渝企海外并購盛宴開席

□ 李靜

■ 2008年，重慶市四聯(lián)集團(tuán)與全球五百強(qiáng)企業(yè)美國霍尼韋爾公司簽約，出資收購霍尼韋爾在加拿大的藍(lán)寶石工廠資產(chǎn)。開重慶企業(yè)海外收購高新技術(shù)企業(yè)的先河，為重慶企業(yè)海外并購提供經(jīng)驗(yàn)和樣本。

■2010年，重鋼、機(jī)電、力帆等企業(yè)紛紛揚(yáng)帆出海，到海外市場“沖浪”。

■2011年全市經(jīng)濟(jì)工作會(huì)提出，重慶力爭“十二五”期間實(shí)現(xiàn)海外投資300億美元。

越來越多的事實(shí)使得我們可以預(yù)見，“重慶力量”將成為今后國際市場又一支生力軍。重慶企 業(yè)“走出去”似乎已勢在必行，重慶企業(yè)的海外并購盛宴已盛大開席。

隨著2008年下半年以來，金融危機(jī)在全球迅速蔓延，卻給中國企業(yè)“抄底”海外市場提供了絕好機(jī)會(huì)，中國企業(yè)對實(shí)施海外并購表現(xiàn)出了前所未有的熱情?！白叱鋈ァ币殉蔀楫?dāng)今中國企業(yè)時(shí)尚、熱門的話題，成為企業(yè)獲得先進(jìn)技術(shù)、優(yōu)質(zhì)資源、發(fā)展壯大的極好機(jī)遇。

而對于重慶的企業(yè)來講，走出去，將會(huì)對一個(gè)區(qū)域、一個(gè)行業(yè)的發(fā)展起到帶動(dòng)性和提升性的作用；從大趨勢來說，重慶企業(yè)走出去勢在必行。

為什么要建海外投資項(xiàng)目庫？首先，是減少貿(mào)易摩擦的需要。過去，很多中國企業(yè)與海外的摩擦，多是因?yàn)橹袊髽I(yè)占據(jù)了整個(gè)價(jià)值鏈，讓對方無利可圖，所以產(chǎn)生排斥。但如果企業(yè)進(jìn)行對外投資，就對境外的就業(yè)有拉動(dòng)，讓對方有錢賺，這樣就可享受與當(dāng)?shù)仄髽I(yè)同等的待遇。

其次，我國的人均資源占有率很低，需要利用全球資源來支持中國經(jīng)濟(jì)的發(fā)展。所以需要走出去開發(fā)一些資源型產(chǎn)業(yè)，比如礦山、原材料等。

第三，考慮到人民幣升值壓力。人民幣目前不斷升值，正是重慶企業(yè)海外擴(kuò)張的好時(shí)機(jī)，可加大取得國外先進(jìn)技術(shù)、營銷渠道、專利品牌的力度。

勇敢而理性的選擇——重慶機(jī)電集團(tuán)董事長謝華駿談?dòng)迤蠛Ｍ獠①?/h2>

目前，很多重慶企業(yè)都有走出去的打算，但事實(shí)上，真正能走出去的企業(yè)卻不多。而造成這種局面的主要原因，就是重慶企業(yè)對海外了解不足，缺乏有效的渠道和信息資源。而在渝企海外并購的坎坷道路上，重慶機(jī)電控股集團(tuán)2000萬英鎊成功收購英國的精密技術(shù)集團(tuán)公司旗下6家公司的全部股權(quán)，就是一個(gè)非常好的例子。

并購百年英企 技術(shù)水平提升20年

如今，眾多重慶企業(yè)都對“走出去”抱有極大興趣，但考慮到個(gè)中風(fēng)險(xiǎn)，卻無一例外地陷入“一看二慢三通過”的躊躇當(dāng)中，而機(jī)電集團(tuán)卻成為個(gè)中翹楚，成功地完成這一歷史性的變革。在談到這次成功的海外并購，重慶機(jī)電集團(tuán)董事長謝華駿仍然掩飾不住內(nèi)心的激動(dòng)和興奮。在與記者的談話中，他信心十足地表示，海外并購不僅要看機(jī)遇，還要根據(jù)企業(yè)的內(nèi)在需要來決定，而不是為了并購而并購，否則就失去了其本身的意義。

“中國的制造業(yè)力量需要加強(qiáng)，很多技術(shù)仍然不如發(fā)達(dá)國家，走自我研發(fā)是一條出路，進(jìn)行海外并購是另一條出路，全球金融危機(jī)以后正是中國企業(yè)海外‘抄底’的絕佳機(jī)會(huì)。得益于這場并購，重慶相關(guān)產(chǎn)業(yè)的技術(shù)水平起碼提升了20年?！敝x華駿回憶當(dāng)初的并購過程時(shí)仍然記憶猶新，“早在2007年3月,我們就與英國精密技術(shù)集團(tuán)公司(PTG)進(jìn)行了接觸和考察,并簽了框架協(xié)議,但最終因?yàn)楦鞣N原因擱淺。再次提上議事日程,則是2009年3月底的事了?！弊?009年7月起,雙方進(jìn)行了9個(gè)回合長達(dá)21天的艱苦談判。謝華駿清楚地記得,2009年7月下旬的那次談判,自己因腿骨折,是坐著輪椅、拄著拐仗去英國的。

英國精密技術(shù)集團(tuán)擁有在英國領(lǐng)先的霍洛伊德（Holroyd）、賓斯巴瑞（Binns & Berry）、克勞福德-斯維夫特（Crawford Swift）三個(gè)百年品牌。其中的霍洛伊德公司，稱得上英國設(shè)備制造業(yè)的“百年老店”，100多年來因其杰出設(shè)計(jì)、優(yōu)異品質(zhì)，在行業(yè)內(nèi)一直處于領(lǐng)先地位?！蓖ㄟ^此次收購，重慶機(jī)電集團(tuán)獲得了英國精密技術(shù)集團(tuán)擁有的6家子公司，其中3個(gè)是百年品牌，同時(shí)獲得了5項(xiàng)世界級先進(jìn)技術(shù)，其中3項(xiàng)是世界一流技術(shù)。2010年3月10日,雙方簽署收購協(xié)議,6月15日正式交割。6月16日,重慶機(jī)電新聘管理團(tuán)隊(duì)開始對PTG的6家子公司進(jìn)行管理與控制,積極著手技術(shù)業(yè)務(wù)對接和產(chǎn)業(yè)延伸發(fā)展。

謝華駿認(rèn)為，2000萬英鎊的價(jià)格并不貴，換來的是重慶機(jī)電控股集團(tuán)整體實(shí)力的提升。通過此次成功的海外并購，重慶相關(guān)產(chǎn)業(yè)的技術(shù)水平起碼提升了15——20年以上，達(dá)到了世界水平。他希望將自身的企業(yè)優(yōu)勢與國外的先進(jìn)技術(shù)相結(jié)合，研發(fā)出更多的產(chǎn)品，相信不久的將來，可以看到重慶造的機(jī)床技術(shù)遍布全球。

并購之后整合更重要

“走出去”是企業(yè)自身一條重要的生存發(fā)展道路，但同時(shí)，對陌生的市場在投資前就應(yīng)有“摸著石頭過河”的心理準(zhǔn)備。

“走出去”是企業(yè)自身一條重要的生存發(fā)展道路，但同時(shí)，對陌生的市場在投資前就應(yīng)有“摸著石頭過河”的心理準(zhǔn)備。比如投資歐美發(fā)達(dá)國家，法律非常健全，市場很成熟，但競爭也相對激烈。而投資發(fā)展中國家，包括非洲、南美，以及亞洲的印尼、越南等，這些國家的競爭沒有那么激烈，但由于法律服務(wù)的不完善，企業(yè)會(huì)面臨更多風(fēng)險(xiǎn)。這就要求企業(yè)海外并購不能唯指標(biāo)論，而是要保持積極謹(jǐn)慎的態(tài)度，小心求證，不能按國內(nèi)的“固有經(jīng)驗(yàn)”來辦事。

在與記者交談中，謝華駿也反復(fù)強(qiáng)調(diào)，海外并購并非你并購以后就完成了，更重要的是并購之后的整合過程，這也是很多國內(nèi)企業(yè)經(jīng)常忽視的重要一點(diǎn)，而這也往往是影響成功與否的關(guān)鍵因素。企業(yè)需要充分考慮到國家之間的文化差異，有時(shí)候文化差異會(huì)對并購整合的結(jié)果產(chǎn)生重大影響?！爱吘箍鐕①徤婕暗綄⒉煌芾硭?、資產(chǎn)狀況乃至企業(yè)文化融合在一起，國內(nèi)企業(yè)管理者國際管理經(jīng)驗(yàn)不足，往往引發(fā)并購?fù)瓿珊蟛荒芎芎玫貙Σ①弻ο筮M(jìn)行整合?！?/p>

對于這一點(diǎn)，謝華駿最有體會(huì)。在機(jī)電集團(tuán)成功收購英國精密技術(shù)集團(tuán)后，他并未派遣任何一名中方管理人員前往英國“接管”，而是繼續(xù)沿用英方原有所有管理人員和職工，充分信任外籍員工，只讓幾名中方員工過去擔(dān)任助手學(xué)習(xí)對方的經(jīng)驗(yàn)。謝華駿解釋，兩個(gè)國家存在文化差異，勞工制度等也不相同，此舉是為了降低并購后可能產(chǎn)生的動(dòng)蕩，并且為兩種不同企業(yè)文化的融合爭取磨合時(shí)間，同時(shí)也保證了企業(yè)的后續(xù)研發(fā)力量。

作為渝企海外并購的成功案例，重慶機(jī)電集團(tuán)在并購后的發(fā)展也非常讓人鼓舞，2010年企業(yè)并購后下半年便開始賺取利潤人民幣300多萬，預(yù)計(jì)今年年底企業(yè)利潤將達(dá)到人民幣1200萬。謝華駿表示，未來重慶機(jī)電與PTG公司將進(jìn)一步集成重組,建立利益共享機(jī)制,今年6月底會(huì)在歐洲建立研發(fā)中心，年底將建立一個(gè)歐洲銷售平臺，并將新并購的英國公司打造成重慶機(jī)電機(jī)床產(chǎn)業(yè)的技術(shù)開發(fā)與國際市場開拓的前沿陣地，企業(yè)發(fā)展前景一片大好。

荷蘭怡信集團(tuán)大中華區(qū)主管，香港董事總經(jīng)理河禮信

怡信集團(tuán)大中華區(qū)企業(yè)服務(wù)董事兼主管博馬斯

全球信托翹楚為渝企海外并購獻(xiàn)計(jì)獻(xiàn)策

重慶機(jī)電集團(tuán)的成功海外并購為渝企注入了新的發(fā)展希望，在一浪高過一浪的并購熱潮中，眾多企業(yè)躍躍欲試，愈來愈多的企業(yè)走出國門，踏上海外并購之路；同時(shí)，越來越多的國外金融服務(wù)行業(yè)也開始“走進(jìn)來”，為尋求海外業(yè)務(wù)的重慶企業(yè)提供信息和幫助。

2011年4月14日，全球信托翹楚荷蘭怡信集團(tuán)在重慶舉行了一場研討會(huì)，幫助中國企業(yè)進(jìn)行業(yè)務(wù)拓展和跨境投資。此次的研討會(huì)上，怡信集團(tuán)大中華區(qū)主管、香港董事總經(jīng)理河禮信更表示將把公司在中國內(nèi)地繼上海之后的第二個(gè)辦事處設(shè)在重慶，中國西部地區(qū)將成為該集團(tuán)工作重點(diǎn)。

“重慶是一座發(fā)展迅速、前景廣闊的城市”。在與荷蘭怡信集團(tuán)大中華區(qū)主管、香港董事總經(jīng)理河禮信以及大中華區(qū)企業(yè)服務(wù)董事兼主管博馬斯的談話中，兩位遠(yuǎn)道而來的客人對這座城市做出了高度的評價(jià)。

河禮信稱，近年來，隨著中國政府對西部地區(qū)開發(fā)力度的加大，重慶等西部城市飛速發(fā)展，充滿了無數(shù)的商機(jī)。重慶正在加大開放力度發(fā)展金融業(yè)，潛力十分巨大，此次來重慶舉辦這場“中國企業(yè)對外投資策略”研討會(huì)也是因?yàn)殁旁谥袊泻芏嗾谶M(jìn)行的業(yè)務(wù)?！爸貞c是我們拓

海外經(jīng)驗(yàn)加上本地優(yōu)勢，讓重慶企業(yè)“走出去”更加有優(yōu)勢展中國業(yè)務(wù)的理想城市，我們希望把中國西部地區(qū)建成集團(tuán)的工作重點(diǎn)”，河禮信對公司在重慶的發(fā)展充滿信心。

如今，越來越多的重慶企業(yè)開始實(shí)施海外并購，非洲、南美洲甚至歐洲等地都很歡迎海外資金的進(jìn)入，而且中國的國力日漸強(qiáng)盛，中國企業(yè)的實(shí)力也日益增強(qiáng)，世界各國政府及企業(yè)都在適應(yīng)這種發(fā)展變化，中國企業(yè)走出國門實(shí)施海外業(yè)務(wù)正當(dāng)其時(shí)。

河禮信認(rèn)為，海外并購沒有特定的時(shí)機(jī)，不同的行業(yè)時(shí)機(jī)也不同，關(guān)鍵是看企業(yè)是本著什么目的而來，而不管企業(yè)選擇哪里，都要視當(dāng)?shù)氐慕?jīng)濟(jì)情況而定，與其伙伴關(guān)系是否相合。企業(yè)在市場規(guī)模做大的時(shí)候?qū)嵤┖Ｍ獠①彿浅Ｓ欣?，制造業(yè)、技術(shù)行業(yè)、原材料等都是很有潛力的行業(yè)，同時(shí)選擇本地政府重點(diǎn)關(guān)注支持的行業(yè)也很重要，如可持續(xù)能源方面，重慶企業(yè)在能源方面有很好的經(jīng)驗(yàn)，可以在這方面發(fā)展。

作為全球信托及托管服務(wù)的翹楚，怡信在全球都有自己的業(yè)務(wù)網(wǎng)絡(luò)，他們將把好的海外經(jīng)驗(yàn)提供給客戶，這對企業(yè)有更好的指引；海外經(jīng)驗(yàn)加上本地優(yōu)勢，讓重慶企業(yè)“走出去”更加有優(yōu)勢。

博馬斯也表示，舉辦這樣的研討會(huì)只是怡信集團(tuán)在重慶開展業(yè)務(wù)的其中一步，是想讓重慶的企業(yè)了解海外的市場以及我們是怎么做的，同時(shí)減少他們的憂慮。目前在中國，信托仍然是一個(gè)很新的市場，處于起步階段，市場份額不大?！八越逃麄髯钪匾Ｎ覀兣e辦講座，讓更多的人了解信托的好處。我們有重慶政府的支持和幫助，這也是我們選擇這座城市的原因，我們對重慶這個(gè)大市場充滿信心?！?/p>

In 2008, China Silian Instruments Group, a Chongqing-based enterprise, signed the agreement with Honeywell International Company, purchasing its Canadian sapphire business. This ushered in a new era in which Chongqing-based enterprises quickened their paces in overseas M&A.

In 2010, Chongqing Iron & Steel, Chongqing Machinery and Electric and Lifan Industry, together with others, made sail for the international market.

In 2011, the Chongqing Municipal Government set the goal of $30 billion in overseas investment during the Twelfth Five-Year Plan period in its annual Economic Work Conference.

Increasingly, we see that the Chongqing-based enterprises are rising as a staunch force in the international market. They are lifting the curtain on the overseas investment.

Since the outbreak of the international financial crisis in 2008, countries around the world have felt the pinch. No one was immune from it. This, however, also provided a one-in-a-generation opportunity for Chinese enterprises to march towards the international market. A storm of overseas M&A by Chinese enterprises swept the globe. Going global, a household name in China, generates enormous opportunities to companies for acquiring more state-of-art technologies and more premium resources for their development.

To Chongqing-based state-owned enterprises (SOEs), going global will help them to lift an industry and boost the local economy. It is, therefore, an irresistible trend for them to go global.

Why should we do that?

First, this could help us reduce the trade frictions. In the past, most trade frictions between Chinese and overseas enterprises were mainly caused by one reason that the Chinese enterprises almost took up all value chain in which foreign counterparts found little interests. But if we invest overseas which could boost the already weak job market, the partner could run in the black and we will be given a level playing field.

Second, the low per capita natural resources requires us to seek global resources to support our economic development. We need some overseas resources-intensive industries, such as those related to minerals and raw materials.

Third, Renminbi (Rmb) appreciation also contributes to this. There is no better time than right now for Chongqing-based enterprises to increase their share in the international market, having more advanced technologies, marketing channels, patents and brands when Rmb is stronger.

A Brave and Sensible Choice

——Interview with Mr. Xie Huajun, CEO of Chongqing Machinery and Electric CO., Ltd. (CQME)

Many Chongqing-based enterprises do want to invest overseas, but only a few do it well. Several reasons are involved in this. The major one is a lack of effective channels and information putting them in a disadvantageous position. In this long and arduous way of going global, the CQME sets a good example for others by acquiring all entities of 6 subsidiaries owned by the Precision Technologies Group Ltd (PTG).

A Leap Forward in Our Technology by Acquiring the Century-old British Company

重慶機(jī)電股份公司董事長謝華駿與前PTG 公司董事長費(fèi)蘭砥進(jìn)行股權(quán)證書的交接

Many Chongqing-based enterprises are fully interested in investing overseas; however, the risks in overseas M&A make most of them “watch with cautions and progress with discretion.” The CQME, a shining example, has made a huge success in a recent M&A. Speaking of this case, Mr. Xie was very excited. During the interview, he said with full confidence that a successful overseas M&A depended not only on the opportunity, but also on the internal needs of a company. “An M&A just for the sake of an M&A makes no sense.”

“There is still room to improve for Chinese manufacturers. Many technologies still lag behind if compared with those in developed countries. So to improve them, ways vary. Independent research and development is one way, and overseas M&A is the other. And this international economic downturn has given us a once-in-a-generation opportunity for overseas bottom fishing. It is because of our acquisition of some British companies, our technology actually advance in bounds and heads. Tell ya, at least for 20 years in advance.” That M&A in Great Britain was still fresh in his mind. “As early as in March, 2007, we had had contacts with and done some digging in the PTG, and we even signed a Framework Convention on Cooperation. But unfortunately, it stuck there in one way or the other. Until at the end of March, 2009, we restarted our contacts. ” Mr. Xie Huajun added. Since July, 2009, both sides had held 9 rounds of negotiation, 21 days in total. He led his team to Britain for the negotiation in the latter part of July, 2009, although he was on crutches for the fractures in his leg.

The PTG has three century-old machine tool manufacturers,Holroyd,Binns&Berry and Crawford Swift. Holroyd has more than 150 years of accumulated knowledge, experience and expertise as industry leaders serving a global customer base. This M&A enabled the CQME to own the PTG's 6 subsidiaries in which three are century-old stores and gain five world-class technologies. On March 10, 2010, both sides signed the merger and acquisition agreement. They had the official handover on June 15th, and the next day, the management teams newly recruited by the CQME began their operations, engaging in handover and business expansion.

Xie believes that ￡20,000,000 is worth it, because it helps to enhance the overall strength of the CQME. This overseas M&A also improves the competitiveness of machinery-related industries in Chongqing, being on a par with the world-class level. It is his hope that the CQME can, built on its own edges, makes full use of state-of-art foreign technologies and develop more products, ensuring machine tools made in Chongqing available everywhere.

Integration Holds the Key to Success

Going global is one way for enterprises to develop themselves. But before investing overseas, investors should be prepared to “feel the stone while crossing the river.” For instance, while having a sound legal system and a fully-developed market, developed countries are home to a more fierce competition. For those developing countries such as African countries, South American countries, Indonesia and Vietnam in Asia, competition there is less fierce, but risks are higher due to lacking an efficient legal system. Given the aforementioned reasons, an enterprise, when investing overseas, shall never blindly follow the old conventions or act only based on the assigned tender. Instead, they shall be positive but prudent.

During our conversation, Xie emphasized that overseas M&A did not end at the completion of that process. The integration after the M&A, which is often overlooked by many Chinese enterprises, is more important and often holds the key to future success. What's more, full considerations should be given to the cultural difference which sometimes determines the result. “After all, an overseas M&A involves the integration of managerial expertise at different levels, that of balance sheets and corporate cultures. Inefficient international managerial expertise often leads to a troubled, sometimes awkward, transition period.”

In this regard, Xie has a lot to say. After the M&A, Xie did not send any Chinese manager to Britain to manage those companies, but only a few Chinese staff being there to be the apprentice. Those subsidiaries were still run by the original British management team. Xie explained that China and Britain differ in their cultures and labor systems, and by so doing could reduce the possible internal disputes, win more time for a smooth integration of two different corporate cultures and pool the wisdom of future R&D.

What happened on the CQME after the M&A was indeed encouraging. In the latter half of 2010, the CQME began to run surplus, about more than Rmb 3,000,000, and it is expected to be Rmb 12,000,000 this year. In a foreseeable future, the CQME will further its restructuring with the PTG by setting up an interestsharing mechanism. A European R&D Center will be kicked off at the end of June this year. Within this year, the CQME would establish a European Marketing Office (EMO), he added. With a new M&A in Britain, the EMO will become the springboard for the CQME to international markets. A bright future is well within reach.

An Olive Branch Extended by a Global Trust Champion

The successful M&A made by the CQME brings in a silver lining to Chongqing-based enterprises which begin to ascend to the international arena in the overseas M&A craze. Meanwhile, more and more foreign financial institutions embark on a path to pursue their Chinese Dream, serving those who are desire to go global.

Equity Trust, the world's leading trust company, held a symposium in Chongqing on April, 14th, aiming to help the overseas business expansion and crossborder trade by Chinese enterprises. In the symposium, Nigel Rivers, Managing Director and Head of Private Clients (Asia) of the Equity Trust in Greater China and Chairman of the board in Hong Kong Office, said Equity Trust would open its second mainland office after Shanghai Office in Chongqing, a gateway to a vast Western China.

“Chongqing is a huge and dynamic city and its economy is growing very fast.” In my interview with Nigel Rivers and Michel Bots, both them spoke highly of Chongqing.

With more support of the Central Government to the Western China, Chongqing with other western cities had been striding forward with head held high, said Nigel Rivers. Chongqing is making efforts to develop its financial sectors, generating enormous opportunities. The reason why Equity Trust held this symposium with theme of Strategy of Chinese Enterprises' Overseas Investment is because Equity Trust is being engaged in many businesses in various fields. “Chongqing is an ideal place for our expanded operation in China. It is our hope that Western China can be the top priority on our agenda.” Nigel Rivers is bullish about the future of Chongqing.

An increasing number of Chongqing-based companies begin their trip of overseas investment. Opening their arms to the inflow of foreign capitals, Africa, South America and even Europe are adjusting themselves to a stronger and more prosperous China. So, there is no time better than right now to go abroad.

There is no the so-called perfect timing for an overseas M&A and even if it is the case, the timing differs due to different industries. A successful M&A depended largely on the purpose of Acquirer, he added. The acquirer should also consider the local economy and the potential partners. When the market is on the rise, time has come to invest overseas. Manufacturing, technological sectors and raw materials industry are all potential competitors, and those which are strongly supported by the local governments will be excellent choices, such renewable energy. Chongqingbased companies can stir the world of energy because of their rich experience in that area.

Equity Trust, a global trust champion, operates across the globe, which can help it better serve its clients. Overseas network combined with the local advantages, therefore, will give a leg up to Chongqing-based enterprises' strategy of Going Global.

This symposium was just the first step of Equity Trust to enter Chongqing, helping local enterprises know the international market well and how it do business and easing some of their concerns, Michel Bots said. Trust business is still new to China, and it is in a rudimentary stage with a small market share. “Education and Publication, therefore, are very critical. We hold symposiums or lectures to give people more information on trust. The government supports and helps also account one of reasons for 'why now, why Chongqing'. We have faith here.”