1、 1 外文翻译 原文 A Giddy Ride On The M Iberdrola of Spain would acquire Scottish Power; and Gaz de France and Suez would strike a $70bn merger deal. Politics, though, not profit, was the driving force. “ The wave of consolidation in the utility sector in Europe through the decade was driven as much by a p
2、olitical imperative to create strong national champions as by any sound industrial logic,” says William Vereker, Nomuras head of investment banking for Europe, Middle East and Africa. By the third quarter of 2000, however, worldwide dealmaking had started to slow down. Investors began to cool toward
3、s outbound cross-border mergers. By October, the euro had fallen in value 15 per cent against sterling and 25 per cent against the dollar from its launch, while in the US, the tech-heavy Nasdaq Composite index tumbled 39 per cent from its March high. The markets love affair with media and technology
4、 companies was over. Investors struggled to value new- fangled deals, and as interest rates began to climb, M Weyerhaeuser acquired Willamette Industries for $5.3bn and Unilever made an unsolicited $21.3bn cash offer to buy Bestfoods. The end of 2000 also saw a rise in financial services mergers as
5、the industry took advantage of the dismantling of the Depression-era Glass-Steagall laws a year earlier that had kept banking, insurance, and securities businesses separate. UBS hooked up with PaineWebber; Credit Suisse bagged Donaldson, Lufkin while Madison Dearborn took private Jefferson Smurfit,
6、the paper and packaging business, in a 3.4bn ($5.4bn) deal. It did not take long for confidence to return to boardrooms as economic indicators started to suggest the downturn would be shallow and brief. By the second half of 2002, companies were striking deals again. In July, Pfizer kicked off the a
7、ction with a $61bn acquisition of Pharmacia, followed a few months later by Cadbury Schweppes (which snapped up Pfizers Adams candy unit for $4.2bn in cash) and Wrigley, which launched an aggressive bid to acquire Hershey for $12.5bn after the charitable trust that controls the US chocolate group or
8、dered it to explore a sale. The deal fell apart in the face of fierce local opposition to the sale and ended with the resignation of 10 board members from the trust, but it did not stop the year 2002 ending with a deal which would resonate over the remainder of the decade: HSBCs $16bn acquisition of
9、 Household International, the USs biggest subprime mortgage lender. Six years later, at the height of the global banking crisis, HSBC would write off $10.6bn of the goodwill on its balance sheet associated with the acquisition. By 2003, private equity groups were starting to make an even bigger spla
10、sh as they went shopping for high-profile bargains on the British high street, attracted by the low valuations and property assets which could be used to raise cash. The abundance of cheap debt meant buy-out groups could target increasingly large targets. Towards the end of 2004, Philip Green, the B
11、ritish retail billionaire had little trouble raising 7.5bn in debt from five banks to try to buy Marks and Spencer. The 5 attempt failed, but the sheer size of the target and the debt levels involved astonished the market. “ European private equity came of age during this decade and became a mainstr
12、eam part of M Comcast agreed a complex deal with General Electric to take control of NBC Universal and Kraft launched a $16bn hostile bid for Cadbury. Even private equity was back with CVC Capital Partners engineering a $4.4bn buy-out of iShares, Barclays exchange-traded fund business. Overall, howe
13、ver, deal activity is still stuck in the post-banking crisis malaise. The pace of global takeovers is about 60 per cent below its $3,200bn peak of 2007 and few bankers are predicting a quick upsurge in volumes. The first six months of next year will set the tone for the next M&A cycle, which bankers
14、 insist will be different. But one thing is for sure: as with previous booms, signature deals will come to epitomise its excesses. 译文 全球并购的变迁 资料来源 : 英国金融时报 作者： 丽娜塞格 到了 2006 年，似乎没有一家上市公司是不可收购的。为了加大火力，收购集团展开了合作。 KKR 牵头完成了对美国医院运营商 HCA 的 330 亿美元收购交易，从而终于成功打破了自己在 1989 年创下的以 310 亿美元收购 RJR 纳比斯科 (RJR Nabisc
15、o) 的纪录 此前这笔交易一直是规模最大的杠杆收购。 不过， S&P LCD 的数据显示，疯狂 贷款最终导致私人股本集团负债 4000 亿美元，这些债务要在 2012 至 2014 年间还清。另一方面，战略收购者似乎吸取了上世纪 90 年代合并浪潮的教训，他们做成的合并交易更为明智且符合行业逻辑，比如塔塔钢铁 (Tata Steel)于 2007 年以 134 亿美元收购英国鲁氏 (Corus)，以及日本烟草 (Japan Tobacco)于同年以 75 亿美元收购英国竞争对手加拉赫(Gallaher)。 许多此类交易突显出，新兴市场参与者在全球合并活动中扮演的角色日益8 重要。 Dealog
16、ic 的数据显示， 2007 至 2008 年间， 全球六大新兴经济体的对外并购额增长了 30% 苏利文与克伦威尔律师事务所的阿奎拉表示：“本 10 年中叶，为了扩大地盘及提高股东价值，战略收购者进行了一系列有望产生显著协同效应的交易。这些交易虽然没有本 10 年初那些大交易那么激动人心，但一般都创造了价值。” 全球股市上涨也令企业狩猎者蠢蠢欲动，全球各地的公司忽然不安起来，唯恐在股东名册上找到维权股东的名字。 寻求公司变革的对冲基金及其它维权股东，将目标瞄准了一大批公司，包括时代华纳、麦当劳 (McDonalds)、亨氏 (Heinz)、泰科 (Tyco)和纽约时报(The New York
17、 Times)。 最富戏剧性的例子发生在 2005 年，德意志交易所 (Deutsche Borse)的股东发起反抗，阻止该公司实施收购伦敦证交所 (London Stock Exchange)的计划，并罢免了该公司的董事长和首席执行官。 但最令人难忘的例子是围绕荷兰银行 (ABN Amro)控制权的争夺战。事件的导火索是伦敦对冲基金 儿童投资基金 (Childrens Investment Fund)致函该行，要求其要么寻找买家要么进行分拆。 最终的结果是， 2007 年 5 月，在牛市行情达到最高点时，苏格兰皇家银行(RBS)联手富通 (Fortis)和桑坦德银行 (Santander)，
18、向荷兰银行发起了 710 亿欧元的敌意收购。 后来，苏格兰皇家银行因为这项交易而元气大伤，成为信贷危机的一个象征，该行首席执行官弗雷德古德温爵士 (Sir Fred Goodwin)则受到指责，人们认为在把英国带向经济灾难方面，他负有责任。 到 2007 年夏季，次贷危机的首批迹象开始显现。首先为即将到来的资金收紧敲响警钟的是， KKR 未能筹措 100 亿美元的辛迪加贷款，为其 收购联合博姿(Alliance Boots)融资 该交易如今被人们视为收购活动从繁荣走向萎靡的分水岭。 2008 年 9 月 15 日，雷曼兄弟 (Lehman Brothers)倒闭，成为全球最大的破产案。随着全球
19、银行难以发行债务，一些紧急救助收购应运而生：美国银行 (Bank of America)以 444 亿美元收购美林 (Merrill Lynch)。在英国，劳埃德 TSB 银行 (Lloyds TSB)以 219 亿美元收购哈利法克斯苏格兰银行 (HBOS)。另外，英国政府收购了苏格兰皇家银行 70%的股权，结束了该银 行跻身全球最强大机构行列的梦想。 这场危机的影响很快就扩散至了并购领域。处于交易进程中的企业由于担心再融资，纷纷搁置了它们的计划。随着铁矿石价格下跌，必和必拓 (BHP)撤销了其以 1460 亿美元收购力拓 (Rio Tinto)的计划。由于急需现金偿还牛市期间9 收购加拿大铝
20、业 (Alcan)积累下的债务，力拓转向中国国有企业中铝(Chinalco)，希望获得 195 亿美元的资金援助。 澳大利亚的民族主义情绪和英国的股东怒火，迫使力拓放弃了这笔交易，重新转向必和必拓。两家矿商最终达成了设立铁矿石合资企业的 协议。 到 2008 年底，以美元计算，该年第四季度被取消交易的总值大约达 3220亿美元，接近实际完成的 3620 亿美元交易价值。 但交易成交数量的锐减，并没有阻止 2009 年初医疗保健行业收购活动的激增。今年，制药业达成了三笔总价值为 1210 亿美元的重大收购，其中包括辉瑞(Pfizer)对惠氏 (Wyeth)以及先灵葆雅 (Schering Plo
21、ugh)对默克 (Merck)的收购。随着一些畅销药的专利到期，新药研发管道面临仿制药竞争对手的威胁，制药业公司正试图解决未来 5 年销售额估计会减少 1000 亿美 元的问题。 银行家们希望，医疗保健行业并购活动的激增，会鼓励其它行业开始进行类似的交易。 债券市场已恢复运行，可以融资了，这使企业能够避开昂贵的银行贷款，直接向投资者募集资金。 显然，股市自今年 3 月开始并持续至年底的反弹，给了一些 CEO 实施并购的勇气。迪士尼 (Walt Disney)斥资 40 亿美元收购惊奇娱乐 (Marvel Entertainment)；康卡斯特 (Comcast)与通用电气 (General E
22、lectric)达成了一笔复杂的交易，获得了 NBC 环球 (NBC Universal)的控股权；卡夫 (Kraft)向吉百利 (Cadbury)发起了价值 160 亿美元的敌意收购。 甚至连私人股本公司也回来了： CVC Capital Partners 以 44 亿美元收购了巴克莱 (Barclays)的交易所交易基金 (ETF)业务 iShares。 不过，总体来看，由于银行业危机的后遗症，并购活动仍然处于停滞的状态。全球收购总值较 2007 年 3.2 万亿美元的峰值低了大约 60%，且几乎没有银行家认为交易总量会迅速上升。 明年上半年将为下一个并购周期奠定基调，银行家们坚持认为，这个周期将有所不同。 但有一件事是确定的：与以前的繁荣一样，一些引人注目的交易最终将成为并购活动泛滥的写照。
