中糧擬全盤收購來寶農業 Noble in talks with China's Cofco over joint venture stake sale
Shares in Noble Group surged more than 10 per cent on Wednesday morning after the company said it is in advanced talks to sell its stake in its agricultural joint venture with Cofco to China’s state-backed grain trader, as it scrambles for cash following an accounting scandal
週三上午，來寶集團(Noble Group)股價飆升逾10%。此前該集團表示，正與中國國有糧食貿易商中糧集團(Cofco)就出售其在來寶農業(Noble Agri)中所持的股份展開深入談判。來寶農業是來寶集團與中糧集團的農業合資企業，來寶集團打算把自己仍持有的那部分股份賣給中糧。由於發生會計醜聞，來寶集團正急於籌集現金。
Two people familiar with the deal said on Tuesday that Cofco was prepared to pay about $750m for the 49 per cent stake in Noble Agri, having bought the other 51 per cent of the business last year for $1.5bn.
兩名知情人士在週二表示，中糧準備斥資約7.5億美元收購來寶農業49%的股份。去年，中糧已斥資15億美元收購了來寶農業51%的股份。
In a statement, Noble said it was in advanced discussions with “potential purchasers on both this sale and other strategic transactions.”
來寶集團在一份聲明中稱，正與“這筆交易以及其他戰略交易的潛在收購方”展開深入談判。
Noble, the Singapore-listed commodities trader, has seen its share price tumble 65 per cent this year amid a rout in commodity prices and questions over its accounting practices.
來寶集團是在新加坡上市的大宗商品貿易商，由於大宗商品價格暴跌，加上該集團的會計實務引發質疑，其股價在今年下跌了65%。
Noble Agri has been a drag on Noble Group’s earnings this year, which have fallen despite a strong performance in its North American oil business.
今年，來寶農業一直在拖累集團的盈利。雖然來寶集團在北美的石油業務表現強勁，但集團的盈利仍出現下降。
Rating agencies Standard & Poor’s and Moody’s have both warned that Noble will be downgraded to junk if it does not raise at least $500m by the time of its results in February.
評級機構標準普爾(Standard & Poor's)和穆迪(Moody's)都警告稱，如果來寶集團在明年2月發佈財報前籌款額低於5億美元，將把該集團的評級調降至垃圾級。
Trading houses such as Noble rely on cheap short-term credit to finance the millions of tonnes of oil and pallets of metal they ship around the world.
來寶集團這樣的貿易商依賴廉價的短期信貸資金來購買大量石油和金屬，然後發往世界各地。
Noble Agri employs about 12,000 people in 25 countries, and includes operations ranging from oilseed crushing plants in China to sugar mills in Brazil.
來寶農業的僱員在1.2萬人左右，遍佈25個國家，其業務範圍廣泛，包括中國的油籽壓榨廠以及巴西的糖廠。
China’s state-backed food traders have moved to grow global operations as the country abandoned its long-held policy of food self-sufficiency as its economy has modernised.
隨着經濟現代化進程的推進，中國放棄了長期堅持的糧食自給自足政策，中國國有糧食貿易商紛紛開始發展國際業務。
Cofco has also bought a 51 per cent stake in Netherlands-based trader Nidera. Its stakes in Noble Agri and Nidera are held in an investment vehicle called Cofco International Holdings, in which China Investment Corp, the wealth fund, owns a 20 per cent stake.
中糧還收購了總部位於荷蘭的貿易商Nidera 51%的股份。它在來寶農業和Nidera的持股是通過一個名爲中糧國際控股公司(Cofco International Holding Company)的投資工具實現的。中國主權財富基金中國投資公司(CIC)擁有該投資工具20%的股份。
