中國(guó)海外并購(gòu)為何舍得花大錢？

　　撮合并購(gòu)交易的人知道，要想交易獲得成功，你必須使自己的資產(chǎn)比負(fù)債更有吸引力。中國(guó)企業(yè)正在學(xué)會(huì)這一點(diǎn)。

　　不妨看看中石化集團(tuán)斥資72億美元收購(gòu)Addax的交易，后者在非洲有規(guī)模可觀的業(yè)務(wù)。分析師們說(shuō)，中國(guó)國(guó)有石油公司中石化開(kāi)出的收購(gòu)價(jià)比業(yè)內(nèi)正常水平高很多。中石化的出價(jià)相當(dāng)于以每桶34美元的價(jià)格收購(gòu)Addax的探明儲(chǔ)量，以每桶14美元的價(jià)格收購(gòu)該公司的可能儲(chǔ)量。而在原油平均價(jià)格與目前相當(dāng)?shù)?007年，非洲石油資產(chǎn)交易的平均收購(gòu)價(jià)是：探明儲(chǔ)量每桶14.40美元，可能儲(chǔ)量每桶9.90美元。以探明儲(chǔ)量計(jì)，如果基于2007年的平均油價(jià)，那么中石化這筆收購(gòu)交易的價(jià)格應(yīng)為31億美元。這意味著，中石化此次72億美元的出價(jià)存在135%的溢價(jià)。

　　業(yè)內(nèi)人士說(shuō)，中國(guó)之所以愿意出高價(jià)收購(gòu)，是因?yàn)樗庇诰鹑∪蜃匀毁Y源，它還需要克服最近幾年一直在妨礙中國(guó)國(guó)有公司海外收購(gòu)努力的政治困難。最能體現(xiàn)這種困難的案例是中國(guó)國(guó)有石油企業(yè)中國(guó)海洋石油總公司（Cnooc） 2005年競(jìng)購(gòu)美國(guó)加州聯(lián)合石油公司（Unocal）遭遇失敗，以及三周前英-澳礦業(yè)公司力拓（Rio Tinto）拒絕了中國(guó)鋁業(yè)公司（Chinalco） 195億美元的投資。在這兩樁交易中，政治因素都起了阻礙作用。

　　在先前遭遇一系列挫折后，中國(guó)公司今年加快了并購(gòu)步伐，雖然中鋁投資力拓以失敗告終，但不惜重金一直是中國(guó)企業(yè)海外收購(gòu)策略的重要組成部分。（中鋁在交易失敗后一直說(shuō)，它曾表示愿意提高對(duì)力拓資產(chǎn)的出價(jià)。

　　韓國(guó)國(guó)家石油公司（KNoc）也參與了對(duì)Addax的競(jìng)購(gòu)。該公司說(shuō)，它并沒(méi)有多少勝算，因?yàn)槠渲袊?guó)對(duì)手開(kāi)出的價(jià)格非常誘人。中石化報(bào)出的每股收購(gòu)價(jià)為52.8加元，比Addax在6月5日的股價(jià)高出47%.6月6日，收購(gòu)Addax的初步談判正在進(jìn)行這一消息對(duì)外公布。

　　中石化這樁收購(gòu)交易還顯示，中國(guó)愿意冒險(xiǎn)，因?yàn)槭召?gòu)Addax后中石化將在石油豐富但卻具有政治敏感性的伊拉克庫(kù)爾德斯坦地區(qū)獲得立足點(diǎn)，并能在西非海域擁有業(yè)務(wù)。西非海域雖然是石油行業(yè)最熱門的勘探區(qū)之一，但在這個(gè)包括尼日利亞在內(nèi)的地區(qū)，當(dāng)?shù)匚溲b分子一直在騷擾石油鉆探企業(yè)。

　　今年到目前為止，中國(guó)公司在油氣領(lǐng)域已經(jīng)達(dá)成了10宗并購(gòu)交易。中國(guó)企業(yè)去年的油氣并購(gòu)交易是14宗。中石化的這樁交易如能完成，將成為中國(guó)在自然資源方面規(guī)模最大的海外并購(gòu)交易。這宗交易還將使中國(guó)在油氣資源領(lǐng)域的并購(gòu)額增加到120億美元，比去年同期增加

　　只要中國(guó)的國(guó)有企業(yè)試圖到海外收購(gòu)業(yè)務(wù)，特別是在自然資源等敏感領(lǐng)域，政治因素就是個(gè)很難回避的問(wèn)題。但鑒于世界經(jīng)濟(jì)的增長(zhǎng)速度出現(xiàn)放緩，許多企業(yè)都急需資金，因此擁有大量資金的中國(guó)可以讓顯示力量對(duì)比的天平向自己一方傾斜。

　　Examining China Inc's Merger Deals

　　Deal makers know that to succeed you have to make your assets speak louder than your liabilities. China Inc. is learning that lesson.

　　Just look at Sinopec's bid to acquire Swiss oil company Addax， which has a big presence in Africa. The price that China Petrochemical Corp.， the Chinese state-owned oil company known as Sinopec， is offering is much higher than usual for the sector， analysts say. Sinopec's offer is equivalent to $34 a barrel of proved reserves and $14 a barrel of proved and probable reserves. The African transaction average in 2007， when the average crude price is similar to current prices， was $14.40 a barrel for proved reserves and $9.90 for proved and probable reserves， respectively. On a proved basis， the 2007 average suggests $3.1 billion total value for the deal. Therefore， $7.2 billion implies a 135% premium.

　　People in the industry say China is willing to overpay because it is eager to snatch up global natural resources and it needs to overcome the kinds of political difficulties that hampered Chinese state-owned companies' overseas takeover attempts in recent years. This was seen most famously in the failed attempt by state-owned oil company Cnooc to acquire Unocal in 2005 and， three weeks ago， when Anglo-Australian miner Rio Tinto turned down Chinalco's historic $19.5 billion deal. In both cases， political static helped doom the deals.

　　After laying low， China Inc. has picked up its M&A pace this year， the Rio failure notwithstanding， and a willingness to pay dearly has been a big part of its strategy. （Chinalco has since said it had been willing to increase its offer to Rio.）

　　KNoc also bid for Addax. The South Korean company says it didn't have a lot of chance because its Chinese competitor put up a very attractive offer. Sinopec offered C$52.8 a share， a 47% premium of Addax's June 5 stock price， the day before the announcement of the preliminary takeover talks.

　　The deal also shows China's willingness to take risks， as Sinopec would gain a presence in oil-rich but politically sensitive Iraqi Kurdistan as well as offshore West Africa， one of the hottest sectors of the oil world but one that includes Nigeria， where local militants continually harass drillers.

　　Already this year， Chinese companies have notched 10 deals in the oil & gas space. The total number of oil & gas deals in all of last year was 14. This Sinopec deal， if completed， would be the largest overseas takeover in China's M&A history in natural resources The deal also would boost the value of Chinese oil & gas mergers and acquisition to $12 billion， up 80% from the same period last year.

　　As long as government-owned Chinese companies are trying to buy business overseas， especially in sensitive sectors like natural resources， political issues will be hard to avoid. But with the world in an economic slowdown， companies are hungry for cash and China has a lot of it to tilt the balance in its favor.