德國政府重新審查中資收購愛思強案
The German government has reopened a review into the takeover of Aixtron, a German supplier of semiconductor equipment, by a group of Chinese investors, amid concern in Berlin about China’s growing appetite for German industrial companies.
德國政府開始重新審查一羣中國投資者收購德國半導體設備供應商愛思強(Aixtron)的交易，原因是中國對德國工業企業日漸濃厚的興趣令柏林方面感到擔憂。
Aixtron said on Monday that the German Economics Ministry had withdrawn a certificate confirming it had no objection to the sale of the company and was reopening a review of the deal. Aixtron said it had been informed of the decision on Friday.
愛思強週一表示，德國經濟部撤回了一份確認該部不反對出售該公司的證明書，並開始重新審查這筆交易。愛思強表示，自己是在上週五被告知這一決定的。
The company said the review would determine whether the deal “could disturb public order” in Germany. It referred all further questions to the Economics Ministry, which could not be reached for comment.
愛思強稱，此次審查將判定這筆交易是否可能“擾亂（德國的）公共秩序”。該公司已將外界就此提出的進一步疑問全部轉給了德國經濟部。記者無法聯繫上德國經濟部請其置評。
The decision is part of a protectionist backlash in Germany against Chinese investment in the country, particularly after Midea, a Chinese appliance maker, bought German robot-maker Kuka, one of the country’s most innovative engineering companies, earlier this year for EURO4.5bn.
這一決定反映出了中國投資在德國激起的保護主義反彈，特別是在今年早些時候中國家電製造商美的(Midea)以45億歐元收購德國機器人制造商庫卡(Kuka)之後。庫卡是德國最具創新力的工程企業之一。
German ministers failed to drum up support for an alternative bid from a European rival. Chancellor Angela Merkel complained at the time about a lack of reciprocity, with China placing tough restrictions on investment by German companies.
德國的部長們希望由一家歐洲企業取代美的來收購庫卡，但這一想法未能徵集到相應的支持。當時，德國總理安格拉.默克爾(Angela Merkel)抱怨稱，中國對德國企業在華投資設置了嚴格的限制，沒有做到禮尚往來。
Germany has become the top destination for Chinese deal-making in Europe. Transactions with a record total value of $10.8bn were announced in the first half of this year, according to EY, the professional services firm. Chinese investors acquired 37 German companies in that period, EY says — compared with 39 in the whole of 2015.
德國已成爲中國在歐洲併購交易的首選國。專業服務公司安永(EY)的數據顯示，今年上半年宣佈的交易總值達到108億美元，創下了紀錄。安永表示，在此期間，中國投資者收購了37家德國企業，而2015年全年總計收購了39家。
The latest sign of Chinese interest in German companies came earlier this week when San’an Optoelectronics announced it had held talks with Osram on a possible acquisition of the German lighting and semiconductor company. San’an is one of two potential Chinese bidders for Osram, which was spun off from Siemens in 2013.
本週早些時候，又有新跡象表明中國對德國企業發生了興趣。當時，三安光電(San'an Optoelectronics)宣佈，它已與德國照明與半導體企業歐司朗(Osram)就可能收購後者的事宜進行了談判。三安光電是可能收購歐司朗的兩家中國企業之一。2013年，歐司朗被從西門子(Siemens)剝離出來。
Go Scale, a Chinese private equity firm that was blocked in January from buying Philips’ lighting business Lumileds, has also held talks with Osram in the past few weeks, according to people close to the discussions.
知情人士表示，今年1月收購飛利浦(Philips)旗下照明業務Lumileds受阻的中國私募股權公司Go Scale，在過去幾周也與歐司朗舉行了談判。
Aixtron said in May that it had agreed to a takeover by Grand Chip Investment, the German arm of Fujian Grand Chip Investment Fund. The Chinese group is controlled by Zhendong Liu, a Chinese businessman who owns 51 per cent of the fund. Xiamen Bohao Investment owns the remaining 49 per cent.
愛思強5月份曾表示，已同意接受福建宏芯投資基金(Fujian Grand Chip Investment Fund)德國子公司Grand Chip Investment的收購要約。宏芯投資基金由中國商人劉振東控股，他持有該基金51%的股份，廈門博灝投資有限公司(Xiamen Bohao Investment)持有其餘49%的股份。
Under the terms of the agreement, Aixtron shareholders will be offered EURO6 in cash for an ordinary share, valuing the German company at about EURO670m.
根據協議條款，愛思強股東持有的普通股每股可換6歐元現金，該公司的估值因此達到約6.7億歐元。
The takeover was subject to shareholder approval and certain regulatory conditions.
這筆收購需要得到股東的批准並滿足一定監管要求。
The reopening of the review into the acquisition of Aixtron comes amid media reports that Sigmar Gabriel, the German economics minister and deputy chancellor, is seeking ways to give national governments in the EU more control over foreign investment in their companies.
德國決定重新審查愛思強出售案之際，有媒體報道稱，德國副總理、經濟部長西格馬爾.加布里爾(Sigmar Gabriel)正在想方設法，讓歐盟(EU)成員國政府在外商投資本國企業的問題上擁有更大控制權。
Mr Gabriel’s ministry is proposing to allow EU member states to intervene if a non-EU investor seeks to acquire more than 25 per cent of the voting rights in a company. Such curbs would be activated if the home country restricts foreign investment, or if the acquisition is being funded by the government, according to German media reports.
德國經濟部提議，若非歐盟外投資者尋求獲得歐盟成員國某企業25%以上的投票權，歐盟成員國政府將有權進行干預。根據德國媒體的報道，如果投資方所屬國家限制外商投資，或者收購得到政府資助，此類限制措施將被激活。
German legislation only allows the government to step in to prevent takeovers if they jeopardise energy security, defence, or financial stability.
德國法律規定，只有當收購危及能源安全、國防或金融穩定時，政府纔有權介入、叫停收購。
