公司併購風險研究—以SOGO經營權爭奪案為例

SOGO百貨經營權爭奪戰，造成太設集團、遠東集團及李恆隆先生等三大股勢力間超過十年之激烈角力，牽連之人、事、物範圍非常廣，相關法律關係非常複雜。從觀察分析這個個案中，可以發現此個案涉及許多公司在併購上所可能面臨之風險，尤其是敵意收購之風險、政治力介入之風險以及法律缺失、規定不明確以及法院審理發生判決歧異及訴訟延滯等風險。藉由本個案觀察所得之可能風險，本文嘗試歸納整理並提出建議，期待能夠透過包括修改及改善相關法令制度等，得以避免或減少企業面臨公司併購可能遭遇之相同或類似之風險，俾打造更加穩定之投資環境，而有助於企業之發展。

關鍵字

併購；經營權爭奪；敵意收購；體制風險；法律風險

並列摘要

The battle of ownership of SOGO Department Store cause fierce wrestling among Pacific Construction Group, The Far Eastern Group and Mr. Lee Heng-Long for more than a decade. The people, matters and other respects involved in this case range wildly, and the legal relationship among the relevant parties is very complicated. From the observation on and analysis of this case, it can be found that this case presents many potential risks that many enterprises may encounter where the merger and acquisition is conducted, among others, the risks of hostile takeover, interference of political power, incomplete or unclear laws and regulations, court judgment discrepancies and slow of court adjudication, etc. From the potential risks observed from this particular case, I try to conclude and sort those risks and propose suggestions thereto. It is expected that through the amendment and improvement of relevant laws and regulations and legal systems, the enterprises can avoid or reduce the same or similar risks that they may encounter where merger and acquisition activities are involved, so that to build up a more stable investment environment and help the development of the enterprises.