欧洲最大航空防务并购案陷于崩溃.doc

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1、【精品文档】如有侵权，请联系网站删除，仅供学习与交流欧洲最大航空防务并购案陷于崩溃.精品文档.欧洲最大航空防务并购案陷于崩溃Germany seen ready to block EADS-BAE merger来源：天和网 核心提示：欧洲宇航防务集团英国航空航天系统公司之间的并购似乎困难重重，股份利益分配是决定的关键。Plans for a $45-billion merger between EADS and BAE Systems veered towards collapse late on Tuesday as Germany appeared ready to block the d

2、eal in a row over national stakeholdings.天和网天和财务频道消息：由于德国似乎已准备基于国家利益的考虑而阻挠欧洲宇航防务集团(EADS)与英国航空航天系统公司(BAE)之间的并购案,周二开始,这项价值450亿美元的并购案倾向于崩溃。The setback came hours before a regulatory deadline and scuppered plans for a statement before European stock markets open on Wednesday, in which the aerospace grou

3、ps had been expected to indicate progress by seeking more time for negotiations involving French, German and British officials.在周三欧洲股市开市之前,一项包含调整后的最后期限以及破坏性的计划声明发表了,而在此之前,关于并购案挫折的消息传出来了,在此声明中,欧洲航空航天界还原本打算通过在与此相关的法国、德国以及英国政府之间通过争取更多谈判时间来取得进展。Several sources close to the talks said German Chancellor A

4、ngela Merkel had signalled Berlins opposition to the deal to create the worlds largest aerospace and arms firm by uniting Airbus parent EADS with British defense contractor BAE.好几位接触此谈判的消息人士都透漏说，德国总理默克尔反对柏林对这项旨在通过合并空中客车公司的母公司欧洲宇航防务集团(EADS)和英国国防订单的最大承包方英国航空航天系统公司(BAE)，而创造出世界最大的航空航天公司和军火制造商的交易。Merkel

5、is against the deal but has not given reasons, a source involved in the negotiations told Reuters.“但是，默克尔反对这项交易没有给出原因,”一位参加了谈判的消息人士告诉路透社。Tonight, it is blocked, another person with detailed knowledge of the talks said, asking not to be named.“今晚,这项交易被阻止了。”另一位要求不署名的更了解谈判细节的消息人士这样说道。A spokesman for th

6、e German government declined comment.The latest in a series of dramatic stops and starts since the word of merger talks first leaked on September 12 came shortly after the British and French governments reported progress.德国政府的发言人拒绝就此发表评论。在英国和法国政府宣布取得进展之后没多久,并购谈判的细节就在9月12号当天泄露出来,从那天起,一系列戏剧性的谈判停滞和谈判再次

7、开始就开始轮番上演。Barring a last-minute turnaround, the companies were expected to negotiate right up to the 1600 GMT cut-off point set by British regulators, sources familiar with the matter said.Negotiators described the atmosphere as tense and frustrated as bickering immediately broke out behind the scen

8、es to lay off the blame in case the talks officially broke down.Prospects for an extension to the deadline had risen earlier after sources involved in the talks said Britain and France had settled a dispute between them over setting a ceiling on the French states shareholding in the future combined

9、group.除非最后一秒的转折,英国政府谈判方希望此项公司并购案能在格林尼治时间16点之前达成一致意见,一位消息灵通人士说道。参与谈判的人士形容谈判气氛紧张和令人沮丧得就好像争吵随时会爆发一样,而谈判各方也达成默契,如果谈判正式失败,各方也不要互相责怪。在参与了谈判的消息人士透露“英国和法国就法国在未来合并后的新集团中所持有的股份上限进行了争论”之后,对于并购案最后期限的延长的预期就上升了。But the deal, to replace national quotas with a more flexible overall cap, was rejected by Germany whic

10、h wanted to ensure parity with the French stake, whatever that might be.The three-way logjam has made it difficult to carve a path through national rivalries and competing economic and industrial policies, while also meeting demanding conditions for approval in the United States, a key client, espec

11、ially for BAE weaponry.EADS was set up in 2000 on the basis of strict power-sharing between French and German interests but until now Berlins interests have been represented by a private industrial ally, car firm Daimler (DAIGn.DE).但是德国拒绝了这项以更灵活分配方案来取代原有国家所占配额的交易,他们要求要与法国享受一样的股份比例,不管多少。这样的三边困境使得要在国家

12、角力以及经济和工业竞争策略背景下找出一条解决的道路就变得十分困难,而这样也使得要达到美国苛刻的并购条件也不容易,而美国的公司正是BAE军火贸易的主要客户。欧洲宇航防务集团EADS2000年在法国和德国严格分配股权的基础上成立,但是到现在为止,柏林方面的利益主要由一家私人集团来代理戴姆勒汽车公司。In the new combined group, Germany insisted on a state shareholding to match Frances diluted government shareholding of 9 percent - or more if France ad

13、ded to its stake.在未来新的合并后的集团内,德国政府坚持他们所占有的股权要和法国政府所占有的稀释后的9%的股权相同,或者更多如果法国也增加了股权的话。A German government source said EADS and BAE were caught in a web created by three national red lines, none of which allowed for an agreement among Berlin, Paris and London:Germany and Britain could live with less sta

14、te participation; France cant, the source said.一位德国政府消息人士指出EADS和BAE的合并被三条国家”红线”陷入了困境,而其中任何一条都使得此并购难以达成一致,这三条红线就是: “德国和英国可以接受政府资本减少介入,而法国接受不了。”消息人士说。France and Britain could live with the loss of the French-German parity; Germany cant. France and Germany could agree on a solution that would mean a bi

15、gger state participation if that keeps the parity; Britain disagrees.“法国和英国可以接受法国和德国享受同样股权比例所带来的损失,而德国不能接受,如果法国和德国享受同样股权,这两国觉得这意味着更多政府参与,他们可以达成一致,可这样,英国又不同意了。”HEADQUARTERS ROW总部地址争论But people in other camps expressed anger about the impasse, saying Germany had been offered what seemed to them genero

16、us terms, including a 9-percent shareholding matching France, a golden share and guarantees of jobs for Germans.但是德国其他阵营的人表达了他们对此谈判困境的愤怒,他们说德国已经提供了看上去非常慷慨的条件,包括与法国享受同样的9%的股权,在德国看来,这个比例对德国就业的保障是黄金比例。Two of these other sources said other parties to the talks had baulked at a German demand for the tran

17、sfer to Germany of headquarters of either the space or helicopter divisions of EADS. This came on top of a row about where to site the corporate headquarters of the new combined group.参与谈判的另外两个国家的谈判人员则对德国提出的要求犹豫不决,德国要求要么将EADS的航空部,要么将飞机部的总部搬到德国去。而最终的争论高潮则是究竟合并后的集团总部设在哪里。If the deal collapses, it will

18、 be seen as a personal blow for German-born Tom Enders, the head of EADS (EAD.PA), and BAE (BAES.L) counterpart Ian King. They have staked their companies reputations on realizing a decade-old plan for an industrial giant embracing both western Europes leading aerospace firms.如果这个交易失败了,这将会被看成是德国出生的E

19、ADS的CEO Tom Enders的一次个人打击,对BAE的CEO- Ian King也同样如此。他们想实现一份几十年的计划来使得两家欧洲首要的航天公司合并成一家航空航天的巨人,而这点,他们是在拿彼此公司的名誉打赌。If I wasnt a born optimist, I would not have started this project, Enders told EADS staff in an article marking his 100th day in the job.“如果我不是一个天生的乐观主义者,我是不会开始这个工程的”,Enders在他入职EADS100天的纪念文章中

20、如此和他的员工们说。European aerospace has a history of deals that refuse to die and EADS was itself only created after talks about its structure actually collapsed - only to be resurrected weeks later.欧洲航空业有着不轻易倒闭的历史,EADS在合并的谈判失败后仍然会是他自己,可能几周后就可以重生。But with the current negotiations taking place in a glare of

21、 publicity, the margin for manoeuvre appears extremely tight.但是由于此次谈判是在公众的注视下进行,要耍花招的空间将会极端狭小。A merger would combine the Airbus passenger planes and Ariane space rockets of EADS with BAEs Hawk trainer, Bradley Fighting Vehicles and submarines. The two companies already co-operate in making missiles

22、and the Eurofighter combat jet.此次合并将会将空中客车飞机和EADS公司的阿丽亚娜太空火箭与BAE的黑鹰训练机, 布拉德利战斗机以及潜水艇合等部门合并在一起。两家公司已经合作于制造导弹和欧洲新一代战斗机。The merger has faced growing unease from investors in both companies who complain they were ill-prepared and lack information. Many bought shares in EADS on the strength of its Airbus

23、 civil unit, rather than its defense ambitions, while BAE investors were attracted by the British firms dividend yield.此次并购面临到了来自于两家公司投资者的不满与压力,他们抱怨对此次合并缺乏准备以及信息不足。许多购买EADS公司股票的投资者看中的是他旗下的空客民用飞机业务,而不是他的防务业务,而BAE的投资者则是被这家英国公司的股息收入所吸引。Both EADS and BAE have said the investment case will become clear when they are allowed by regulators to hold briefings.EADS和BAE都表示一旦他们获得授权的指示,他们将会将合并的细节向投资者们解释清楚。译者：许怡勤文章来源：