订阅

多平台阅读

微信订阅

杂志

申请纸刊赠阅

订阅每日电邮

移动应用

商业 - 工业和采矿

中国化工集团拟收购倍耐力

Geoffrey Smith 2015年03月25日

这是近年来国企最大的海外收购之一。中化集团将获得倍耐力的知识产权,并将其应用于增长较快的中国和亚洲市场。该集团在声明中表示,它可以让倍耐力轮胎的销量翻番,但没有提及所需的时间。

    马可•特隆凯蒂•普罗维拉再次取得了胜利。他既保留了对倍耐力的控制权,又从国外引进了另一位合作伙伴来振兴这家轮胎制造企业。

    周一凌晨,中国化工集团在北京宣布,该集团将收购特隆凯蒂•普罗维拉的控股公司Camfin,后者是倍耐力最大股东,持有26.19%的拦截性股权。

    据路透社报道,收购完成后,中化集团、Camfin以及“其他投资者”将对倍耐力剩余股份发起全面收购。其他投资者包括意大利联合信贷银行和联合圣保罗银行,以及俄罗斯石油公司。

    对骄傲的意大利蓝筹公司以及那些满脑子世袭制的控股大亨来说,这次收购充分体现了他们所面临的挑战。此举旨在让倍耐力获得足够的空间,以便保持全球竞争力,同时让公司的元老们继续掌握控制权。

    中化集团将获得倍耐力的知识产权,并将其应用于增长较快的中国和亚洲市场。该集团在声明中表示,它可以让倍耐力轮胎的销量翻番,但没有提及所需的时间。同时,如果倍耐力必须和固特异或者法国米其林这样的上市竞争对手合并,67岁的特隆凯蒂•普罗维拉在倍耐力的影响力将受到影响,而此举避免了这一情况的发生。中化集团董事长任建新表示,该公司“很高兴有机会和马可•特隆凯蒂•普罗维拉先生及其团队合作。”

    一年前,特隆凯蒂•普罗维拉将Camfin的一半股份转让给了俄罗斯石油公司,这似乎解决了问题。但此举很快给他带来了政治麻烦,原因是美国把俄罗斯石油公司及其董事长伊戈尔•谢钦(从俄罗斯石油公司进入倍耐力的四名董事之一)列入了制裁名单。我们给俄罗斯石油公司发了电子邮件,询问如果中化集团全面收购倍耐力,谢钦是否还会留在董事会,但尚未获得回应。

    中化集团对倍耐力的收购价为每股15欧元,比一年前俄罗斯石油公司的出价高20%。周一米兰证交所开盘后不久,倍耐力的股价就已经远远超过了这一水平。这表明市场认为要么随后的全面收购报价将更高,要么会有人站出来和中化集团竞价。

    本次收购对倍耐力的估值为70亿欧元(73亿美元)。它的另一个有趣之处在于,这是近年来中国国企实施的最大海外收购之一(只是本次收购的模式和其他中国国企最近的行为完全一致,那就是在其他意大利蓝筹公司取得少量股份。)(财富中文网)

    译者:Charlie

    Marco Tronchetti Provera has pulled it off again, managing to keep control of tiremaker Pirelli SpA even as he brings in yet another foreign partner to prop up the company.

    In a deal announced early Monday in Beijing, Chinese state-owned chemicals giant ChemChina, or CNCC, said it would buy Tronchetti Provera’s holding company Camfin, which is Pirelli’s biggest shareholder with a blocking stake of 26.19%.

    Once that deal is completed, CNCC will make a full takeover bid for the company together with Camfin and “other investors”, including Italian banks UnicreditSpA and IntesaSanpaoloSpA, as well as Russian oil company OAO Rosneft, Reuters reported.

    The deal is typical of the challenges facing Italy’s proud blue-chips and the dynastic-minded tycoons who control them. It aims at allowing the company to gaining enough scale to keep it globally competitive while keeping the company’s patriarch in control.

    CNCC will gain access to Pirelli’s intellectual property and roll it out in the faster growing Chinese and Asian markets–the statement says that it will be able to double sales volumes, although it doesn’t give a timeframe. At the same time, Tronchetti Provera, 67, avoids losing the degree of influence that would come if Pirelli had to merge with a listed rival like Goodyear Inc. GT 1.81% or France’s Michelin MGDDY -0.56% .Jianxin Ran, CNCC said it’s “delighted with the opportunity to team

    A year earlier, Tronchetti Provera appeared to have solved the problem by selling half of Camfin to Rosneft, but that quickly became a political problem for him as both Rosneft and its chairman Igor Sechin (one of four Pirelli board members from the Russian company) found themselves on U.S. sanctions lists. Rosneft didn’t immediately respond to an e-mail asking whether Sechin would remain a director the company after the full takeover.

    The deal values Pirelli at €15 a share, 20% more than Rosneft paid a year ago. And in early trading in Milan Monday, the shares rose well above that level, suggesting that the market thinks that either the full takeover bid, when it comes, will be higher, or that there may be a counter-offer from someone else.

    The deal is also interesting because, in valuing Pirelli at €7 billion ($7.3 billion), it’s one of the biggest foreign deals in recent years by a company backed by the Chinese state (although it’s entirely consistent with the way Chinese state institutions have snapped up smaller portfolio shares in other blue-chip Italian companies recently).

我来点评

  最新文章

最新文章:

500强情报中心

财富专栏