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最近一个月以来连续传出中国两家大型企业在海外并购中失手导致巨额亏损的报道。其一是中国平安保险公司在2007年11月以平均每股19.05欧元买入比利时富通集团1.12亿股,总投资额约合238亿元。2008年12月4日富通集团股价收在0.63欧元,跌幅达97%,所持股权现价值约合人民币8亿元,亏损达230亿。其二是中国铝业公司在2008年2月1日以137亿美元(按当日汇率计算约合人民币920亿元)以每股58英镑收购力拓9%的股权。2008年11月25日,必和必拓宣布放弃并购力拓的计划,导致力拓股价大跌37%,当日以每股15.5英镑收盘,跌幅达74%。所持股权现价约合38.7亿美元。目前中国为化解外汇储备的风险和抓人民币升值的机遇出现了两种大公司“走出去”的模式,一种是以中投公司和平安公司为代表投欧、美国家巨型金融机构的股权,另一种是以中铝公司和华能集团等大型央企为代表投海外大型优质资源公司和能源公司的股权。两种模式都以股权收购为前提,请看本文对两种模式特点和优劣的分析比较。
In the recent month, there have been a series of reports of huge losses caused by two large Chinese companies losing their hands in overseas mergers and acquisitions. First, Ping An Insurance Company of China bought 112 million Fortis Group belgium shares at an average price of 19.05 euros per share in November 2007 with a total investment of about 23.8 billion yuan. December 4, 2008 Futong Group shares closed at 0.63 euros, a decrease of 97%, the current value of shares held by about 800 million yuan, a loss of 23 billion. Second, Chinalco acquired a 9% stake in Rio Tinto for GBP15.7bn on February 1, 2008 at a price of USD13.7bn (about RMB92bn at the exchange rate on the day) for 58 pound. On November 25, 2008, BHP Billiton announced its plan to relinquish Rio Tinto, leading Rio Tinto shares to fall 37% to close at 15.5 pounds per share on the same day, a drop of 74%. The current stake held by about $ 3.87 billion. At present, China has taken two models of “going out” for large companies and resolving the risks of foreign exchange reserves and the appreciation of the renminbi. One is to cast investment-backed companies such as CIC and Ping An in the mega-U.S. financial institutions Equity, the other is to Chinalco and Huaneng Group and other large central government as the representative of overseas investment in large-scale high-quality resource companies and energy companies. Two models are based on the premise of the acquisition of shares, see the analysis of the characteristics of these two models and the pros and cons.