飞兆半导体拒绝中企26亿美元收购要约

China's appetite for US assets was stifled¹ on Tuesday after Fairchild Semiconductor² turned down a $2.6bn bid from Chinese state-backed enterprises over fears that the deal would be blocked by US regulators.

周二，中国对美国资产的浓厚兴趣被浇了一盆冷水，飞兆半导体（Fairchild Semiconductor，亦称“仙童半导体”；当前半导体行业巨擘英特尔(Intel)、AMD等的创始人均出身此公司——译者注）拒绝了中国政府背景企业发出的26亿美元的收购要约，原因是担心会受到美国监管机构的阻挠。

The California-based company chose an offer by US rival ON Semiconductor instead of a higher bid by China Resources and Hua Capital, highlighting the difficulties for Chinese groups in securing sensitive assets in America.

总部位于加利福尼亚州的飞兆选择接受美国竞争对手安森美半导体(ON Semiconductor)发出的收购要约，而不是由华润(China Resources)和华创投资(Hua Capital)发出的开价更高的收购要约，这一事实凸显出中国企业在美收购敏感资产面临的困难。

ON Semiconductor agreed to acquire Fairchild for $20 per share in cash, while the Chinese consortium countered with $21.70 per share in cash.

安森美同意以每股20美元全现金收购飞兆，而上述中国财团的还价是每股21.70美元全现金收购。

Fairchild's decision may unsettle ChemChina, which has agreed to buy Swiss agribusiness company Syngenta for $44bn, marking China's largest overseas takeover in history.

飞兆的决定也许会令中国化工(ChemChina)感到不安。后者已同意以440亿美元收购瑞士农业企业先正达(Syngenta)，这是有史以来最大手笔的中资海外收购。

The Chinese chemicals group has been trying to reassure⁴ politicians in Washington that the acquisition of Syngenta, which has a presence in the US, poses no risks to national security.

这家中国化工集团一直在努力说服华盛顿的政客相信，其对先正达的收购不会对美国造成国家安全方面的风险。先正达在美国有业务。

The Committee on Foreign Investment in the US, last month blocked a $3.1bn sale of a lighting³ unit from Philips, the Dutch conglomerate⁵, to a Chinese consortium due to “unforeseen concerns”.

上个月，美国外国投资委员会(Committee on Foreign Investment)以“预想不到的担忧”为由，封杀了荷兰集团飞利浦(Philips)将旗下照明部门以31亿美元卖给一家中国财团的交易。

Last year, a planned $23bn bid for chipmaker Micron by Tsinghua Unigroup, the Chinese state-owned semiconductor business, was aborted⁶ partly because it had little confidence it could complete the deal.

去年，中国国有半导体企业清华紫光(Tsinghua Unigroup)以230亿美元收购芯片制造商美光(Micron)的计划夭折，部分原因在于紫光对自己能够完成这宗交易没有什么信心。

"Chinese companies are desperately⁷ trying to buy assets outside of their home market but they are aware that the US isn't the easiest place to get deals approved," said a senior banker in New York.

纽约一名资深银行家表示：“中国企业正竭尽全力在海外市场收购资产，但他们知道，要让交易在美国交易获批可不那么容易。”

However, another banker said that CFIUS’s tough stance on Chinese takeovers would not prove a deterrent⁸ for Beijing-backed buyers.

不过，另一名银行家表示，美国外国投资委员会对中资收购交易的强硬立场，不会对中国政府背景的买家起到吓阻作用。

"They will keep on trying...琠栀攀礀 have a mandate⁹ to buy foreign assets and they will keep finding ways in," said an adviser¹⁰ who works with Chinese buyers.

一名与中国买家合作的顾问表示：“他们会继续努力……收购海外资产是他们的一项任务，他们会继续想方设法去办。”

So far this year, four of the five biggest cross-border deals have involved Chinese groups bidding for US and European assets worth $61.7bn in total.

今年到目前为止，规模最大的5宗跨境并购交易中，有4宗涉及中国企业竞购美国和欧洲资产，交易总价值为617亿美元。