【英语财经】监管机构或阻安邦最新两笔海外收购交易 Anbang’s US hotel-buying spree thrown into doubt

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2016-3-23 23:17

小艾摘要: Anbang Insurance’s $20bn hotel-buying spree has been thrown into doubt by reports that Chinese regulators could block its bids for two big US chains.Caixin, a respected Chinese financial magazine, re ...
Anbang’s US hotel-buying spree thrown into doubt
Anbang Insurance’s $20bn hotel-buying spree has been thrown into doubt by reports that Chinese regulators could block its bids for two big US chains.

Caixin, a respected Chinese financial magazine, reported yesterday that the China Insurance Regulatory Commission could invoke a rule that restricts domestic insurance companies from investing more than 15 per cent of their total assets abroad.

The Anbang deals had a “small probability of completion”, one unnamed authority told the Chinese magazine.

Anbang declined to comment. But people close to the insurer played down the report. One said that nothing had materially changed for the Chinese group, which plans to press ahead with last week’s $6.5bn deal for Strategic Hotels & Resorts. Anbang is also evaluating whether to raise its $13.2bn bid for Starwood Hotels & Resorts.

Another person close to the dealmaking said that Anbang believed that the CIRC would become involved only if the hotel-chain purchases were funded with insurance premiums. If the chains were paid for another way, the deals would not require the regulator’s approval.

Anbang has yet to say how either deal would be financed and is keeping the regulator informed, the person said.

Anbang had sought to gatecrash Marriott International’s agreement to purchase Starwood but its offer was trumped by a revised bid from Marriott on Monday. Marriott’s offer, valuing Starwood at $13.6bn, was accepted by the target company.

Senior management at the Chinese group is convinced that Starwood has left the “door open” to a fresh bid, according to people close to the matter.

However, the Caixin report raises the possibility that the CIRC could prevent another counterbid by Anbang.

Starwood’s executives are keen to close the deal with Marriott as soon as possible, people familiar with the negotiation process said.

Anbang’s effort to buy up assets overseas is part of an unprecedented wave of outbound investment from China. Overseas spending by Chinese buyers this year has already reached $102bn, according to Dealogic, just $4bn shy of last year’s total of $106bn.

安邦保险(Anbang Insurance)的200亿美元酒店收购狂潮已产生变数,原因是有报道称,中国监管机构可能阻止该公司收购两家美国大型连锁酒店。

受尊敬的中国财经媒体《财新》周刊昨日报道,中国保监会(CIRC)可能会援引一条“保险资金境外投资不超过总资产15%”的规则。

一位未具名的权威人士对这家中国杂志表示,安邦这两笔交易“完成的可能性非常小”。

安邦拒绝对此置评。但接近这家保险商的人士淡化了上述报道。其中一人表示,对于这家中资集团而言,情况并未发生实质性变化。安邦计划推进上周以65亿美元收购Strategic Hotels & Resorts的交易。安邦也在评估是否提高对喜达屋酒店及度假村国际集团(Starwood Hotels & Resorts)的132亿美元竞购报价。

另一名接近该交易的人士表示,安邦认为,只有当收购连锁酒店的资金来自保费时,中国保监会才会介入。如果收购资金来自其他渠道,则交易将无需获得监管批准。

此人表示,安邦尚未说明这两笔交易中的任何一笔的资金将来自何处,目前正向中国保监会汇报情况。

安邦曾寻求在最后时刻搅局万豪国际(Marriott International)收购喜达屋的交易,但在周一,万豪国际修改后的报价高于安邦的报价。万豪国际的报价对喜达屋的估值为136亿美元,并已被收购对象接受。

知情人士表示,安邦集团的高级管理层相信,喜达屋也为更新的报价“留出了空间”。

然而,《财新》周刊的报道加大了中国保监会阻止安邦提出还盘的可能性。

了解谈判进程的人士表示,喜达屋的高管希望尽快完成与万豪国际之间的交易。

安邦大举收购海外资产,是中国企业一波史无前例的境外投资大潮的一部分。Dealogic的数据显示,今年迄今为止中国企业在海外的支出已达到1020亿美元,仅比去年全年的总额低40亿美元。

译者/何黎

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