长城收购菲亚特克莱斯勒的雄心可能遇阻
Great Wall, the Chinese carmaker, has expressed interest in buying Fiat Chrysler Automobiles, an audacious ambition that would run into significant political and financial hurdles — even if the Italian-American car group agreed to negotiations.
中国汽车制造商长城汽车(Great Wall)表示有意收购菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles)。尽管这家意大利-美国汽车公司同意就此进行谈判，但是，长城汽车的这一勃勃雄心可能遭遇政治和融资方面的巨大阻力。A spokesman for the Chinese car company told the Financial Times: “We have always had the interest and intention to acquire FCA.”
“一直以来我们都有收购菲亚特克莱斯勒的兴趣和意向，”长城汽车的发言人告诉英国《金融时报》。But FCA, which owns the Jeep, Ram, Alfa Romeo and Maserati brands, said it had not been approached by Great Wall. It also denied earlier reports that Great Wall had written to FCA about buying its flagship Jeep brand.
不过，旗下拥有吉普(Jeep)、Ram、阿尔法?罗密欧(Alfa Romeo)、和玛莎拉蒂(Maserati)等品牌的菲亚特克莱斯勒称，长城汽车并未就收购事宜与其接触。对于此前长城汽车就收购其旗舰品牌吉普向其致函的报道，菲亚特克莱斯勒也予以否认。
FCA has been searching for a buyer in order to cut the development costs of electric and self-driving cars. Sergio Marchionne, its chief executive who is set to retire in 2019, has made unsuccessful overtures to General Motors and Volkswagen about buying the company.
为了削减电动车和自动驾驶车的开发成本，菲亚特克莱斯勒一直在寻找买家。即将于2019年退休的公司首席执行官塞尔焦?马尔乔内(Sergio Marchionne)曾提议通用汽车(General Motors)和大众汽车(Volkswagen)收购菲亚特克莱斯勒，但没有获得成功。But seeking to sell one of the three major US carmakers to a Chinese buyer could run into political hurdles at a time when President Donald Trump’s administration has toughened the country’s stance on deals involving China.
在唐纳德?特朗普(Donald Trump)政府对涉及中国的交易持愈加强硬的立场之际，将美国三大汽车公司之一出售给中国买家可能会遭遇政治阻力。
Analysts also raised questions over Great Wall’s ability to finance such a deal. Yale Zhang, of Shanghai-based consultancy Automotive Foresight, said FCA, which has a market capitalisation of 16.45bn and net debt of 4.2bn, was “simply too big” for the Chinese company to digest. He suggested it would be more logical for it to try to acquire a single brand, such as Jeep, from FCA.
分析师还对长城汽车为该交易融资的能力提出质疑。来自上海的咨询公司汽车市场预测(Automotive Foresight)的张豫(Yale Zhang)指出，菲亚特克莱斯勒市值164.5亿欧元，净债务达42亿欧元，这项交易“规模太大”，长城汽车可能无法消化。他认为，更合理的做法是，长城汽车收购菲亚特克莱斯勒旗下的一个品牌，如吉普。“Great Wall wants to be the number one SUV maker in the world, and they can achieve that goal that much faster if they buy Jeep,” he said.
“长城汽车期望成为全球市场排名第一的运动型多用途车(SUV)生产商。如果能够买下吉普品牌，会大大提前其实现这一目标的时间，”张豫说。Another Hong Kong-based analyst, who declined to be quoted by name, said via email: “They don’t have much cash, and levering up to buy FCA (presumably with all the liabilities attached) feels rather a high risk. I’d also be surprised if FCA let them just carve out Jeep.”
另一位来自香港但不愿意透露姓名的分析师通过电邮称：“长城汽车没有太多现金，以杠杆方式收购菲亚特克莱斯勒的风险太大（假设承担所有债务）。如果菲亚特克莱斯勒同意长城汽车只收购其吉普品牌，我也会感到意外。”
