瑞銀退出萬達(dá)商業(yè)私有化交易

UBS walked away from a $4.4bn deal to take a Dalian Wanda unit into private ownership despite initially proposing the move — leaving the way clear for a rival Chinese bank to take the lead financial adviser role.

瑞銀(UBS)退出了萬達(dá)集團(tuán)(Dalian Wanda Group)旗下商業(yè)地產(chǎn)部門44億美元的私有化交易，盡管這筆交易最初是由瑞銀提議的。此舉為與瑞銀競(jìng)爭的一家中國投行擔(dān)任這筆交易的主財(cái)務(wù)顧問掃清了道路。

UBS withdrew from the take-private of Wanda’s commercial properties business after it became uncomfortable with the structure of the transaction, according to people close to the matter. Hong Kong rules require banks to be satisfied with the sources and availability of funds when offers are made.

知情人士稱，瑞銀退出萬達(dá)商業(yè)(Wanda Commercial Properties)的私有化交易，是因?yàn)閷?duì)這筆交易的結(jié)構(gòu)感到不安。香港的規(guī)定要求，要約提出時(shí)，銀行須對(duì)資金的來源和可用性感到滿意。

Wanda also approached at least one other foreign bank about working on the deal but was turned down — which left China’s CICC to run the process single-handedly.

萬達(dá)還至少接洽了另外一家外資銀行來處理這筆交易，但遭到拒絕。因此，中國國際金融股份有限公司(CICC，簡稱：中金)將獨(dú)力管理這筆交易的進(jìn)程。

The company — owned by billionaire Wang Jianlin, China’s second-richest man — has become one of the country’s most widely known conglomerates.

中國第二大富豪、億萬富翁王健林旗下的萬達(dá)集團(tuán)，已成為中國最知名的綜合性企業(yè)之一。

A senior Wanda official, who declined to be identified, said that UBS had become uncomfortable with the deal’s credit-risk profile and dropped the transaction that it had originally proposed. “That’s why foreign banks are really losing ground on this front,” the Wanda official said.

一位不愿透露姓名的萬達(dá)高管表示，瑞銀對(duì)這筆交易的信用風(fēng)險(xiǎn)狀況感到不安，退出了這一最初由它提議的交易。這位高管表示：“這就是為什么現(xiàn)在外資銀行在這條戰(zhàn)線上節(jié)節(jié)敗退。”

When Wanda listed in Hong Kong two years earlier, HSBC and CICC sponsored the $3.7bn initial public offering and UBS, Goldman Sachs and CICC were lead bookrunners.

兩年前萬達(dá)商業(yè)在香港上市時(shí)，匯豐(HSBC)和中金是這筆37億美元的首次公開發(fā)行(IPO)的保薦人，瑞銀、高盛(Goldman Sachs)和中金是主賬簿管理人。

CICC did not respond to requests for comment. UBS declined to comment.

中金未回應(yīng)記者的置評(píng)請(qǐng)求。瑞銀拒絕置評(píng)。

There was an unusually long five-week gap between Wanda alerting the market that it was considering an offer and the offer being made. At the time, Wanda said the timing was related to the time it took to secure financing, finalise the consortium and consider the impact of a mainland probe into stock market backdoor listings — the most likely route for Wanda to relist in Shanghai or Shenzhen.

從萬達(dá)提醒市場(chǎng)自己正在考慮這筆私有化，到提出私有化要約，花了五周時(shí)間。這段時(shí)間間隔可謂長得反常。萬達(dá)當(dāng)時(shí)表示，時(shí)間點(diǎn)的選擇與它搞到融資、敲定財(cái)團(tuán)以及考慮中國內(nèi)地對(duì)股市借殼上市之調(diào)查的影響所花費(fèi)的時(shí)間有關(guān)。借殼上市是萬達(dá)商業(yè)在上?；蛏钲谥匦律鲜凶钣锌赡苓x擇的路線。

Mr Wang received approval from shareholders to delist the commercial property company in mid-August. The conglomerate offered HK$52.80 a share for the commercial property company.

王健林在8月中旬獲得了股東們的批準(zhǔn)，將萬達(dá)商業(yè)從香港退市。萬達(dá)集團(tuán)為這家商業(yè)地產(chǎn)公司開出了每股52.80港元的報(bào)價(jià)。

Mr Wang raised funds from private investors for the buyout.

這筆私有化所需資金為王健林從私人投資者處募得。