【英语财经】海航拟收购瑞士航空服务公司Gategroup China’s HNA makes offer for Gategroup

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2016-4-12 21:10

小艾摘要: China’s HNA Group has launched a SFr1.4bn ($1.5bn) takeover bid for Switzerland’s Gategroup air-services company, the acquisitive conglomerate’s second big purchase in the country in less than a ye ...
China’s HNA makes offer for Gategroup
China’s HNA Group has launched a SFr1.4bn ($1.5bn) takeover bid for Switzerland’s Gategroup air-services company, the acquisitive conglomerate’s second big purchase in the country in less than a year.

Extending this year’s wave of overseas acquisitions by Chinese companies, HNA yesterday announced an all-cash offer for the Zurich-based catering and hospitality group that was previously part of the Swissair national airline.

However, the offer was rejected as insufficient by activist shareholders owning 11.3 per cent of Gategroup shares. Jonathan Herbert, chief investment officer at Cologny Advisors in London, which is acting with Switzerland-based RBR Capital Advisors, said extensive restructuring was needed at Gategroup to boost profit margins. He claimed the Chinese takeover was “a way to blunt our efforts,” and predicted rival bidders would emerge.

Chinese conglomerates spent $101bn on outbound mergers and acquisitions in the first quarter of the year — almost as much in the whole of 2015 — Thomson Reuters figures say. The overseas expansion has been driven by the limited options for domestic investment and a desire to gain global exposure.

Switzerland’s industrial and services companies have proved attractive targets for Chinese buyers, which have so far met little resistance from Swiss politicians. In February, state-owned chemical company ChemChina launched the country’s largest overseas takeover bid with a $44bn offer for Basel-based agribusiness Syngenta.

Adam Tan, HNA’s chief executive, told journalists his group had been made welcome in Switzerland and would like to make further acquisitions in the country. Last July, the conglomerate announced the $2.8bn acquisition of Swissport, the ground handling and cargo services group that was also formerly part of Swissair.

An acquisition of Gategroup would further expand HNA’s global portfolio, which ranges from logistics companies, tourism services, hotels and airport management to insurance and financial services. HNA already had finance in place for the bid, Mr Tan said.

HNA’s offer for Gategroup came just two months after it agreed to buy California-based Ingram Micro for $6bn, the largest Chinese takeover of a US information technology company. It also recently made an ultimately unsuccessful £2bn bid for London City Airport.

Gategroup’s directors have unanimously recommended HNA’s offer for all publicly held shares in the group. Xavier Rossinyol, Gategroup’s chief executive, said HNA’s strength in transport businesses and especially in Asia would allow Gategroup to accelerate its expansion in emerging markets.

HNA is offering SFr53 a share — a 21 per cent premium on Friday’s closing price — in a deal that would give the company a fully diluted equity value of SFr1.4bn. Mr Rossinyol said Gategroup would remain independently managed with its headquarters in Switzerland.

中国海航集团(HNA Group)对瑞士航空服务公司Gategroup发出14亿瑞士法郎(合15亿美元)的收购要约,这是这家收购意识较强的企业集团在不到一年时间里在瑞士发起的第二笔大型收购交易。

海航昨日宣布,对这家总部位于苏黎世的餐饮和招待服务集团发出全现金收购报价,此举延续了今年中国企业的海外收购热潮。Gategroup早先隶属瑞士航空(Swissair)旗下。

然而,持有Gategroup 11.3%股份的维权股东拒绝接受这一收购要约,称其不足以反映公司价值。伦敦Cologny Advisors的首席投资官乔纳森?赫伯特(Jonathan Herbert)表示,Gategroup有必要全面重组以提升利润率。Cologny Advisors正与总部位于瑞士的RBR Capital Advisors联合行动。赫伯特宣称,中方的收购是一种“钝化我们努力的方式”,他预计将会出现其他竞购者。

汤森路透(Thomson Reuters)的数据显示,今年第一季度,中国企业集团已斥资1010亿美元在海外并购,几乎达到2015年全年的规模。此轮海外扩张受到国内投资选择有限以及渴望进入全球市场的推动。

瑞士的工业和服务公司被证明对中国买家颇具吸引力,迄今中资基本上没有遇到瑞士政客的抵制。今年2月,国有的中国化工(ChemChina)对总部位于巴塞尔的农业综合企业先正达(Syngenta)发起440亿美元的收购,创下中国企业海外收购的最高纪录。

海航总裁谭向东(Adam Tan)向记者表示,海航之前在瑞士受到欢迎,希望在该国进行更多收购。去年7月,海航宣布以28亿美元收购地勤及货物服务集团瑞士空港(Swissport)。瑞士空港早先也隶属瑞士航空旗下。

收购Gategroup将进一步扩充海航的全球资产组合,使其包括物流公司、旅游服务、酒店和机场管理,以及保险和金融服务。谭向东表示,海航此次收购的资金已经到位。

在发出对Gategroup收购要约的2个月前,海航同意以60亿美元收购总部位于加州的英迈(Ingram Micro),创下中国企业收购美国信息科技公司的最高纪录。海航最近还斥资20亿英镑竞购伦敦城市机场(London City Airport),但最终未获成功。

Gategroup的董事们一致建议该集团所有公开发行股票的股东接受海航报价。Gategroup首席执行官哈维尔?罗西尼奥尔(Xavier Rossinyol)表示,海航在运输业务(尤其是在亚洲)的优势将让Gategroup加快在新兴市场的扩张。

海航将以每股53瑞士法郎的价格收购Gategroup,这一价格与Gategroup上周五收盘价相比有21%的溢价。该交易将让该公司完全稀释的股权价值达到14亿瑞士法郎。罗西尼奥尔表示,Gategroup将依然保持独立管理,总部仍将设在瑞士。

译者/邹策

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