德國審查中資收購航空部件公司交易

Berlin has intervened in the takeover of a small but innovative German aerospace company, using a new law that gives it enhanced powers to block Chinese deals in strategic sectors of the economy.

柏林方面利用一項新法律介入了中資對一家規模雖小但具有創新性的德國航空航天公司的收購，該法擴大了其阻止中資在德國戰略性經濟領域併購交易的權力。

Cotesa, which makes parts for aircraft makers such as Airbus and Boeing, was due to be bought by a subsidiary of the state-run China Iron & Steel Research Institute Group for a price German media reported at between 100m and 200m.

Cotesa爲空客(Airbus)和波音(Boeing)等飛機制造商生產部件，本將被中國國有的中國鋼研科技集團(CISRI)的一家子公司收購。據德國媒體報道，收購價在1億歐元到2億歐元之間。

But Germany’s economics ministry has now stepped in to put the transaction on hold. A ministry spokesman confirmed it was investigating the deal “to check whether it complies with Germany’s law on foreign trade”.

但德國經濟部現在介入致使交易擱置。德國經濟部的一名發言人確認，該部正在調查這項交易“以確認其是否符合德國的對外貿易法律”。

Berlin moved last year to expand its powers to stop Chinese groups acquiring German companies amid creeping concerns about the scale of Chinese M&A activity in Germany’s high-tech sector.

去年德國政府採取行動擴大了對中國企業收購德國企業的交易的封殺權，背景是柏林方面對中國在德國高科技產業領域併購交易的規模越來越擔憂。

The backlash was prompted by the 4.5bn takeover two years ago of Kuka, Germany’s largest manufacturer of industrial robotics, by Chinese appliance maker Midea, which stoked fears that advanced German technology would end up in Asian hands.

2年前中國家電製造商美的(Midea)以45億歐元收購德國最大工業機器人制造商庫卡(Kuka)，促使德國政府做出這一舉動，這筆交易引發了對德國先進科技落入亞洲人之手的擔憂。

Such deals have been subjected to much greater scrutiny since then. Later in 2016 Fujian Grand Chip Investment was forced to abandon its offer for Aixtron, a German chip equipment maker, after US authorities raised objections on national security grounds. Before that the German government had unexpectedly reopened a review of the deal.

自那之後，這類交易受到了更爲嚴格的審查。2016年，由於美國當局以國家安全理由提出反對，福建宏芯投資基金(Fujian Grand Chip Investment Fund)被迫放棄了對德國芯片設備製造商愛思強(Aixtron)的收購要約。在那之前，德國政府出人意料地重啓了對該交易的審覈。

Part of the increased concern about Asian deals has been prompted by a series of job losses at companies acquired by Chinese investors.

對於亞洲國家在德國併購交易的日益加劇的憂慮，部分是由中國投資者收購的公司發生一系列就業崗位流失引起的。

Ledvance, a former subsidiary of light company Osram that was bought last year by a Chinese consortium, recently announced plans to lay off more than half its employees in Germany — a total of 1,300 workers — and close two factories. Kuka has also said it is cutting 250 of its 750 jobs in Augsburg.

去年被中國財團收購的照明設備公司歐司朗(Osram)前子公司Ledvance，近期宣佈了裁撤德國超過一半員工——共計1300人——以及關閉兩家工廠的計劃。庫卡也表示正在裁撤其在奧格斯堡(Augsburg)的750個工作崗位中的250個。

The earlier version of Germany’s law on foreign trade allowed the government to block a company from outside the EU acquiring more than 25 per cent of a German entity if the deal endangered public order or national security. It largely applied to defence industry enterprises.

在之前德國對外貿易相關法律下，歐盟(EU)以外的企業收購某個德國實體超過25%的股份時，如果交易威脅到公共秩序或國家安全，德國政府有權封殺該交易。該法律主要適用於防務工業企業。

But the law has since been expanded to cover a broad range of companies operating in “critical infrastructure” such as electricity and water suppliers, hospitals and transport, as well as advanced defence technologies. The government also has up to four months to investigate takeovers, from two months previously.

不過，之後該法的適用範圍擴大，涵蓋了在“關鍵基礎設施”領域運營的各類企業的交易，如電力和供水公司、醫院和運輸企業，以及先進防務技術企業。政府還擁有更長時間調查併購交易，從之前的2個月延長到4個月。

The economics ministry spokesman said 30 deals had been investigated since the law changed in July. He also stressed that “no acquisition has been blocked” since the original law came into force in 2004.

那名德國經濟部發言人表示，自2017年7月修改該法之後，有30項交易被調查。他還強調，自2004年該法最初生效以來，“沒有收購交易被阻止”。

Germany has also backed plans drawn up last year by the European Commission to toughen screening of overseas investment on national security grounds.

德國還支持歐盟委員會(European Commission)去年制定的以國家安全爲由強化對海外投資審查的計劃。

Under the plan, EU governments would have the power to block Chinese and other foreign takeovers even if they were carried out via European shell companies. Intra-EU takeovers are normally exempt from such checks because of EU rules on free movement of capital within the bloc.

在該計劃下，歐盟成員國政府將有權阻止中資和其他外資企業的收購，即使這些收購交易是通過歐洲的殼公司進行的。由於歐盟關於資本在歐盟內部自由流動的規定，歐盟內的收購通常都免於這種審查。

Cotesa, which has about 750 employees and expects revenues this year of 65m, produces composite fibre parts used in Airbus’s long-range aircraft and in Boeing’s helicopters. J?rg Hüsken, its founder and managing director, told Handelsblatt newspaper that he had sought investors to fund an expansion but “the Chinese are the only ones who recognised our real potential”.

Cotesa擁有大約750名員工，2017年的收入預計將達到6500萬歐元。Cotesa生產空客遠程飛機和波音直升機使用的複合纖維部件。該公司創始人和董事總經理約爾格?許斯肯(J?rg Hüsken)告訴《德國商報》(Handelsblatt)，他曾尋找投資者爲該公司的擴張提供資金，但“中國人是唯一認可我們真正潛力的人”。

China Iron & Steel’s goal is to use Cotesa to supply China’s state-owned aircraft-maker Commercial Aircraft Corporation of China, also known as Comac.

中國鋼研科技集團的目標是利用Cotesa爲中國國有的飛機制造商中國商飛(Commercial Aircraft Corporation of China)供應部件。