation and supervision in ethiopia
Alexander Decker
 
Economic Development (Introduction)
Economic Development (Introduction)Economic Development (Introduction)
Economic Development (Introduction)mattbentley34
 
Economic Development Introduction
Economic Development IntroductionEconomic Development Introduction
Economic Development Introductionmattbentley34
 
How can developing countries participate of more sophisticated stages of GVC´s
How can developing countries participate of more sophisticated stages of GVC´sHow can developing countries participate of more sophisticated stages of GVC´s
How can developing countries participate of more sophisticated stages of GVC´s
MaraJosDonosoFres
 
Strategy Drivers-SWOT & PEST better.pdf
Strategy Drivers-SWOT & PEST better.pdfStrategy Drivers-SWOT & PEST better.pdf
Strategy Drivers-SWOT & PEST better.pdf
NyakanaJoseph1
 
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...GhostofBetico
 

Similar to Mergers & Acquisitions in Post Communist Countries (20)

International conventions against corruption and draft-measures against corru...
International conventions against corruption and draft-measures against corru...International conventions against corruption and draft-measures against corru...
International conventions against corruption and draft-measures against corru...
 
03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen20091203_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
03_Intl Sales Consultancy_Advice To Doing Buisness In Europe Emily Yt Chen200912
 
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...Netherland Antilles, Dutch Antilles, these islands banking systems seem under...
Netherland Antilles, Dutch Antilles, these islands banking systems seem under...
 
Getting Started in Ukraine
Getting Started in UkraineGetting Started in Ukraine
Getting Started in Ukraine
 
Volsung Management - Q3 2013 Investor Letter - China Supplement
Volsung Management - Q3 2013 Investor Letter - China SupplementVolsung Management - Q3 2013 Investor Letter - China Supplement
Volsung Management - Q3 2013 Investor Letter - China Supplement
 
20001201 kaeser
20001201 kaeser20001201 kaeser
20001201 kaeser
 
20001201 kaeser
20001201 kaeser20001201 kaeser
20001201 kaeser
 
The fight against corruption in latin america and the caribbean…
The fight against corruption in latin america and the caribbean…The fight against corruption in latin america and the caribbean…
The fight against corruption in latin america and the caribbean…
 
The country risk
The country riskThe country risk
The country risk
 
TAIEX workshop Cairo.pdf
TAIEX workshop Cairo.pdfTAIEX workshop Cairo.pdf
TAIEX workshop Cairo.pdf
 
2014 policy brief3_denialofentry_en
2014 policy brief3_denialofentry_en2014 policy brief3_denialofentry_en
2014 policy brief3_denialofentry_en
 
Senior Level Meeting 2013 - Issue Paper illicit Financial Flows
Senior Level Meeting 2013 - Issue Paper illicit Financial FlowsSenior Level Meeting 2013 - Issue Paper illicit Financial Flows
Senior Level Meeting 2013 - Issue Paper illicit Financial Flows
 
403 ib International Business Environment model Q&A
403 ib International Business Environment model Q&A403 ib International Business Environment model Q&A
403 ib International Business Environment model Q&A
 
Financial regulation and supervision in ethiopia
Financial regulation and supervision in ethiopiaFinancial regulation and supervision in ethiopia
Financial regulation and supervision in ethiopia
 
Economic Development (Introduction)
Economic Development (Introduction)Economic Development (Introduction)
Economic Development (Introduction)
 
Economic Development Introduction
Economic Development IntroductionEconomic Development Introduction
Economic Development Introduction
 
How can developing countries participate of more sophisticated stages of GVC´s
How can developing countries participate of more sophisticated stages of GVC´sHow can developing countries participate of more sophisticated stages of GVC´s
How can developing countries participate of more sophisticated stages of GVC´s
 
Strategy Drivers-SWOT & PEST better.pdf
Strategy Drivers-SWOT & PEST better.pdfStrategy Drivers-SWOT & PEST better.pdf
Strategy Drivers-SWOT & PEST better.pdf
 
Selection of publications 2
Selection of publications 2Selection of publications 2
Selection of publications 2
 
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...
Aruba, Curacao, Dutch Antilles. Their island’s banking seems under a cloak of...
 

Recently uploaded

3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx
tanyjahb
 
Discover the innovative and creative projects that highlight my journey throu...
Discover the innovative and creative projects that highlight my journey throu...Discover the innovative and creative projects that highlight my journey throu...
Discover the innovative and creative projects that highlight my journey throu...
dylandmeas
 
Sustainability: Balancing the Environment, Equity & Economy
Sustainability: Balancing the Environment, Equity & EconomySustainability: Balancing the Environment, Equity & Economy
Sustainability: Balancing the Environment, Equity & Economy
Operational Excellence Consulting
 
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdfMeas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
dylandmeas
 
Exploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social DreamingExploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social Dreaming
Nicola Wreford-Howard
 
What is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdfWhat is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdf
seoforlegalpillers
 
The-McKinsey-7S-Framework. strategic management
The-McKinsey-7S-Framework. strategic managementThe-McKinsey-7S-Framework. strategic management
The-McKinsey-7S-Framework. strategic management
Bojamma2
 
Global Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdfGlobal Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdf
Henry Tapper
 
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdf
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdfSearch Disrupted Google’s Leaked Documents Rock the SEO World.pdf
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdf
Arihant Webtech Pvt. Ltd
 
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Lviv Startup Club
 
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
taqyed
 
Digital Transformation in PLM - WHAT and HOW - for distribution.pdf
Digital Transformation in PLM - WHAT and HOW - for distribution.pdfDigital Transformation in PLM - WHAT and HOW - for distribution.pdf
Digital Transformation in PLM - WHAT and HOW - for distribution.pdf
Jos Voskuil
 
The Parable of the Pipeline a book every new businessman or business student ...
The Parable of the Pipeline a book every new businessman or business student ...The Parable of the Pipeline a book every new businessman or business student ...
The Parable of the Pipeline a book every new businessman or business student ...
awaisafdar
 
20240425_ TJ Communications Credentials_compressed.pdf
20240425_ TJ Communications Credentials_compressed.pdf20240425_ TJ Communications Credentials_compressed.pdf
20240425_ TJ Communications Credentials_compressed.pdf
tjcomstrang
 
What are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdfWhat are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdf
HumanResourceDimensi1
 
Enterprise Excellence is Inclusive Excellence.pdf
Enterprise Excellence is Inclusive Excellence.pdfEnterprise Excellence is Inclusive Excellence.pdf
Enterprise Excellence is Inclusive Excellence.pdf
KaiNexus
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
sarahvanessa51503
 
Improving profitability for small business
Improving profitability for small businessImproving profitability for small business
Improving profitability for small business
Ben Wann
 
Set off and carry forward of losses and assessment of individuals.pptx
Set off and carry forward of losses and assessment of individuals.pptxSet off and carry forward of losses and assessment of individuals.pptx
Set off and carry forward of losses and assessment of individuals.pptx
HARSHITHV26
 
Introduction to Amazon company 111111111111
Introduction to Amazon company 111111111111Introduction to Amazon company 111111111111
Introduction to Amazon company 111111111111
zoyaansari11365
 

Recently uploaded (20)

3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx3.0 Project 2_ Developing My Brand Identity Kit.pptx
3.0 Project 2_ Developing My Brand Identity Kit.pptx
 
Discover the innovative and creative projects that highlight my journey throu...
Discover the innovative and creative projects that highlight my journey throu...Discover the innovative and creative projects that highlight my journey throu...
Discover the innovative and creative projects that highlight my journey throu...
 
Sustainability: Balancing the Environment, Equity & Economy
Sustainability: Balancing the Environment, Equity & EconomySustainability: Balancing the Environment, Equity & Economy
Sustainability: Balancing the Environment, Equity & Economy
 
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdfMeas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
Meas_Dylan_DMBS_PB1_2024-05XX_Revised.pdf
 
Exploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social DreamingExploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social Dreaming
 
What is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdfWhat is the TDS Return Filing Due Date for FY 2024-25.pdf
What is the TDS Return Filing Due Date for FY 2024-25.pdf
 
The-McKinsey-7S-Framework. strategic management
The-McKinsey-7S-Framework. strategic managementThe-McKinsey-7S-Framework. strategic management
The-McKinsey-7S-Framework. strategic management
 
Global Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdfGlobal Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdf
 
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdf
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdfSearch Disrupted Google’s Leaked Documents Rock the SEO World.pdf
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdf
 
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)
 
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
一比一原版加拿大渥太华大学毕业证(uottawa毕业证书)如何办理
 
Digital Transformation in PLM - WHAT and HOW - for distribution.pdf
Digital Transformation in PLM - WHAT and HOW - for distribution.pdfDigital Transformation in PLM - WHAT and HOW - for distribution.pdf
Digital Transformation in PLM - WHAT and HOW - for distribution.pdf
 
The Parable of the Pipeline a book every new businessman or business student ...
The Parable of the Pipeline a book every new businessman or business student ...The Parable of the Pipeline a book every new businessman or business student ...
The Parable of the Pipeline a book every new businessman or business student ...
 
20240425_ TJ Communications Credentials_compressed.pdf
20240425_ TJ Communications Credentials_compressed.pdf20240425_ TJ Communications Credentials_compressed.pdf
20240425_ TJ Communications Credentials_compressed.pdf
 
What are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdfWhat are the main advantages of using HR recruiter services.pdf
What are the main advantages of using HR recruiter services.pdf
 
Enterprise Excellence is Inclusive Excellence.pdf
Enterprise Excellence is Inclusive Excellence.pdfEnterprise Excellence is Inclusive Excellence.pdf
Enterprise Excellence is Inclusive Excellence.pdf
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
 
Improving profitability for small business
Improving profitability for small businessImproving profitability for small business
Improving profitability for small business
 
Set off and carry forward of losses and assessment of individuals.pptx
Set off and carry forward of losses and assessment of individuals.pptxSet off and carry forward of losses and assessment of individuals.pptx
Set off and carry forward of losses and assessment of individuals.pptx
 
Introduction to Amazon company 111111111111
Introduction to Amazon company 111111111111Introduction to Amazon company 111111111111
Introduction to Amazon company 111111111111
 

Mergers & Acquisitions in Post Communist Countries

  • 1. Mergers & Acquisitions in Post-Communist Countries Corporate Legal Strategies for M&A 19-21 May 2010, Asmsterdam Serghei Vahnovan +40 744-667-225 vahnovan@gmail.com This presentations is intended for educational purposes only and does not replace independent professional advice. Statements of fact and opinions expressed are those of the author and, unless expressly stated to the contrary, are not the opinion or position of the OAO Mechel, its shareholders, affiliates or its management. OAO Mechel does not endorse or approve, and assumes no responsibility for the content, accuracy or completeness of the information presented. The author does not in the ordinary course update, revise or correct any of the information contained in these presentation, or edit or otherwise correct any portion of any presentation, and the information contained in this presentation may no longer be accurate. FULL DISCLAIMER IS LOCATED IN APPENDIX 1
  • 2. Mechel at a Glance Mechel is a Russian vertically integrated mining, steel, ferroalloys and power group. Shares are listed on New York Stock Exchange, MICEX, RTS; Mechel has a successful track record of acquisitions. Assets located in Russia, USA, Romania, Lithuania, Bulgaria, Kazakhstan. Business strategy envisions additional acquisitions and continued integration; Serghei Vahnovan · May 2010 · page
  • 3. Investing in Post-Communist Countries: Risks versus Opportunities Serghei Vahnovan · May 2010 · page
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9. Legal System: Weakness and Uncertainties Serghei Vahnovan · May 2010 · page
  • 10.
  • 11.
  • 12.
  • 13.
  • 14. Due Diligence: Local Flavors Serghei Vahnovan · May 2010 · page
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29.
  • 30. Privatisation: a different type of acquisition Serghei Vahnovan · May 2010 · page
  • 31.
  • 32.
  • 33.
  • 34.
  • 35.
  • 36. Drafting and Negotiating the Agreement Serghei Vahnovan · May 2010 · page
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 42.
  • 43. Appendix 1 Global Disclaimer The information and opinions in this presentation are believed by author to be reliable and have been obtained from public sources believed to be reliable. However, the author makes no representation as to the accuracy or completeness of such information. The author may be have an interest in and open buy or sell proprietary positions in securities mentioned in this presentation. Opinions, estimates and projections in this presentation constitute the current judgment and opinion of the author as of the date of this presentation. They do not necessarily reflect the opinions of OAO Mechel and are subject to change without notice. The author has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular investment strategy in any jurisdiction or as an advertisement of any financial instruments. The investments discussed in this presentation may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a investment is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from the investment, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of investments described in this presentation, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results. The information contained in this presentation does not constitute the provision of investment advice. The information, interpretation, opinions and advice submitted herein are not in the context of an investment consultancy service. Investment consultancy services are provided by brokerage firms, portfolio management companies and banks that are not authorized to accept deposits through an investment consultancy agreement to be entered into such corporations and their clients. The interpretation and advices herein are submitted on the basis of personal opinion of the relevant interpreters and consultants. Such opinion may not fit your financial situation and your profit/risk preferences. Accordingly, investment decisions solely based on the information herein may not result in expected outcomes. The information, interpretation, opinions and advice submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. This presentation may not be reproduced, distributed or published by any person for any purpose without author's prior written consent. Please cite source when quoting. Copyright © 2010 Serghei Vahnovan May 2010