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） |
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发表于 2010-2-27 21:56
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