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中国化工收购先正达意在保障粮食安全

更新时间:2016/2/5 10:41:47 来源:纽约时报中文网 作者:佚名

Syngenta Board Seeks Approval of ChemChina’s $43 Billion Offer
中国化工收购先正达意在保障粮食安全

Six months ago, Syngenta said no to a $47 billion takeover attempt from Monsanto, arguing it was too risky.

半年前,先正达(Syngenta)拒绝了孟山都(Monsanto)470亿美元的收购报价,认为风险太大。

But times have changed. Commodities prices have slumped, decreasing the chances of a big payday for Syngenta, one of the world’s biggest manufacturers of agricultural chemicals and seeds. China is on the hunt for strategic resource deals to provide for the long-term security of its huge population.

但时移世易。大宗商品价格出现了下滑,降低了先正达——世界上最大的农业化学品和种子生产商之一——大发利市的机会。而中国正在寻找战略资源交易,来为其庞大人口的长期安全提供保障。

So when when the state-owned China National Chemical Corporation offered to buy Syngenta for $43 billion — but leave Syngenta’s Swiss headquarters and management in place — the answer was an enthusiastic yes.

因此当中国国企中国化工集团公司(China National Chemical Corporation)提出以430亿美元(约合2820亿元人民币)的价格收购先正达,并保留先正达的瑞士总部和管理层,他们收到了热切的肯定答复。

The transaction, announced Wednesday, would be the largest acquisition of a foreign company by a Chinese business and the latest in a string of deals by the company, known as ChemChina. It also would be the biggest cross-border deal involving an Asia-Pacific company, according to data from Dealogic.

于周三宣布的本次交易,将会是中国企业对外国公司最大的一笔并购,也是中国化工集团公司一系列交易中最新的一笔。据Dealogic的数据,这也将是涉及亚太公司最大的一笔跨境交易。

Under the terms of the deal, ChemChina would pay $465 a share, plus a special dividend of five Swiss francs, or about $4.90, upon closing. That would be the equivalent of 480 francs a share, representing a 22 percent premium to Syngenta’s closing price on Tuesday.

根据协议条款,交易完成时中国化工集团公司将每股支付465美元,再加上5瑞士法郎(约合4.90美元)的特别股息。这相当于每股480瑞士法郎,较先正达周二的收盘价溢涨22%。

Syngenta’s board of directors said it was unanimously recommending that Syngenta’s shareholders accept the offer.

先正达董事会表示,他们一致建议公司的股东接受此报价。

As part of the agreement, Syngenta would remain mostly independent and continue to be run by its existing management. The all-cash deal requires at least two-thirds of Syngenta’s shareholders to agree to sell their stock to ChemChina.

作为协议的一部分,先正达将保留大部分独立性,并继续由现任的管理层进行运营。这笔全现金的交易,需要先正达至少三分之二的股东同意出售其股票给中国化工集团公司。

“The easiest way to say it is that Syngenta will remain Syngenta,” Michel Demaré, the Syngenta chairman, said in a video posted to the company’s website. “We will keep the same name. We will continue to be headquartered in Switzerland. And customers around the world will still have access and be offered the same range of innovative products that will help them increase their productivity and their yields.”

“简单来说,先正达仍然是先正达,”先正达公司董事长米歇尔•戴莫瑞(Michel Demaré)在公司网站发布的视频中说道。“我们的名称不变。我们总部仍设在瑞士。世界各地的客户仍然可以使用并购买同样的创新产品,帮助他们提高生产效率和产量。”

Syngenta’s share price jumped more than 6 percent in early trading in Zurich on Wednesday after the announcement.

交易公布后,先正达的股价在苏黎世早盘跳涨逾6%。

Syngenta, based in Basel, Switzerland, is one of the world’s largest producers of agricultural chemicals, including insecticides, fungicides, herbicides and seeds. The company reported sales of $13.4 billion in 2015 and employs more than 28,000 people in more than 90 countries.

先正达总部设在瑞士巴塞尔,是世界上最大的农业化学品生产商之一,其产品包括杀虫剂、杀菌剂、除草剂和种子。2015年该公司公布的销售额为134亿美元,并在90多个国家雇用了超过28000名员工。

It was created in November 2000 by the merger of the agribusinesses of Novartis and AstraZeneca.

它于2000年11月由诺华公司(Novartis)和阿斯利康(AstraZeneca)的农业业务部门合并而成。

The deal comes as China grapples with its long-held resistance to genetically modified crops. China generally does not allow the growth of genetically modified crops for human consumption, though its farmers and processors use them for oils and animal feed. Genetically modified crops face widespread public skepticism in a country where food quality is a constant fear.

该交易正值中国设法解决其国内长久以来对转基因作物的敌视情绪。中国一般不允许种植供人食用的转基因作物,但农民和加工商会用它们来制作油和动物饲料。在一个人们不断担忧食品质量的国家,转基因作物面临着公众的普遍质疑。

Still, Chinese leaders have taken steps to nurture a homegrown genetically modified crop industry. Two years ago it also began to make public efforts to ease that skepticism — a function of a time when it may need GMO crops to feed its growing population.

尽管如此,中国领导人已经采取措施来培育自主研发的转基因作物产业。两年前,它也开始公开努力缓和这些疑虑,这是因为它可能需要转基因作物来养活不断增长的人口时。

The country pulls out nearly one-third less wheat, corn or other grains per hectare than the United States, according to United Nations data. A smaller portion of its land is arable because of overcrowding, a harsh environment in the country’s western region and pollution.

根据联合国的数据,中国每公顷小麦、玉米或其它粮食的产量比美国要低近三分之一。由于中国人口稠密、西部地区环境恶劣,且存在污染问题,中国国土中可耕地的比例小于美国。

Even within its farmland, China struggled with its legacy of industrialization, fast growth and lax regulatory enforcement — in 2014 authorities said nearly one-fifth of its arable land was polluted. Those factors have spurred China to rely increasingly on imports, stoking concern among some officials in Beijing about dependence on foreign supplies of food.

即使是在农田里,中国也要艰难应对该国工业化、高速增长、监管执法懈怠的后果——2014年,当局表示该国近五分之一的耕地受到了污染。这些因素使中国越来越依赖进口,引发北京一些官员对依赖国外粮食供应的担忧。

About six months ago, Monsanto abandoned a dogged pursuit of Syngenta, which first came to light in May of last year.

大约半年前,孟山都放弃了对先正达的穷追不舍。孟山都收购先正达的意图是在去年5月公之于众的。

Monsanto had offered to pay as much as $47 billion for Syngenta, but the Swiss company’s directors rejected its approaches. Syngenta’s board said at the time that Monsanto’s bid did not account for the risk that regulators would scuttle the deal.

孟山都提出愿意支付高达470亿美元来收购先正达,但这家瑞士公司的董事们拒绝了它的示好。当时先正达的董事会表示,孟山都的收购要约没有考虑监管机构否决交易的风险。

After Monsanto walked away, Syngenta said it would divest itself of its global vegetable seed business and buy back stock to reassure shareholders. It also engaged in discussions with other suitors, including ChemChina.

在孟山都放弃后,先正达公司表示将剥离旗下的全球蔬菜种子业务,并回购股票来安抚股东。它还与其他追求者展开了谈判,其中就有中国化工集团公司。

Syngenta, already buffetted by low crop prices, has also had to deal with currency fluctuations, which pushed sales down 11 percent in 2015.

已经因为农作物的低价而备受打击的先正达,同时还不得不面对汇率波动的问题,这在2015年已经令其销售额压低了11%。

On Wednesday, Syngenta said it would no longer sell the vegetable seed business and would discontinue the share-buyback program.

周三,先正达公司表示将不再出售蔬菜种子业务,并会中止股票回购计划。

Mr. Demaré said that being acquired by a Chinese buyer “shouldn’t raise any concern at all” and would allow the company to continue to pursue its strategy.

戴莫瑞说,被中国买家收购“不应引发任何忧虑”,反而还可以让公司继续执行其战略规划。

“With this transaction, Syngenta will be able to realize the full potential of its stand-alone strategy with an ambitious shareholder who will invest to make it happen,” he said. “It will also, at the same time, give us an enhanced market access to China.”

“通过本次交易,先正达将获得一位雄心勃勃的股东,帮助我们充分发挥公司独立战略的全部潜力,”他说。“同时,这也能让我们以强有力的姿态进入中国市场。”

The ChemChina deal will still probably face significant regulatory scrutiny, particularly in Europe and the United States. But its structure offers Syngenta a degree of independence that was unlikely in a deal with Monsanto.

中国化工集团公司的这宗交易仍然可能会面临严格的监管审查,尤其是在欧洲和美国。但此次交易的结构为先正达提供了一定程度的独立性,这在与孟山都的交易中是不太可能的。

Under the plan, four of Syngenta’s existing directors would be part of its new 10-member board, and ChemChina said it would seek to publicly list a minority stake in Syngenta down the road.

根据该计划,先正达公司现有董事中有四人将进入新的10人董事会,而中国化工表示,一段时间之后将寻求公开上市先正达公司的少数股权。

The question remains whether regulators will block the deal, particularly in the United States. North America accounted for about 27 percent of Syngenta’s sales in 2015.

现在的问题是监管机构是否会阻止这笔交易,尤其是在美国。北美在2015年占了先正达约27%的销售额。

Because of Syngenta’s presence in America, the Committee on Foreign Investments in the United States, a government panel that reviews takeovers by foreign buyers, will probably take a close look at the transaction.

由于先正达在美国经营,美国负责审查外资并购的政府机构外国投资委员会(Committee on Foreign Investments),恐怕会密切关注此次交易。

The committee raised “unforeseen concerns” in October about a similar deal in which Philips, the Dutch electronics giant, would sell a controlling stake in its automotive and LED components business to GO Scale Capital, an investment fund sponsored by GSR Ventures of China and Oak Investment Partners.

去年10月,该委员会对荷兰电子巨头飞利浦(Philips)的一桩类似交易提出了“未预见到的担忧”。当时菲利普欲将旗下的汽车和LED部件业务出售给GO Scale Capital,后者是中国的金沙江创业投资(GSR Ventures)与橡树投资伙伴(Oak Investment Partners)共同建立的投资基金。

“ChemChina and Syngenta are highly complementary businesses with relatively limited overlaps in products,” Ren Jianxin, the ChemChina chairman, said in a video. “We will work closely with all of the regulatory agencies involved, and we are confident that we will receive regulatory approval.”

“中国化工与先正达的业务高度互补,产品重叠相对有限,”中国化工董事长任建新在一段视频中表示。“我们会与所有涉及的监管机构密切合作,我们有信心能取得监管机构的批准。”

Last month, Philips said it and GO Scale Capital had terminated their agreement after failing to win regulatory approval.

上个月,飞利浦表示,该公司与GO Scale Capital由于未能取得监管机构批准而终止了协议。

The Syngenta deal would mark the latest foreign transaction by ChemChina, and comes amid a consolidation push in the chemicals industry that saw the industry titans Dow Chemical and DuPont agree to combine in December.

先正达的交易是中国化工最新的海外并购行动,此时正值化学品工业进行整合的一段时期。业界巨头陶氏化学(Dow Chemical)和杜邦(DuPont)去年12月同意合并。

China has been actively securing resources deals and consistently tops the rankings when it comes to buying companies in commodities and agribusiness.

中国一直积极寻求资源行业的并购,在收购大宗商品和农业企业方面,中国一直名列前茅。

In 2015, Chinese companies bought up overseas companies in the oil, gas, mining and agribusiness sectors worth $12.6 billion, according to Dealogic.

2015年,中国企业并购海外石油天然气、采矿、农业等领域的企业总值126亿美元,Dealogic数据显示。

Since acquiring Adisseo of France in 2006, ChemChina itself has engaged in more than a half-dozen acquisitions of companies in Europe, the Middle East and Australia.

自从2006年收购法国的安迪苏(Adisseo)以来,中国化工已经在欧洲、中东和澳大利亚开展了近十宗并购。

It recently took a minority stake in Mercuria, a Swiss energy and commodities company, in a move to diversify its portfolio and expand into the energy sector.

该公司最近买进了瑞士能源和大宗商品企业摩科瑞(Mercuria)的少数股份,这是提高其资产组合多元性,迈进能源领域的一个举动。

Last year, ChemChina bought Pirelli, the Italian tire maker, for 7.1 billion euros, or about $7.7 billion. And just last month it sealed a deal for KraussMaffei, a German manufacturer of plastics and rubber processing machinery, for about $1 billion.

去年,中国化工以71亿欧元(约520亿元人民币)的价格收购了意大利轮胎厂商倍耐力(Pirelli)。就在上个月,该公司又与德国塑料和橡胶加工机械制造商克劳斯玛菲(KraussMaffei)达成并购交易,金额约10亿美元。

“The discussions between our two companies have been friendly, constructive and cooperative, and we are delighted that this collaboration has led to the agreement announced today,” Mr. Ren said in a news release. “We will continue to work alongside the management and employees of Syngenta to maintain the company’s leading competitive edge in the global agricultural technology field.”

“两家公司之间的讨论一直是友好、合作、有建设性的,通过这样的合作,我们今天得以喜悦地宣布这项协议,”任建新在一份新闻稿中表示。“我们会继续与先正达的管理层和员工合作,保持这家公司在全球农业技术领域的领先优势。”

Dyalco, JPMorgan Chase, Goldman Sachs and UBS and the law firms Bär & Karrer and Davis Polk advised Syngenta on the transaction. HSBC, China Citic Bank International and the law firms Simpson Thacher & Bartlett and Homburger advised ChemChina, and Credit Suisse served as the tender agent.

在此次交易中Dyalco、摩根大通(JPMorgan Chase)、高盛(Goldman Sachs)、瑞银(UBS),以及Bär & Karrer和Davis Polk这两家律师事务所为先正达充当顾问。汇丰银行(HSBC)、中信银行国际公司(China Citic Bank International),以及盛信律师事务所(Simpson Thacher & Bartlett)和衡博律师事务所(Homburger)为中国化工充当顾问,瑞信(Credit Suisse)为要约代理。

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