本帖最后由 yangfuguang 于 2009-3-4 23:15 编辑
【译文】 尽管有中铝，力拓仍考虑和必和必拓合并
力拓正在讨论其巨大的皮尔巴拉铁矿石业务与必和必拓公司的合并的可能性，这笔合作还是可行的，尽管力拓还有以195亿美元并入中铝的计划。
告诉分析人士出售给中铝的计划，力拓首席执行官汤姆阿尔巴内塞说，商讨铁矿石合并从来都不是问题，一直都是可行的。
据德意志银行的报告，他告诉分析师阿尔巴尼斯：“相对于公司收购，与铁矿石公司必和必拓的合并是更可行的解决方案”。
阿尔巴尼斯强调合并企业或被收购，将不会被中铝阻止，这番谈话使人有理由相信，如果财务主管斯旺或股东阻挠一揽子拯救计划，铁矿石合并是一个后备计划。
同样据传言力拓已经表示将听取中铝的其他建议，但不特别依赖他们，可能会开放给任何必和必拓的破坏中国一揽子拯救计划的方案。
力拓更容易扩大的西澳大利亚铁矿石港口中心是必和必拓公司在去年没有竞购到的。1999年双方还商谈合并铁矿石业务在，但这些也没有实现。
由于中国人担心铁矿石合并，如果中铝要求占有力拓18%的股份，并且拥有哈默斯利铁矿15%股份的行动是成功的，对必和必拓合并皮尔巴拉公司可能变得更加困难，
阿尔巴尼斯先生说,两家矿石公司的关系很好。本周早些时候，他确认了一些有关资产出售的会谈，因为必和必拓在11月退出敌对出价。
据德意志银行方面说，力拓证实了阿尔巴尼斯的声明，但强调他们是在回答一个铁矿石合并的具体问题，在中铝的谈判不排除这一点或收购的前提下。必 和必拓和力拓在11月的合约告吹，除非双方都能够同意在相同的水平上的合并。必和必拓不愿评论潜在的铁矿石合并，但它已暗示国有中铝在这些资产拥有股份令他们公司不安，而不是仅仅是其的注册。
力拓已经迅速驳回任何中国可能影响价格的担心或有机会通过中铝在力拓的两个主任获得敏感信息。
阿尔巴尼斯说这不是一个问题，因为价格谈判完全包含在铁矿石谈判中。也有利益冲突，其中包括力拓主席、首席执行官和首席财政官，可以排除中铝任用的人参与其中。
瑞士银行集团分析师格林，他出席了分析师会议，表示，目前没有建议交易迫在眉睫，任何合并的铁矿石资产仍需要避开欧洲监管机构。
必和必拓将其收购，部分原因是在不景气的市场资产出售将需要欧盟的许可，但欧盟没有公布调查结果。
美林表示，如果和中铝的交易失败，力拓的选择将是和必和必拓形成一个铁矿石企业。分开销售协议，以避开欧盟。
劳考克说：“这将是很有意思的，看看是否接受欧盟单独销售的产品和共同的基础设施”。“但如果这只是一个共同分享的基础设施，你不会有共同作用，因为你仍然管理两个部分。劳考克说，尽管力拓的港口基础设施是很好，必和必拓的优势是更多的采矿业务以及更大装载量。
阿尔巴尼斯先生昨天在布里斯班（昆士兰州首府）访问公司办事处。在为期一周的留在澳大利亚的时间里，他计划接见政府代表，以推动中铝的协议。
必和必拓和力拓股价在伦敦交易所飙升，科珀乐观地认为，中国金属消费量将增加，他认为温家宝总理将宣布一项新的刺激计划。必和必拓股价增加6%至1100便士，而力拓上涨7.8%至1746便士。
早些时候，中铝上升9%，上证综合指数上升6.1%。
【原文】
Rio still open to BHP iron merger, despite ChinalcoRIO Tinto is talking up the potential of a merger of its massive Pilbara iron ore operations with BHP Billiton's, driving speculation the combination could still be on the cards despite Rio's $US19.5 billion plans to bring in Chinalco.
Selling the Chinalco rescue deal to analysts, Rio chief executive Tom Albanese said synergies of an iron ore merger were never in question and that it had always been appealing.
"An iron ore joint venture with BHP is more workable than a corporate solution (such as a takeover)," Mr Albanese told analysts, according to a Deutsche Bank report.
While Mr Albanese made it clear a joint venture, or a takeover, would not be precluded by the deal with state-owned Chinalco, the talk is bound to fuel more speculation that an iron ore merger is a back-up plan if Treasurer Wayne Swan or shareholders block the rescue package.
It has also driven talk that Rio, which has said it will listen to alternative proposals to Chinalco's but not seek them out, may be open to any plans BHP has to spoil the China rescue package.
Rio's easier-expanded West Australian iron ore ports were at the centre of BHP's failed $135 billion bid last year.
The two were also in talks to merge iron ore operations in 1999, but those too fell through.
Due to Chinese concerns about iron ore consolidation, a combined Pilbara operation could become more difficult for BHP if Chinalco's bid to take an 18 per cent stake in Rio and a 15 per cent stake in the Hamersley iron ore operations are successful.
Mr Albanese said relations between the two big miners were cordial.
Earlier this week, he confirmed there had been some talks between the pair about asset sales since BHP walked away from hostile scrip bid in November.
Rio confirmed Mr Albanese's statements quoted by Deutsche, but stressed they were in answer to a specific question on an iron ore merger and were in the context of the Chinalco deal not precluding this, or a takeover.
BHP is barred from another tilt at Rio until November, unless the pair can agree on a merger at board level.
BHP would not comment on a potential iron ore tie-up, but it has been suggested the miner would be uneasy with the state-owned Chinalco having a stake in the assets, as opposed to just being on its register.
Rio, however, has been quick to dismiss any concerns China could influence pricing, or have access to sensitive information through Chinalco's two director appointees on the Rio board.
Mr Albanese has said this is not a concern because talk of price negotiations are fully contained within the iron ore negotiations.
There is also a conflict of interest committee, comprising the Rio chairman, chief executive officer and chief financial officer, that can exclude the Chinalco appointees from discussions if needed.
UBS analyst Glyn Lawcock, who was at the analysts' meeting, said there was no suggestion a deal was imminent and that any pairing up of the iron ore assets would still need to get around European regulators.
BHP pulled its bid partly because of the asset sales that would be required by the European Union in a depressed market, though the EU findings were not made public.
Merrill Lynch has said if the Chinalco deal falls through, one option for Rio would be to form an iron ore joint venture with BHP.
Separate marketing agreements to get around the EU.
"It would be interesting to see whether the EU accepts separately marketed products and joint sharing of infrastructure," Mr Lawcock said.
"But if it's just a joint sharing of infrastructure, you don't get as many synergies because you are still managing two big teams."
Mr Lawcock said while Rio's port infrastructure was definitely better, BHP had the advantage of bigger mining operations in more contained locations.
Mr Albanese was in Brisbane yesterday visiting corporate offices.
He plans to meet government representatives during his one-week stay in Australia to push the Chinalco deal.
BHP and Rio shares soared in early London trade last night, as copper rallied on optimism that Chinese metal consumption would increase and expectations that Premier Wen Jiabao would announce a new stimulus package.
BHP added 6 per cent to 1100 pence, while Rio gained 7.8 per cent to 1746p.
Earlier, Chinalco climbed by 9 per cent as the Shanghai Composite exchange rose 6.1 per cent.
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发表于 2009-3-4 23:08
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