近400億美元中資海外收購(gòu)受阻

Moves by Brussels and Berlin to thwart high-profile Chinese takeovers yesterday are the latest sign of stiffening resistance in the west to investment from Beijing that has scuppered the lion’s share of nearly $40bn in planned Chinese acquisitions since mid-2015.

布魯塞爾和柏林方面昨日采取的阻止中資大筆收購(gòu)的舉措是最新跡象，表明西方對(duì)中資的抵觸情緒不斷加強(qiáng)。自2015年年中以來(lái)，總計(jì)近400億美元的中資收購(gòu)計(jì)劃絕大部分遭到否決。

Most have fallen foul over competition and security issues, such a takeover target’s proximity to a key military base, and have prompted some western governments to consider new regulatory procedures to probe Chinese deals.

多數(shù)項(xiàng)目被競(jìng)爭(zhēng)和安全問(wèn)題攪亂，比如收購(gòu)目標(biāo)靠近某個(gè)關(guān)鍵的軍事基地。同時(shí)新的局面促使一些西方政府考慮實(shí)行新的監(jiān)管程序來(lái)調(diào)查中資交易。

The $40bn total, compiled by boutique investment bank Grisons Peak, does not include proposed takeovers of Swiss agribusiness Syngenta and German semiconductor company Aixtron for $44bn and €670m, respectively. Both faced problems yesterday following reviews by the EU and Germany.

上述400億美元總額是由精品投資銀行Grisons Peak匯總得出的，它不包括中資對(duì)瑞士農(nóng)業(yè)企業(yè)先正達(dá)(Syngenta)和德國(guó)半導(dǎo)體公司愛思強(qiáng)(Aixtron)擬議中的收購(gòu)，這兩筆交易的價(jià)值分別達(dá)到440億美元和6.70億歐元。在歐盟和德國(guó)進(jìn)行審查后，昨日它們都面臨變數(shù)。

Despite the concerns, Chinese acquirers continue to unveil fresh deals. HNA Group, an aviation and leisure conglomerate, announced it would buy a 25 per cent stake in hotelier Hilton Worldwide from Blackstone for $6.5bn while financial holdings conglomerate China Oceanwide agreed a $2.7bn purchase of US insurer Genworth Financial.

盡管各方表示擔(dān)憂，但中國(guó)收購(gòu)方繼續(xù)公布新的交易。航空和休閑綜合企業(yè)海航集團(tuán)(HNA Group)宣布將斥資65億美元，從黑石(Blackstone)購(gòu)得希爾頓全球酒店(Hilton Worldwide) 25%股權(quán)，而金融控股集團(tuán)中國(guó)泛海(China Oceanwide)將以27億美元協(xié)議收購(gòu)美國(guó)保險(xiǎn)公司Genworth Financial。

But there are signs that the increasing scrutiny is becoming a brake on the surge in Chinese takeovers. Announced Chinese M&A deals in the third quarter of this year amounted to $46.1bn, down from $49.4bn in the second quarter and a quarterly record of $95.6bn in the first, according to data from Grisons Peak.

但有跡象表明，越來(lái)越多的審查正在遏止中資收購(gòu)浪潮。Grisons Peak的數(shù)據(jù)顯示，今年第三季度公布的中國(guó)并購(gòu)交易總額為461億美元，低于第二季度的494億美元，也低于第一季度創(chuàng)下的956億美元這一季度紀(jì)錄。

Last week it emerged that Blackstone, the private equity group, had dropped plans to sell San Diego’s landmark Hotel del Coronado — which is located near a sensitive naval base — for about $1bn to China’s Anbang Insurance. It is one of several deals recently held up by US national security concerns.

上周，私人股權(quán)集團(tuán)黑石放棄了把加州圣迭戈地標(biāo)性的科羅納多酒店(Hotel del Coronado)——靠近一個(gè)敏感的海軍基地——以大約10億美元出售給中國(guó)安邦保險(xiǎn)(Anbang Insurance)的計(jì)劃。這是近期因?yàn)槊绹?guó)國(guó)家安全擔(dān)憂而受阻的數(shù)筆交易之一。

A total of 11 big acquisitions have been dropped by Chinese suitors since July last year, mainly as a result of closer examination by authorities in the US, Australia and elsewhere. The total value of foiled deals comes to $38.9bn, the data show, or 14 per cent of all deals announced over the past 16 months. The proportion of failures would surge if the Syngenta, Aixtron and other approaches were also blocked.

自去年7月以來(lái)，中國(guó)買家總共放棄了11項(xiàng)大型收購(gòu)，原因主要是美國(guó)、澳大利亞和其他地方的有關(guān)部門收緊了審查。數(shù)據(jù)顯示，受阻交易的總價(jià)值達(dá)到389億美元，相當(dāng)于過(guò)去16個(gè)月期間宣布的全部交易的14%。如果先正達(dá)、愛思強(qiáng)和其他交易也被阻止，失敗比例將會(huì)激增。

Syngenta shares dropped sharply yesterday after acquirer ChemChina failed to offer concessions to an EU competition inquiry ahead of a deadline. The proposed deal would be the largest overseas acquisition by a Chinese group.

先正達(dá)股價(jià)昨日大幅下跌，原因是收購(gòu)方中國(guó)化工(ChemChina)未能在截止日期前向歐盟的一項(xiàng)競(jìng)爭(zhēng)調(diào)查提交讓步。這筆擬議中的交易本來(lái)將成為中資集團(tuán)史上最大的海外并購(gòu)。

Berlin also withdrew a certificate saying it had no objection to the sale of Aixtron to Chinese investors and said it was reopening a review, Aixtron said.

愛思強(qiáng)表示，柏林方面還收回了表示它不反對(duì)將愛思強(qiáng)出售給中國(guó)投資者的一份證書，并稱將重新開始審查。

Martin Fischer, analyst at Alaco, said an “emerging push for protectionism” in Germany was being fuelled by a flood of Chinese investments, with particular vigilance for state-owned enterprises.

Alaco分析師馬丁•費(fèi)希爾(Martin Fischer)表示，一波中國(guó)投資在德國(guó)助推了一股“新的保護(hù)主義傾向”，人們對(duì)國(guó)有企業(yè)尤其警惕。

Theresa May, UK prime minister, is planning to introduce a new system to vet foreign investment into Britain. Mrs May wants to be able to intervene in an “orderly and structured” way on sensitive foreign investment cases and is studying the US and Australian regimes.

英國(guó)首相特里薩•梅(Theresa May)計(jì)劃引入一套新的制度來(lái)審查對(duì)英國(guó)的外國(guó)投資。梅希望能夠?qū)γ舾械耐鈬?guó)投資案例進(jìn)行“有序和結(jié)構(gòu)化”的干預(yù)，并正在研究美國(guó)和澳大利亞的制度。

In August, Australia blocked China’s state-owned State Grid Corp and Cheung Kong Infrastructure Holdings, a Hong Kong company, from taking a $7.6bn controlling stake in the country’s biggest electricity distribution network on national security grounds.

今年8月，澳大利亞以國(guó)家安全為由，阻止了中國(guó)國(guó)有的國(guó)家電網(wǎng)公司(State Grid Corp)和香港公司長(zhǎng)江基建(Cheung Kong Infrastructure Holdings)買下該國(guó)最大配電網(wǎng)絡(luò)76億美元控股股權(quán)。