【英语财经】Lex专栏:阿尔斯通交易会否在华受阻? Lex_GE/Alstom in China

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2014-6-24 06:51

小艾摘要: What do copper concentrate, container shipping and boxed juice have in common? In the eyes of Chinese regulators, a lot. Beijing’s antitrust authorities have flexed their muscles in all of these sect ...
Lex_GE/Alstom in China
What do copper concentrate, container shipping and boxed juice have in common? In the eyes of Chinese regulators, a lot. Beijing’s antitrust authorities have flexed their muscles in all of these sectors. And the foreign companies involved, from Glencore to Maersk to Coca-Cola, came out the worse for it.

GE and Alstom will have to go through their own song and dance to win Chinese antitrust approval for their deal. China’s seven-year-old regulator is growing more assertive. And GE/Alstom resembles previous deals that it has restricted or rejected: they operate in sectors where homegrown companies are trying to win market share from – and master the technology of – their foreign competitors.

China is a big market for both GE and Alstom. GE’s revenues there were over $5bn last year. Alstom’s revenues from the Asia-Pacific region were more than $4bn. And there is some overlap in China: both sell gas turbines and steam turbines there. China is Alstom’s second-biggest turbine customer, while GE has sold 270 gas turbines and 70 steam turbines to the country.

Chinese regulators may be assuaged by the fact that Alstom mainly sells steam turbines (used for coal-fired and nuclear power plants) while GE sells mostly gas turbines. But the watchdog has a habit of calculating market share, however it sees fit. The wishes of domestic companies and industrial bodies will be important. GE and Alstom have joint ventures with dozens of Chinese companies; objections from them would be listened to carefully. A case in point was Beijing’s last-minute rejection of a shipping alliance between Maersk and two other companies following lobbying from China’s struggling shipping lines. Political interference from France has already taken a heavy toll. Here’s hoping Beijing will not extract too much more.

铜精矿、集装箱航运以及盒装果汁有什么共同之处?在中国监管机构的眼中,共同点有很多。中国反垄断机构曾在所有这些领域展现其实力。而其中所涉及的外国公司(从嘉能可(Glencore)、马士基(Maersk)到可口可乐(Coca-Cola))均得到不利裁决。

通用电气(GE)与阿尔斯通(Alstom)必须施展自己的能力,赢得中国反垄断机构对双方交易的审批。成立7年的中国监管机构正变得更为强势。通用电气与阿尔斯通的交易与中国政府之前限制或否决的交易类似:在它们所处的行业,本土企业正试图从外国竞争对手手中夺取市场份额,并掌握它们的技术。

对于通用电气和阿尔斯通两家,中国都是一个巨大的市场。通用电气去年在华收入超过50亿美元。阿尔斯通亚太地区收入超过40亿美元。它们在中国的业务有所重叠:两者都在中国销售燃气轮机和蒸汽轮机。中国是阿尔斯通第二大汽轮机客户,而通用电气向中国销售了270台燃气轮机和70台蒸汽轮机。

下列事实或许会让中国监管机构宽慰:阿尔斯通主要销售蒸汽轮机(用于燃煤电厂和核电厂),而通用电气主要销售燃气轮机。然而,中国监管机构有一个习惯,那就是以自己认为合适的无论什么方式来计算市场份额。国内企业以及行业组织的愿望将颇为重要。通用电气和阿尔斯通与中国很多公司组建了合资企业;监管机构将仔细倾听本土合资伙伴的反对声音。一个相关的案例是,在中国步履维艰的航运公司进行游说之后,中国在最后一刻否决了马士基与另外两家公司组建航运联盟的计划。法国的政治干预已让企业付出巨大代价。希望中国政府不会再从它们身上榨取太多。

Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析

译者/梁艳裳

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