德国政府重新审查中资收购爱思强案
The German government has reopened a review into the takeover of Aixtron, a German supplier of semiconductor equipment, by a group of Chinese investors, amid concern in Berlin about China’s growing appetite for German industrial companies.
德国政府开始重新审查一群中国投资者收购德国半导体设备供应商爱思强(Aixtron)的交易，原因是中国对德国工业企业日渐浓厚的兴趣令柏林方面感到担忧。
Aixtron said on Monday that the German Economics Ministry had withdrawn a certificate confirming it had no objection to the sale of the company and was reopening a review of the deal. Aixtron said it had been informed of the decision on Friday.
爱思强周一表示，德国经济部撤回了一份确认该部不反对出售该公司的证明书，并开始重新审查这笔交易。爱思强表示，自己是在上周五被告知这一决定的。
The company said the review would determine whether the deal “could disturb public order” in Germany. It referred all further questions to the Economics Ministry, which could not be reached for comment.
爱思强称，此次审查将判定这笔交易是否可能“扰乱（德国的）公共秩序”。该公司已将外界就此提出的进一步疑问全部转给了德国经济部。记者无法联系上德国经济部请其置评。
The decision is part of a protectionist backlash in Germany against Chinese investment in the country, particularly after Midea, a Chinese appliance maker, bought German robot-maker Kuka, one of the country’s most innovative engineering companies, earlier this year for EURO4.5bn.
这一决定反映出了中国投资在德国激起的保护主义反弹，特别是在今年早些时候中国家电制造商美的(Midea)以45亿欧元收购德国机器人制造商库卡(Kuka)之后。库卡是德国最具创新力的工程企业之一。
German ministers failed to drum up support for an alternative bid from a European rival. Chancellor Angela Merkel complained at the time about a lack of reciprocity, with China placing tough restrictions on investment by German companies.
德国的部长们希望由一家欧洲企业取代美的来收购库卡，但这一想法未能征集到相应的支持。当时，德国总理安格拉.默克尔(Angela Merkel)抱怨称，中国对德国企业在华投资设置了严格的限制，没有做到礼尚往来。
Germany has become the top destination for Chinese deal-making in Europe. Transactions with a record total value of $10.8bn were announced in the first half of this year, according to EY, the professional services firm. Chinese investors acquired 37 German companies in that period, EY says — compared with 39 in the whole of 2015.
德国已成为中国在欧洲并购交易的首选国。专业服务公司安永(EY)的数据显示，今年上半年宣布的交易总值达到108亿美元，创下了纪录。安永表示，在此期间，中国投资者收购了37家德国企业，而2015年全年总计收购了39家。
The latest sign of Chinese interest in German companies came earlier this week when San’an Optoelectronics announced it had held talks with Osram on a possible acquisition of the German lighting and semiconductor company. San’an is one of two potential Chinese bidders for Osram, which was spun off from Siemens in 2013.
本周早些时候，又有新迹象表明中国对德国企业发生了兴趣。当时，三安光电(San'an Optoelectronics)宣布，它已与德国照明与半导体企业欧司朗(Osram)就可能收购后者的事宜进行了谈判。三安光电是可能收购欧司朗的两家中国企业之一。2013年，欧司朗被从西门子(Siemens)剥离出来。
Go Scale, a Chinese private equity firm that was blocked in January from buying Philips’ lighting business Lumileds, has also held talks with Osram in the past few weeks, according to people close to the discussions.
知情人士表示，今年1月收购飞利浦(Philips)旗下照明业务Lumileds受阻的中国私募股权公司Go Scale，在过去几周也与欧司朗举行了谈判。
Aixtron said in May that it had agreed to a takeover by Grand Chip Investment, the German arm of Fujian Grand Chip Investment Fund. The Chinese group is controlled by Zhendong Liu, a Chinese businessman who owns 51 per cent of the fund. Xiamen Bohao Investment owns the remaining 49 per cent.
爱思强5月份曾表示，已同意接受福建宏芯投资基金(Fujian Grand Chip Investment Fund)德国子公司Grand Chip Investment的收购要约。宏芯投资基金由中国商人刘振东控股，他持有该基金51%的股份，厦门博灏投资有限公司(Xiamen Bohao Investment)持有其余49%的股份。
Under the terms of the agreement, Aixtron shareholders will be offered EURO6 in cash for an ordinary share, valuing the German company at about EURO670m.
根据协议条款，爱思强股东持有的普通股每股可换6欧元现金，该公司的估值因此达到约6.7亿欧元。
The takeover was subject to shareholder approval and certain regulatory conditions.
这笔收购需要得到股东的批准并满足一定监管要求。
The reopening of the review into the acquisition of Aixtron comes amid media reports that Sigmar Gabriel, the German economics minister and deputy chancellor, is seeking ways to give national governments in the EU more control over foreign investment in their companies.
德国决定重新审查爱思强出售案之际，有媒体报道称，德国副总理、经济部长西格马尔.加布里尔(Sigmar Gabriel)正在想方设法，让欧盟(EU)成员国政府在外商投资本国企业的问题上拥有更大控制权。
Mr Gabriel’s ministry is proposing to allow EU member states to intervene if a non-EU investor seeks to acquire more than 25 per cent of the voting rights in a company. Such curbs would be activated if the home country restricts foreign investment, or if the acquisition is being funded by the government, according to German media reports.
德国经济部提议，若非欧盟外投资者寻求获得欧盟成员国某企业25%以上的投票权，欧盟成员国政府将有权进行干预。根据德国媒体的报道，如果投资方所属国家限制外商投资，或者收购得到政府资助，此类限制措施将被激活。
German legislation only allows the government to step in to prevent takeovers if they jeopardise energy security, defence, or financial stability.
德国法律规定，只有当收购危及能源安全、国防或金融稳定时，政府才有权介入、叫停收购。
