KKR / Yageo

2011年06月23日 14:47 PM
台灣國巨私有化計劃被否決
Taipei blocks KKR move to take chip resistor group Yageo private
英國《金融時報》 鄺彥暉 台北報導




The Taiwanese government has blocked a plan by Kohlberg Kravis Roberts and the chairman of Taiwan's Yageo Corporation to take the electronic components manufacturer private in what would have been Asia's biggest private equity deal this year.


台灣政府叫停了私人股本基金KKR(Kohlberg Kravis Roberts)和台灣電子元器件生產商國巨公司(Yageo)董事長將國巨私有化的計劃。該計劃原本可能成為亞洲今年最大的一筆私人股本交易。

The rejection is a blow to Taiwan's reputation as a destination for foreign investment, coming after a string of similar rejections or delays imposed by the government on large cross-border deals. The most notable example was AIG's two-year attempt to sell Nan Shan, its Taiwan subsidiary, which is only now nearing completion.


此前台灣政府已經駁回和推遲了一連串類似的大型跨境交易。該計劃此次遭拒，再度打擊了台灣作為海外投資目的地的聲譽。最著名的一個例子，是美國國際集團(AIG)兩年來試圖出售子公司南山人壽(Nan Shan)，但直到現在才接近完成。

KKR and Pierre Chen, who founded Yageo in 1977, in April offered T$16.10 per share, a 14 per cent premium to Yageo's undisturbed share price, for the rest of the company.


4月份，KKR和在1977年創立國巨公司的陳泰銘(Pierre Chen)提出，以每股16.10元新台幣的價格，購買國巨公司剩餘股份。這個價格較國巨未受此舉影響時的股價有14%的溢價。

The bid valued Yageo – the world's biggest maker by sales of chip resistors, which control the voltage passing through a chip – at US$1.6bn.


上述出價，對國鉅的估值為16億美元。國巨是全球銷售額最高的芯片電阻製造商，芯片電阻是用來控制通過芯片的電壓量的元器件。

The Investment Commission, which reviews all foreign investment into Taiwan, said that it rejected the deal because the acquirers did not give sufficient explanation as to “the protection of investors and shareholders and the fairness of the offer price”.


負責審議台灣所有海外投資的投資審議委員會表示，之所以駁回該交易，是因為對於“如何保護投資者和股東、以及出價的公平性”，收購方未能提供令人滿意的說明。

It also expressed concern about the company's capital adequacy after the highly leveraged transaction, fearing that it raised the potential of default that would have “serious impact on [Taiwan's] capital markets”.


該委員會還對收購方在此筆高槓桿率交易之後的資本充足率表示擔憂，擔心這加大了違約的風險，而違約可能會給“（台灣）資本市場造成嚴重影響”。

CY Huang, chairman of the Taiwan Mergers & Acquisitions and Private Equity Council, an industry body, said the rejection would probably cause other investors to think twice about Taiwan-related deals.


台灣併購與私募股權協會(Taiwan Mergers & Acquisitions and Private Equity Council)主席黃齊元(CY Huang)表示，該交易被駁回，可能會讓其他投資者重新考慮涉及台灣的交易。

Mr Huang estimates there is US$3bn-US$4bn worth of such deals in the pipeline.


黃齊元估計，目前有總價值30億至40億美元的此類交易在等待審批。

KKR and Mr Chen said on Wednesday they would maintain the existing partnership and continue to invest in Yageo despite the government's rejection, and had not decided whether to appeal.


KKR和陳泰銘週三表示，儘管交易被駁回，但他們會維持目前的合作，並繼續向國巨投資。他們尚未決定是否上訴。

KKR and Mr Chen have 30 days to appeal.


KKR和陳泰銘可在30天內提出上訴。



譯者/何黎