巨額交易熱潮推動(dòng)一季度全球交易量創(chuàng)新高

More than $50bn worth of takeovers were being lined up on Wednesday in a final flurry of dealmaking that saw global volumes exceed $1.2tn in a record breaking quarter.

周三，有逾500億美元的收購(gòu)交易安排妥當(dāng)，這是推動(dòng)第一季度全球交易量達(dá)到創(chuàng)紀(jì)錄的逾1.2萬(wàn)億美元的最后一波并購(gòu)交易。

In the latest sign of how eager boardrooms are sparking a record number of “mega-deals”, Japan’s top drugmaker Takeda revealed it was weighing a $40bn takeover of Irish rival Shire.

日本主要制藥公司武田制藥(Takeda)透露，正考慮斥資400億美元收購(gòu)愛(ài)爾蘭對(duì)手Shire，這是表明企業(yè)董事會(huì)熱切推動(dòng)創(chuàng)紀(jì)錄數(shù)量的“巨額交易”的最新跡象。

Concho Resources, a US oil and gas producer, agreed to buy rival RSP Permian for $9.5bn including debt and CME Group, the Chicago exchange, agreed to buy Nex Group in a deal that valued the UK group at nearly $3.8bn.

美國(guó)石油和天然氣生產(chǎn)商Concho Resources同意以95億美元收購(gòu)對(duì)手RSP Permian(包括債務(wù))，芝加哥商品交易所集團(tuán)(CME Group)同意斥資38億美元收購(gòu)英國(guó)的Nex Group。

Despite a heightened level of political uncertainty, a potential US-led trade war against China and fraught Brexit negotiations, companies have embarked on an unprecedented number of big acquisitions this year. The value of $5bn-plus deals is more than triple year-ago levels, according to data provider Thomson Reuters.

盡管政治不確定性提高，美國(guó)可能牽頭對(duì)中國(guó)發(fā)起貿(mào)易戰(zhàn)，英國(guó)退歐談判困難重重，今年企業(yè)發(fā)起了空前數(shù)量的巨額收購(gòu)。根據(jù)數(shù)據(jù)提供商湯森路透(Thomson Reuters)的數(shù)據(jù)，今年以來(lái)50億美元以上交易的價(jià)值達(dá)到去年水平的三倍多。

More than half of the $1.2tn worth of acquisitions in the first quarter — the fastest start to a year ever — have been worth in excess of $5bn.

今年第一季度宣布的1.2萬(wàn)億美元收購(gòu)中，超過(guò)一半交易的價(jià)值超過(guò)50億美元。今年也是收購(gòu)交易活動(dòng)起步最快的一年。整體活動(dòng)水平比一年前高出67%，比2007年同期水平高出大約三分之一，2007年創(chuàng)下了上一個(gè)收購(gòu)交易活動(dòng)紀(jì)錄。

The overall level of activity is up more than 67 per cent from a year earlier and about a third ahead of 2007, the previous high-water mark for takeovers.

銀行家和律師們告訴英國(guó)《金融時(shí)報(bào)》，企業(yè)董事會(huì)希望防范顛覆性的技術(shù)威脅并加速增長(zhǎng)，推動(dòng)了巨額交易激增(有20多筆交易的價(jià)值至少達(dá)到100億美元)。

The surge of big transactions — with more than 20 deals worth at least $10bn — has been bolstered by a boardroom desire to head off disruptive technological threats and accelerate growth, according to bankers and lawyers who spoke to the Financial Times.

這些交易得益于全球經(jīng)濟(jì)增長(zhǎng)加快和強(qiáng)勁的商業(yè)信心，以及美國(guó)去年通過(guò)的減稅措施，減稅讓企業(yè)擁有更強(qiáng)的活力進(jìn)行大手筆收購(gòu)。

The deals have been spurred by quickening global growth and robust business confidence, as well as tax cuts passed in the US last year that have added to the firepower for marquee acquisitions.

“在增長(zhǎng)恢復(fù)元?dú)獾沫h(huán)境中，企業(yè)感受到壓力，要證明其股票市盈率是合理的，”花旗集團(tuán)(Citigroup)歐洲、中東和非洲并購(gòu)業(yè)務(wù)負(fù)責(zé)人艾莉森•哈丁-瓊斯(Alison Harding-Jones)表示。

“In an environment where growth is back, companies feel the pressure to justify the multiples they are trading on,” said Alison Harding-Jones, Citigroup’s Europe, Middle East and Africa M&A head.

在英國(guó)、德國(guó)、西班牙和荷蘭交易活動(dòng)加速的帶動(dòng)下，歐洲的交易量比一年前水平翻了一番多。一些銀行家和律師預(yù)計(jì)，剝離資產(chǎn)的速度將加快，為私人股本集團(tuán)敞開大門。

Dealmaking in Europe has more than doubled from year-ago levels, led by accelerating activity in the UK, Germany, Spain and the Netherlands. Some bankers and lawyers expect the pace of divestitures to accelerate, opening the door for private equity groups. 案例之一是凱雷(Carlyle)和荷蘭涂料生產(chǎn)商阿克蘇諾貝爾(Akzo Nobel)本周就后者的特種化學(xué)品業(yè)務(wù)達(dá)成的101億歐元交易(包括債務(wù))。這筆收購(gòu)是近年歐洲最大的私人股本交易之一。

That was apparent in a €10.1bn deal, including debt, clinched this week between Carlyle and Dutch paint maker Akzo Nobel for the latter’s speciality chemicals business. The acquisition is one of the largest European private equity deals agreed in recent years.

世達(dá)律師事務(wù)所(Skadden Arps)并購(gòu)交易負(fù)責(zé)人史蒂芬•阿爾卡諾(Stephen Arcano)表示，企業(yè)對(duì)潛在的政治風(fēng)險(xiǎn)很警惕，但目前還沒(méi)有證據(jù)表明交易談判的速度將在今年晚些時(shí)候放緩。

Stephen Arcano, head of M&A at Skadden, said that companies were being vigilant about potential political risks but for the time being there was no evidence that the pace of deal talks would slow down later in the year.

阿爾什•馬蘇迪(Arash Massoudi)，詹姆斯•豐塔內(nèi)拉汗(James Fontanella-Khan)補(bǔ)充報(bào)道

Additional reporting by Arash Massoudi and James Fontanella-Khan 譯者/徐行