阿尔斯通接受通用电气修改后的收购要约

Alstom Board Clears GE's Sweetened Offer

阿尔斯通接受通用电气修改收购要约

June 21, 2014 —— The board of French engineering group Alstom SA said Saturday it has officially accepted General Electric Co.’s sweetened offer for its power-equipment unit，ending a two-month scramble for the maker of turbines for power plants.

6月21日消息——法国工程集团阿尔斯通董事会在周六表示，已正式接受通用电气对其电力设备的修改版收购要约。至此，长达两个月的阿尔斯通竞购战宣告结束。

The board accepted the revised offer made by GE on Friday，when the U.S. group changed its $17 billion initial offer for the whole of Alstom’s power business to make it more palatable to the French government，which was reluctant to let the industrial jewel fall into U.S. hands.

阿尔斯通董事会接受了美国通用电气周五提出的收购要约，后者修改了以170亿美元收购阿尔斯通全部能源业务的初始提议，使得修改后的要约对不愿让这一行业翘楚落入美国手中的法国政府而言更具吸引力。

Under the revised GE bid，Alstom would sell its gas turbine business，the largest part of the power-equipment unit，to the U.S. company and house the French part of its steam and nuclear turbines，renewable-energy activities and grid equipment in 50/50 joint ventures with GE.

根据通用电气修改后的要约，阿尔斯通将向通用电气出售其燃气涡轮发电机业务，这是其电力设备部门中最大一部分业务。此外，阿尔斯通还将与通用电气各出资50%成立数家合资公司，经营蒸汽及原子能涡轮发电机、可再生能源和电网设备这三项业务。

The revised bid puts a value of $3.5bn on the stakes it will own in the three businesses that will be joint ventures with GE，meaning that the net cash cost of the deal to the US group will be $10bn. It is the US company’s biggest ever industrial acquisition.

根据修改后要约的估价，阿尔斯通在主营这三项业务的合资公司中拥有的股份为35亿美元，这意味着通用电气对该项收购交易的净现金成本将为100亿美元。这是通用电气有史以来最大的行业收购案。

GE has also agreed to sell its rail signalling business to Alstom for $825m，further offsetting the cost of the acquisition.

通用电气也同意将铁路信号传输业务以8.25亿美元的价格出售给阿尔斯通，这也进一步抵消了收购交易的成本。

On Friday the government backed the proposed deal with GE，rejecting a rival Siemens-Mitsubishi offer it had previously encouraged as ministers sought guarantees on domestic jobs and activities deemed strategic.

法国政府在周五表示支持通用电气的收购方案，并拒绝了西门子和三菱重工的竞购要约。此前，为了保障国内就业，并出于战略考虑，法国政府曾对西门子和三菱重工的竞购表示鼓励。

The two groups made a 8.2bn euros cash offer，lifting the total value of their offer to 14.6bn euros-more than the value of the GE bid. It included Siemens also putting railway assets into Alstom’s transport unit.

在这两家公司的竞购方案中，现金报价为82亿欧元，总报价提高至146亿欧元，这一价格高于通用电气的收购报价。此要约还包括西门子计划向阿尔斯通的运输部门出售其铁路资产业务。

French Economy and Industry Minister Arnaud Montebourg said the Siemens-MHI bid was“very serious，very credible”but faced potential competition problems from the European Commission，which he blamed as the“principal obstacle”to creating European“industrial champions”as he has advocated.

法国经济和工业部长Arnaud Montebourg表示，西门子和三菱重工的收购方案“非常认真且可信”，但可能面临来自欧盟委员会有关竞争方面的质疑。他指责，这也是其此前倡导的打造欧洲“行业领军企业”的主要障碍。

Siemens on Friday conceded in its battle to take over part of France's Alstom."We respect and understand the political interest of the government in the field of energy," Siemens said in a statement, adding that its offer for Alstom's energy assets was "verifiably better" than the rival bid.

西门子周五宣布退出争夺阿尔斯通能源业务的收购战。“我们尊重并且理解法国政府在能源技术领域的政治利益。”西门子在声明中表示，其同时也指出，西门子对阿尔斯通能源资产的收购要约可证明比对手更为优厚。

But the official green light remains subject to strict conditions agreed with GE - as well as the government’s purchase of the Alstom stake from Bouygues.

不过，对此项交易的正式放行，还取决于阿尔斯通与通用电气达成的严格条件是否得以履行，以及法国政府能否顺利向布依格集团收购阿尔斯通股份。

The French government sprang a surprise on Friday by saying it would take a 20 per cent stake in Alstom，becoming the company’s biggest shareholder and making the French state GE’s main partner in three joint ventures that are part of the deal. The French state will buy its 20 per cent stake in Alstom by acquiring most of the existing shareholding of Bouygues，the French conglomerate that is currently Alstom’s biggest shareholder.

法国政府在周五意外宣布，将收购阿尔斯通20%的股份，从而成为阿尔斯通的最大股东，并成为通用电气在将要成立的三家合资公司中的主要合作伙伴。法国政府将向阿尔斯通目前的最大股东、法国布依格集团收购阿尔斯通20%的股份，这也是其目前持有的阿尔斯通股份中的绝大部分。

The deal still needs regulators’and Alstom staff representatives’approval.If approved，the deal is expected to be completed in 2015.

这项交易仍需得到法国监管部门的批准和阿尔斯通职工代表的同意。如获通过，预计这项交易将于2015年完成。