2009年11月11日

吉利收购沃尔沃 中国政府可能作梗 Will China's Government Be Another Hurdle For Geely's Volvo Bid?

国的浙江吉利控股集团(Zhejiang Geely Holding Group)正准备在收购福特汽车(Ford Motor)旗下沃尔沃(Volvo)子公司的交易上打一场持久战,这主要是由于有关知识产权问题的复杂谈判和可能来自竞标者的竞争

这家总部位于杭州的汽车制造商面临的另一个问题是中国政府的态度可能转变,它可能以牺牲吉利这种民营企业的代价照顾国有企业。而在几年前吉利开始考虑收购沃尔沃时还没有意识到会面临这个问题。

一位接近公司的知情人士说,吉利最大的担忧之一是中央政府在最后一刻要求让国有汽车制造商作为吉利竞购沃尔沃财团的成员,参与这项交易。

这位知情人士说,这项交易能否完成目前在一定程度上取决于政府的态度。吉利担心未来会有麻烦,尤其是在进入到沃尔沃交易的审批过程时。

这位人士说,政府认为,未来属于国有企业。中国从金融危机中迅速复苏使他们更有信心和理由青睐国有企业。

近年来,中国国家发展和改革委员会及其它政府部门一直在加强国家对经济的控制,中国政府被普遍认为是偏袒国有企业。比如,绝大部分新增贷款都发放给了政府控制的公司,民营企业,尤其是多数的中小企业难以筹集资金。

吉利并不赞同这种做法。这位知情人士说,中国能够从去年的金融危机中迅速复苏不是因为国有企业的表现更好,而是因为民营企业的活力。

Norihiko Shirouzu

China's Zhejiang Geely Holding Group is preparing for a long slog to finalize a hoped-for deal to buy Ford Motor's Volvo unit, thanks to complex negotiations over intellectual-property issues and possible competition from another bidder.

Another question mark for the Hangzhou-based auto maker - one it didn't expect it would have to grapple with a few years ago when it began thinking about acquiring Volvo - is the possibility of a shift in the Chinese government's attitude to favor state-owned enterprises at the expense of privately held entities like Geely.

One of Geely's biggest fears, says a person close to the company, is a last-minute request by the central government to let some state-owned auto maker in on the deal, perhaps as a member of Geely's bidding consortium for Volvo.

'Whether the deal can be made or not now depends to some extent on the attitude of the government. Geely fears there may be troubles ahead, especially when it goes through the approval process for the Volvo deal,' says the knowledgeable person.

'The government thinks that the future belongs to state-owned companies,' the person said. 'China's quick recovery from the financial crisis gives them more confidence and justification to favor state-owned companies.'

In recent years, the National Development and Reform Commission and other government ministries have tightened the state's grip on the economy, and Beijing is seen widely as favoring state firms. The vast majority of new loans, for instance, are going to government-controlled companies, making it increasingly tough for private companies, many of them small- and medium-sized firms, to raise money.

Geely doesn't agree with that approach. 'China has been able to recover quickly from last year's financial crisis is not because of SOEs' better performance but thanks to the vigor of private enterprises,' says the person close to Geely.


Norihiko Shirouzu

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