中國兩筆境外收購交易同日受挫
China’s flourishing appetite for acquiring overseas companies has been Dealt a sharp setback as regulatory fears hindered two potential takeovers and highlighted the obstacles to striking deals with Chinese companies.
中國收購境外企業的旺盛胃口遭遇嚴重挫折。監管擔憂阻擋了兩筆潛在收購交易，突顯與中國企業達成交易的障礙。
In the space of a day, two separate takeovers involving Fosun International, one of China’s most acquisitive private conglomerates, and state-backed China Resources have collapsed — with the latter being spurned despite it offering a higher bid for its US target.
在一天時間裏，中資對外收購的兩筆交易受挫，分別涉及中國最具收購意識的民營企業集團之一復星國際(Fosun International)和得到國家支持的華潤集團(China Resources)。就華潤交易而言，其對美國收購目標的出價更高，但仍受到冷遇。
These challenges undermine what is expected to be a driving force in dealmaking in 2016, with Chinese companies already on course to shatter a record for outbound mergers and acquisitions. So far this year, the value of Chinese mergers and acquisitions overseas has topped $75bn, more than any other year on record except for 2015, when a total of $112bn in deals was attempted, according to Dealogic.
這些挑戰削弱了各方預計的2016年併購交易驅動力量——中國企業看上去已經有望刷新對外併購的紀錄。Dealogic數據顯示，今年迄今，中資在境外發起的併購交易總額已超過750億美元，高於除2015年（全年發起交易總額達1120億美元）以外的以往任何一年。
Yesterday the rush to acquire overseas assets continued as Zoomlion pushed ahead with its $3.3bn takeover bid for US crane maker Terex. The Chinese construction equipment maker’s attempt at gatecrashing a planned deal between Terex and Finland’s Konecranes not only underscores the aggressiveness of some recent Chinese outbound deals, but also the level of debt these companies are taking on in order to outbid competitors.
中資企業收購境外資產的努力昨日繼續，中聯重科(Zoomlion，見上圖)推進其出價33億美元收購美國起重機制造商特雷克斯(Terex)的交易。這家中國工程機械製造商插足特雷克斯與芬蘭科尼集團(Konecranes)擬議中交易的企圖，不僅突顯了近期中國一些境外交易的咄咄逼人姿態，還暴露了中資企業爲了在報價上勝人一籌而不惜揹負鉅額債務。
Zoomlion, which has seen its debt increase greatly during the past year, has offered roughly double what Terex’s shares were trading at in January, when the Chinese company revealed its bid. The company said it planned to finance 60 per cent of the proposed deal by bank debt and pay cash for the remaining 40 per cent.
債務負擔在過去一年大幅增加的中聯重科，出價相當於其1月份宣佈參與競購時特雷克斯股價的大約2倍。該公司表示，擬藉助銀行債務落實擬議中交易的60%資金，用現金支付餘下的40%。
People working closely with Konecranes have raised questions over whether the Committee on Foreign Investment in the United States (CFIUS) would allow a deal between Zoomlion and Terex, which has contracts with the US government.
與芬蘭科尼集團關係密切的一些人士質疑美國外國投資委員會(CFIUS)會否放行中聯重科收購特雷克斯的交易，原因是特雷克斯承接了美國政府的合同。
Fosun also appeared to run into regulatory concerns in Israel yesterday when it said it was terminating a deal, announced in June last year, to buy a controlling stake in Phoenix Holdings, an insurance and financial group, from Israel’s Delek Group .
昨日，復星似乎在以色列遭遇監管關切，該公司宣佈將終止去年6月宣佈的從以色列德勒克集團(Delek Group)手中買下保險和金融集團Phoenix Holdings控股股份的交易。
Fosun declined to comment on whether the deal had been cancelled because of resistance from the Israeli regulator. The company issued a release linking the cancellation to turmoil in global markets. Elsewhere, Fairchild Semiconductor turned down a $2.6bn bid from Chinese state-backed enterprises China Resources and Hua Capital over fears that it would be blocked by US regulators. Instead, Fairchild accepted a lower bid of $20 per share from US-based ON Semiconductor.
對於這筆交易是不是因爲以色列監管機構的阻力而被取消，復星不願置評。該公司發佈的聲明把取消交易的決定與全球市場動盪聯繫起來。與此同時，飛兆半導體(Fairchild Semiconductor)拒絕了得到中國政府支持的企業——華潤集團和華創投資(Hua Capital)——發出的26億美元收購要約，寧可接受總部位於美國的安森美半導體(ON Semiconductor)較低的出價（每股20美元）。
The challenges set the stage for a potential regulatory showdown later this year as China looks to close its largest ever outbound deal. Two weeks ago, chemical group ChemChina agreed to buy Swiss agribusiness company Syngenta for nearly $44bn, with the Chinese group voluntarily submitting its deal to CFIUS for approval.
這些挑戰爲今年稍後中國尋求完成其史上最大境外收購交易時可能爆發的一場監管攤牌埋下了伏筆。兩週前，中國化工(ChemChina)同意斥資近440億美元收購瑞士農業化學品企業先正達(Syngenta)，這家中國集團自願將這筆交易提交美國外國投資委員會審批。
