中国有望参与收购友邦保险

Sevilla的天好蓝

英国《金融时报》 记者 联合报道 2010-03-02

Sovereign wealth funds from China and Singapore have been lined up to fund Prudential's $35.5bn purchase of AIA, the Asian arm of AIG, in a move that could give state-backed investors a substantial stake in the region's biggest insurer.

The move is a sign that, after suffering big losses on their investments in western financial groups during the crisis, sovereign wealth funds are prepared to put their money to work in the sector, especially on deals in their core markets.

The participation of sovereign wealth funds in the acquisition of AIA would also entail a transfer of funds from state-backed Asian investors to US taxpayers, which stand to receive $25bn from AIG once the deal is completed. People close to the situation said Prudential and its advisers were in talks with sovereign funds from China and Singapore over the provision of billions of dollars to support a planned $20bn share sale by the UK group.

The share offering – the biggest acquisition-related equity sale yet – is crucial to the completion of a deal that would transform Prudential's business by giving it an unrivalled presence in Asia and enable AIG to repay some of the $80bn-plus it owes the US authorities.

在英国保诚集团(Prudential) 355亿美元收购美国国际集团(AIG)旗下亚洲业务——友邦保险(AIA)的交易中，中国和新加坡的主权财富基金已被安排参与提供资金，此举可能使政府背景的投资机构获得亚洲最大保险商的可观股份。

此举表明，在主权财富基金对西方金融集团的投资在危机期间遭受重大亏损后，这些基金准备将更多资金投入金融业，尤其是它们核心市场中的交易。

主权财富基金参与收购友邦保险，还将意味着资金从政府背景的亚洲投资机构转移至美国纳税人；一旦交易完成，美国纳税人有望从AIG得到250亿美元。知情人士表示，保诚集团及其顾问正与中国和新加坡的主权基金磋商，看对方是否愿意拿出巨额资金，支持保诚200亿美元的股票发售计划。

这将是迄今旨在为收购融资而启动的最大规模股票发售。它对完成收购交易至关重要，这宗收购将改观保诚的业务，使其在亚洲市场得到最大地盘，并使AIG能够偿还一部分其对美国政府欠下的800多亿美元债务。

Under the terms of the acquisition, announced yesterday, the UK company would pay AIG $25bn in cash, $5.5bn in stock, $3bn in mandatory convertible notes and $2bn in preferred stock. AIG said it would try to sell the securities after an unspecified lock-up period expired.

The $20bn share offering will be structured as a rights issue, giving existing Prudential shareholders the right to buy the shares first, so sovereign funds would only invest if investors refuse to take up the offer.

People close to the situation said the initial response from sovereign funds had been positive, although they had not made a final decision. About 10 large investors, representing about 30 per cent of the UK group's shareholder base, had been briefed on the deal before the announcement and were supportive, insiders said.

根据这宗昨日公布的收购的条款，保诚这家英国公司将向AIG支付250亿美元现金、55亿美元股票、30亿美元强制性可转换票据，以及20亿美元优先股。AIG表示，经过一段未指明的锁定期后，它将设法出售上述证券。

保诚200亿美元的股票发售将以配股方式进行，保诚现有股东有权先购买股票，因此只有在股东不愿接受配股要约的情况下，主权基金才有机会投资。

知情人士表示，主权基金的初步回应是积极的，尽管它们尚未做出最终决定。内部人士称，在交易宣布之前，代表保诚大约30%股东的约10家大型投资者听取了简报，它们对这宗交易表示支持。

英国《金融时报》弗朗西斯科?格雷拉(Francesco Guerrera)纽约、保罗?J?戴维斯(Paul J. Davies)伦敦、森迪普?塔克(Sundeep Tucker)香港报道

译者/和风