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壳牌拟以700亿美元收购BG集团

更新时间:2015-4-10 10:30:15 来源:纽约时报中文网 作者:佚名

Royal Dutch Shell to Buy BG Group for Nearly $70 Billion
壳牌拟以700亿美元收购BG集团

LONDON — Royal Dutch Shell said on Wednesday that it had agreed to buy the BG Group for nearly $70 billion, creating a formidable global player in the fast-growing business of producing and selling liquefied natural gas.

伦敦——荷兰皇家壳牌(Royal Dutch Shell)本周三表示,已达成协议,将以近700亿美元(约合4200亿元人民币)的价格收购BG集团(BG Group)。液化天然气生产和销售业务正在快速增长,合并后的公司将成为该领域的全球巨鳄。

BG, which was once part of British Gas, is particularly attractive to Shell because it is a major player in liquefied natural gas, whose use is growing fast despite a recent slump in prices.

BG曾经属于英国天然气公司(British Gas),之所以对壳牌具有特别的吸引力,是因为它在液化天然气业务中扮演了重要角色。尽管近期价格猛跌,但液化天然气的使用量却在快速增长。

To make gas a global commodity, companies are increasingly cooling it into liquid form, shrinking its volume for transportation on specialized ships. Shell has invested tens of billions of dollars in liquefied natural gas production plants, storage terminals and related systems in recent years.

为了让天然气成为一种全球性的大宗商品,各家公司正越来越多地把它冷却成液体,目的是缩小体积,方便特种船舶运输。最近几年,壳牌在液化天然气生产厂、仓储站及相关设施上投入了数百亿美元的资金。

Ben van Beurden, the chief executive officer of Shell, appears to be calculating that low oil prices offer an opportunity to gain assets at a comparatively low cost, despite the premium Shell has offered to pay for BG.

看起来,壳牌的首席执行官本·范伯登(Ben van Beurden)进行了盘算,觉得油价下跌提供了一个用相对低廉的成本来购置资产的机会,即便壳牌向BG开出的收购价存在溢价。

In a call with reporters on Wednesday, Mr. van Beurden said that the current period of low oil prices was analogous to the doldrums of the late 1990s, when industry executives like John Browne of BP began a wave of mergers.

本周三与记者通电话时,范伯登表示,现在油价低迷的状况类似于上世纪90年代末,当时像BP的约翰·布朗(John Browne)这样的行业高管掀起了一股并购风潮。

In recent years, the oil majors have fallen out of favor with investors as a result of rising costs, falling returns and poor success rates in exploration. Their share prices and earnings have been battered by a roughly 50 percent drop in oil prices since June.

近年来,由于成本上升、效益下降和探勘成功率低,石油巨头在投资者眼中已经失宠。油价自去年6月以来下跌了约50%,令各大油企的股价和收益遭受重创。

By acquiring BG, Shell hopes to further increase scale and profit in two areas in which it is already a global leader. The first is liquefied natural gas, a sector that is expected to grow as Asia, particularly China, burns more gas to fuel economic growth and to reduce air pollution from coal. The second is deepwater drilling, most significantly for oil, including in the Gulf of Mexico and off Nigeria.

通过收购BG,壳牌希望在本已全球领先的两个领域中进一步扩大规模、增加利润。一是液化天然气业务,由于亚洲国家,尤其是中国在更多地使用天然气来推动经济增长,以便减少煤带来的空气污染,这项业务预计会在该地区出现增长。二是深海钻探业务,主要用来开采石油,包括在墨西哥湾和尼日利亚近海的钻井作业。

BG would also bring to Shell a strong position in Brazil, which is expected to become a leader in production, despite problems at Petrobras, the state oil company.

并购BG之后,壳牌将在巴西获得优势地位。该国有望成为油气生产大国,尽管巴西国家石油公司(Petrobras)遇到了一些问题。

Shell estimates that the combined company has the potential to increase production in Brazil tenfold, to 550,000 barrels of oil and gas a day.

壳牌估计,公司合并之后,在巴西的产量有可能增加至之前的10倍,达到每天55万桶石油和天然气。

Shell said the deal would add 25 percent to its proven reserves of oil and gas and would increase production by 20 percent, bolstered by BG’s Brazilian holdings and its liquefied natural gas project in Australia. Shell expects the deal to yield pretax annual savings of about $2.5 billion.

壳牌表示,BG在巴西持有资产,在澳大利亚拥有液化天然气项目,而交易完成后,将使得公司已探明的油气储量增加25%,产量提高20%。壳牌预计,这宗交易可以给它每年节省约25亿美元的税前金额。

Shell said that it would pay for the acquisition with a mix of cash and stock, with BG shareholders receiving 383 pence a share in cash, and 0.4454 B shares in Shell for each BG share held. BG shareholders would own 19 percent of the combined company.

壳牌还表示,本次收购将采取现金和换股的混合方式进行。现金支付价格是每股383便士,而换股方式是用0.4454股壳牌B股换取1股BG股份。在合并后的公司里,BG的股东将持有19%的股权。

The price is a 50 percent premium to BG’s closing share price on Tuesday. BG shares have fallen about 30 percent since global oil prices started their steep slide in June.

这个价格比BG本周二的收盘价高出50%。自从全球油价从去年6月大幅走低以来,BG的股价经历了约30%的跌幅。

Shell investors were far less enthusiastic about the deal than BG shareholders were: Shares in Shell fell about 7 percent, and BG’s stock soared about 31 percent in afternoontrading in Europe.

与BG的股东相比,壳牌的投资者对这宗交易的欢迎程度要低得多。在欧洲股市的午后交易中,壳牌股价下跌了约7%,而BG股价飙升了约31%。

The companies expect the deal, which requires shareholder and regulatory approval, to be completed early next year.

两家公司计划在明年初完成交易。交易有赖于获得股东及监管机构的批准。

“Bold, strategic moves shape our industry,” Mr. van Beurden of Shell said in a statement. “BG and Shell are a great fit.”

“大胆的战略性举措会影响整个行业,”壳牌的范伯登发表声明称。“BG和壳牌一拍即合。”

He continued, “This transaction fits with our strategy and our read on the industry landscape around us.”

他还表示,“这宗交易符合我们的战略,以及我们对产业格局的理解。”

Mr. van Beurden said that Shell had been scanning takeover opportunities, with BG “always at the top of the list.” Mr. van Beurden said that he initiated the deal by calling Andrew Gould, BG’s chairman, and that “a very good discussion” ensued.

范伯登称,壳牌一直在寻找收购机会,而BG“总是我们的首选”。范伯登表示,他给BG集团董事长安德鲁·古尔德(Andrew Gould)打了电话,提议进行交易,然后进行了“富有成效的讨论”。

Mr. Gould said during the same call that he and the BG chief executive, Helge Lund, were looking forward to turning BG around. Mr. Gould said that Mr. Lund, a former chief executive of Statoil of Norway who took the helm of BG in February, would assure a smooth transition and then “probably move along.”

古尔德在与范伯登进行此番通话时表示,他和BG首席执行官黑尔格·伦德(Helge Lund)希望让BG的情况有所好转。古尔德称,伦德会确保顺利交接,然后“很可能不会逗留”。伦德曾是挪威国家石油公司(Statoil)的首席执行官,于今年2月执掌BG集团。

If completed, the sale would be a rare bright spot for energy deal makers, as oil and gas companies have largely hunkered down while petroleum prices have plunged. Potential sellers have been leery of making deals during what they consider a temporary dip, creating an often unbridgeable gap with interested buyers.

对于能源领域的交易者来说,如果这次收购得以完成,将成为一个少有的亮点。油价下挫期间,油气公司基本上裹足不前。潜在的卖主认为油价下跌是暂时的,因此心存顾虑,不愿达成交易,导致与感兴趣的买主之间产生往往无法逾越的鸿沟。

Many companies have instead turned to the stock markets to raise cash and bolster their balance sheets.

很多公司转向股市筹集资金,优化资产负债状况。

That calculus could change if Shell and BG merge. A deal of this size could inspire some wavering would-be sellers to pursue deals. Advisers say they expect merger activity to pick up this year, particularly once oil prices show more stability.

如果壳牌与BG成功合并,这种考量可能就会发生改变。此等规模的交易或许会鼓励那些犹豫不决的潜在卖主去进行交易。行业顾问表示,他们认为并购活动将会在今年复苏,特别是油价比较稳定之后。

Consolidation could allow oil companies to cut costs and bulk up their presence in attractive sources of oil and gas.

兼并活动可以让石油公司削减开支,加强对具有吸引力的油气资源的开发。

BG would be Shell’s biggest deal by far. The company’s largest acquisition to date was its purchase of a 22 percent stake in Shell Canada for about $7 billion.

BG收购案将会成为壳牌历史上最大宗的交易,把目前的记录远远甩在后面。它曾出资70亿美元收购壳牌加拿大公司(Shell Canada)22%的股份,这是迄今为止该公司规模最大的收购案。

BG had long been rumored to be a takeover candidate, but recent troubles may have made it vulnerable. The company has been unable recently to fulfill its export commitments of liquefied natural gas from Egypt because the Egyptian government has taken too much gas for domestic consumption.

早就有传言称BG是收购目标,但近期出现的问题可能致使它更为脆弱。BG集团最近一直无法兑现从埃及出口液化天然气的承诺,因为埃及政府将太多天然气用于国内消费。

BG reported a $1.1 billion loss in 2014, largely because of write-offs as a result of lower oil and gas prices.

BG集团在2014年亏损了11亿美元。这在很大程度上是因为油气价格下降导致的收入减记。

BG has also experienced leadership turmoil recently. Last year, the company’s chief executive, Chris Finlayson, resigned suddenly and was replaced by Mr. Lund.

BG最近还经历了领导层的动荡。去年,集团首席执行官克里斯·芬利森(Chris Finlayson)突然辞职,伦德取而代之。

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