【10.2.26 路透社】北京玩弄著名交易人，成中国并购阻挠者
本帖最后由 爱啥啥 于 2010-2-27 22:12 编辑【中文标题】北京玩弄著名交易人，成中国并购阻挠者
【原文标题】Beijing plays potent dealmaker, blocker in China M&A
【登载媒体】Reuters
【原文地址】http://www.reuters.com/article/idUSTRE61P1G120100226
【译者】爱啥啥
【翻译方式】人工
【声明】本翻译供ANTI-CNN使用，未经AC或译者许可，不得转载。
【原文库链接】http://bbs.m4.cn/thread-226153-1-1.html
【译文】
HONG KONG (Reuters) - Beijing is taking a father-knows-best approach to mergers and acquisitions, weighing not only commercial considerations but also political and other factors as it chooses which deals to approve.
香港（路透社）- 北京正对并购采取家长式的（father-knows-best）态度，当它选择批准一项交易时，不仅有商业考虑，也有政治和其他因素。
Deals
交易
The country's paternalistic approach to M&A was on display this week, as failure to win the government's blessing sank a bid by Tengzhong, an obscure Chinese maker of heavy equipment, to buy General Motors' GM.UL gas-guzzling Hummer brand.
本周显示出该国对并购家长式的态度，由于没能赢得政府同意，名不见经传的重工制造商腾中收购通用的“油耗子”悍马品牌的交易石沉大海。
In the aftermath of the collapse, Chinese media were awash in commentary on the deal's many faults, signaling Beijing may continue to exercise a hands-on approach to foster deals in line with its policies and with a good chance for success.
失败的余波中，中国媒体的矛头指向该交易的众多缺陷，表明北京（政府）也许会继续亲自支持那些符合其政策并有良好机会成功的交易。
"The Chinese government, when it decides on these deals, is making them on a policy basis and not just purely on the grounds of an objective regulatory standard," said Antony Dapiran, an M&A specialist at the law firm Freshfields Bruckhaus Deringer in Beijing.
“当中国政府决定这些交易时，是把它们放在政策基础上，并不是单纯基于客观的管理标准。”北京富而德律师事务所并购专家Antony Dapiran说。
"It's much more than in other countries like the U.S., where you have issues like national security. The scope for subjective review in China seems much broader," he said.
“比起诸如要考虑国家安全的美国等其他国家，中国（想的）要多得多。中国主观考察范围看来更广。”他说。
The official Xinhua news agency, often seen as a government mouthpiece, questioned Tengzhong for pursuing a deal that flew in the face of global trends to promote green technology.
常常被当做政府发言人的官办新华社，质问腾中全然不顾发展绿色科技的全球趋势来追求交易。
"For anyone who is concerned about the environment and the development of the auto industry, the death of Tengzhong's Hummer bid is only a good thing," Xinhua said in a Chinese-language analysis published on Friday.
“对所有关心环境和汽车业发展的人来说，腾中并购的失败只会是个好事。”周五出版的新华社中文分析说。
OTHER DEALS FALTER
其他受到干扰的交易
The deal is just the latest in a series of high profile cases that have failed to win the government's support.
该交易只是最近一系列明确没能赢得政府支持例子中的一个。
Last year, two of China's biggest privately held media companies, Sina Corp (SINA.O) and Focus Media (FMCN.O) called off their merger after repeated stonewalling by the regulator over their application.
去年，中国最大的两家私人控股媒体公司：新浪公司(SINA.O)（股票代码，下同）和分众传媒(FMCN.O)在其（交易）申请书监管方的再三阻挠下叫停。
In another case that made global headlines, Coca-Cola (KO.N) had to cancel its plans to buy Huiyuan Juice (1886.HK) after the commerce ministry blocked the deal on anti-trust grounds.
在另一起占据全球头条的交易中，可口可乐(KO.N)在商务部以反垄断为由拒绝该交易后，不得不取消购买汇源果汁(1886.HK)的计划。
In addition to environmental concerns, many observers believed Tengzhong Heavy Industrial Machinery's inability to win government backing was due to its lack of international experience and high chance of failure.
除了环保问题，许多观察者认为腾中重工由于缺少国际经验并且失败可能性大而未能赢得政府的支持。
In contrast, Zhejiang Geely Holding, parent of Hong Kong-listed Geely Auto (0175.HK), has said it has the support of Beijing in its efforts to buy Ford Motor Co's (F.N) Volvo car unit. Geely, China's largest non-state auto firm, will gain Volvo's highly regarded brand and technology in a deal more in line with China's goals.
不同的是，香港上市的吉利汽车(0175.HK)的母公司浙江吉利控股称其购买福特汽车公司(F.N)沃尔沃轿车部门的努力得到了（政府的）支持。吉利，中国最大的民营汽车公司将在更加符合中国目标的交易中获得沃尔沃极其著名的品牌及技术。
Mei Xinyu, a researcher with a think-tank under China's Ministry of Commerce, wrote in a commentary that the Tengzhong case was "clouded with doubts" from the beginning, and that government supervision was necessary for other future deals.
中国商务部下属智库的研究员Mei Xinyu在评论中写道：腾中交易从一开始就“充满疑团”，而且政府监管在其他未来交易中是必不可少的。
"Even if these dishonest speculators can gain short-lived fame, they will pay a price at the end of the day," Mei said.
“即使这些骗人的投机者能得到短期的名气，他们最后也会付出代价。”Mei说。
Observers noted that while Tengzhong and the other two deals had their own circumstances, each involved a case of Beijing exercising its better judgment against the applicants' wishes.
观察家注意到尽管腾中和其他两项交易有各自的特殊性，但都同北京运用其更有效的决定抗击申请者的愿望有关。
Policy issues aside, Tengzhong's failure may also have reflected government wariness of buying big foreign brands, after unsuccessful deals such as Lenovo's (0992.HK) purchase of IBM's (IBM.N) PC assets and SAIC Motor's (600104.SS) purchase of Korean carmaker Ssangyong Motor (003620.KS), which later filed for bankruptcy.
不论政策问题，腾中的失利也反映出政府在如联想(0992.HK)购买IBM的PC业务和上汽集团购买随后破产的韩国汽车制造商双龙汽车(003620.KS）等并不成功的交易后，对购买外国品牌的警示。
"The Chinese have come to see the reality that every time the Chinese touch a well known brand it turns bad immediately," said Li Qiang, an M&A lawyer at O'Melveny & Myers in Shanghai. "There's also the realization that these brands, if they don't come with the technology, they don't mean that much."
“中国人看到的事实是每次中国企业触及著名品牌时，情况立即变糟。”上海美迈斯律师事务所并购律师Li Qiang说。“还有一些认识是（并购的）品牌若不囊括技术，就那么不值钱。”
SUPPORT FOR RESOURCE BUYS
支持资源性采购
By comparison, the government has been much more supportive of recent overseas acquisitions by energy and resource companies, as such deals are in line with government policy aimed at procuring the materials China needs to feed its economic growth.
相比之下，中国政府对最近并购能源和资源公司要支持很多，因为这些交易符合政府旨在满足经济增长而必须的物资的政策。
"So long as the government is involved, it's not left solely to the market for the parties to decide on the merit of the deal," said Allen Wong, an M&A lawyer at Simmons & Simmons in Hong Kong. "I believe the government is trying to set the direction for outbound investments or acquisitions."
“只要政府介入，就不仅是市场上的当事方对交易的利益进行判断。”香港西蒙斯并购律师Allen Wong说。“我认为政府正试着为海外投资并购指引方向。”
The Coke-Huiyuan and Sina-Focus rejections may also reflect different government priorities from those parties involved.
可口可乐和汇源与新浪和分众（受到的）拒绝也反映出政府在这些当事方中不同的侧重点。
In the Coke case, many believe nationalistic concerns about a famous local brand being acquired by a foreign firm may have played into the government decision, on top of the anti-trust reasons cited.
可口可乐（并购汇源）案例中，许多人认为除了公开的反垄断原因外，国家也担心外国公司并购著名本地品牌可能会（使其能够）对抗政府决议。
Some analysts believe the Sina-Focus deal may have met with resistance because it would have created a new giant in the sensitive media sector, traditionally dominated by state-run firms that take their orders from the government.
一些分析师认为新浪和分众的交易也许受阻，因为它会在敏感的媒体领域创造一个新巨人，而传统上该领域被听从政府指挥的国有媒体控制。
"Generally speaking, there's been a theme of what they call 'The state advances and the private sector retreats,'" said Freshfields' Dapiran. "At the policy level there's been more support for state-owned companies."
“总体来讲，（中国）存在‘国进民退’的现象。”富而德的Dapiran说。“政策层面上对国有企业更加支持。”
Others pointed out that China is not the only country that weighs non-commercial factors, citing the case of China's CNOOC (0883.HK) withdrawal of its bid to buy U.S. oil firm Unocal after it became apparent the United States would block the deal.
其他人指出中国不是唯一考虑非商业因素的国家，比如因为美国明显会阻挠，中国的中海油撤销竞标购买美国优尼科石油公司。
"China is not the only country that has blocked acquisitions," said Simmons & Simmons' Wong. "In other places there are similar procedures ... Similar considerations exist in every jurisdiction."
“中国并不是唯一一个阻挠并购的国家。”西蒙斯律师行的Wong说。“其他地区有相似的程序……每个辖区都存在类似的考虑。”
(Additional reporting by Simon Rabinovitch in Beijing; Editing by Lincoln Feast)
（追加报道：北京Simon Rabinovitch，编辑：Lincoln Feast） 终于……翻完了 呼
老样子，请高手批阅Q77) 欧洲人的某些说法与其说是指责，不如说是排挤中国这个新加入“强国乐园”的新生强国的缺乏经验。欧美对于中国的疑虑很复杂。在历史上，中国对他们的仇恨事实上不会比日本人少。但碍于二战的援助之恩，这个自然会深埋心头。文化上，中国人的文化比阿拉伯文化更加的与众不同。不管高丽棒子怎么吆喝，不管达赖怎么蹦来跳去。真正的明眼人都看的出来，东方文化的中心在中国。这里是东方文化的根基所在。没了中国，其他的文化也就像印第安土著一样成了软柿子。只是各自为战的二流文化。所以，高丽棒子的小丑演出没必要过分关注，站在两个巨人间的孩童，即便吵吵也只会被认为是小孩子的赌气而不会被真正重视。如果某一天，中国对联合国的影响力像今天的美国一样。高丽棒子的叫嚷会有人听吗？
所以，中国今天会被欧美的各类媒体排挤很正常。加之所谓“政治正确”的存在（哪个家伙说只有中国报喜不报忧的）使这些媒体会在无视自身在做一样事情的同时，叫嚷着别人做错了。当然，这个只是一些媒体。 这个指责有点搞笑，政治因素 恐怕是中国企业在海外遭遇的是最多的了。 呵呵，最近很多令人欢乐的消息中
就有这个并购失败的
是玩弄吗？
貌似中国企业被其他国家玩弄的时候更是多不胜数啊 看见标题我就猜会不会 是说悍马的，果然是
西方不要的废气排放过时车辆，中国凭什么买进一个过时的东西 回复 3# secondboat
我想所謂的二戰援助是迫不得已罷了，如果中國落入倭寇手中，後果不堪設想!所以我覺得根本就沒有所謂的恩惠!!再者，中國之前的積弱，多少也和西方列強有點關係吧! 腾工目前还没有整车生产能力，这样的实力来搞跨国并购，风险确实是太大了。 回复 7# 徐长根
有点？南京条约是英国人的，虎门条约是美国人的。北京条约，英，俄，美。中法条约，法国人，马关条约，日本人。辛丑条约，那十一个国家。。。这个只能算是有点吗？内部的问题，自有中国内部的方式解决，这样的所谓“进步”太过屈辱，也太过血腥。被英国人骗到欧洲与美国的中国人，过的不是奴隶的日子吗？没有他们的支持，中国会有那么多军阀？固然，当时中国楼后与外面的世界，但是这样的经历，也同样痛彻心扉！ 悍马的收购不包括它的核心技术吧！
没有技术，要个牌子有个P用！ 为什么我们的企业就要并购一些快要破产的公司，而外国企业总是买下中国的优质企业？ “中国并不是唯一一个阻挠并购的国家。”西蒙斯律师行的Wong说。“其他地区有相似的程序……每个辖区都存在类似的考虑。”
我觉得这才应该是重点 中国政府没有同意购买垃圾企业的交易让他们很失望
北汽竞购欧宝汽车，以及中海油撤销竞标购买美国优尼科石油公司，都是因为政治因素而告吹，他们从来不觉得不妥，反而是腾中收购悍马失败让他们恨得牙痒痒。 本帖最后由 无可就要 于 2010-2-28 15:24 编辑
“当中国政府决定这些交易时，是把它们放在政策基础上，并不是单纯基于客观的管理标准。”北京富而德律师事务所并购专家Antony Dapiran说。
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总是引用在中国的某个人的话，来代表所有中国人的看法，以为这样就可以为他们的观点抬骄。 这难道也成了中国政府的错！
我看政府做的很对，很得人心。如果他们批准了这项交易才是错的！ 巴统这个组织是干吗的？神经病。。。要是收购的对象是洛克马丁 ，你再看看是哪国政府会阻挠 Actually feeling painful as now assisting in a m&a of the soe company by foreign investor. I love China,but how how can I help her. At least no chance in current case. sad.
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