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Lex专栏:蚂蚁金服收购速汇金失败的启示

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2018年01月13日

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It is time to face reality on cross-border M&A. Alibaba founder Jack Ma cosied up to the Trump administration earlier and more extensively than other business leaders. The flattery failed to deliver the goods. On Tuesday, the $1.2bn takeover of MoneyGram by Ant Financial, controlled by Mr Ma, was scuppered on national security concerns.

是时候面对跨境并购的现实了。阿里巴巴(Alibaba)创始人马云(Jack Ma)比其他商业领袖更早、更卖力地向特朗普政府献殷勤。这样的奉承未能带来好的结果。周二,马云控制的蚂蚁金服(Ant Financial)以12亿美元收购速汇金(MoneyGram)的交易被美国外国投资委员会(CFIUS)以国家安全为由否决。

It has been obvious for some time that Chinese bids for US semiconductor assets are futile. With the demise of this payments merger, any Chinese company wanting to buy anything of significance in the US should give up.

一段时间以来很明显的是,中国企业对美国半导体资产的竞购是徒劳的。在这起支付服务并购交易告吹之后,所有想要在美国收购任何具有重要意义的东西的中国企业都应该放弃。

The work of the Committee on Foreign Investment in the US is opaque and the MoneyGram deal may have faced scrutiny under the Obama administration over data security but it is hard not to detect the influence of China hawks in the administration.

美国外国投资委员会的工作是不透明的,在奥巴马政府时期,这样一笔收购速汇金的交易可能会在数据安全方面受到严格审查,但很难忽略政府中对华鹰派的影响。

US companies active in China should be wary of repercussions. And any US recipient of Chinese bid interest should engage only with extreme caution. After accepting $800m, or $13.25 a share, from Ant in January last year, MoneyGram then received a $15.20 a share offer from Euronet Worldwide, which despite its name is based in Kansas City. It is hard to criticise MoneyGram for preferring Ant’s subsequent $18 a share counter-offer but in hindsight that was the one to take.

在中国活跃的美国企业应该警惕负面反响。任何收到中国企业竞购意向的美国企业都应该以极度谨慎的态度来应对。在去年1月收到蚂蚁金服每股13.25美元、合计8.8亿美元的收购要约之后,速汇金收到了Euronet Worldwide每股15.2美元的要约。尽管名字中带有“世界”(Worldwide),但Euronet Worldwide是一家总部位于堪萨斯城的企业。MoneyGram更青睐蚂蚁金服在之后提出的每股18美元的要约无可指摘,但事后看来它应该接受Euronet Worldwide的要约。

Does Euronet knock again? The company has long coveted MoneyGram, including a failed hostile bid (at $1.65bn) a decade ago. Without a rival bidder, though, Euronet can afford to wait for a better buying opportunity: MoneyGram’s shares fell only 5 per cent on the end of the Ant deal. That may reflect too much optimism on the part of the MoneyGram shareholders that a looser partnership with Ant, announced alongside the demise of the merger, can open up growth opportunities.

Euronet会再尝试收购速汇金吗?Euronet长期以来一直渴望把速汇金收入囊中,10年前还曾对该公司发起恶意收购(报价16.5亿美元)未果。然而,在没有竞购对手的情况下,Euronet可以等待更好的收购机会:在蚂蚁金服收购交易失败之后,速汇金的股价只下跌了5%。这可能反映出,对速汇金和蚂蚁金服在收购交易失败之际宣布双方建立更松散合作关系一事,速汇金股东过于乐观,认为这种合作可能带来增长机会。

In accepting the Ant bid, MoneyGram had to state why it might not prosper on its own. It made a worryingly compelling case, including the risk of relying on Walmart for almost a fifth of its revenues and its burdensome junk-rated debt.

接受蚂蚁金服收购要约时,速汇金必须说明为何仅靠自身无法成功。速汇金陈述的理由是强有力的,这令人担忧,它的理由包括其近五分之一的收入依赖沃尔玛(Walmart)而导致的风险,及其垃圾债务带来的沉重负担。
 


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