http://pwc.to/T6h0zn D’après l’étude de PwC « China Deals, A fresh perspective », en dépit des signes récents d'un ralentissement de la croissance économique en Chine et des incertitudes persistantes liées à la crise de la zone euro, les investissements de la Chine continentale ont progressé régulièrement en Europe au cours des six dernières années, tant en valeur qu’en volume.

1. www.pwc.co.uk/china
China deals
中国并购交易
A fresh perspective
新视角
October 2012
2012年10月

2. Contents
目录
Welcome 4
Foreword: China-Britain Business Council 8
China-Europe-China deal flow: a perspective on the trends 10
Getting to know... Ken Su 24
From deal-breakers to deal-makers 28
China and the UK: building on experience 40
Please get in touch 46
欢迎辞 5
序言：英中贸易协会 9
中欧交易流：趋势透视 11
增进了解...苏启元访谈 25
从交易杀手到交易赢家 29
中英交易：再上一层楼 41
请联系我们 46
中国并购交易 3

3. Welcome 欢迎辞
Looking at the growing level of M&A 了解中欧并购交易流增长水平，
flows between China and Europe and 探讨其对参与企业和领域的影响
what they mean for the companies and
sectors involved.
2001年入世后刚过十年， 中国已超 业加大投资。它还显示即便能源、
Just over ten years since joining WTO looks at the publically available data
in 2001, China has overtaken on deals over the past several years 越德国和日本成为全球第二大经济 金融和公共设施行业的交易时常能
Germany and Japan to become the and considers what it tells us about the 体。 同年，中国取代美国，成为全球 登上媒体头条，但交易活动最频繁
world’s second largest economy. This volume – and value - of M&A flows 第一大制造国。 短短二十年间， 欧 的却是工业产品领域。
year China ousted the US from its between Europe and China and vice 洲已成为中国最大的出口市场， 现
position as the world’s largest versa. It shows that while conditions in 在还成为了对中国投资者最具吸引 尽管并购活动平稳增长，但中欧双
manufacturer. In barely two decades, Europe may have affected China- 方的并购团队却时常会遇到新的难
力的地区。 随着自身的强劲增长以
Europe has become China’s biggest bound investments, there is a ramping
及中产阶级的不断涌现， 中国也已 题。正如那篇关于促成并购交易原
export market and now attracts more up of investment by Chinese
Chinese investment than any other companies across different sectors. It 成为欧洲的第二大出口市场， 同时 因的文章所述，如果想成功竞标，
region. With strong growth and a also shows that most deal activity is in 也是欧洲企业的投资目的地。 在这 必须要更好地理解审批流程、战略
burgeoning middle class, China is sectors such as industrial products, 些统计数据背后， 中欧企业的并购 理念以及竞标对象相关的运营、文
Europe’s second biggest export market even if the headline-grabbing deals 活动在不断增长。 像静动脉循环网 化和政治问题。即便公司迫切地想
and a target for European companies. have often been for energy, financial 买或者卖，光有钱是远远不够的。
络一样， 并购活动使得中欧企业各
Behind these statistics lays a rising or utility targets.
自都获得了市场、 技术和专长。 无 我们将会探讨双方该怎样才能提升
level of mergers and acquisitions
activity between Chinese and Though M&A activity is steadily 论是中国还是欧洲的公司， 有必要 顺利达成交易的几率。
European companies. Like a network growing, both Chinese and European 了解这些交易发生的原理及原因，
of veins and arteries, they are enabling M&A teams often face unfamiliar 只有这样， 才能深刻理解其战略影由于目前欧洲各国在竞相吸引中
access to markets, technology and hurdles. As the article on making M&A 响以及机遇。 国投资和锁定有吸引力的中国并
expertise for Chinese and European transactions happen discusses, there is 购目标，我们将着重探讨英国该如
enterprises alike. Businesses in China a need for greater understanding of 何利用其在华的投资交易以及吸
虽然中欧之间数十亿欧元的重磅交
and Europe need to understand how approval processes, strategic rationale 引中国到英国投资方面相对较强
and why these deals are happening to and operational as well as cultural or 易经常成为各类媒体的头条， 但它
grasp their strategic impact – political concerns for bids to be 们并不是我们最关注的一面。 在我 的优势，赢得更丰厚的回报。 尽管
and opportunities. successful. Money may not be enough, 们看来，那些双向、多领域的小交易 英国已失去了昔日对华投资和吸
even for companies keen to buy or sell. 流增量，才是维持中欧贸易流的血 收中国海外投资的龙头地位， 但它
Though reports of billion Euro deals We look at how both parties can 肉所在。我们坚信，这些大大小小 仍提供着中国投资者所追求的技
between Chinese and European increase the chance of a good 术和产业。通过加强彼此的联系，
的交易，终会成为今后增长、就业
companies regularly make headlines, deal completed. 并从双边的经验中学习， 中英两国
there is a bigger story. We look at the 及创新的源头。
growing number of smaller deals, As competition intensifies among
均能从中获益。
flowing in both directions and in a European countries to attract 在本期的《中国并购交易》 我们将
，
range of sectors that are the lifeblood investment from China and to find 为您奉上未来将会定期更新的中欧 作为一个全球性的服务网络， 普华
of China and European trade ties. We attractive Chinese targets, we consider 及欧中交易流：哪些公司正在投资 永道英国、欧洲及中国公司的联系
believe that these deals, big and small, how the UK in particular can benefit 及其投资原因，交易的行业和国家 由来已久。我们在中国和英国的交
will be a source of growth, jobs and from its comparatively strong 特点，以及我们就促成交易的原因 易团队经验丰富，时刻准备帮助客
innovation for years to come. performance in doing deals in - and 户最大限度挖掘并购所带来的增长
attracting investment from – China.
以及如何改善交易流程展开的探
In this issue, we offer what will Though it has lost its lead for both 讨。其中有一篇文章回顾了过去几 潜力。 针对第一期《中国并购交易》
become a regular update on China- outbound and inbound Chinese M&A, 年交易相关的公开数据，思考其对 ， 我们万分荣幸地得到英中贸易协
Europe-China deals: who is investing as a country it offers the skills and 欧中及中欧间并购交易数量及金额 会的支持以及有机会借鉴他们的经
and why, features on sectors and industries for which Chinese investors 的启示。我们的分析显示欧洲的现 验。 作为一家国际性的商业机构，
countries, as well as looking at what are looking. Both countries could gain 状固然影响着欧洲投资者的对华投 我们的成功依赖于与客户、 合作伙
makes deals happen and how that by strengthening their ties and 伴以及全球团队间的细致入微的沟
process can be improved. One article building on their mutual experience.
资，与此同时中国公司却在各个行
4 A fresh perspective - China deals 中国并购交易 5

4. As a global network, the ties between Nick Page 通。除了监管和商业要求之外，并 Allan Zhang
the PwC firms in the UK, Europe and Partner 购交易还是关于在正确的时间， 连 张鉴钧
China are long established. Our 合伙人 同正确的事实把人们连结在一起。 Director
experienced deal teams in China and Transaction Services UK Emerging Markets leader 总监
the UK are well positioned to help 企业并购服务部英国新兴市场主管 这份刊物为我们的工作提供支持， Advisory
clients make the most of the growth PwC UK
opportunities M&A can bring. For this 普华永道 （英国）
同时也有助于促进我们的客户顺利 咨询部
完成并购交易。在此我们诚挚地希 PwC UK
first edition of “China Deals” we were +44 (0) 20 7213 1442
privileged to be able to draw on their 望，无论您身处北京还是伦敦，此 普华永道 （英国）
nick.r.page@uk.pwc.com Tel/电话: +44(0)207 804 5605
experience and the support of the 份报告能给您提供新的视角——
China-British Business Council. As an 同时拉近两地间的距离。 allan.x.zhang@uk.pwc.com
international business, our success Nick is a partner in Transaction Services in London and has a focus on
depends on ensuring finely tuned investment activity with emerging markets. He worked in Moscow in
Allan is a director of PwC Beijing office. He worked at PwC China's
connectivity between our clients, the mid-1990s and has been active in M&A with emerging markets ever
Transaction Services team for over six years and is currently on a
partners and teams worldwide. For all since. He is also the head of the financial services team.
two-year secondment to PwC UK, focusing on outbound deals from
the regulatory and commercial
Nick是伦敦的企业并购服务部执行合伙人， 侧重于新兴市场 China. Allan also leads PwC China’s Sustainability and Climate Change
requirements, deal making is also
practice and is a member of Carbon Disclosure Project China Advisory
very much about connecting people at 的投资活动。 上世纪90年代中期他在莫斯科工作，自此开始活
Council. He is a frequent speaker of major international and domestic
the right time and with the right facts. 跃于新兴市场的并购领域。 同时，他还是金融服务团队的负 conferences as a subject matter expert of outbound deals
责人。 and sustainability.
This publication supports our work
and that of our clients to get good 张鉴钧现为普华永道北京办公室总监。他曾在普华永道（中国）企业并
deals done. We hope that this report Philip Bloomfield
Partner 购服务团队供职六年之久，目前被借调到普华永道（英国）两年，主要
provides you with some fresh
perspective, whether you are reading 合伙人 负责中国的海外并购交易。张鉴钧同时主管普华永道（中国）的可持续
it in Beijing or London – the distance Transaction Services UK China team leader 发展和气候变化业务，他目前为碳信息披露项目中国咨询委员会成员。
between the two is narrowing 企业并购服务部英中团队负责人
他多次以中国海外并购和可持续发展专家的身份在国内外的重大会议
all the time. PwC UK
普华永道 （英国） 上演讲。
+44 (0)20 7804 4904
philip.bloomfield@uk.pwc.com
Philip is a partner in our Transaction Services business, based in
London. He leads our UK Transactions team focused on China and
has worked with PwC China since 2008/09 when he led the firm's
work in support of Chinalco's proposed joint venture with Rio Tinto.
Philip has focused exclusively on the transactions market for over
fifteen years.
Philip现为普华永道企业并购服务部 （英国）的执行合伙人。
他领导的英国企业并购团队集中关注中国市场。 2008/09年他
领导公司为中铝提议的与力拓合资方案提供支持服务， 自此
他便开始与普华永道 （中国）合作。在过去十五年里， ip专
Phil
司并购交易市场业务。
6 A fresh perspective - China deals 中国并购交易 7

5. Foreword: China-Britain Business Council 序言：英中贸易协会
I was delighted to be invited to write a Greenfield investment remains We are delighted to be working with 我很荣幸能受邀撰写此份序言， 资本对并购活动的兴趣逐渐增强。 驱散了诸多误解、偏见之处。正如
foreword and support this exciting new important, and Chinese companies PwC again to support this important 此报告所强调的那样，中欧双方投
piece of work to help better understand
为普华永道的这份令人振奋的新 对英中贸易协会而言，中国公司、
initiative of PwC. continue to set up sales offices along 资交易量的差距正以令人惊异的速
with R&D centres. However, one of the the emerging trends, and what it means 举措尽绵薄之力。 投资者及政府要员曾进行过无数
The depth and breadth of economic for the UK and Europe’s relationship 次的洽谈，这一趋势非常明显。企 度缩小。我们对当前的境况了解的
most exciting developments is the
relations with China have grown burgeoning interest in M&A activity. with China. I found the articles in this 过去30年，中英、中欧的经贸关系 业自身意识到了境外投资对自身业 越透彻，英国公司越可能从中长久
exponentially for the UK and Europe This is clear to us at CBBC through the report both fascinating and informative, 在深度和广度上有了令人瞩目的 务发展的重要性，而中国政府也把 获益。
over the past 30 years. Until recently, numerous conversations we have with dispelling some misconceptions through 发展。截至近期， 这种发展更多地
this has largely been characterised by evidence and analysis. As the report 海外投资看成是中国走向国际的重
Chinese companies, investors, and 体现在中国对欧出口连年增长，
ever-increasing Chinese exports to government figures. Individual highlights, the gap in deal flow between 要步骤。
Europe, a strong flow of European goods companies know that it is important for Europe and China has already closed at 欧洲对华货物和服务输出强劲、
and services to China, and a significant the development of their own business, an impressive pace, and the better we 以及很多欧洲企业对华投资。 我们已见识过中国公司的许多大手
number of European companies and the Chinese government sees can understand what is happening, the 笔并购。但中国资本的并购行为并
investing in China. overseas investment as an important better UK firms will be placed to gain 最近几年，中欧贸易最令人欣喜的
非仅限于知名品牌。中国私企和国
step for China’s increasingly from in the future. 一面是中国海外投资呈扩大趋势。
One of the most exciting dimensions to 企也在对小型企业投资。通常，并购
international role. 为开辟新的市场和销售渠道， 开发
this business relationship is the increase 者会投资他们认为可在中国获得良
in recent years in Chinese outbound We have already seen a number of 技术、品牌和诀窍，投资各种资产
好回报的技术和品牌，这也为英国
investment. More Chinese companies high-profile acquisitions. However, it is 和筹集资金，越来越多的中国公司
than ever before are seizing 创新技术提供了进军中国市场的新
not just household names that are 开始寻求境外的商业机会。如果说
opportunities abroad in order to reach involved. Chinese private companies and 途径。
new markets and sales channels, develop 自然资源需求是“早期”中国境外
State-Owned Enterprises ("SOEs") have
technology, brands and know-how, as invested in smaller companies too. 投资的源动力的话，提升价值链的 我们非常荣幸能与普华永道再次
well as invest in a variety of assets and Often the goal has been to acquire 迫切需求就是今日中国资本纷纷涌 合作，来支持这项重要的工作，从
raise capital. While demand for natural technology and brands that the acquirer 向欧洲市场的原因所在。 而更好地了解这个变化的趋势，以
resources was the driver for much of the believes will have good prospects back in
‘early’ Chinese investment overseas, the 及这对中英，中欧关系的意义。我
China, creating a new means for UK 绿地投资仍占据重要地位，中国公
imperative for Chinese firms to move up innovations to make their way into the 发现此份报告中的文章读来生趣
the value chain has led to a growing 司继续设立销售处并设立研发中
Chinese market. 盎然、信息详实，通过例证和分析
number of companies looking to Europe. 心。但值得欣喜的一项进展是中国
Stephen Phillips
Chief Executive
首席执行官
China-Britain Business Council (CBBC)
英中贸易协会(CBBC)
+44 (0) 207 802 2001
stephen.phillips@cbbc.org
Stephen Phillips joined the China- Britain where he specialised in structuring and Before joining CBBC Stephen was Stephen Phillips于2006年加入英中贸 攻跨境投资架构和融资， 筹集资金 英国西南部的英国贸易与投资署担
Business Council as Chief Executive in financing cross border investments totalling International Trade Director, UK Trade & 易协会并担任首席执行官一职。 自 逾200亿英镑。而在中国，Stephen也 任国际贸易署主任。
June 2006. Stephen has been actively in excess of £20 billion. In China, Stephen Investment based in the South West
1989年起， 他便已开始积极参与中 参与了 一系列跨国及中资企业的重
engaged in business in and with China worked with a wide range of multinational of England. 1989年赴亚洲工作之前，Stephen还
and Chinese enterprises on major projects, 英贸易， 其身影活跃在航天、 石油、 大项目、 并购和合资。
since 1989 and his experience spans a Prior to moving to Asia in 1989, Stephen 曾为巴克莱资本在英国及博茨瓦纳
number of sectors including aerospace, acquisitions and joint ventures. 天然气、 石化、 基础设施、 ICT和金
worked for the Barclays Group in the UK Stephen随后合作创立iBridge Capital 工作。 其持有英国埃克塞特大学的
oil, gas and petrochemicals, infrastructure, Stephen was then Managing Director and and Botswana. He holds a BSc 融服务等诸多领域。
并担任总经理一职， 该公司是一家 化学及法律学位。
ICT and financial services. co-founder of iBridge Capital, a group of in Chemistry and Law from the University
Stephen曾在高级投资银行德意志银 面向整个亚洲及中东地区提供IT解
Stephen held senior investment banking companies providing IT solutions and of Exeter.
positions with Deutsche and BZW/ financial and business consulting services 行与巴克莱德胜/巴克莱资本 （亚 决方案、 金融和商务咨询服务的集
Barclays Capital in Asia for over 10 years, throughout Asia and the Middle East. 洲） 担任要职逾10年，在此期间他主 团公司。 加入CBBC之前，Stephen曾在
8 A fresh perspective - China deals 中国并购交易 9

6. China-Europe-China deal 中-欧-中交易流：趋势透视
flow: a perspective on
the trends
Executive summary Finally, while Chinese SOEs may lead the way for many of
the bigger Europe-bound M&A transactions, the trends show
概要 最后，尽管中国国企可能主导着多数大宗的对欧跨境
并购交易，但趋势表明，中国和欧洲的私企也不乏交易
In this piece, we look at the number and size of M&A deals that there is still plenty of opportunity for privately owned 本部分探讨中国大陆与欧洲的双向并购交易流的数量
机会来进军新市场、获取新技术，同时通过交易进一步
flowing, in both directions, between mainland China and companies, Chinese and European, to access new markets 和规模。根据2006年至2012年1季度期间完成的交易的
Europe. Using publically available information on and know-how and to grow their business through deals. 拓展自身业务。
公开信息1，我们阐述并购活动的主要趋势。
transactions completed between 2006 and the close of the
first quarter of 20121, we present some of the key trends in Europe-mainland China (excluding Hong Kong) outbound and Europe-mainland China (excluding Hong Kong) outbound and
Europe-mainland China (excluding Hong Kong) outbound and inbound
M&A activity.
Figure M&A by deal volume, – ChinaHong Kong) outbound volume 2006 to Q1 2012
Europe-mainland to China
1: Europe China (excluding to Europe: M&A by and inbound
inboundby deal volume, 2006 - 2006 - Q1 2012
M&A Q1 2012
中国大陆对欧洲并购数量及金额均在增长 inboundby deal volume, 2006 - 2006 -2006-2012年1季度的并购交易量
图1： 欧洲对中国 – 中国对欧洲： Q1
M&A M&A by deal volume, Q1 2012 2012
200 200
过去几年的统计数据表明， 中国大陆资本在欧洲并购
Rising M&A volume and value from mainland 150 活动的数量和金额均有大幅增长。 从历史上看，欧洲投 150
China to Europe
Number of deals
Number of deals
Number of deals
资者在中国的并购活动无疑更多， 但现在欧中交易流的
交易数
100 100
The figures from the past years show a significant rise in
umber
umber
umber
差距正在缩小。 此外， 尽管中国企业在欧达成的交易数
mainland Chinese M&A activity in Europe, in both volume 50
相对较少 但也超过了欧洲在中国的同期投资数。
， 多数 50
and value terms. If historically European investors have been
more acquisitive in China, the gap in deal flow between 0
超大手笔交易发生在能源和金融服务领域， 而这也一
0
2006 2007 2008 2009 2010 2011 Q1 2012
Europe and China is narrowing. Moreover, though they may 度吸引了媒体普遍的关注。 但如果更深入地研究这些 2006 2007 2008 2009 2010 2011 2012年1季度
Europe to mainland China Europe to HK Mainland China to Europe HK to Europe
have done fewer deals, Chinese companies have invested 数据，便会发现几项重要的事实。 尽管双向投资交易额 欧洲对中国大陆 欧洲对香港 中国大陆对欧洲 香港对欧洲
Source: PwC analysis of Mergermarket, Reuters and Dealogic data.
more in European targets than vice versa. Most of the very 数据来源：普华永道就Mergermarket、Reuters和Dealogic公布数据所做的分析。
都达到数十亿欧元， 但实际上大部分交易的金额在1亿
high value transactions have been in the Energy and
Financial services sectors, usually attracting a great deal of Deal flow compared: closing the volume gap 欧元基线以下。 工业产品是并购交易中最活跃的领域，
交易流比较：数量差距在缩小
media attention. However, a deeper look at the data 这也反映出中国大陆作为世界最大加工厂的现实。 在
highlights several important facts. While billion Euro deals Though in the past European investors have been more 在过去， 欧洲对华投资相对比中国对欧投资更为活跃，
多数领域中， 只要所有权不受限制， 中欧投资者都倾向
are happening, a large proportion of all deals – in both active in investing in Chinese companies than vice versa,
于持股25%以上。中国大陆对欧洲的投资主要集中在法 但如今二者的差距目前正在逐渐缩小。 过去几年， 中国
directions – actually fall under the €100m mark. The the gap is narrowing. There has been a steady rise in the
number of Europe-bound deals by mainland Chinese 英德三国， 但其他欧洲国家的公司也能从中分一杯 大陆对欧跨境投资数量一直平稳增长， 2006年只有区
Industrial Products sector is the one that sees the most M&A
activity- again in both directions, reflecting the fact that investors over the past years, from just 11 in 2006 to 61 in 羹——过去几年， 中国对几乎所有欧洲国家的投资都 区11起，而到了2011年便发展到了61起。然而与此相对
mainland China is the world’s largest manufacturing nation. 2011. A comparison with deal flow in the opposite 照的是， 由于信贷紧缩和欧元区债务危机日益加深， 欧
有增加。在欧洲方面， 德国和英国则是对华投资的主要
For most sectors, where ownership restrictions do not apply, direction, from Europe to China, shows that volume
来源国，德国更是从2010年起开始后来居上。 洲投资者对华交易数从2006年最高的163起， 降至2009
both Chinese and European investors seem to prefer taking declined from a peak of 163 deals in 2006, to a low of 85 in
2009, as European investors felt the effects of the credit 年的85起。当国际投资者缺乏信贷资金必须集中精力
stakes of 25% and above. Deal flow to Europe is primarily to
France, the UK and Germany but companies in other nations crunch, and the impending Eurozone crisis. While 解决他们现有市场的问题时， 中国国内的强劲增长促
1 此部分的数据分析涵盖了公开的并购交易， 交易报道来源为Mergermarket、Thomson
are also benefitting and nearly all have seen an increase in international investors had limited access to lending and Reuters和Dealogic。此份资料中的所有交易均在2006-2012年1季度期间发布， 且均已 进了中国投资者去海外寻求更多的并购机会。 国际投
Chinese investment over the past years. From Europe, had to focus on problems in their existing markets, Chinese 完成或预期将完成。
资者的相对离席， 也给了中国私募投资公司更为宽广的
Germany and the UK have been the biggest source of M&A flowed into the opportunities created by strong domestic
growth. Chinese private equity houses benefited particularly 舞台。
Mainland China-bound investment, with Germany edging
ahead since 2010. from the relative absence of international investors.
2009年之后，欧洲对中国的跨境投资数量小幅上扬，表
Though a rise in the number of China-bound deals since 明欧洲投资者尚需时日来恢复元气， 同时想通过投资
1 The data analysis in this piece covers publically announced M&A deals, as
reported by Mergermarket, Thomson Reuters and Dealogic. All the deals 2009 suggests that European investors are pushing for 飞速发展的中国市场来谋求企业的增长。 而从中国的
included in the data were announced between 2006 and the first quarter of growth through deals in China’s faster growing market, it
2012 and have been completed or are expected to complete. 角度来看， 欧洲市场在经历几年的困境之后，对外来投
has taken them some time to recover. From the Chinese
资的态度更为开放， 而且交易价格也更为合适。
perspective, European targets may appear more open to
investment – and better value - after several difficult years.
10 A fresh perspective - China deals 中国并购交易 11

7. 2011 – 2012: M&A momentum returns However, it is also a realistic approach, given that large, 2011 – 2012：并购势头回升 其实，这也是一个很现实的办法， 因为大型的、非国有
non-State-owned targets are in short supply. Chinese SOEs 的目标企业并不多。中国的国企对巨额的外国投资需
China-bound investment recovered some ground in 2011 have less need for large foreign investments and are more 2011年，欧洲对中国的跨境投资有所回升， 年末共达成
with 125 deals by the year-end. In fact, 2011 proved to be a 求较低，更倾向于以合资企业的方式来合作。 中国的很
likely to partner in a Chinese joint venture. Many of China’s 125起。 事实上，对于中欧双向的并购， 2011年算是丰
good year for M&A deals in both directions. European industrial sectors are more fragmented than their European 多工业领域比欧洲更为分散。 于是很多欧洲大型跨国
收的一年。 欧洲投资者累计在中国大陆投资70亿欧
investors poured over €7 billion into mainland China. counterparts. The upshot is that many large European 企业通过一系列并购、 投资组合来占据中国市场。西门
Chinese investors reciprocated, investing over €11 billion 元； 中国投资者更是有过之而无不及， 累计注资欧洲
multinationals are growing their China presence through a 子、施耐德电气及ABB无不遵循这一途径。
in European companies, with a number of big-ticket items series of acquisitions, taking a portfolio approach. Siemens, 企业逾110亿欧元， 其中包括29亿欧元收购苏伊士环能
such as €2.9 billion for a 30% stake in GDF Suez and Schneider Electric and ABB have all used this route. 30%股份、 27亿欧元收购葡萄牙电力21%股份这样的大
€2.7billion for 21% of EDP. While the Energy, Utilities, 追求分享更多的中国发展成果
手笔交易。 能源、公共设施、矿业和基础设施领域造就
Manufacturing and Infrastructure (EUMI) sector produced Aiming for bigger stakes in China’s growth 了大额交易， 而工业产品领域则占据了欧洲及中国跨 相比2011年， 2012年1季度欧洲对中国的并购交易数目
high value deals, the Industrial Products (IP) sector
generated most deals for both Europe-bound and China- In comparison to 2011, the level of China-bound M&A 境并购活动的数量优势， 相对下降，
约占到2006-2012年1季度所 仅有26笔——2011年同期交易数达32笔。 然
bound M&A, accounting for around 30% of all transactions activity for the first quarter of 2012 was relatively subdued, 有交易的30%。 而与去年同期相比， 2012年1季度对华并购交易中， 控
between 2006 and Q1 2012. with just 26 deals in Q1 2012, compared with 32 in the 股25%以上的比例有所上升。 2012年1季度， 控股25%以
same quarter of 2011. However, year on year, Q1 of 2012
2012年1季度数据显示，中国对欧投资共32笔， 而欧洲 上交易占到所有并购交易的88%， 高于2011年同期的
Q1 2012 figures show 32 Chinese investments in Europe has seen a greater proportion of China-bound M&A
and just 26 deals made by European companies in China. transactions with stakes above 25% than the Q1 of 2011. 企业对中国的投资则仅有26笔。 这标志着双方跨境交 78%。 这表明一些欧洲投资者的信心有所增长， 这可能
This marks the first time that deal flow volume has been Stakes of more than 25% accounted for 88% of all M&A 易流的数量首度逆转， 中国对欧投资首度超过了欧洲 来自于他们逐渐丰富的在华经商经验。 这也表明， 欧洲
greater to Europe than to China. However, with so little activity in Q1 2012, up from 78% for the same quarter in 对华投资。 然而，鉴于欧洲本土及美国市场增长缓慢， 投资者愿意冒更大的风险进军不断增长的中国国内市
growth coming from their European and the US markets, 2011. This may reflect growing confidence on the part of
有迹象表明一些大的跨国公司看好并大力投资中国及 场， 以及地方市场。
there are signs that a number of large multinationals are European investors, due perhaps to their growing
placing bigger bets on China and other high growth experience of doing business in China. It may also be a 其他高速增长的经济体， 因此我们预计2012年会有几
economies and we expect to see some very large M&A reflection of a willingness to take on more risk in order to 起超大金额的并购。 Europe to mainland China M&A deal volume by size, 2006 - Q1
图2：
2012
交易数可能出现下降
announcements in 2012. access China’s growing domestic - and regional - markets.
250
中国国企在欧洲交易中表现活跃
Chinese SOEs active in European deals 200
Europe to Deal numbers may have fallen
Figure 2: mainland China M&A deal volume by size, 2006 - Q1
2012
在中央政府的支持下， 中国国企带头掀起了中国企业 150
With backing from Beijing, Chinese SOEs led the way in
交易数
250 的第一波国际并购浪潮。 中国主权财富基金为了使其 100
China’s first wave of international M&A activity. The
nation’s Sovereign Wealth Funds (SWFs) have also played a 200 巨量外汇储备多样化， 也参与了此番并购潮。 多项高金 50
Number of deals
role as they diversify China’s vast foreign currency 150 额的交易均涉及中国国企和主权财富基金的参与， 从 -
reserves. Many of the very high value deals that have 而推高了中欧并购的平均交易金额。 事实上，自2006
2006 2007 2008 2009 2010 2011 2012年1季度
100
boosted average Europe-bound deal value involved SOEs or 未公开 <1亿欧元 1亿-10亿欧元 >10亿欧元
年-2012年1季度， 排名前20位的中国大陆对欧跨境并
SWFs. In fact, from 2006 to Q1 2012, 90% of the top 20 50
Europe-bound M&A deals from mainland China were by -
购交易中， 90%出自国企和主权财富基金之手。 平均来 数据来源：欧洲对中国大陆的并购活动：普华永道就Mergermarket、Reuters和Dealogic
公布数据所做的分析。
SOEs or SWFs. On average, the disclosed value of Chinese 2006 2007 2008 2009 2010 2011 Q1 2012
说， 中国在欧洲并购活动的公开金额明显高于同期欧
acquisitions in Europe was significantly higher than Undisclosed <€100m €100m - €1bn >€1bn
洲在中国跨境交易金额。 与此相反的是，在排名前20
China-bound deal values for the period. In contrast, half of
Source: M&A from Europe to mainland China, PwC analysis of Mergermarket, 位的欧洲对中国大陆的投资中， 半数投资者来自于私
the top 20 deals done by European investors in mainland Reuters and Dealogic data.
图3：2011年出现的创纪录交易金额*
China were for privately owned companies. With an 营企业。 随着经验更趋成熟， 以及通过并购活动所建 Europe to mainland China M&A value*, 2006 - Q1 2012
1. 15亿欧元收购徐福
established record of M&A activity, and as they mature, 立起的良好口碑， 中国的私营企业现在也在通过多领 12 记集团股份(60%)
China’s privately owned enterprises (POEs) are now also 域的海外并购壮大自身实力。 10
looking to expand by acquiring businesses overseas and in Figure 3: 2011 saw record value* 1. 11亿欧元收购
1. 12亿欧元收购
单位：10亿欧元
8 中国中信银行
a range of sectors. Europe to mainland China M&A value*, 2006 - Q1 €1.5bn Hsu Fu Chi
2012 股份有限公司 中国信达资产
12
1.
(60%) 欧洲对中华投资：难以数计的投 6
股份(4.9%) 管理公司股份
(16.5%)
Europe To China: a billion 10
1. €1.1bn China 资理由 4
1. €1.2bn China
reasons to invest
CITIC Bank
8 2
Corporation Cinda Asset
中国的中产阶层快速涌现、 劳动力成本日益增长但仍
€ in billions
(4.9%) Management
(16.5%) -
6
具有相对的竞争力、 中国政府持续投资基础设施建
With a rapidly emerging middle-class, relatively 2006 2007 2008 2009 2010 2011 2012年1季度
competitive - though rapidly increasing - labour rates, and 4 设， 这一切为寻求发展的欧洲企业提供了大量的商
state spending on infrastructure, China offers a range of 2 机。 如前所述，除了个别例外， 中国对欧跨境投资的平 数据来源：欧洲对中国大陆的并购活动：普华永道就Mergermarket、Reuters和Dealogic
opportunities to European companies seeking growth. As 均金额在过去几年已超过欧洲对华投资的平均金额。 公布数据所做的分析。
-
mentioned above, though fewer, the average value of 2006 2007 2008 2009 2010 2011 Q1 2012
统计数据显示， 多数欧洲对中国跨境投资的公开交易 注*：数据来源于源文件公开的并购交易金额
Chinese Europe-bound deals over the last years outstripped
that of European deal value in China. Figures for European 金额都在1亿欧元的范围以下。 大宗的欧洲对华跨境交
Source: M&A from Europe to mainland China, PwC analysis of Mergermarket,
China-bound investment show that a high percentage of Reuters and Dealogic data. 易仍属罕见， 自2006年以来的欧洲对中交易中，排名前
disclosed deals are in the <€100m bracket. Large mainland 20位的仅有3笔超过10亿欧元基线。 大量的低金额交易
Note*: Value is based on the disclosed M&A value in the source documents
China-bound deals are still relatively rare, with only three
反应了欧洲投资者倾向于并购中国低端的供应商以求
of the top 20 European deals in China passing the €1bn
mark since 2006. The number of these smaller deals 服务中国国内市场。
reflects European investors’ appetite to acquire Chinese
lower-tier suppliers, servicing China’s domestic market.
12 A fresh perspective - China deals 中国并购交易 13