渝企海外并購盛宴開席

□ 李靜

■ 2008年，重慶市四聯集團與全球五百強企業美國霍尼韋爾公司簽約，出資收購霍尼韋爾在加拿大的藍寶石工廠資產。開重慶企業海外收購高新技術企業的先河，為重慶企業海外并購提供經驗和樣本。

■2010年，重鋼、機電、力帆等企業紛紛揚帆出海，到海外市場“沖浪”。

■2011年全市經濟工作會提出，重慶力爭“十二五”期間實現海外投資300億美元。

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

隨著2008年下半年以來，金融危機在全球迅速蔓延，卻給中國企業“抄底”海外市場提供了絕好機會，中國企業對實施海外并購表現出了前所未有的熱情。“走出去”已成為當今中國企業時尚、熱門的話題，成為企業獲得先進技術、優質資源、發展壯大的極好機遇。

而對于重慶的企業來講，走出去，將會對一個區域、一個行業的發展起到帶動性和提升性的作用；從大趨勢來說，重慶企業走出去勢在必行。

為什么要建海外投資項目庫？首先，是減少貿易摩擦的需要。過去，很多中國企業與海外的摩擦，多是因為中國企業占據了整個價值鏈，讓對方無利可圖，所以產生排斥。但如果企業進行對外投資，就對境外的就業有拉動，讓對方有錢賺，這樣就可享受與當地企業同等的待遇。

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濟的發展。所以需要走出去開發一些資源型產業，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，正是重慶企業海外擴張的好時機，可加大取得國外先進技術、營銷渠道、專利品牌的力度。

勇敢而理性的選擇——重慶機電集團董事長謝華駿談渝企海外并購

目前，很多重慶企業都有走出去的打算，但事實上，真正能走出去的企業卻不多。而造成這種局面的主要原因，就是重慶企業對海外了解不足，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，重慶機電控股集團2000萬英鎊成功收購英國的精密技術集團公司旗下6家公司的全部股權，就是一個非常好的例子。

并購百年英企 技術水平提升20年

如今，眾多重慶企業都對“走出去”抱有極大興趣，但考慮到個中風險，卻無一例外地陷入“一看二慢三通過”的躊躇當中，而機電集團卻成為個中翹楚，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，重慶機電集團董事長謝華駿仍然掩飾不住內心的激動和興奮。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遇，還要根據企業的內在需要來決定，而不是為了并購而并購，否則就失去了其本身的意義。

“中國的制造業力量需要加強，很多技術仍然不如發達國家，走自我研發是一條出路，進行海外并購是另一條出路，全球金融危機以后正是中國企業海外‘抄底’的絕佳機會。得益于這場并購，重慶相關產業的技術水平起碼提升了20年。”謝華駿回憶當初的并購過程時仍然記憶猶新，“早在2007年3月,我們就與英國精密技術集團公司(PTG)進行了接觸和考察,并簽了框架協議,但最終因為各種原因擱淺。再次提上議事日程,則是2009年3月底的事了。”自2009年7月起,雙方進行了9個回合長達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。

英國精密技術集團擁有在英國領先的霍洛伊德（Holroyd）、賓斯巴瑞（Binns & Berry）、克勞福德-斯維夫特（Crawford Swift）三個百年品牌。其中的霍洛伊德公司，稱得上英國設備制造業的“百年老店”，100多年來因其杰出設計、優異品質，在行業內一直處于領先地位。”通過此次收購，重慶機電集團獲得了英國精密技術集團擁有的6家子公司，其中3個是百年品牌，同時獲得了5項世界級先進技術，其中3項是世界一流技術。2010年3月10日,雙方簽署收購協議,6月15日正式交割。6月16日,重慶機電新聘管理團隊開始對PTG的6家子公司進行管理與控制,積極著手技術業務對接和產業延伸發展。

謝華駿認為，2000萬英鎊的價格并不貴，換來的是重慶機電控股集團整體實力的提升。通過此次成功的海外并購，重慶相關產業的技術水平起碼提升了15——20年以上，達到了世界水平。他希望將自身的企業優勢與國外的先進技術相結合，研發出更多的產品，相信不久的將來，可以看到重慶造的機床技術遍布全球。

并購之后整合更重要

“走出去”是企業自身一條重要的生存發展道路，但同時，對陌生的市場在投資前就應有“摸著石頭過河”的心理準備。

“走出去”是企業自身一條重要的生存發展道路，但同時，對陌生的市場在投資前就應有“摸著石頭過河”的心理準備。比如投資歐美發達國家，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，但由于法律服務的不完善，企業會面臨更多風險。這就要求企業海外并購不能唯指標論，而是要保持積極謹慎的態度，小心求證，不能按國內的“固有經驗”來辦事。

在與記者交談中，謝華駿也反復強調，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，這也是很多國內企業經常忽視的重要一點，而這也往往是影響成功與否的關鍵因素。企業需要充分考慮到國家之間的文化差異，有時候文化差異會對并購整合的結果產生重大影響。“畢竟跨國并購涉及到將不同管理水平、資產狀況乃至企業文化融合在一起，國內企業管理者國際管理經驗不足，往往引發并購完成后不能很好地對并購對象進行整合。”

對于這一點，謝華駿最有體會。在機電集團成功收購英國精密技術集團后，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任助手學習對方的經驗。謝華駿解釋，兩個國家存在文化差異，勞工制度等也不相同，此舉是為了降低并購后可能產生的動蕩，并且為兩種不同企業文化的融合爭取磨合時間，同時也保證了企業的后續研發力量。

作為渝企海外并購的成功案例，重慶機電集團在并購后的發展也非常讓人鼓舞，2010年企業并購后下半年便開始賺取利潤人民幣300多萬，預計今年年底企業利潤將達到人民幣1200萬。謝華駿表示，未來重慶機電與PTG公司將進一步集成重組,建立利益共享機制,今年6月底會在歐洲建立研發中心，年底將建立一個歐洲銷售平臺，并將新并購的英國公司打造成重慶機電機床產業的技術開發與國際市場開拓的前沿陣地，企業發展前景一片大好。

荷蘭怡信集團大中華區主管，香港董事總經理河禮信

怡信集團大中華區企業服務董事兼主管博馬斯

全球信托翹楚為渝企海外并購獻計獻策

重慶機電集團的成功海外并購為渝企注入了新的發展希望，在一浪高過一浪的并購熱潮中，眾多企業躍躍欲試，愈來愈多的企業走出國門，踏上海外并購之路；同時，越來越多的國外金融服務行業也開始“走進來”，為尋求海外業務的重慶企業提供信息和幫助。

2011年4月14日，全球信托翹楚荷蘭怡信集團在重慶舉行了一場研討會，幫助中國企業進行業務拓展和跨境投資。此次的研討會上，怡信集團大中華區主管、香港董事總經理河禮信更表示將把公司在中國內地繼上海之后的第二個辦事處設在重慶，中國西部地區將成為該集團工作重點。

“重慶是一座發展迅速、前景廣闊的城市”。在與荷蘭怡信集團大中華區主管、香港董事總經理河禮信以及大中華區企業服務董事兼主管博馬斯的談話中，兩位遠道而來的客人對這座城市做出了高度的評價。

河禮信稱，近年來，隨著中國政府對西部地區開發力度的加大，重慶等西部城市飛速發展，充滿了無數的商機。重慶正在加大開放力度發展金融業，潛力十分巨大，此次來重慶舉辦這場“中國企業對外投資策略”研討會也是因為怡信在中國有很多正在進行的業務。“重慶是我們拓

海外經驗加上本地優勢，讓重慶企業“走出去”更加有優勢展中國業務的理想城市，我們希望把中國西部地區建成集團的工作重點”，河禮信對公司在重慶的發展充滿信心。

如今，越來越多的重慶企業開始實施海外并購，非洲、南美洲甚至歐洲等地都很歡迎海外資金的進入，而且中國的國力日漸強盛，中國企業的實力也日益增強，世界各國政府及企業都在適應這種發展變化，中國企業走出國門實施海外業務正當其時。

河禮信認為，海外并購沒有特定的時機，不同的行業時機也不同，關鍵是看企業是本著什么目的而來，而不管企業選擇哪里，都要視當地的經濟情況而定，與其伙伴關系是否相合。企業在市場規模做大的時候實施海外并購非常有利，制造業、技術行業、原材料等都是很有潛力的行業，同時選擇本地政府重點關注支持的行業也很重要，如可持續能源方面，重慶企業在能源方面有很好的經驗，可以在這方面發展。

作為全球信托及托管服務的翹楚，怡信在全球都有自己的業務網絡，他們將把好的海外經驗提供給客戶，這對企業有更好的指引；海外經驗加上本地優勢，讓重慶企業“走出去”更加有優勢。

博馬斯也表示，舉辦這樣的研討會只是怡信集團在重慶開展業務的其中一步，是想讓重慶的企業了解海外的市場以及我們是怎么做的，同時減少他們的憂慮。目前在中國，信托仍然是一個很新的市場，處于起步階段，市場份額不大。“所以教育宣傳最重要。我們舉辦講座，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，我們對重慶這個大市場充滿信心。”

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

重慶機電股份公司董事長謝華駿與前PTG 公司董事長費蘭砥進行股權證書的交接

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.”