M&A: The Big Thaw?
合併與併購市場大解凍？
The financial crisis put mergers on ice, but there are signs the deals are starting again. This time corporate buyers are calling the shots
雖然財務危機使的合併的市場冰凍，但是進來它卻有逐漸解凍的跡象。這次，控制局面的是企業買家了
by Ben Steverman
Even as credit markets and the economy remain rocky, Wall Street's dealmakers are slowly getting busier. It's hardly the mergers-and-acquisitions fever of a year ago, but M&A activity is still giving a lift to stocks.
儘管信貸市場經濟都還沒好轉，但是華爾街的交易員已經開始忙起來了。一年前，合併與併購市場是一灘死水。但是現在，它已經成為股票市場的一項利多了。
On May 15, CBS (CBS) said it would buy CNET Networks (CNET) for $1.8 billion, agreeing to pay 45% above CNET shares' previous closing price. Financier Carl Icahn is trying to force Yahoo! (YHOO) to accept Microsoft's (MSFT) rejected $47.5 billion buyout offer. And Hewlett-Packard (HPQ) announced on May 13 it would buy Electronic Data Systems (EDS) for $13.9 billion (BusinessWeek, 5/15/08).
五月十五日CBS宣布，願意以18億美元，也就是高於市價45%的價格買下CNET。金融家Carl Icahn正在說服Yahoo接受Microsoft的買斷。五月十三日，Hewlett-Packard也宣布將以139億美元買下Electronic Data Systems。
So far this year, the total value of announced M&A deals is $430.4 billion in the U.S. and $1.9 trillion globally, according to Dealogic. That's down 39% in the U.S. and 34% worldwide from this time a year ago.
根據Dealogic資料顯示，目前為止，今年世界上的合併與併購案總市值分別已經達到了4304億美元與1.9兆美元之譜。僅僅在一年以前，這個數字可是分別比現在還要少39%與34%。
The Roughest Patch Is Over
Bankers and experts said the shrinking of available credit has acted as a brake on the M&A market. The credit crisis began last summer, but it really started to slow dealmaking in the fall. The M&A market hit its roughest patch in February and March, when investment bank Bear Stearns (BSC) collapsed.
最艱困的期間已經過去了
銀行家與專家說，信貸市場的萎縮是合併與併購市場的一大阻礙。這個從去年夏天開始的危機，從今年秋天開始已經趨緩了。合併與併購市場在今年二月與三月度過了他最艱難的時期，也就是投資銀行Bear Stearns倒閉的時候。
Since then, worries have eased a bit. The value of M&A deals in April exceeded the previous two months combined, and halfway through the month, May's total already exceeds all dealmaking in March, Dealogic says.
從那時候開始，市場上的擔心稍微減緩了。Dealogic說，合併與併購市場在四月的總成交值超過了在二月與三月的總和。此外，目前為止，五月的總成交值也已經突破三月的了。
"Now that things have settled down, people are getting out there again," says Scott Willis, a lawyer specializing in M&A at the law firm Fishman Haygood Phelps Walmsley Willis & Swanson.
一個專精於合併與併購的律師，Scott Willis說，現在市場上的危機已經緩和下來，人們也再度擺脫之前的那種困境了。
But not every potential buyer is out shopping.
但是，並非每個潛在的買家都已經出手了。
During M&A's heyday last summer, the stock market would often get a boost each Monday, when private equity firms typically unveiled billion-dollar buyout deals cooked up over the weekend. Often these deals priced their target companies' shares at huge premiums.
在去年夏天，合併與併購的全盛期，股票市場在禮拜一總是會有利多消息出現。原因是私人股權公司常會在週末揭露大筆金額的合併與併購案。這些交易常常會使標的公司的股價被炒高。
Private equity firms used leveraged buyouts, or LBOs—relying on a large amount of debt—to buy up these public companies and take them private. After the credit market disruptions began last year, many big deals fell apart as banks refused to lend out money.
私人股權公司使用LBO作為合併與併購的手段。LBO就是藉著舉債獲得大筆資金，然後再買斷標的公司的股權，以達成合併與併購的目的。但是去年在信貸危機爆發後，由於資金募集困難，LBO也就很難成功了。
$400 Billion to Spend
Those LBO buyers remain quiet, even as they sit on lots of capital. Goldman Sachs (GS) estimates private equity firms have about $400 billion in dry powder to spend on potential buyouts.
還有4000億美元可以用
儘管這些LBO的買家手上有很多資金，但是目前為止他們都還沒有動靜。Goldman Sachs估計這些潛在的買家還有4000億美金左右的資金可以運用。
But Tom Lister, co-managing partner of Permira, a private equity firm that's currently managing $17 billion in investment funds, says it's unrealistic to expect the loan market for LBOs to bounce back soon: "The wheels of liquidity did grind to a halt, and it will take time for the credit markets to sort themselves out."
然而一家私人股權公司的經理，Tom Lister說：給予LBO資金的信貸市場沒那麼快反彈，它還需要一段時間。
So who's doing the dealmaking if not private equity? Corporate buyers—as the Microsoft, CBS, and Hewlett-Packard offers demonstrate—have much of the M&A field to themselves.
如果不是私人股權公司，那目前的合併與併購是誰在進行的呢？就是企業買家。像是之前提到的Microsoft、CBS與Hewlett-Packard。
"Although credit markets have improved, risk tolerance is low" for lenders, says Howard Lanser, head of new business development at banking firm R.W. Baird. Lenders are funding deals only if buyers are healthy companies with strong balance sheets, he says. Deals also include tighter lending terms, requiring more collateral, says Willis, of Fishman Haygood's. Also, because many deals "aren't getting over the finish line," parties aren't agreeing to hefty termination fees if a deal fails.
R.W. Baird這家銀行的總裁Howard Lanser說，儘管信貸市場已經有所改善，目前債權人的風險承受度依舊很低。他說：債權人目前只借錢給財務結構相當健全的公司。Willis也指出，目前的交易裡通常都包含著嚴密的條款，像是要求更多擔保品等。
Hungry In Spite the Snags
"Deals take longer to get done, but they are getting done," Willis says. Corporate management still is hungry to make deals despite the difficulties.
克服困難的渴望
Willis說，儘管現在交易花費更多時間完成，但它們還是完成了。這顯示，儘管困難重重，企業界還是非常渴望去完成這些交易。
Companies are eager to make offers while there is less competition from private equity buyers, Lanser says. Buyers also want to use acquisitions to position their firms for when the economy recovers, he says. Sellers are receptive to offers at a time when stock prices are down and a tough economy makes it harder to compete. "It makes sense for both parties," he says.
Lanser說，由於來自私人股權公司的競爭減少，企業界現在更加渴求完成併購與合併。買家們更是希望使用併購的手段完成交易，以便於經濟復甦時搶得先機。對於賣家來說，當股價低、經濟不好的時候，對於這些交易他們是更容易接受的。Lanser說，這對於雙方很都有道理。
Willis, based in New Orleans, handles a lot of deals in the booming energy industry. He says many oil and gas firms want to get much bigger to handle the skyrocketing costs of oil and gas exploration and drilling. "Even though you're making $120 a barrel [on oil], your cost of producing the oil is going up," Willis says.
在New Orleans，Willis處了很多與成長中的能源產業相關的交易。他說，很多石油公司都想要擴張自己的規模，以因應愈來愈高的油價與探勘成本。儘管每桶油的價格已經高達120美元，但是製造的成本也逐漸攀升。
Much depends on whether banks and other lenders can shake off the 10-month-old financial crisis. If the credit crunch continues to ease, more and more deals will get done. Stock prices will be buoyed by M&A speculation, and private equity buyers might even find ways to get financing. But if lenders get spooked again, even healthy companies with strong balance sheets may find it hard to complete deals. And that could put a quick end to the fledgling M&A revival.
合併與併購市場能不能好轉，主要因素還是在銀行與債權人能不能擺脫近十個月長的信貸危機。如果危機逐漸緩和，愈來愈多的交易也會達成。藉著合併與併購的投機，股價也會隨之水漲船高，私人股權公司也會找到自己的方法弄到資金。但如果債權人的狀況沒有好轉，儘管公司的體質良好，他們也很難取得資金已完成交易。這恐怕會使剛開始起飛的合併與併購市場遭受衝擊。
資料來源：http://www.businessweek.com/investor/content/may2008/pi20080515_859749.htm?chan=investing_investing+index+page_top+stories
