中國化工集團擬收購倍耐力

Marco Tronchetti Provera has pulled it off again, managing to keep control of tiremaker Pirelli SpA even as he brings in yet another foreign partner to prop up the company.

馬可o特隆凱蒂o普羅維拉再次取得了勝利。他既保留了對倍耐力的控制權，又從國外引進了另一位合作伙伴來振興這家輪胎製造企業。

In a deal announced early Monday in Beijing, Chinese state-owned chemicals giant ChemChina, or CNCC, said it would buy Tronchetti Provera’s holding company Camfin, which is Pirelli’s biggest shareholder with a blocking stake of 26.19%.

週一凌晨，中國化工集團在北京宣佈，該集團將收購特隆凱蒂o普羅維拉的控股公司Camfin，後者是倍耐力最大股東，持有26.19%的攔截性股權。

Once that deal is completed, CNCC will make a full takeover bid for the company together with Camfin and “other investors”, including Italian banks UnicreditSpA and IntesaSanpaoloSpA, as well as Russian oil company OAO Rosneft, Reuters reported.

據路透社報道，收購完成後，中化集團、Camfin以及“其他投資者”將對倍耐力剩餘股份發起全面收購。其他投資者包括意大利聯合信貸銀行和聯合聖保羅銀行，以及俄羅斯石油公司。

The deal is typical of the challenges facing Italy’s proud blue-chips and the dynastic-minded tycoons who control them. It aims at allowing the company to gaining enough scale to keep it globally competitive while keeping the company’s patriarch in control.

對驕傲的意大利藍籌公司以及那些滿腦子世襲制的控股大亨來說，這次收購充分體現了他們所面臨的挑戰。此舉旨在讓倍耐力獲得足夠的空間，以便保持全球競爭力，同時讓公司的元老們繼續掌握控制權。

CNCC will gain access to Pirelli’s intellectual property and roll it out in the faster growing Chinese and Asian markets–the statement says that it will be able to double sales volumes, although it doesn’t give a timeframe. At the same time, Tronchetti Provera, 67, avoids losing the degree of influence that would come if Pirelli had to merge with a listed rival like Goodyear Inc. GT 1.81% or France’s Michelin MGDDY -0.56% xin Ran, CNCC said it’s “delighted with the opportunity to team

中化集團將獲得倍耐力的知識產權，並將其應用於增長較快的中國和亞洲市場。該集團在聲明中表示，它可以讓倍耐力輪胎的銷量翻番，但沒有提及所需的時間。同時，如果倍耐力必須和固特異或者法國米其林這樣的上市競爭對手合併，67歲的特隆凱蒂o普羅維拉在倍耐力的影響力將受到影響，而此舉避免了這一情況的發生。中化集團董事長任建新表示，該公司“很高興有機會和馬可o特隆凱蒂o普羅維拉先生及其團隊合作。”

A year earlier, Tronchetti Provera appeared to have solved the problem by selling half of Camfin to Rosneft, but that quickly became a political problem for him as both Rosneft and its chairman Igor Sechin (one of four Pirelli board members from the Russian company) found themselves on U.S. sanctions lists. Rosneft didn’t immediately respond to an e-mail asking whether Sechin would remain a director the company after the full takeover.

一年前，特隆凱蒂o普羅維拉將Camfin的一半股份轉讓給了俄羅斯石油公司，這似乎解決了問題。但此舉很快給他帶來了政治麻煩，原因是美國把俄羅斯石油公司及其董事長伊戈爾o謝欽（從俄羅斯石油公司進入倍耐力的四名董事之一）列入了制裁名單。我們給俄羅斯石油公司發了電子郵件，詢問如果中化集團全面收購倍耐力，謝欽是否還會留在董事會，但尚未獲得迴應。

The deal values Pirelli at EUR15 a share, 20% more than Rosneft paid a year ago. And in early trading in Milan Monday, the shares rose well above that level, suggesting that the market thinks that either the full takeover bid, when it comes, will be higher, or that there may be a counter-offer from someone else.

中化集團對倍耐力的收購價爲每股15歐元，比一年前俄羅斯石油公司的出價高20%。週一米蘭證交所開盤後不久，倍耐力的股價就已經遠遠超過了這一水平。這表明市場認爲要麼隨後的全面收購報價將更高，要麼會有人站出來和中化集團競價。

The deal is also interesting because, in valuing Pirelli at EUR7 billion ($7.3 billion), it’s one of the biggest foreign deals in recent years by a company backed by the Chinese state (although it’s entirely consistent with the way Chinese state institutions have snapped up smaller portfolio shares in other blue-chip Italian companies recently).

本次收購對倍耐力的估值爲70億歐元（73億美元）。它的另一個有趣之處在於，這是近年來中國國企實施的最大海外收購之一（只是本次收購的模式和其他中國國企最近的行爲完全一致，那就是在其他意大利藍籌公司取得少量股份。）