中印企业将是亚太地区并购主力军

飞雪寒冰

Investment bankers are forecasting a stellar year for mergers and acquisitions in Asia following a leap in the value of both inbound and outbound transactions in 2010.
2010年亚太地区外资并购和海外并购两方面的交易金额都出现激增，投资银行家们目前预计，今年该地区并购活动仍将保持活跃。

Outbound M&A soared 166 per cent to a record $126.1bn in the region excluding Japan and Australia, according to Citigroup, with total deal flows including inbound and intra-regional transactions jumping 48.8 per cent to a record $470.5bn.
根据花旗集团(Citigroup)的数据，不包括日本和澳大利亚，2010年亚太地区的海外并购金额劲增166%，至1261亿美元，创历史新高；包括外资并购和区域内并购在内的总并购金额猛增48.8%，至4705亿美元，也是历史最高水平。

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Significantly, deal flows were strongest in the last two quarters, giving bankers confidence that the bull run would continue in 2011. “We expect as much as a 30 per cent gain this year,” says Colin Banfield, head of mergers for Citigroup in Hong Kong.
值得注意的是，后两个季度的交易活动尤其活跃，因此银行家们相信这股热潮将延续至今年。“我们预计增幅将高达30%。”花旗集团常驻香港的亚太区并购部主管彭高年(Colin Banfield)表示。

The surge in M&A activity comes against a background of record levels of activity in the capital markets, with $163.2bn raised through 768 initial public offerings last year, according to Dealogic, compared with just $70.2bn in 354 listings in 2009. Debt issuance also hit a record, with 3,082 deals raising $466.9bn.
并购激增的背景是，资本市场的活动达到了历来最为火热的程度。根据Dealogic的数据，去年该地区共进行768起IPO，融资总额为1632亿美元，相比之下，2009年仅354起，融资总额702亿元。债券发行同样创下新高，共3082起，融资总额4669亿美元。

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Dealmakers say both the capital markets records and the jump in M&A are being driven by a rise in confidence following Asia’s V-shaped recovery from the global financial crisis, which is estimated by the Asian Development Bank to have generated economic growth of 8.2 per cent across the region last year.
交易者称，资本市场活动创纪录和并购激增，是由于亚洲从全球金融危机中展开V型复苏使人们信心增强的缘故。据亚洲开发银行(ADB)估计，去年整个地区的经济因此增长了8.2%。

Dealmakers say that this year’s driving forces in M&A are likely to be companies based in India and China, although for different reasons.
交易者称，今年并购活动的主力军很可能是中印企业，但两国企业实施并购的理由各不相同。

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In India, Mukesh Ambani’s Reliance Industries spent close to $3bn last year on stakes in energy producers such as Atlas Energy and Pioneer Natural Resources of the US.
在印度，穆克什•安巴尼(Mukesh Ambani)的信实工业(Reliance Industries)去年斥资近30亿美元，收购了美国的Atlas Energy和先锋自然资源公司(Pioneer Natural Resources)等能源企业的股权。

However, bankers close to Mr Ambani say he has told them he wants to spend a total of $10bn to $12bn on such deals, reflecting the ambition of a new generation of Indian executives who are beginning to outgrow their home market and are confident of their ability to manage outside.
然而，一些与安巴尼关系密切的银行家表示，安巴尼跟他们说过，他打算在这类交易上花个100-120亿美元。印度新一代企业家的雄心由此可见一斑。他们开始不满足于本国市场，对自己管理海外业务的能力充满信心。

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“There is a strong self belief in India, and credit is more available than in the past,” says Matthew Hanning, joint head of investment banking for Asia at UBS in Hong Kong.
“印度人现在有一种强烈的自信，而且信贷也比以前容易获得。”瑞银集团(UBS)常驻香港的亚太区投行业务联席主管马修•汉宁(Matthew Hanning)表示。

Mr Hanning says there are very few acquisitions that companies cannot afford to finance. “If the deal and the valuation make sense, there is no shortage of capital in the world,” he says.
汉宁表示，让企业资金上负担不起的收购寥寥无几。“只要交易可取，估值合理，在这个世界上是不缺少资金的。”

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Meanwhile, Chinese companies are continuing their relentless global search for natural resources companies and assets, encouraged by Beijing, as China’s reserves continue to swell.
与此同时，随着中国外汇储备不断膨胀，中国企业在本国政府鼓励之下，正在全球范围内持续不懈地寻找自然资源企业和资产。

On Thursday, PetroChina agreed to pay $5.4bn for a stake in a gas field in Western Canada owned by Encana, further raising the profile of Chinese oil companies in North America.
上周四，中石油(PetroChina)同意以54亿美元收购加拿大能源公司(Encana)在加拿大西部的一处天然气田的部分股权，一进步提升了中国石油企业在北美的形象。

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Last year, about $38bn in outward bound investment came from China, according to data from PwC – about a quarter of the total for the region.
根据普华永道(PwC)的数据，去年中国对外投资总额约为380亿美元——大约占整个地区的四分之一。

“There is a certain maturation process,” says Todd Marin, head of investment banking for JPMorgan in Asia Pacific. “At a certain stage, you can grow organically, but then to move to the next level, you start looking at deals.”
“有一个必然的成熟过程，”摩根大通(JPMorgan)亚太区并购部主管马宏涛(Todd Marin)表示，“在某个特定阶段，你可以实现有机增长，但接着要进入下个阶段，你就会开始留心交易。”

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Citi’s detailed analysis of M&A activity shows that outbound deal flows were also very strong from Australia and Japan, in part reflecting the strength of the yen and the Australian dollar, which reduces the local currency cost of overseas acquisitions.
花旗详细的并购活动分析报告显示，澳大利亚和日本的对外并购交易也极其活跃，这部分是由于日元和澳元走强的缘故，因为本币升值会降低海外收购成本。

Australia recorded a rise of 220 per cent in outbound transactions to $21.8bn, with a 161 per cent increase in overall deal flows to $161.9bn.
澳大利亚海外并购交易金额增长220%，至218亿美元；外资和国内并购活动的交易金额增长161%，至1619亿美元。

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Japanese outbound M&A was up 97 per cent to $38.4bn, though remained well below the record of $67.7bn in 2008. Overall, Japanese transactions fell by 1.9 per cent to $121.9bn, reflecting a fall in inbound deals caused by the country’s relatively slow-growing economy.
日本海外并购金额增长97%，至384亿美元，但仍远低于2008年创下的历史最高纪录——677亿美元。外资和国内并购金额上升1.9%，至1219亿美元，其中，由于日本经济增长相对缓慢，外资并购出现下滑。

In total, the Asia Pacific region now accounts for 23.4 per cent of global inbound M&A, nearly double its level of 12.7 per cent in 2004. On current trends, the region is poised to pass the European Union, which last year accounted for 26.9 per cent of global inbound deals and is fast catching the US, which accounted for 37.8 per cent.
总体而言，在全球外资并购活动中，亚太地区占了23.4%，比2004年的12.7%扩大近一倍。按照当前趋势，亚太地区有望超过欧盟，并迅速追赶美国。去年欧盟和美国在全球外资并购活动中分别占据了26.9%和37.8%。

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Asian deal sizes are becoming larger, with a record 144 transactions worth more than $1bn in 2010, compared with 91 in 2009, and a record 20 worth more than $5bn, up from seven.
亚洲并购交易的规模越来越大。2010年10亿美元以上的交易达到创纪录的144起，2009年还只有91起；50亿美元以上的交易为20起，同样是历史最高纪录，而2009年仅为7起。

Asian companies are also becoming more aggressive, say dealmakers, often taking the initiative in transactions and persisting after initial rebuffs.
交易撮合者称，亚洲企业也正变得越来越激进，经常主动发起收购，在起初遭到拒绝后也不放弃。