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德国政府撤回许可,中资收购爱思强受阻

更新时间:2016-10-25 18:19:36 来源:纽约时报中文网 作者:佚名

Germany Withdraws Approval for Chinese Takeover of Aixtron
德国政府撤回许可,中资收购爱思强受阻

HONG KONG — In a surprise move on Monday, the German authorities withdrew approval for the takeover of a domestic semiconductor firm by a Chinese bidder, a deal that was set to be an emblem of a new push by Chinese companies to acquire cutting-edge technology businesses and a sign of Berlin’s tolerance for such moves.

香港——本周一,德国当局做出令人惊讶之举,撤回了之前对一家中国投资者收购德国半导体公司发放的通行证,该交易被认为是中国公司收购尖端技术企业新趋势一个标志,显示了柏林对这类行动的容忍底线。

A statement from Aixtron, the German company being bought by Fujian Grand Chip, did not specify a reason for the reversal of the decision by the regulator in Germany. But it comes as concerns rise about Chinese firms taking over leading German tech companies, and with federal elections scheduled for next year.

福建宏芯的收购对象德国公司爱思强(Aixtron)发表了一份声明,但没有具体说明德国监管机构撤回通行证的理由。不过此事发生的背景是德国明年要进行联邦选举,中国企业收购领先的德国科技公司正在引起更多的关注。

Although Chinese investment in European companies is nothing new, some experts have raised concerns as Chinese funds have shifted focus from ailing businesses to more advanced and successful firms, particularly in Germany. So far this year, the country has been the largest recipient of Chinese investment in Europe, according to the Mercator Institute for China Studies, a research foundation based in Berlin.

虽然中国投资欧洲公司并不是什么新鲜事,但随着中国的资金将注意力从经营不善的公司转移到了更先进、更成功的公司,一些专家表达了担忧,特别是在德国。柏林墨卡托中国研究中心(Mercator Institute for China Studies)的数据显示,今年迄今为止,德国是中国在欧洲投资的最大目标国。

In an article last month, The New York Times highlighted how a Chinese customer that dropped a large order — in turn crashing Aixtron’s shares — had a relationship with Fujian Grand Chip. The connection did not indicate wrongdoing, but it does illustrate the blurred lines between acquisitive Chinese companies and Chinese industrial policy.

《纽约时报》上月的一篇文章报道了一家中国客户取消了一笔大订单,导致爱思强股价大跌的经过,而这家公司与福建宏芯之间存在关联。虽然这并不意味着存在不法行为,但也确实说明胃口巨大的中国公司和中国产业政策之间的界线比较模糊。

Many German companies retain a lead over Chinese competitors, but the wholesale purchase of firms like Aixtron has raised the specter of the technology being spirited away to the supply chain in China, as Beijing details in state economic plans.

相对于中国竞争对手,很多德国公司都保持着领先优势,但是爱思强这样的公司被整体收购,可能会导致德国的技术悄悄流向中国的供应链,正如北京在国家经济计划中打算的那样。

For Germany, that could mean a long-term loss of know-how and upper-class jobs. The country is particularly vulnerable because of its large number of highly advanced, small and midsize companies — known as the Mittelstand — that can be taken over more easily and more cheaply than large multinationals.

对德国来说,这在长远上可能意味着实践知识和高级工作岗位的流失。该国在这方面特别脆弱,因为它拥有大量极为先进的中小型公司——称为Mittelstand——收购它们比收购大型跨国公司更加容易,成本也更低。

Also this year, the robotics company Kuka — whose orange arms are ubiquitous in highly automated German auto plants — was taken over by the Chinese appliance maker Midea. And this month, Chinese news media said that two Chinese companies were considering a bid for Osram Licht, a Munich-based lighting and semiconductor firm.

今年,机器人公司库卡(Kuka,其橙色的设备在高度自动化的德国汽车工厂中随处可见)被中国家电制造商美的收购。本月,中国新闻媒体称,两家中国公司正在考虑向慕尼黑照明和半导体公司欧司朗(Osram Licht)发出收购要约。

In its statement, Aixtron said the German Economics Ministry would reopen a review of the proceedings.

爱思强在声明中说,德国经济部将重启审查程序。

The ministry confirmed that it had withdrawn its initial approval for the deal, but did not provide further details.

德国经济部确认,它已经撤回了对该交易的初步许可,但没有提供进一步的细节。

In recent months, Germany’s economy minister, Sigmar Gabriel, as well as Günther Oettinger, a German who is the European commissioner for the digital economy, have begun calling openly for new measures that would give the European Union and its member states more power to regulate acquisitions by non-European firms, particularly when those investors have ties to foreign governments.

近几个月来,德国经济部长西格玛尔·加布里尔(Sigmar Gabriel)以及分管欧洲数码经济的德国政界人物金特·厄廷格(Günther Oettinger)已经开始呼吁采取新的措施,赋予欧盟及其成员国更多权力,来监管非欧洲公司发起的收购活动,特别是当这些投资者与外国政府存在关联的时候。

“Clearly, many German and European policy makers and senior officials have taken a second look at the investors and intentions behind Chinese acquisitions of high-tech companies,” said Sebastian Heilmann, president of the Mercator Institute. “Chinese M.&A. activity has come to be seen as driven by government-sponsored programs, funds and investor networks in many cases.”

“显然,德国和欧洲的很多决策者和高级官员再次审视了中国高科技公司收购案背后的投资者和收购意图,”柏林墨卡托中国研究中心主管韩博天(Sebastian Heilmann)说。“在很多情况下,中国公司并购案的幕后推手都是政府资助的计划、基金和投资者网络。”

Questions were raised in the case of Aixtron, as both the customer that dropped the orders and Fujian Grand Chip are related to state-controlled investment firms.

爱思强收购案中的疑点在于,放弃订单的那个客户和福建宏芯都与一些国有控股投资公司有关联。

The company that dropped the orders, San’an Optoelectronics, is also one of the companies considering a bid for Osram Licht.

取消爱思强订单的三安光电公司,也是考虑竞购欧司朗的公司之一。

When the Aixtron merger was announced, San’an and Fujian Grand Chip had a common investor and an existing financial relationship, among other links. And they are both recipients of government funds. Although it is not clear whether the two coordinated in any way, they are a product of a new approach that Beijing has taken to develop its semiconductor industry.

在宣布爱思强的并购案时,三安广电和福建宏芯有一个共同的投资者,而且两家公司之间存在财务关系以及其他关联。它们都接受过政府资金。虽然不清楚这两家公司是否以任何方式进行过协作,但它们都是北京发展半导体行业的新思路的产物。

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