收購生變數 先正達股價下跌

Shares in Syngenta dropped as much as 9 per cent yesterday amid signs that ChemChina’s proposed $44bn takeover of the Swiss agribusiness group may be dragged into a lengthy EU competition probe.

先正達(Syngenta)的股價昨日下跌最多達9%，有跡象表明中國化工(ChemChina)對這家瑞士農業綜合企業發起的440億美元收購可能被拖入漫長的歐盟(EU)反壟斷調查。

ChemChina declined to submit any concessions to European competition authorities before a deadline last week, a step investors and analysts saw as necessary to gain early approval from the European Commission.

中國化工拒絕在上週的最後期限之前向歐洲的競爭事務主管部門提交任何讓步，而投資者和分析師普遍認爲，此類讓步是獲得歐盟委員會(European Commission)及早批准所必需的。

They added that they now expect the commission to launch an in-depth investigation into the agribusiness megadeal — the biggest Chinese takeover of a foreign company.

他們補充說，他們現在預期，歐盟委員會將對這筆大規模的農業企業交易（中資有史以來對境外企業的最大收購）啓動深入調查。

A deeper EU probe would increase the risk that the year-end deadline for completing the deal, which ChemChina had communicated to investors, is missed. After falling 9 per cent, Syngenta’s shares were down 6 per cent lower, at SFr397.5, at close of trading in Zurich.

中國化工曾通知投資者，完成這筆交易的截止期限是今年年底，更深入的歐盟調查將增加錯過這一期限的風險。昨日先正達股價在瑞士蘇黎世一度下跌9%，收盤下跌6%，至397.5瑞士法郎。

These declines represent the latest in a series of jitters surrounding the takeover. In recent weeks, ChemChina has also faced questions over its ability to pay for the transaction as well as reports that the Chinese government is looking to merge it with its mainland rival Sinochem.

股價下跌代表着圍繞這筆收購的一系列變數的最新一例。近幾周來，中國化工還面臨着它是否有能力爲這筆交易買單的問題，同時有報道稱，中國政府考慮將其與國內競爭對手中化集團(Sinochem)合併。

One investor said: “Shareholders in Syngenta have been rattled in recent weeks as a result of Chinese media reports that their own journalists have been unable to confirm all parts of the ultimate financing structure for the ChemChina takeover.”

一位投資者說：“先正達的股東在近幾週一直緊張不安，因爲中國媒體報道稱，他們的記者無法覈實中國化工收購的最終融資結構的所有部分。”

The shareholder said further concerns centred on “whether a potential merger between Sinochem and ChemChina could have implications for the Syngenta deal”.

該股東表示，進一步的擔憂集中於“中化集團與中國化工的潛在合併會不會對先正達交易產生影響”。

Companies typically offer concessions during the European regulators’ initial review of a takeover, in an attempt to obtain quick approval. In the ChemChina-Syngenta deal, the commission has until Friday either to approve the deal or to launch a “phase two” investigation. It has declined to comment.

企業通常在歐洲監管機構對收購進行初步審查期間提交讓步，以求獲得快速批准。對於中國化工與先正達的交易，歐盟委員會應該最遲在週五批准交易或發起“第二階段”調查。該機構不願發表評論。

ChemChina’s decision not to offer any concessions could therefore indicate confidence in phase one approval for the deal — or a belief that an in-depth review is inevitable. ChemChina did not respond to requests for comment.

因此，中國化工決定不作出任何讓步，可能表明有信心在第一階段審查中順利過關，也可能表明相信深入審查反正不可避免。中國化工沒有迴應記者的置評請求。

A Syngenta spokesman referred to its previous guidance that the transaction was expected to close by the end of the year. A “constructive dialogue” with the EU was continuing, the company added, but a broader update on the transaction will be provided today, when Syngenta is scheduled to publish a trading statement for the third quarter.

先正達發言人提到其先前的指引，即預計這筆交易將在年底完成。該公司補充說，與歐盟的“建設性對話”正在繼續，但該公司將在今日發佈第三季度經營業績，屆時將更全面地介紹這筆交易的進展情況。

Analysts at Bernstein said they believed the decision by ChemChina suggested the deal will go to a phase two review.

伯恩斯坦(Bernstein)的分析師們表示，他們認爲中國化工的決定似乎表明，這筆交易將經受第二階段審查。

“By going into phase two for a more detailed review, ChemChina-Syngenta might be able to go through with smaller concessions (divestments) than what they will have to do now if they want to clear it in phase one,” the analysts said.

“相比爭取在第一階段就過關，通過進入第二階段的更詳細審查，中國化工-先正達也許能夠以更小的讓步（資產剝離）過關，”這些分析師表示。