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Abstrak :
ABSTRAK
1. BACKGROUND

Indonesia has been developing its economy for 30 years. In line with this effort, the Government of Indonesia has also been inviting private companies to participate for developing the economy.

It is noted that most private companies got their fund from overseas finance institution either through course or non-recourse project financing. This fund usually had a short-term payment period but was used for long term investment projects. This practice, among other things, creates the need for huge amount of dollars to pay the short-term debt while in other side the revenue(s) is still not cultivated. Bad business practices has added on to put Indonesia in the currency crisis leading into situation in which the local companies loose their capabilities to pay back their debt to creditors on time. This inability to pay the debt has caused Indonesia loosing Investor& confidence on its economy.

In facing the above situations Indonesian companies have looked for ways to pay back their debt and overcome the economy crisis. One of these ways is acquisition of the company assets. Through the acquisition the local shareholders will receive fresh funds and have their infrastructure project be completed on time.

2. PROBLEM FOCUS

As a trend in Indonesia currently, the oil pipeline infrastructure projects are designed with B&R (build and rent) contract schemes and requires a separate entity to handle this project.

The pipeline is required by government to provide cheaper transportation alternative for distributing refined product to the people in Indonesia. Technology required is not complicated. Financing of the project has been done by using owners equity and complemented by loan from both local and overseas financial institution. However their equity apparently was obtained by borrowing from other lending company.

Over debt has led local company to financial crisis. This, of course, reduces the value of Company. Reassessment of company is required to know the current value of their company. The economy crisis also affects refined oil supply and demand structure leading to project economic.

3. ANALYSIS

A comprehensive analysis on the local company shows its strength, weakness, opportunity, threatens of the company, what aspect will be affected by acquisition process and what gain local shareholder will achieve. Then Local Company is expected to be able to negotiate intelligently with the potential investor from overseas by using the paper recommendation.

4. CONCLUSION AND RECOMMENDATION

The country risk of Indonesia is so high that investment require higher rate of return on their investment. Fortunately, East Kalimantan has abundant natura1 resources so that its economy growth and refined product consumption rates are original design of pipeline facility, is excessive and requires some modification to reduce its cost and optimise its design.

By using the same rate for both debt interest rate and discounted cash flow rate, then higher rates will reduce company value. Due to current economic situation Investor will face some risk such as political risk, financial risk, contract risk which will raise the investor rate hurdle rate. This also gives an opportunity to Investor to negotiate with Pertamina to optimise its design so that there might be any cost saving for both parties
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The project characteristic is fixed revenues so that Investor should reduce its project expenses to achieve higher rate of return. Reducing construction completion time, Capital Expenditure (CAPEX), design change, and higher percentage ofdebt at operating life, etc. could do this.

During negotiation with potential investor it may be difficult to sell company with the same price as company value since this will lower.the investor?s estimated rate of return. The risks such as political, financial, contract risks should be discussed with Pertamina in the presence of local owner to smooth the negotiation and proper risk management strategies should be applied.

Abstrak :
Tesis ini menganalisis aksi perusahaan komponen otomotif pada segmen after market di Indonesia dengan melihat kondisi makro serta industrinya dalam mengantisipasi persaingan global. Hal tersebut dipicu oleh kecenderungan perusahaan otomotif melakukan regionalisasi pasar sehingga mereka memusatkan fasilitas manufaktur hanya di salah satu negara dalam regional tersebut. Kalaupun masih terdapat dibeberapa negara maka fasilitas tersebut hanya untuk spesifik produk saja. Akuisisi merupakan alternatif pilihan yang digunakan oleh perusahaan ini sehingga pengendalian operasional distribusi sepenuhnya berada ditangan perusahaan. Efisiensi dan lebih dekat ke pelanggan merupakan manfaat yang bisa diperoleh perusahaan.

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This thesis analysed corporate action of the automotive component company for the after market segment in Indonesia by seeing the macro condition as well as its industry in anticipating the global competition. That was triggered by automotive companies to carry out regionalization of the market so as they focused on single manufacturing facilities in one of the countries in this region. Although there still was gotten facilities in some countries then it was for specific product. The acquisition was the alternative that was used by this company so the operational control of the distribution channel is fully by the company. Efficiency and closer to customer was the benefit that could be received by the company.

Abstrak :
ABSTRAK
Dalam praktek dunia bisnis dikenal ada 2 (dua) macam akuisisi, yaitu akuisisi saham dan akuisisi asset. Untuk akuisisi saham telah diatur secara eksplisit pada UU No. 40/2007 tentang Perseroan Terbatas (UU Perseroan Terbatas). Sedangkan untuk akuisisi aset adalah sebagaimana yang akan diangkat dalam pokok permasalahan penelitian hukum ini. Pertama, mengenai persyaratan dan prosedur bagi perseroan terbatas yang akan menjual/diakuisisi asetnya. Kedua, mengenai persyaratan dan prosedur bagi perseroan terbatas yang akan mengakuisisi/membeli asset. Ketiga, mengenai tanggungjawab Direksi yang akan melakukan akusisi/membeli aset atau menjual/diakuisisi asetnya. Dari hasil penelitian ini, diketahui untuk perseroan terbatas yang akan melakukan penjualan/diakuisisi asetnya, maka harus memperhatikan dan memenuhi persyaratan sebagaimana diatur pada pasal 102 UU Perseroan Terbatas. Dimana apabila penjualan aset sebesar 50% (lima puluh persen) atau lebih dari nilai total aset bersih perseroan terbatas dalam 1 (satu) tahun buku, maka harus memperoleh persetujuan dari RUPS, dengan pengecualian dalam hal tertentu sebagaiaman diatur dalam pasal 102 ayat 3 dan 4 UU Perseroan Terbatas. Bagi perseroan terbatas yang akan melakukan akuisisi/membeli aset, UU Perseroan Terbatas tidak mengatur secara khusus, namun menggunakan terminologi dalam arti yang luas yaitu perbuatan hukum perseroan terbatas yang belum didirikan dan perseroan terbatas yang belum memperoleh status badan hukum, sebagaimana diatur dalam pasal 13 dan 14 UU Perseroan Terbatas. Direksi perseroan terbatas harus memenuhi persyaratan atau prosedur sebagaiamana diatur dalam UU Perseroan Terbatas, anggaran dasar dan peraturan terkait lainnya, serta perjanjian dengan pihak ketiga. Setelah itu Direksi harus memperhatikan obyek atas akuisisi untuk menentukan tindakan hukum yang tepat di dalam akuisisi aset. Apabila Direksi telah memenuhi seluruh ketentuan tersebut, maka Direksi dapat terhindar dari tanggungjawab secara pribadi. Untuk menjawab dan menganalisa pokok permasalahan tersebut, Penulis melakukan penelitian hukum normatif dengan tipologi penelitian deskriptif analisis dan alat pengumpulan data berupa studi dokumen dan wawancara.

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ABSTRACT
As we understand that in a business there are 2 (two) types of acquisition ie. Shares acquisition and assets acquisition. The Laws Number 40/2007 regarding Limited Liability Law (Company Laws) has specifically stipulated regarding acquisition of shares. In this thesis, the Writer raised up the issues regarding assets acquisition. Firstly, regarding the requirements and the procedures of Limited Liability Company (Company) that will disposes or sell its assets. Secondly, regarding the requirement and procedures of the Company that will purchase or acquire assets. Thirdly, regarding Director’s responsibilities who represent the Company to acquire/purchase assets or to dispose its assets. Pursuant to the research, it is known that for the Company that will dispose its assets, it should comply with the requirements and procedures which stipulated in the article 102 of the Company Laws. Provided that such assets disposal which equal to or more than 50% (fifty percent) of the Company net assets in 1 (one) annual report of the Company it shall require the approval from its General Meeting of Share Holders (GMS), with some exceptions for several matters as stipulated in the Article 102 point 3 and 4 of the Company Laws. For the Company that will acquire/purchase assets, the Company Laws do not specifically stipulated but use a general term as a legal action of the Company for the Company which is not established and the Company which has not obtained a legal entity as stipulated in the Article 13 and 14 of the Company Laws. The Director of the Company should comply with all the requirements and procedure as stipulated in the Company Laws, Article of Associations and other prevailing laws and regulations. In addition the Director should also acknowledge the object of an assets to determine a proper legal action for assets acquisition. Should the Directors comply with all the requirements and procedures the Director may be excused from a personal liabilities. To be able to answer and analysis such legal issues, the Writer has made a legal research by using a descriptive analysis as a research typology and data compilation in a form of documents research and interview.

Abstrak :
Kegiatan monopoli dan atau persaingan usaha tidak sehat dapat mengakibatkan inefisiensi perekonomian dan mengakibatkan kerugian bagi para pelaku usaha lain, konsumen dan masyarakat pada umumnya. Salah satu bentuk kegiatan yang mempunyai potensi dapat mengakibatkan monopoli dan atau persaingan usaha tidak sehat adalah kegiatan akuisisi. Melalui penelitian ini, penulis ingin mencoba meneliti mengenai kondisi pengaturan mengenai larangan terhadap praktek akuisisi yang mengakibatkan monopoli dan persaingan usaha tidak sehat. Penulis ingin mengetahui apakah larangan terhadap praktek akuisisi yang mengakibatkan monopoli dan persaingan usaha tidak sehat di Indoensia telah memadai atau belum. Diketahui bahwa upaya untuk mencegah praktek akuisisi yang dapat mengakibatkan monopoli dan atau persaingan usaha tidak sehat di Indonesia telah dilakukan melalui Pasal 28 Ayat (2) UU No. 5 Tahun 1999 tentang Larangan Praktek Monopoli dan Persaingan Usaha Tidak Sehat yang menyatakan bahwa pelaku usaha dilarang melakukan pengambilalihan saham perusahaan lain apabila tindakan tersebut dapat mengakibatkan terjadinya praktek monopoli dan atau persaingan usaha tidak sehat. Namun demikian, larangan terhadap praktek akuisisi tersebut masih belum memadai karena belum melakukan pelarangan terhadap praktek akuisisi aset yang juga dapat mengakibatkan monopoli dan atau persaingan usaha tidak sehat. Ketiadaan ketentuan tersebut akan mengakibatkan praktek akuisisi aset perusahaan yang dilakukan dengan melanggar prinsip-prinsip persaingan usaha yang sehat tidak dapat dijerat oleh hukum. Oleh karena itu, menurut hemat penulis perbaikan terhadap kondisi pengaturan yang terkait dengan larangan terhadap akuisisi yang mengakibatkan monopoli dan persaingan usaha tidak sehat mutlak diperlukan.

Abstrak :
Cerita pada novel Akuisisi dikemas dalam suasana kehidupan para pengusaha dan profesional muda di kota besar yang sangat dinamis dengan segala pernak-pernik dan aneka ragam warna gaya hidup yang sarat dengan berbagai muatan nilai-nilai sebagai pelajaran tentang kehidupan yang dapat dipetik oleh para pembaca. Selain itu novel ini memadukan berbagai elemen bisnis dan hukum korporasi dengan elemen fiksi yang memungkinkan pembaca dapat membayangkan suasana sesungguhnya dari sebuah proses akuisisi suatu perusahaan

Abstrak :
Krisis ekonomi telah terjadi pada saat sekarang. Kebanyakan negara-negara di dunia terkena krisis ini. Tidak terkecuali dari setiap perusahaan. Setiap negara atau perusahaan akan berusaha mencari solusi untuk keluar dari krisis. PT. Bumi Resources Tbk melakukan aksi korporasi untuk mendapatkan solusi. Akuisisi yang dilakukan BUMI terhadap PT. Darma Henwa., Tbk, PT. Fajar Bumi Sakti dan PT. Pendopo Energi Batubara telah menjadi berita yang kontroversial saat ini. Timbul pertanyaan dari akuisisi yang terjadi terhadap ketiga perusahaan ini. Apakah akuisisi ini merupakan material, benturan kepentingan dan telah terjadi pada harga yang wajar?. ......The economy crisis has come in this time. Most of countries are suffering the crisis. The same situation happens in every single company. They are trying to find a solution to survive. The acquisitions of PT. Darma Henwa., Tbk, PT. Fajar Bumi Sakti and PT. Pendopo Energi Batubara by PT. Bumi Resources., Tbk has become controversial issue. There are some questions of this acquisition, is the acquisition material or immaterial and/or is the acquisition has a conflict of interest and/or is the acquisition price has done by fair value?.