联合作业协议下油气并购交易优先购买权探讨——雪佛龙公司收购赫斯公司案例分析  

The right of first refusal in oil and gas M&A transactions under jointoperating agreements—A case study of Chevron’s acquisition of Hess

作　　者：张伟华 Leslie ZHANG(United Energy Group Limited)

机构地区：[1]联合能源集团

出　　处：《国际石油经济》2024年第6期87-92,共6页International Petroleum Economics

摘　　要：雪佛龙宣布收购赫斯的交易引发了埃克森美孚和中国海油提起的国际仲裁。该案例涉及国际油气并购交易中联合作业协议下的优先购买权问题。国际能源谈判者协会2023年版标准联合作业协议对于优先购买权、油气并购交易是否引发优先购买权有明晰简略的规定。雪佛龙收购赫斯的交易是美国上市公司并购交易中的典型的“倒三角”合并,赫斯发生了控制权变更,该交易应当适用优先购买权。这一案例给油气并购交易实务从业者多方面启示:1)油气并购交易需要考虑交易是否带来所涉及油气资产的优先购买权的适用问题,若适用,优先购买权的放弃是油气交易交割的先决条件;2)油气并购交易如果受到优先购买权的限制,需要在交易中考虑相关机制进行处理和应对;3)可在联合作业协议中提前写入“上市公司并购交易不适用本协议所约定的优先购买权”;4)提前锁定有权行使优先购买权的第三方的放弃权利;5)在第三方行使优先购买权后,买方需要确定自己可以终止交易并不承担任何责任。Chevron’s recent announcement of its acquisition of Hess has led to international arbitrations initiated by ExxonMobil and CNOOC,which have highlighted issues related to rights of first refusal in international oil and gas M&As.In the Association of International Energy Negotiators(AIPN)2023 Model JOA,the provisions regarding rights of first refusal,including the conditions for triggering such rights,have been streamlined and made more straightforward,thus allowing greater flexibility and discretion for the parties involved.The acquisition of Hess by Chevron was structured as a reverse triangular merger,a common structure in M&As involving publicly traded companies in the United States.As the acquisition would result in a change of control of Hess,it should trigger the rights of first refusal under the applicable JOA.This case offers valuable insights into the application of rights of first refusal in M&A practices:1)oil and gas M&A transactions need to consider whether the transaction brings about the application of the right of first refusal of the oil and gas assets involved,and if so,the waiver of the right of first refusal is a condition precedent to the delivery of the oil and gas transaction;2)it is necessary to consider the relevant mechanisms to deal with and respond to the transaction if the oil and gas M&A transaction is subject to the right of first refusal;3)it can be written in the joint operation agreement that“the public company M&A transaction is not subject to the right of first refusal agreed herein”in advance;4)the waiver rights of third parties entitled to exercise the right of first refusal are locked in in advance;5)the buyer needs to be certain that it can terminate the transaction without liability after the third party has exercised its right of first refusal.

关 键 词：国际油气并购 控制权变更 联合作业协议 优先购买权 

分 类 号：F416.22[经济管理—产业经济] F271