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英国高伟绅律师行香港合伙人Andrew Whan:如何成功收购中国国企?

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发表于 2007-3-18 23:05:00 | 显示全部楼层

英国高伟绅律师行香港合伙人Andrew Whan:如何成功收购中国国企?


 
作者:高伟绅律师事务所香港办事处合伙人安德鲁•惠恩(Andrew Whan)


2007年1月24日 星期三
 
 
总体来讲,对于那些期望在中国收购国有企业的私人股本投资者而言,去年是令人沮丧的一年。

美国私人股本集团凯雷(Carlyle)试图收购中国徐工机械(Xugong)的案例,或许就是最好的证据。徐工机械是中国最大的国有建筑机械制造商。2005年10月,凯雷同意支付3.75亿美元,收购徐工85%的股份,但这笔交易被中国政府搁置了一年。2006年10月,凯雷将其拟议收购的股份比例减少至50%。

一些私人股本机构已经转变了投资策略。

去年12月初,高盛(Goldman Sachs)宣布了3笔投资计划,打算通过私人配售(private placement)方式,收购中国A股上市企业的少数股权。其收购对象包括:汽车玻璃制造商福耀玻璃(Fuyao Glass)、家用电器制造商美的电器(Midea Electronics Appliance)、成都铝箔制造商阳之光(Chengdu Yangzhiguang)。

高盛此举得益于中国1年之前刚刚开始实施的新规定。该规定取消了长期以来禁止外国投资者直接收购中国上市企业A股的禁令。

在每笔交易中,高盛均同意收购大约10%的股份(这是成为外国“战略投资者”的最低投资限额),并将支付几乎最低的价格,即发布公告前20个交易日平均股价的90%。这些投资需要获得商务部(Ministry of Commerce)和中国证监会(CSRC)的批准。按照中国的法律,高盛所持的A股将有3年禁售期。发布公告后,三家企业的股价均大幅飙升。

去年11月,汉鼎亚太(H&Q Asia Pacific)宣布,在获得所有相关部门的批准后,该公司以4500万美元收购了玉柴工程机械(Yuchai Engineering) 43.3%的股份。玉柴工程机械是中国小型工程机械的领军企业。

很明显,由于收购控股股权容易遭遇反对,一些私人股本机构转而选择收购少数股权。这种做法更容易获得监管机构批准,并可以规避政治方面的敏感问题。

这是否标志着外资无法在中国进行大型收购?不一定。

去年11月,中国商务部批准了一笔交易,允许高盛和中国私人股本机构鼎晖国际投资(CDH)组建的财团Rotary Vortex,以3.25亿美元的价格,收购中国最大的国有肉类加工企业双汇集团(Shineway Group)的全部股份,及双汇集团上市子公司25%的股份。商务部批准投资者完全收购一家国有企业,将令私人股本机构看到希望。

评论人士指出了双汇和徐工之间一个关键的区别:肉类加工与中国的国家安全没有关系。

[attachimg]56672[/attachimg]

本文作者是高伟绅律师事务所(Clifford Chance)香港办事处合伙人。

译者/ 陈家易



[此贴子已经被作者于2007-3-22 19:10:43编辑过]

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 楼主| 发表于 2007-3-18 23:06:00 | 显示全部楼层

WHEN EQUITY IS DIFFICULT TO BUY
 
 
By Andrew Whan

Wednesday, January 24, 2007
 
 
Last year was generally a dismal one for private equity investors looking to buy out state-owned enterprises in China.

This was perhaps best exemplified by US private equity investor Carlyle's attempt to buy out Xugong, the biggest state-owned construction machinery manufacturer. In October 2005, Carlyle agreed to pay $375m for 85 per cent of Xugong. In October 2006, after a year of being blocked by the government, Carlyle reduced its proposed stake to 50 per cent.

Some private equity houses have switched investment strategies.

In early December, Goldman Sachs announced three investments involving acquisition of minority stakes in companies with A-shares listed on China's stock exchanges through private placements: Fuyao Glass, an automobile windscreen manufacturer, Midea Electronics Appliance, a household electrical appliances manufacturer, and Chengdu Yangzhiguang, maker of aluminium foil.

Goldman Sachs has taken advantage of rulesthat came into effect a year ago removing a long-standing prohibition on foreign investors acquiring A-shares of listed companies in China directly.

In each case, Goldman Sachs agreed to acquire about a 10 per cent stake, the statutory minimum for foreign “strategic investments”, and to pay close to the minimum price, which is 90 per cent of the 20-day historical trading average price before announcement of the deal. These investments require the approval of the Ministry of Commerce and the China Securities Regulatory Commission. Under Chinese law, Goldman Sachs's A-shares will be subject to a three-year lock-up. The three investments' share prices have soared since the announcements.

Last November, H&Q Asia Pacific announced the completion of its $45m acquisition of a 43.3 per cent stake in Yuchai Engineering, a leader in the small-sized excavator industry in China, after obtaining all relevant government approvals.

Clearly, some private equity houses are making headway by taking minority as opposed to controlling stakes, making it easier to obtain regulatory approvals and sidestepping politically sensitive concerns.

Does this signal the demise of big buy-outs in China? Not necessarily.

In November, the Ministry of Commerce approved the $325m acquisition by Rotary Vortex, a consortium formed by Goldman Sachs and Chinese private equity house CDH, of a 100 per cent stake in Shineway Group, the biggest state- owned meat processor, as well as a 25 per cent stake in its listed subsidiary. The Ministry of Commerce's approval of a buy-out of an SOE will be a relief to private equity players.

Commentators point out a crucial difference between the Shineway and Xugong deals: meat processing has little to do with China's national security.

The writer is a partner in the Hong Kong office of Clifford Chance

 楼主| 发表于 2007-3-18 23:07:00 | 显示全部楼层

英国高伟绅律师事务所北京代表处
  

CLIFFORD CHANCE LLP BEIJING REPRESENTATIVE OFFICE(UK)

原批准日期:1993年9月6日

执业许可证号:司律证外字2002第2-0001号

重新核准日期:2002年6月10日

首席代表:简慧敏(Carmen Kan)

驻在地址:北京朝阳区建外大街1号国贸大厦1座3326室

邮编:100004

电话:(010)65059018

传真:(010)65059028

网址:www.cliffordchance.com

E-mail:Tingting.tan@ cliffordchance.com


英国高伟绅律师事务所上海代表处


CLIFFORD CHANCE LLP SHANGHAI REPRESENTATIVE OFFICE (UK)


原批准日期:1993年3月20日


执业许可证号:司律证外字2002第1-0043号


重新核准日期:2002年9月12日


首席代表:Stephen Pioer Harder(何思砥)


地址:延安东路222号外滩中心4001-4005室


邮编:200002


电话:63350086


传真:63350337


网址:www.cliffordchance.com


[此贴子已经被作者于2007-3-19 10:14:07编辑过]
 楼主| 发表于 2007-3-18 23:07:00 | 显示全部楼层

相关信息:http://forum.chasedream.com/dispbbs.asp?boardID=70&ID=195679&page=8


[此贴子已经被作者于2007-3-19 10:16:45编辑过]
发表于 2007-3-19 09:56:00 | 显示全部楼层

deleting my comment per LZ's request.


[此贴子已经被作者于2007-3-19 11:54:30编辑过]
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