國(guó)資委：不可能為先正達(dá)提供擔(dān)保

Beijing will not directly intervene to shore up Swiss seeds company Syngenta against claims from US farmers and grains traders, nor chip in money for its takeover by Chinese buyer ChemChina, the regulator in charge of China’s state-owned companies said on Thursday.

負(fù)責(zé)中國(guó)國(guó)有企業(yè)的監(jiān)管機(jī)構(gòu)周四表示，北京方面不會(huì)為了幫助瑞士種子公司先正達(dá)(Syngenta)應(yīng)付美國(guó)農(nóng)民和谷物貿(mào)易商的索賠而直接介入，也不會(huì)出資協(xié)助中國(guó)化工(ChemChina)收購(gòu)該公司。

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.

國(guó)家資產(chǎn)監(jiān)督管理委員會(huì)(SASAC)負(fù)責(zé)人肖亞慶作出這一表態(tài)之際，先正達(dá)急于解決一起糾紛，這起糾紛已經(jīng)攪亂本周一筆70億美元債券發(fā)售。這只債券旨在再融資65億美元的過(guò)渡性貸款，以支持中國(guó)化工440億美元收購(gòu)該集團(tuán)，這是中資迄今最大規(guī)模對(duì)外收購(gòu)。

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.

標(biāo)準(zhǔn)普爾(Standard & Poor’s)在8月發(fā)布的一份報(bào)告中表示，國(guó)資委可能不得不介入，充當(dāng)先正達(dá)的后盾，幫助該公司承擔(dān)其在2013年銷售的種子所引發(fā)的一起糾紛的法律賠償責(zé)任，因?yàn)檫@家瑞士公司和中國(guó)化工都已經(jīng)背負(fù)沉重債務(wù)。

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.

肖亞慶表示，他并不了解標(biāo)準(zhǔn)普爾的具體意見，但是他相信中國(guó)化工和先正達(dá)可以在沒有國(guó)資委擔(dān)保的情況下，處理好這件事情。“企業(yè)自己決策這些事情。”他在有關(guān)國(guó)企改革的一個(gè)記者會(huì)結(jié)束后告訴英國(guó)《金融時(shí)報(bào)》。

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.

他還駁斥了中國(guó)化工為了買下先正達(dá)可以求助于國(guó)資委這個(gè)命題。“國(guó)家不會(huì)給他錢，他自己有能力他借錢，他自己按他的方式融資，”他說(shuō)。

“ChemChina is pretty good,” Mr Xiao added. “Their results last year were not bad.”

“中化工還不錯(cuò)的，”肖亞慶補(bǔ)充說(shuō)，“他們?nèi)ツ甑臉I(yè)績(jī)還不錯(cuò)。”

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”.

他的表態(tài)與評(píng)級(jí)機(jī)構(gòu)標(biāo)普8月援引的中國(guó)化工的保證存在抵觸，即這家中資公司和國(guó)資委都“仍致力于……在所有情景下”保住先正達(dá)的投資級(jí)評(píng)級(jí)。

“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”.

“考慮到中國(guó)化工的較大杠桿，緩解任何訴訟賠償責(zé)任的財(cái)務(wù)支持，都將需要以股權(quán)的形式來(lái)自國(guó)資委，以便沒有額外的債務(wù)強(qiáng)加于先正達(dá)或者中國(guó)化工。”標(biāo)普的報(bào)告稱。該報(bào)告補(bǔ)充說(shuō)，如果這方面的資金不能“及時(shí)、全面地”提供到位的話，評(píng)級(jí)可能會(huì)調(diào)降。

S&P currently rates Syngenta at BBB-, the lowest rung of investment grade, while Moody’s rating is even lower, in junk territory.

標(biāo)普現(xiàn)在對(duì)先正達(dá)的評(píng)級(jí)為BBB-(投資級(jí)中的最低檔)，而穆迪(Moody’s)對(duì)該公司的評(píng)級(jí)更低，已經(jīng)處于垃圾級(jí)區(qū)間。

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.

背負(fù)沉重債務(wù)的中國(guó)化工早先曾為收購(gòu)先正達(dá)安排了過(guò)渡性融資，并獲得了其他國(guó)有集團(tuán)的股權(quán)和貸款承諾，但對(duì)于該集團(tuán)本身將如何為這筆交易買單語(yǔ)焉不詳。

ChemChina will also be able to tap proceeds from next week’s IPO of Italian tyre company Pirelli.

中國(guó)化工還將能夠利用意大利輪胎公司倍耐力(Pirelli)下周首次公開發(fā)行(IPO)的募資所得。

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.

美國(guó)法院案件帶來(lái)的未知賠償責(zé)任，迫使前述債券發(fā)售被推遲。這場(chǎng)糾紛發(fā)端于2013年，先正達(dá)在美國(guó)中西部市場(chǎng)營(yíng)銷了轉(zhuǎn)基因玉米種子，而當(dāng)時(shí)中國(guó)監(jiān)管機(jī)構(gòu)尚未批準(zhǔn)進(jìn)口這些種子長(zhǎng)出來(lái)的美國(guó)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，在國(guó)內(nèi)市場(chǎng)玉米過(guò)剩的壓力之下，監(jiān)管機(jī)構(gòu)放慢了中國(guó)對(duì)新品種批準(zhǔn)的步伐，而海關(guān)官員開始更加嚴(yán)格地檢查未經(jīng)批準(zhǔn)的轉(zhuǎn)基因農(nóng)作物進(jìn)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.

美國(guó)農(nóng)業(yè)貿(mào)易公司嘉吉(Cargill)和阿徹丹尼爾斯米德蘭(Archer Daniels Midland)在貨物遭拒絕后起訴先正達(dá)。同時(shí)根據(jù)一些州法院迄今的裁決，個(gè)體農(nóng)場(chǎng)主以作物利潤(rùn)損失為由提出的索賠可能超過(guò)70億美元。

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.

本周先正達(dá)表示，已在明尼蘇達(dá)州的一宗關(guān)鍵庭審案件中達(dá)成和解，該和解協(xié)議(尚待法庭批準(zhǔn))將為符合條件的索賠人設(shè)立一只和解基金。媒體報(bào)道稱，和解總額在15億美元左右。

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.

中國(guó)消息人士表示，中國(guó)化工最終可能不得不被國(guó)內(nèi)競(jìng)爭(zhēng)對(duì)手中化集團(tuán)(Sinochem)兼并，據(jù)悉國(guó)資委贊成這一解決方案，盡管兩家企業(yè)的負(fù)責(zé)人缺乏熱情。中化集團(tuán)的業(yè)務(wù)范圍涵蓋化工、橡膠和農(nóng)業(yè)。

Asked on Thursday about the likelihood of a merger, Mr Xiao said: “I don’t know. Go ask the two chairmen.”

周四，在被問(wèn)及中國(guó)化工和中化集團(tuán)合并的可能性時(shí)，肖亞慶表示他不知道：“看他們兩家，問(wèn)他們董事長(zhǎng)。”

ChemChina has not yet responded to a request for comment. Syngenta said it had no comment.

中國(guó)化工沒有回復(fù)記者的置評(píng)請(qǐng)求。先正達(dá)表示無(wú)可奉告。

Additional reporting by Liu Xinning

劉心寧補(bǔ)充報(bào)道

This article has been updated to clarify that the Pirelli IPO will happen next week, rather than this week

譯者/和風(fēng)