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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.
中国收购境外企业的旺盛胃口遭遇严重挫折。监管担忧阻挡了两笔潜在收购交易，突显与中国企业达成交易的障碍。
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.
在一天时间里，中资对外收购的两笔交易受挫，分别涉及中国最具收购意识的民营企业集团之一复星国际(Fosun International)和得到国家支持的华润集团(China Resources)。就华润交易而言，其对美国收购目标的出价更高，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.
这些挑战削弱了各方预计的2016年并购交易驱动力量——中国企业看上去已经有望刷新对外并购的纪录。Dealogic数据显示，今年迄今，中资在境外发起的并购交易总额已超过750亿美元，高于除2015年（全年发起交易总额达1120亿美元）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.
中资企业收购境外资产的努力昨日继续，中联重科(Zoomlion，见上图)推进其出价33亿美元收购美国起重机制造商特雷克斯(Terex)的交易。这家中国工程机械制造商插足特雷克斯与芬兰科尼集团(Konecranes)拟议中交易的企图，不仅突显了近期中国一些境外交易的咄咄逼人姿态，还暴露了中资企业为了在报价上胜人一筹而不惜背负巨额债务。
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.
债务负担在过去一年大幅增加的中联重科，出价相当于其1月份宣布参与竞购时特雷克斯股价的大约2倍。该公司表示，拟借助银行债务落实拟议中交易的60%资金，用现金支付余下的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.
与芬兰科尼集团关系密切的一些人士质疑美国外国投资委员会(CFIUS)会否放行中联重科收购特雷克斯的交易，原因是特雷克斯承接了美国政府的合同。
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，复星似乎在以色列遭遇监管关切，该公司宣布将终止去年6月宣布的从以色列德勒克集团(Delek Group)手中买下保险和金融集团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.
对于这笔交易是不是因为以色列监管机构的阻力而被取消，复星不愿置评。该公司发布的声明把取消交易的决定与全球市场动荡联系起来。与此同时，飞兆半导体(Fairchild Semiconductor)拒绝了得到中国政府支持的企业——华润集团和华创投资(Hua Capital)——发出的26亿美元收购要约，宁可接受总部位于美国的安森美半导体(ON Semiconductor)较低的出价（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.
这些挑战为今年稍后中国寻求完成其史上最大境外收购交易时可能爆发的一场监管摊牌埋下了伏笔。两周前，中国化工(ChemChina)同意斥资近440亿美元收购瑞士农业化学品企业先正达(Syngenta)，这家中国集团自愿将这笔交易提交美国外国投资委员会审批。
