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背景: 继上世纪90年代互联网并购大潮的风云涌动之后,2005年全球并购热再次升温,据《华尔街日报》报道,截至9月初,全球今年的并购交易额飙升至2．3万亿美元以上,达到了2000年以来的历史高点。与以往不同的是,中国的企业开始在国际并购中频繁亮相,形成了一股虽规模不大, 但足以搅动2005年国际并购市场的“龙旋风”。这股风潮,使得中国企业成为国际市场上尽人皆知的重要潜在买家,带动了中国企业海外并购的新时代的来临。在2004年以前,中国的海外并购交易规模没有一单超过10亿美元的案例。在当年的最后一个月,联想公司收购“蓝色巨人”IBM的个人电脑业务,开启了10亿美元以上大规模海外并购交易的序幕。中国网通有限公司(下称网通)、中国海洋石油股份有限公司(下称中海油)、中国石油股份有限公司(下称中石油)紧随其后,纷纷登上了国际大规模并购的舞台。其中,中海油竞购优尼科(Unocal)一案,更以185亿美元的总标的,高居全年现金收购案的第三位。成败利钝,一时舆论哗然。虽然中国的跨境交易额仅占全球并购总额的不到0．4％,但中国企业的海外收购已不可避免地驶入国际市场的深水区。收购目标从资产转向股权, 融资手段从国家支持转向市场化操作,收购方式从“一对一谈判”转向公开竞价;其广度与深度,均与以往不可同日而语。许多收购过程跌宕起伏, 对国际国内均有冲击震荡,中国企业已经大步迈进了这个市场,但如何走好以后的路,则着实需要深思和考量。对于摸着石头过河的中国海外并购,要想走好,必须反复掂量那些路过的石头,尤其是绊脚石。每块绊脚石都会给中国企业宝贵的经验支持, 以及些许昭示未来走向的蛛丝马迹。其中,2004年顾雏军失意英国“五月花”旗下Transbus客车公司的案例。就属经典。由于未中标成功,这个案例差不多已被人遗忘,当年惯会国际资本运作的顾雏军,过关斩将以绝对优势冲到了最后一轮竞标,本来胜券在握的局势,却在一天之内扭转乾坤, 这个中的因由绝对值得我们品评、借鉴。
Background: Following the surging tide of Internet acquisitions in the 1990s, the global merger and acquisition boom once again warmed up in 2005. According to the Wall Street Journal, as of early September, the global M&A transaction volume soared to more than US$2.3 trillion this year. , reached a historical high since 2000. What is different from the past is that Chinese companies have frequently made appearances in international mergers and acquisitions and formed a “long whirlwind” that is not large enough to stir the 2005 international M&A market. This trend has made Chinese companies become well-known and important potential buyers in the international market and has driven the arrival of a new era of Chinese companies’ overseas mergers and acquisitions. Before 2004, China’s overseas M&A transactions did not exceed one billion US dollars. In the last month of the year, Lenovo acquired the “Blue Giant” IBM personal computer business and kicked off a massive overseas merger and acquisition transaction of more than $1 billion. China Netcom Co., Ltd. (hereinafter referred to as China Netcom), China National Offshore Oil Corporation (hereinafter referred to as CNOOC), and China National Petroleum Corporation (hereinafter referred to as China National Petroleum Corporation) followed suit, and they all got on the stage of international large-scale mergers and acquisitions. Among them, CNOOC’s bid for Unocal, even with a total bid of 18.5 billion U.S. dollars, ranks third in the annual cash purchase. The successes and failures are dull, and public opinion is altogether awkward. Although China’s cross-border transactions accounted for less than 0.4% of the total global M&A, Chinese companies’ overseas acquisitions have inevitably entered the deep-water region of the international market. The acquisition target changed from assets to equity, financing methods changed from state support to marketization, and the acquisition method changed from “one-on-one negotiation” to open bidding. Its breadth and depth were all inconsistent with the past. Many acquisitions have been ups and downs, and there have been shocks and shocks both at home and abroad. Chinese companies have made great strides in this market. However, how to take the next step requires deep thinking and consideration. For Chinese overseas mergers and acquisitions that touch the stone to cross the river, if we want to go well, we must repeatedly weigh the passing stones, especially the stumbling blocks. Each piece of stumbling stone will give Chinese companies valuable experience and support, as well as some hints of future trends. Among them, in 2004 Gu Chujun lost the case of the British “Mayflower”’s Transbus bus company. It is a classic. As a result of the unsuccessful bid, this case has almost been forgotten. Gu Chujun, who used to operate international capital in the past, will pass through the last round of bidding with absolute advantage. The situation that was originally held in victory turned the world within a day. It is definitely worth our evaluation and reference.