Rio Tinto-Chinalco: China Is Not Amused

经常各说各话的中国主流出版物和互联网论坛对力拓(Rio Tinto)和中国铝业公司(Chinalco)之间交易的破裂却是异口同声。他们传达的信息是，澳大利亚政府在阻挠中国，同时还坚持要求中铝不应该为重启交易作出进一步的让步。国有报纸广州的《时代周报》感叹道，中铝入股力拓一事已经从一场商业收购演变成一场引人注目的政治事件。文章中说，最近，两位澳大利亚上议院资深议员拍摄了一则电视广告，反对中铝入股力拓。这两位议员的名字Nick Xenophon 和Barnaby Joyce被故意解读成Nick Xenophobe（尼克•排外分子）和Ban-a-Buy Joyce（禁止买卖•乔伊斯）。《时代周刊》中说，真正的问题是澳大利亚只把中铝看成是一家国有企业，拒绝去看这桩交易在提振这家澳大利亚矿业巨头负债累累的资产负债表方面日益迫切的商业原因。简单的说就是商业的利益与国家的利益之间存在冲突。国有《第一财经》表达了对195亿美元交易破裂的失望和对澳大利亚政府一再推迟最后决定日期的无奈。该报说，交易的失败对于中铝显然是个坏消息。中国公众也表达了类似的情绪。国有环球时报社主办的环球网论坛中，一个名为Hang-Tang Heritage的网友说，一方面，我们应该对中国正试图进行一桩规模远大于过去交易的海外收购感到高兴。这位网友写道，这是一桩里程碑式的交易。不过，这位网友说，外国政府及其股市监管委员会，还有力拓股东最后是否会愿意承认交易还值得怀疑。《时代周刊》的另外一篇文章说，《时代周刊》的另外一篇文章说，如果力拓的股价因为中铝的收购行为而上涨，那么再因为股价上涨而否决中铝的收购行为就显得十分荒唐了。事实上，5月14日力拓股价下跌11%，其根本原因也是市场对于中铝注资入股的可能性出现了悲观的预期。尽管这可能会对中国的声望带来打击，但公众对中铝可能作出进一步让步以重启交易并不抱太大热情。中国商务部研究员梅新育在接受《上海证券报》采访时说，中铝注资力拓的交易不能修改太多。她说，他们没有权力要求我们拿出上百亿美元去给他们当慈善家。市场的反应又怎样呢？在上海证交所上市的中铝股票受消息提振涨停，涨幅10%。Jodi Xu（“并购看台”实时报导影响华尔街格局的交易和交易撮合人，包括并购融资私人资本运营和破产。）相关阅读力拓放弃与中铝公司195亿美元交易 2009-06-05力拓毁约 几家欢喜几家忧？ 2009-06-05力拓必和必拓计划成立铁矿石合资公司 2009-06-05力拓计划通过股票配售筹资152亿美元 2009-06-05中铝：对其与力拓的交易失败感到非常失望 2009-06-05 本文涉及股票或公司document.write (truthmeter('2009年06月05日14:57', '601600.SH'));中国铝业股份有限公司（简称：中国铝业）英文名称：Aluminum Co. of China Ltd.总部地点：中国大陆上市地点：上海证交所股票代码：601600document.write (truthmeter('2009年06月05日14:57', '2600.HK'));中国铝业股份有限公司英文名称：Aluminum Co. of China Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：2600document.write (truthmeter('2009年06月05日14:57', 'RTP'));力拓股份有限公司英文名称：Rio Tinto PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：RTPdocument.write (truthmeter('2009年06月05日14:57', 'JPM'));摩根大通公司英文名称：JPMorgan Chase & Co.总部地点：美国上市地点：纽约证交所股票代码：JPMdocument.write (truthmeter('2009年06月05日14:57', 'ACH'));中国铝业股份有限公司英文名称：Aluminum Co. of China Ltd. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：ACHdocument.write (truthmeter('2009年06月05日14:57', 'BHP'));BHP Billiton Ltd. (ADS)总部地点：澳大利亚(Australia)上市地点：纽约证交所股票代码：BHPdocument.write (truthmeter('2009年06月05日14:57', 'MS'));摩根士丹利英文名称：Morgan Stanley总部地点：美国上市地点：纽约证交所股票代码：MSdocument.write (truthmeter('2009年06月05日14:57', 'BX'));百仕通集团英文名称：Blackstone Group L.P.总部地点：美国上市地点：纽约证交所股票代码：BXdocument.write (truthmeter('2009年06月05日14:57', 'CS'));Credit Suisse Group (ADS)总部地点：瑞士(Switzerland)上市地点：纽约证交所股票代码：CSdocument.write (truthmeter('2009年06月05日14:57', 'BBL'));Bhp Billiton Plc (ads)总部地点：英国上市地点：纽约证交所股票代码：BBLdocument.write (truthmeter('2009年06月05日14:57', 'BHP.AU'));Bhp Billiton Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：BHPdocument.write (truthmeter('2009年06月05日14:57', 'RIO.AU'));Rio Tinto Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：RIOdocument.write (truthmeter('2009年06月05日14:57', 'RIO.LN'));力拓股份有限公司英文名称：Rio Tinto Plc总部地点：英国上市地点：伦敦股票代码：RIOdocument.write (truthmeter('2009年06月05日14:57', 'BLT.LN'));BHP Billiton PLC总部地点：英国上市地点：伦敦股票代码：BLTdocument.write (truthmeter('2009年06月05日14:57', 'CSGN.VX'));瑞士信贷集团英文名称：Credit Suisse Group总部地点：瑞士(Switzerland)上市地点：VTX股票代码：CSGN


China's mainstream publications and Internet bulletin boards, often at odds, spoke with one voice on the scrapping of the Rio Tinto-Chinalco deal. The message: that Australia's government was holding China back while insisting that the Aluminum Corp. of China, Chinalco's official name, shouldn't make any further compromises to revive the deal.The state-owned newspaper Time Weekly of China, of Guangzhou, bemoaned that the deal had 'evolved into a political event.' It told of how Chinese had renamed two Australian senators, Nick Xenophon and Barnaby Joyce, who had gone on local television urging the 'Australian government to prevent China government from taking over its resources.' The new monikers? Nick Xenophobe and Ban-a-Buy Joyce, the article said.The newspaper said the real problem was that Australia saw Chinalco only as a state-owned company and refused to see the pressing business rationale for the deal to shore up the Australian mining giant's debt-laden balance sheet. 'Simply put, it is a conflict between business interest and national interest,' the paper said.The state-owned China Business News expressed disappointment over the breakup of the $19.5 billion deal and frustration over the Australian government's frequent pushing back of a final decision date. 'The failure of the deal is bad news for Chinalco,' the paper said.Individual Chinese voiced similar sentiments. One person writing in the online forum run by the state-owned Globe Times newspaper under the name 'Hang-Tang Heritage' said that 'on the one hand, we should be happy that china is attempting a substantial overseas takeover,' one much larger in value than the previous ones. 'This is a corner stone deal,' Heritage wrote.Still, Heritage said 'it is doubtful that the foreign government, its stock supervisory committee, along with Rio's shareholders, would be willing to acknowledge the deal in the end.'Another article in The Time Weekly said 'it was absolutely absurd for Rio to reject Chinalco because [Rio] stock rallied. The price went up exactly because of Chinalco's announcement to buy Rio!' In fact, Rio's stock slumped 11% on May 14 when the market realized the deal might not go through, the article said.Despite the perceived blow to Chinese prestige, there wasn't much enthusiasm for any further concessions Chinalco might make to revive the deal. Analyst Mei Xinyu from China's Ministry of Commerce said in an interview with Shanghai Securities News that Chinalco shouldn't compromise too much any more. 'We are not some philanthropist that gives out over $10 billion for nothing,' she said.And what was the verdict of Mr. Market? Chinalco stock rallied 10% on the news, the daily limit for Shanghai-listed stocks.Jodi Xu