国资委：不可能为先正达提供担保
负责中国国有企业的监管机构周四表示，北京方面不会为了帮助瑞士种子公司先正达(Syngenta)应付美国农民和谷物贸易商的索赔而直接介入，也不会出资协助中国化工(ChemChina)收购该公司。
The comments from Xiao Yaqing, head of the State Assets Supervision and Administration Commission (Sasac), come as Syngenta hurries to resolve a dispute that already scuppered a $7bn bond this week. The bond was designed to refinance $6.5bn of bridge loans backing the group’s $44bn takeover by ChemChina, China’s largest outbound acquisition to date.
国家资产监督管理委员会(SASAC)负责人肖亚庆作出这一表态之际，先正达急于解决一起纠纷，这起纠纷已经搅乱本周一笔70亿美元债券发售。这只债券旨在再融资65亿美元的过渡性贷款，以支持中国化工440亿美元收购该集团，这是中资迄今最大规模对外收购。
Standard & Poor’s said in a report published last month that Sasac might have to step in to backstop Syngenta against liabilities stemming from a dispute over seeds marketed in 2013, since both the Swiss firm and ChemChina are already heavily leveraged.
标准普尔(Standard & Poor’s)在8月发布的一份报告中表示，国资委可能不得不介入，充当先正达的后盾，帮助该公司承担其在2013年销售的种子所引发的一起纠纷的法律赔偿责任，因为这家瑞士公司和中国化工都已经背负沉重债务。
Mr Xiao said he was not aware of S&P’s specific comments, but he was confident ChemChina and Syngenta could handle the matter without a guarantee from Sasac. “Companies have to resolve these cases on their own,” he told the Financial Times after a press conference on state-owned enterprise reform.
肖亚庆表示，他并不了解标准普尔的具体意见，但是他相信中国化工和先正达可以在没有国资委担保的情况下，处理好这件事情。“企业自己决策这些事情。”他在有关国企改革的一个记者会结束后告诉英国《金融时报》。
He also rejected the premise that ChemChina could call on Sasac for help in paying for Syngenta. “The government won’t give them money. They have the ability to borrow money. They can use their own methods of financing,” he said.
他还驳斥了中国化工为了买下先正达可以求助于国资委这个命题。“国家不会给他钱，他自己有能力他借钱，他自己按他的方式融资，”他说。
“ChemChina is pretty good,” Mr Xiao added. “Their results last year were not bad.”
“中化工还不错的，”肖亚庆补充说，“他们去年的业绩还不错。”
His remarks run counter to assurances from ChemChina cited by the rating agency in August, that both the Chinese company and Sasac “remain committed” to keeping Syngenta within an investment grade rating “under all scenarios”.
他的表态与评级机构标普8月援引的中国化工的保证存在抵触，即这家中资公司和国资委都“仍致力于……在所有情景下”保住先正达的投资级评级。
“Given the considerable leverage at ChemChina, financial support to mitigate any litigation liabilities would need to come from Sasac in the form of equity, so that there is no additional debt imposed on Syngenta or ChemChina,” the report said, adding that the ratings could be lowered if this funding was not extended in a “timely and full manner”.
“考虑到中国化工的较大杠杆，缓解任何诉讼赔偿责任的财务支持，都将需要以股权的形式来自国资委，以便没有额外的债务强加于先正达或者中国化工。”标普的报告称。该报告补充说，如果这方面的资金不能“及时、全面地”提供到位的话，评级可能会调降。
S&P currently rates Syngenta at BBB-, the lowest rung of investment grade, while Moody’s rating is even lower, in junk territory.
标普现在对先正达的评级为BBB-(投资级中的最低档)，而穆迪(Moody’s)对该公司的评级更低，已经处于垃圾级区间。
Heavily indebted ChemChina secured bridge financing for its Syngenta purchase early on and garnered equity and loan commitments from other state groups, but has not been specific about how it would pay for its portion of the deal.
背负沉重债务的中国化工早先曾为收购先正达安排了过渡性融资，并获得了其他国有集团的股权和贷款承诺，但对于该集团本身将如何为这笔交易买单语焉不详。
ChemChina will also be able to tap proceeds from next week’s IPO of Italian tyre company Pirelli.
中国化工还将能够利用意大利轮胎公司倍耐力(Pirelli)下周首次公开发行(IPO)的募资所得。
The prospect of unknown liabilities from the US court cases forced the delay of the bond. The dispute dates from 2013, when Syngenta marketed genetically modified corn seeds in the Midwestern US before having secured approvals from Chinese regulators for the import to China of the US corn produced from those seeds.
美国法院案件带来的未知赔偿责任，迫使前述债券发售被推迟。这场纠纷发端于2013年，先正达在美国中西部市场营销了转基因玉米种子，而当时中国监管机构尚未批准进口这些种子长出来的美国玉米。
That year, in the face of a glut of corn in the domestic market, regulators slowed the pace of Chinese approvals for new strains while customs agents began more stringently checking for unapproved genetically modified imports.
那一年，在国内市场玉米过剩的压力之下，监管机构放慢了中国对新品种批准的步伐，而海关官员开始更加严格地检查未经批准的转基因农作物进口。
US agricultural trading houses Cargill and Archer Daniels Midland sued Syngenta after their shipments were rejected, and claims by individual farmers for lost profits on crops could top $7bn, based on awards in some state courts so far.
美国农业贸易公司嘉吉(Cargill)和阿彻丹尼尔斯米德兰(Archer Daniels Midland)在货物遭拒绝后起诉先正达。同时根据一些州法院迄今的裁决，个体农场主以作物利润损失为由提出的索赔可能超过70亿美元。
This week Syngenta said it had reached a settlement in a key trial in Minnesota, which — subject to court approval — would establish a settlement fund for eligible claimants. Media reports indicated the size of the settlement would be about $1.5bn.
本周先正达表示，已在明尼苏达州的一宗关键庭审案件中达成和解，该和解协议(尚待法庭批准)将为符合条件的索赔人设立一只和解基金。媒体报道称，和解总额在15亿美元左右。
Sources in China have said that ChemChina may ultimately have to be taken over by rival Chinese chemicals, rubber and agriculture group Sinochem, a solution that Sasac is said to favour despite a lack of enthusiasm from the heads of the two conglomerates.
中国消息人士表示，中国化工最终可能不得不被国内竞争对手中化集团(Sinochem)兼并，据悉国资委赞成这一解决方案，尽管两家企业的负责人缺乏热情。中化集团的业务范围涵盖化工、橡胶和农业。
Asked on Thursday about the likelihood of a merger, Mr Xiao said: “I don’t know. Go ask the two chairmen.”
周四，在被问及中国化工和中化集团合并的可能性时，肖亚庆表示他不知道：“看他们两家，问他们董事长。”
ChemChina has not yet responded to a request for comment. Syngenta said it had no comment.
中国化工没有回复记者的置评请求。先正达表示无可奉告。
Additional reporting by Liu Xinning
刘心宁补充报道
This article has been updated to clarify that the Pirelli IPO will happen next week, rather than this week
译者/和风
