中国国有工业集团重庆机电有限公司(Chongqing Machinery & Electric Company)本周将商洽以6亿欧元收购荷兰海沃(Hyva)。荷兰海沃生产用于垃圾车和自卸车的液压缸。
重庆机电和英国上市私人股本集团3i举行谈判之际，恰逢英国首相戴维•卡梅伦(David Cameron)将于本周率领贸易代表团访华。3i于2004年以1.25亿美元收购了海沃。
重庆机电在香港上市，但中国政府拥有其70%的股份。该集团将与多家收购公司竞购海沃，包括联宇投资基金(Unitas Capital)、贝恩资本(Bain Capital)、Nordic Capital、英联(Actis)和Permira。
中国企业正在欧洲和美国寻找收购机遇，以期扩张业务，并从西方企业获取最新的制造技术。本次谈判就是一个最新的例子。
中国制造业产量去年已位居全球第二。据预测，它将在明年取代美国成为世界第一。
一位银行业人士称，重庆机电收购海沃可能会遭到竞争监管机构的反对。在表示兴趣的潜在买家中，还有另一家工业集团。
不过如果3i能以6亿美元（合8.32亿美元）完成此次出售，这将是该私人股本集团有史以来利润率最高的一笔交易——最初3070万欧元的投资产生了大约12倍的回报。
海沃总部位于荷兰，但在中国和印度等新兴市场拥有大量业务。海沃的出售由瑞信(Credit Suisse)负责。
6亿欧元的估值约为海沃息税折旧及摊销前利润(EBITDA)的10倍——据预测，海沃的EBITDA今年将提高70%，至6000万欧元。2004年到2008年间，海沃的收入增长了两倍，达到4480万欧元，但由于金融危机导致订单枯竭，海沃收入去年大幅下降至3120万欧元。
3i将于周四发布上半年业绩，该公司一直在努力为旗下多家公司找到买家。
上个月，3i以5.8亿欧元将德国发动机制造商MWM出售给了全球最大的土方设备制造商卡特彼勒(Caterpillar)。3i今年以超过20亿欧元的价格出售了多家公司，其中包括北欧医疗企业Ambea。
上述资产出售推高了3i股价。该股周二上涨9便士，收于326便士，创下52周新高。
译者/王柯伦
http://www.ftchinese.com/story/001035455
Chongqing Machinery & Electric Company, the Chinese state-controlled industrial group, will this week hold talks about the potential €600m acquisition of Hyva, the Dutch maker of hydraulic cylinders for waste and tipper trucks.
The talks between Chongqing Machinery and 3i, the UK-listed private equity group that bought Hyva for €125m in 2004, coincide with this week’s trade mission to China by David Cameron, the UK prime minister.
Chongqing Machinery – listed on the Hong Kong stock exchange but 70 per cent owned by the Chinese government – is competing with several buy-out groups for Hyva, including Unitas Capital, Bain Capital, Nordic Capital, Actis and Permira.
The talks are the latest sign that Chinese companies are searching for takeover opportunities in Europe and the US, as they seek to expand their operations and to acquire the latest manufacturing technology from western groups.
China was last year the world’s second-biggest country in terms of manufacturing production. It is forecast to take over the number one position from the US next year.
One banker said Chongqing Machinery could face opposition from competition authorities to buying Hyva. There is also interest from another industrial group.
But if 3i completes a sale for €600m ($832m) it would be one of the private equity group’s most profitable deals ever, generating about a 12-times return on its initial investment of €30.7m.
Credit Suisse is running the auction of Hyva, which is based in the Netherlands but has substantial operations in emerging markets such as China and India.
The €600m valuation represents about 10-times Hyva’s earnings before interest, tax, depreciation and amortisation, which are forecast to rise 70 per cent to €60m this year. Its revenues trebled to €448m between 2004 and 2008, but fell sharply to €312m last year as orders dried up in the financial crisis.
3i, which will report first-half results on Thursday, has focused on finding trade bidders for several of its portfolio companies.
Last month, it sold MWM, the German engine maker, in a €580m deal with Caterpillar, the world’s biggest earthmoving equipment maker. 3i has sold companies worth more than €2bn this year, including Ambea, the Nordic health group.
The sales have bolstered 3i’s share price, which rose 9p to 326p on Tuesday, hitting a 52-week high.
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