【英语中国】中资企业进军日本 并购交易引发担忧

双语秀   2016-05-17 19:31   68   0  

2010-7-7 15:30

小艾摘要: Chinese companies are snapping up Japanese firms at a faster pace than ever, creating angst and opportunity in equal measure throughout Fortress Japan.The latest example: CITIC Capital Partners, a pri ...
Chinese companies are snapping up Japanese firms at a faster pace than ever, creating angst and opportunity in equal measure throughout Fortress Japan.

The latest example: CITIC Capital Partners, a private-equity firm that is affiliated with Chinese financial conglomerate CITIC Group, is buying a stake in Tokyo-headquartered heavy-duty-packaging firm Tri-Wall K.K. for $65.5 million, people familiar with the matter said.

The 18 deals so far this year are already equal to the number of transactions in all of 2009, when the value of deals totaled $546 million, according to data provider Dealogic. Although the dollar amount is still small, it is set to grow quickly, bankers said.

'Based on market-growth momentum this year, we believe market size could double or more over this year from last year,' said Shinya Hanamura, head of mergers and acquisitions at Mizuho Securities Co. in Tokyo.

Japanese companies are gradually warming to Chinese investment, partly because their own market is shrinking and their stock market is stagnating, Mr. Hanamura said.

Also, China is becoming a more attractive market relative to the U.S., where fears are growing about a double-dip recession, and Europe, which is in the throes of a sovereign-debt crisis. If a Chinese company can help the Japanese sell to the increasingly affluent Chinese, then foreign ownership becomes easier to stomach.

To be sure, Chinese companies have faced equal, if not greater, resistance in other jurisdictions. In one of the most famous cases, U.S. security concerns scuttled an attempt by the state-owned CNOOC Ltd. to buy Unocal Corp in 2005.

Still, the political climate for China-Japan investment has thawed in recent years. China is Japan's largest trading partner, and the Democratic Party of Japan, which took control of government in September, has been keen to improve strained relations.

CITIC Capital Partners is in the process of buying the stake in Tri-Wall, which specializes in triple-layered corrugated packaging, with the idea of helping it grow further in China. Tri-Wall already makes 30% to 40% of its sales in China, one of the people said. Eventually, it could list in Hong Kong, where it may fetch a higher valuation than in its domestic market, some of the people said.

The deal is expected to close later this month, the people said.

CITIC Capital Partners is buying the stake from Yuji Suzuki, the president, founder and controlling shareholder of Tri-Wall, as well as from Japanese private-equity firm Ant Capital Partners Co. and others, the people said.

Other deals this year include Chinese textile maker Shandong Ruyi Group's acquisition of a 41% stake in Japanese apparel maker Renown Inc. for $44 million and Chinese-backed Marlion Holdings Ltd.'s purchase of a majority stake in golf-club maker and retailer Honma Golf Co. for an undisclosed amount. Last year, consumer-electronics retailer Suning Appliance Co. bought 27% of Japanese home-electronics retailer Laox Co.

Though relatively small companies, Renown, Honma and Laox are well known in Japan.

This means Japan has to overcome its deep-seated worries about foreign acquisitions. Many managers won't even consider selling assets unless they have no other choice. In several cases, a lender or private-equity firm has prompted the deal.

'Japanese managements typically relinquish control only as a last resort, after substantial shareholder destruction has occurred,' strategist Peter Eadon-Clarke at Macquarie Equities Research said in a recent note.

When Nikko Electric Industry Co.'s President Koji Kusano learned China's Ningbo Yunsheng Group Co. was interested in buying a stake in 2009, he told a local Japanese newspaper, 'Honestly, I had resistance to it,' even though his car-parts firm was struggling. He was later convinced that access to the Chinese market would help revive his company.

It isn't only Chinese companies that face resistance cracking the Japanese market. Almost all foreign firms have struggled to take and hold a bridgehead in the country -- giving rise to the epithet 'Fortress Japan.'

CITIC Capital Partners has made investments in several Japanese companies, such as coated-film maker Higashiyama Film, tableware-products maker Narumi China Corp. and food and beverage maker Pokka Corp., with the aim of helping them expand in China, while other large U.S. and European private-equity firms have struggled to seal deals.

Chinese managers, on the other hand, don't seem to care where they buy as long as the deal makes sense economically.

'The Chinese corporates we work with are open-minded about the location of the M&A opportunities and don't favor one country over another; they tend to focus on countries where they find the best opportunities,' said Todd Marin, head of Asian-Pacific investment banking at J.P. Morgan Securities Asia Pacific Ltd.

Chinese firms are particularly targeting technology, brands and global distribution channels, bankers said.

'Chinese companies are greatly interested in Japan. There is clear recognition and admiration for the underlying qualities of Japanese companies, particularly the product technology which is often industry-leading,' said Colin Banfield, Citigroup's head of Asian-Pacific mergers and acquisitions.

But the Chinese companies are also realistic about the barriers to investment.

'They don't fool themselves because geographically they are close or right now they have some hot money and are able to spend more aggressively than other parties,' said Mr. Banfield, who was in Tokyo to discuss opportunities with Japanese firms, including investment from China.
中国企业正在以比以往更快的速度收购日本企业,在“堡垒般”的日本各地引发了担忧情绪,同时也创造了机遇。

最新的例子是:据知情人士透露,中国金融集团中信集团的关联私募股权公司CITIC Capital Partners将斥资6,550万美元,收购总部位于东京的重型包装公司特耐王集团(Tri-Wall K.K.)。

据数据提供商Dealogic的数据,今年以来已经达成了18桩并购交易,与2009年全年数量相当,当时的总金额为5.46亿美元。银行家们说,尽管按金额来说规模仍然很小,却有望快速增长。

瑞穗证券(Mizuho Securities Co.)驻东京并购负责人花村信也(Shinya Hanamura)说,根据今年的市场增长势头,我们相信今年的市场规模可能会较去年增长一倍甚至更多。

花村信也说,日本企业开始逐渐对中国投资变得友好,部分原因是日本国内市场在萎缩,股市开始停滞。

此外,相对美国和欧洲来说,中国开始成为一个更具吸引力的市场。在美国,人们越来越担心会发生二次探底,而欧洲则正在遭受主权债务危机之苦。如果一家中资企业能够帮助日本人向日益富足的中国人销售产品,那么让外国人拥有企业的所有权就会变得更容易让人接受。

固然,中资企业在其他地方面临着同等的阻力,甚至更大的阻力。最知名的案例之一是,对美国安全的担忧令中国国有公司中海油2005年收购加州联合石油公司(Unocal Corp.)的尝试失败了。

尽管如此,近年来中日投资的政治气候却已经回暖。中国是日本最大的贸易伙伴,而去年9月份上台执政的日本民主党(Democratic Party of Japan)一直热切希望改善两国之间紧张的关系。

CITIC Capital Partners正在收购特耐王股权的过程之中,希望帮助其在中国实现进一步增长。特耐王主要从事三层波纹纸包装。一位知情人士说,中国已经占了特耐王销售额的30%至40%。一些知情人士说,特耐王最终可能会在香港上市,在香港它可能会比在国内市场上获得更高的估值。

上述知情人士说,预计交易将于本月晚些时候完成。

上述知情人士说,CITIC Capital Partners正在从特耐王总裁、创始人和控股股东铃木佑治(Yuji Suzuki)手中购买股权,此外,还有日本私募股权公司Ant Capital Partners Co.等公司。

今年其它交易还有中国纺织企业山东如意集团(Shandong Ruyi Group)以4400万美元收购日本服饰生产商Renown Inc. 41%的股份,华人出资的马林控股公司(Marlion Holdings Ltd)收购高尔夫俱乐部组织机构及零售商Honma Golf Co.的大部分股份,收购价格未公布。去年,消费类电子产品零售商苏宁电器股份有限公司(Suning Appliance Co)购买了日本电器零售企业Laox Co. 27%的股份。

Renown、 Honma及 Laox三家公司虽然规模较小,但在日本却是家喻户晓。

这意味着日本必须克服对外国收购事宜的深层次恐惧。许多经营者除非别无选择,否则不会考虑出售资产。在几起收购事宜中,是放贷方或者私募股权公司促成了交易的达成。

麦格理证券研究(Macquarie Equities Research)的策略师克拉克(Peter Eadon-Clarke)新发布报告称,日本管理层通常将放弃控制权视为在大量股东受损后的最后手段。

2009年,日本汽车零部件厂商日兴电机工业株式会社(Nikko Electric Industry Co.)总裁Koji Kusano在得知宁波韵升(集团) 股份有限公司(Ningbo Yunsheng Group Co.)有意购买其公司股份时,他对日本一家国内报纸坦言,尽管他的汽车零部件厂当时经营相当困难,他还是对此有过抵触情绪。后来,他承认,进入中国市场有助于其公司的经营复苏。

并非只有中国公司在进入日本市场之时面临抵制,几乎所有的外国公司要在日本市场获得、占有一席之地均大费周折,日本市场由此也得来一“堡垒”的绰号。

并购基金中信资本(Citic Capital Partners)已在几家日本公司进行了投资,以帮助这些公司拓展中国市场,如涂布膜制造商Higashiyama Film、餐具生产商鸣海制陶株式会社(Narumi China Corp)以及食品及饮料生产商Pokka Corp.。而其它一些大型美欧私募股权公司也克服困难进行了一些交易。

从另一方面说,只要交易具经济效益,中国的经营者似乎并不在意买入哪里的公司。

摩根大通证券(亚太)有限公司(J.P. Morgan Securities Asia Pacific Ltd.)亚太投资银行部负责人玛琳(Todd Marin)说,与他们合作的中国企业对并购机遇所处的位置持开放态度,不会对某个国家特别青睐,通常重点放在可能找到最佳机会的国家。

银行家们说,中国公司目前尤其看重科技、品牌及具全球分销渠道。

花旗集团(Citigroup)亚太区并购负责人班菲尔德(Colin Banfield)说,中国公司对日本很感兴趣,对日本公司的基本品质有明显的认同与钦佩,特别是居行业领先地位的生产技术。

但中国公司对投资壁垒也持现实态度。

班菲尔德在东京与日本企业讨论中国在日投资等机会时说,虽然中国地理位置上邻近日本,现在中国公司热钱较多,比其他对手更能放手投资,但中国公司不会因此愚弄自己。
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