马石油收购被驳 中国投资者兔死狐悲

Canada's rejection of Petroliam Nasional Bhd.'s bid of roughly 5.18 billion Canadian dollars (US$5.21 billion) for a natural-gas producer has sown worry among big Chinese investors that Ottawa might be rolling up the welcome mat it long has had out for Asian companies.

加拿大驳回马来西亚国家石油公司(Petroliam Nasional Bhd.，简称：马石油)以大约51.8亿加元（52.1亿美元）收购一家天然气生产企业的方案，此举在中国大投资者心中播下了担忧的种子。他们担心渥太华长期以来欢迎亚洲企业的红地毯或许正在被收回。

The rejection of the Malaysian company's offer for Progress Energy Resources Corp. PRQ.T -0.87% also has ratcheted up uncertainty over a much larger pending deal, the US$15.1 billion agreement by Cnooc Ltd. 0883.HK +1.63% of China to acquire Nexen Inc., NXY.T -0.98% one of Canada's largest independent energy producers, with operations or assets in Canada, the U.S. Gulf of Mexico and the North Sea. That deal, on which Canada could rule as early as mid-November, widely has been seen as Beijing's most ambitious recent effort to test its reception in the booming North American oil patch.

马石油对Progress Energy Resources Corp.的收购方案被驳，也使另一笔规模大得多的未决收购变得更加不确定。它就是中国海洋石油有限公司(Cnooc Ltd.)以151亿美元收购尼克森公司(Nexen Inc.)的交易。尼克森是加拿大最大的独立能源生产企业之一，在加拿大、美国墨西哥湾和北海地区拥有运营机构或资产。加拿大最早有可能在11月中旬就该交易做出裁决。外界普遍认为，这笔收购是北京近段时间为检验繁荣的北美石油带是否欢迎自己而采取的最大动作。

'With the Petronas objection, all eyes are on the Cnooc-Nexen deal now,' said a mergers-and-acquisitions banker advising Chinese companies.

一名为中国企业提供咨询服务的并购银行家说，在马石油被驳的情况下，现在大家的目光都集中在中海油和尼克森的交易上面了。

But even before the Canadian government rejected the much smaller Petronas deal, some big Chinese investors─such as sovereign-wealth fund China Investment Corp.─had started to become wary about the Canadian government's view of its investment rules. While China has invested heavily in the U.S. and Canada in recent years, especially amid the global economic slump, many investors have long seen Canada as more accommodating, especially in the energy patch.

但在加拿大政府驳回规模小很多的马石油收购案之前，主权财富基金中国投资有限责任公司(China Investment Corp.，简称中投)等中国大投资者就已经开始担心加拿大对其投资规则的看法。中国近几年在美国和加拿大展开了大规模的投资、特别是在全球经济不景气的时候，但很多投资者长期觉得加拿大投资环境更佳，特别是在石油行业。

In countries such as Mongolia, Australia and the U.S., governments have increased their scrutiny of Chinese investment. Canada has stood out as especially welcoming. With small capital markets of its own, Canada has relied on foreign investors to develop its vast energy reserves. While that has largely come from the U.S. in recent decades, Asian companies increasingly have been drawn to Canada's energy patch─and have been received warmly.

蒙古、澳大利亚和美国等国政府已经加强对中国投资的审查，加拿大则以特别欢迎的态度显得与众不同。由于本国资本市场较小，加拿大一直依赖外国投资来开发其巨大的能源储备。虽然近几十年的投资主要来自美国，但也有越来越多的亚洲企业被吸引到加拿大能源带，并受到热烈欢迎。

But some Chinese investors are starting to question whether that is changing. After the Cnooc-Nexen deal was announced, Canadian Prime Minister Stephen Harper said it posed special considerations because of its size and Cnooc's role as a state-owned company.

但一些中国投资者开始怀疑这一切是不是已经发生了变化。在中海油-尼克森的交易公布之后，加拿大总理哈珀(Stephen Harper)表示，鉴于交易的规模和中海油作为国有企业的身份，这宗收购需要加以特别考虑。

Canada has promised to clarify its approach to foreign investment by state-owned companies, but has given no timetable.

加拿大曾许诺将阐明它对待外来国有企业投资的方针，但没有给出一个时间表。

On top of that, Chinese companies and investors also became concerned amid loud protests from Canada's opposition over the Cnooc deal and opinion polls that showed Canadians leaning against the transaction.

还让中国企业和投资者担心的是，加拿大反对党对中海油这笔收购提出了强烈抗议，而民意调查也显示加拿大人倾向于反对这笔交易。

All that has unnerved Beijing. During a visit to Toronto last month, Chen Deming, China's commerce minister, called for the country's state-owned enterprises to be treated 'fairly' and 'objectively' when they invest abroad.

这一切都让北京感到不安。中国商务部长陈德铭在上个月访问多伦多期间，要求公平、客观地对待投资海外的中国国有企业。

The uncertainty also has spooked some of China's biggest investors. CIC, the country's giant sovereign-wealth fund, recently decided to put on hold negotiations with Native American groups in Canada about investing in the tribes' resource projects, according to people with direct knowledge of the matter.

不确定性也吓到了中国的一些大投资者。据直接了解内情的人士说，中投公司前不久决定暂停与加拿大美洲原住民团体就投资部落地区资源项目进行的谈判。

What held CIC executives back is the growing uncertainty over how Canada would treat investments sponsored by foreign governments such as China's, the people said. The decision to pull back was made before Friday's Petronas decision, these people said.

这些人士说，让中投高管止步的原因，是加拿大将如何对待外国政府（如中国政府）所支持投资的不确定性。这些人士说，中投是在加拿大政府周五就马石油案做出裁决之前决定暂停谈判的。

'Within Canada, it just isn't clear that such a deal could be pulled together politically as well as economically,' one of the people said.

其中一位人士说，在加拿大，就是不知道这样一笔交易在政治上、在经济上能不能搞起来。

A number of other Chinese companies are looking at deals related to Canadian companies. That includes potential Chinese interest in a large minority stake in the Canadian business of steelmaker ArcelorMittal, MT -1.63% according to a person familiar with the matter.

其他一些中国企业正在研究与加拿大公司有关的并购。比如，据一位知情人士说，中国企业可能有兴趣收购钢铁生产商安塞洛米塔尔(ArcelorMittal)加拿大子公司的一大笔少数股权。

Overall, Chinese companies continue to evaluate investments in Canada but are unclear if they want to carry out large investments with the Cnooc-Nexen decision pending, bankers say.

总的来看，中国企业仍在研究加拿大的投资机会，但银行家说，在中海油-尼克森案悬而未决之际，它们不知道要不要做出大手笔的投资。

Since Cnooc announced its Nexen takeover, there have been five Chinese deals announced for companies based or listed in Canada, according to data providers Dealogic. But four have been acquisitions valued at US$10 million or less. The other, a US$250 million offer by Chinese gold miner Western Mining Co., 601168.SH -0.62% was for a Canadian resources company whose sole mine is in China.

据数据商Dealogic的数据，自中海油宣布要收购尼克森以来，已经有五笔中国企业收购加拿大企业（总部或上市地点在加拿大）的交易公布。但其中四笔交易的价值不高于1,000万美元。另一笔交易是中国黄金开采企业西部矿业股份有限公司(Western Mining Co.)以2.5亿美元收购一家加拿大资源企业，这家资源企业只有一座矿山，且在中国境内。

Cnooc advisers attempted over the weekend to make sense of the Petronas ruling. The Canadian government hasn't cited specific reasons for the rejection, made in a short statement issued just before midnight Friday. But according to a person familiar with the matter, Petronas balked at agreeing to a further extension of the review. Canadian officials then rejected the deal, leaving Petronas 30 days to offer more concessions.

周末，中海油的顾问们试着理解加拿大政府针对马石油的裁决。加政府在周五午夜之前不久发布一则简短声明公布了驳回决定，没有给出具体理由。但据一位知情人士说，由于马石油没敢同意进一步延长审查时间，加拿大官员才驳回交易，并给马石油30天的时间做出更多让步。

That has heartened some Cnooc advisers, who were stunned by the Petronas ruling, according to people familiar with the matter. These people said the rejection raises concerns about the Cnooc deal but that no one was in panic mode. To avoid a run-in with Canada, as it appeared Petronas had, the deal teams are ensuring they will provide Canada with whatever information, or time, it needs, they said.

据知情人士说，马石油裁决结果让中海油一些顾问深感震惊，但上述情况又使他们备受鼓舞。这些人士说，驳回马石油让人对中海油收购案感到担心，但没有谁惊慌失措。他们说，为避免与加拿大方面发生争吵（马石油似乎就曾争吵过），并购团队正在确保他们将为加拿大提供它所需要的一切信息或时间。

A Cnooc official said early Saturday that the Canadian government's review of the company's plan to buy Nexen is progressing normally.

中海油一位高管在周六凌晨说，加拿大政府对公司收购尼克森方案的审查在正常进行。

Teams for the Cnooc deal are expected to meet this week and have been in communication since the rejection Friday night trying to better understand the potential impact on their transaction, according to people familiar with the situation. Before that, the deal teams had been in near daily contact with Canadian officials and hadn't encountered signs of trouble over the Cnooc transaction, the people said.

知情人士说，中海油并购团队预计将于本周碰头，从周五夜间驳回马石油的裁决结果公布以来，他们一直保持沟通，以更好地理解裁决结果对他们的交易可能会产生怎样的影响。这些人士说，之前并购团队几乎是天天跟加拿大官员接触，没看到有什么迹象表明中海油收购案遇到了麻烦。