【英语科技】上海汽车或将收购通用汽车约1%股权

In a sign of the changing fortunes of the world's top two economies, China's biggest auto maker, SAIC Motor Corp., is negotiating to acquire a stake of about 1% in General Motors Co. worth about $500 million, according to a person familiar with the matter.

The U.S. auto maker also is prepared to sell more than $1 billion worth of shares to sovereign wealth funds in the Middle East and Asia. Combined, the sales would give foreign investors roughly 16% of the shares to be sold next week under an initial public offering of stock, and give them a stake of some 4% in the Detroit auto maker. GM declined to comment on the talks.

(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)

The issue of overseas investors buying GM shares in the company's IPO has been a sensitive one for the U.S. government, which plans to reduce its 61% stake in the auto maker to around 35% through the IPO.

The investment in GM by government-owned SAIC would be the latest in string of deals giving Chinese companies stakes in big-name Western companies. In 2007, China's sovereign wealth fund, China Investment Corp., took a 9.9% stake in securities firm Morgan Stanley. Pacific Century Motors recently took over GM's former steering unit, now called Nexteer, and Shougang Corp. bought Delphi Corp.'s brake unit.

The U.S. Treasury has to walk a fine line. Attracting foreign investors will help pull off a listing of GM's size. But the Treasury has also had to weigh the possible political outcry if investors abroad are allowed to acquire a significant stake in GM, after U.S. taxpayers spent $50 billion to carry the company through bankruptcy reorganization, people familiar with the matter have said. The Canadian government also helped bail out GM, which has operations in Ontario.

GM's IPO allocations likely will include three or four sovereign wealth funds, in addition to SAIC, according to a person familiar with the situation.

The investments would represent the latest in a wave of capital infusions into U.S. companies that first gained momentum in 2007, when the credit crisis prompted U.S. banks and other companies to search abroad for capital. In addition to its 2007 investment, China Investment Corp. followed up with a $1.2 billion investment in Morgan Stanley two years later, according to Dealogic. The same fund also paid $3 billion in 2007 for a 10% stake in Blackstone Group LP.

Sovereign wealth funds, in particular, are attractive investors to GM and its bankers because they tend to hold investments long-term, providing stability for the company.

GM executives are in the midst of a 'road show' to pitch the IPO to investors. The tour won't stop in the Middle East or Asia, but GM has worked to court investors in both places. GM Chief Executive Officer Daniel Akerson last month went to the Middle East to speak to potential investors, and Vice Chairman Stephen Girsky recently went to Korea, say people familiar with the situation. A final decision on the SAIC stake could come within a few days.

SAIC and GM are partners in a Chinese joint venture, started in 1997, that makes Buick, Cadillac and Chevrolet vehicles. The partnership has earned GM hundreds of millions of dollars over the years and has made GM the largest foreign auto maker in China. GM and SAIC also have a joint venture in India.

Years ago, government-owned SAIC was the junior partner with GM, relying on the U.S. company for technology, engineering and capital. But amid GM's troubles, government-owned SAIC has become a bigger player. In the course of GM's restructuring, the American company sold part of its stake in the partnership, giving SAIC a 51% stake.

China, with the world's biggest and fastest-growing auto market, is now a key source of strength for GM and has been central in its pitch to investors for the IPO. GM is now the top-selling foreign brand in China, having overtaken Volkswagen AG. This year, for the first time, GM is selling more vehicles in China than in the U.S.

GM, in the IPO, will seek to sell $10 billion in common shares and $3 billion in preferred shares. The U.S. Treasury would sell about $7 billion of its shares assuming a $27.50 price. A United Auto Workers trust, which pays for retiree health care, would sell $2 billion of its shares, while Canada and Ontario would offload $1 billion of shares, assuming the same price.

GM set a target of between $26 and $29 a share for its IPO. Investor demand could drive that price to $30 a share or above. Investors are sending signals to deal underwriters that they would pay a higher price for shares than the target, people involved in the offering said.

If that happens, it would be good news for the Obama administration, which could be criticized for pricing the deal too low-thus shortchanging taxpayers-if GM's stock price rises sharply after the offering.

GM plans to price the IPO Wednesday and sell shares the following day, people familiar with its plans said.

The auto maker this week reported a $2 billion profit for the third quarter and said it is on track for its first profitable year since 2004, bolstering the company's prospects on Wall Street.

AFP/Getty Images上汽总裁陈虹（左）与通用副总裁Thomas Stephens握手。
知情人士说，作为全球两个主要经济体──中国和美国时运变迁的一个信号，中国最大汽车生产商上海汽车集团股份有限公司(简称：上海汽车)正在就以约5亿美元收购通用汽车公司(General Motors Co.) 约1%股权与后者进行谈判。

通用汽车还准备将价值逾10亿美元的股票出售给中东和亚洲地区的一些主权财富基金。本周通用汽车将进行首次公开募股（IPO）,出售股份将使海外投资者大约持有IPO中16%的股份，占通用汽车股权的约4%。通用汽车拒绝就相关谈判发表评论。

海外投资者在通用汽车IPO中购买该公司股票，是美国政府较为敏感的一件事。美国政府计划通过IPO将其在该汽车生产企业中的股权从61%降至35%左右。

作为中国国有企业的上海汽车对通用汽车的投资是中国企业一系列收购西方知名企业股权行动中的最近一次。2007年中国主权财富基金中投公司收购了证券机构摩根士丹利（Morgan Stanley）的9.9%股权。中国的太平洋世纪汽车系统有限公司(Pacific Century Motors)近期收购了通用汽车原有的转向系统业务，目前名为Nexteer，首钢集团则收购了德尔福（Delphi Corp.）的刹车业务。

美国财政部不得不小心行事。吸引海外投资者将帮助通用汽车这种规模的企业实现成功上市。但知情人士说，财政部也必须考虑如果允许海外投资者获得通用汽车大量股权而可能出现的政治抗议，之前美国纳税人花费了500亿美元将该公司进行破产重组。加拿大政府当时也出手帮助了通用汽车，该公司在加拿大的安大略省有业务。

知情人士说，在上海汽车以外，通用汽车的IPO配置可能将包括三四家主权财富基金。

2007年的信贷危机促使美国各银行和其他企业到海外寻找资本，促使海外向美国企业注资首次抬头，在那之后已有一系列资本注入美国企业，这次是最近一次。据Dealogic称，中投公司在2007年投资以后，两年后又对摩根士丹利追加投资12亿美元。中投公司还于2007年向百仕通（Blackstone Group LP.）投资30亿美元，获得了后者10%的股权。

对于通用汽车及其承销商来说，主权财富基金的投资尤其具有吸引力，因为它们往往会长期持有，从而为公司带来稳定性。

通用汽车高管正在进行IPO路演，以向投资者推销其股票。这场路演不会止于中东或亚洲，但通用汽车已在努力讨好这两地的投资者。知情人士说，通用汽车的首席执行长阿克森(Daniel Akerson)上月到访中东，向潜在投资者发表演讲，其副董事长葛斯基(Stephen Girsky)近期到访韩国。对于上海汽车收购通用汽车股权一事几天之内可能会有定论。

上海汽车和通用汽车是中国一个合资公司的合作伙伴，该合资公司建于1997年，生产别克(Buick)、凯迪拉克(Cadillac)和雪佛兰(Chevrolet)汽车。两者的合作关系使通用汽车这些年赚取了上亿美元，也让通用汽车成为中国最大的外国汽车制造商。此外，通用汽车和上海汽车集团在印度也有一个合资公司。

多年前，政府控股的上海汽车是通用汽车较小规模的合作者，并依赖后者的技术、工程和资本。但在通用汽车身陷困境的同时，政府控股的上海汽车开始逐渐发展成为一个较大的汽车生产商。通用汽车在重组过程中，将其在合资企业中的部分股权卖给上海汽车，后者由此获得了合资企业51%的股权。

中国是目前世界上规模最大、增长速度最快的汽车市场，现在成为通用汽车力量的主要来源，同时也是通用汽车向投资者推销其IPO的核心地区。通用汽车现已超过德国大众汽车(Volkswagen AG)，成为中国最畅销的外国汽车品牌。今年，通用汽车公司在中国的汽车销量首次超过在美国本土的销量。

通用汽车此次IPO，将寻求发行100亿美元的普通股和30亿美元的优先股。美国财政部预计将以每股27.50美元出售约70亿美元通用汽车的股份。一支为退休人员支付医疗保险的全美汽车工人联合会(United Auto Workers)信托基金，将出售20亿美元的通用汽车股份，而加拿大和安大略省预计将以同样每股27.50美元出售10亿美元通用汽车的股份。

通用汽车将IPO目标价定在每股26-29美元。投资者需求可能将股价推至每股30美元或更高。了解此次公开募股的人士说，投资者正向IPO承销商发出信号，表示愿为通用汽车股票支付高于定价的价格。

如果真是这样，对于奥巴马政府来说应该是个好消息。如果通用汽车IPO之后其股价飞速上涨，美国政府可能会因给通用汽车股份定价过低从而令纳税人蒙受损失而受到抨击。

知情人士说，通用汽车计划周三为IPO定价，第二天开始上市销售。

通用汽车本周公布，其三季度实现利润20亿美元，同时表示，其有望实现2004年以来的首次年度盈利，从而提振了该公司上市的前景。