長城收購菲亞特克萊斯勒的雄心可能遇阻

Great Wall, the Chinese carmaker, has expressed interest in buying Fiat Chrysler Automobiles, an audacious ambition that would run into significant political and financial hurdles — even if the Italian-American car group agreed to negotiations.

中國汽車制造商長城汽車(Great Wall)表示有意收購菲亞特克萊斯勒汽車公司(Fiat Chrysler Automobiles)。盡管這家意大利-美國汽車公司同意就此進(jìn)行談判，但是，長城汽車的這一勃勃雄心可能遭遇政治和融資方面的巨大阻力。

A spokesman for the Chinese car company told the Financial Times: “We have always had the interest and intention to acquire FCA.”

“一直以來我們都有收購菲亞特克萊斯勒的興趣和意向，”長城汽車的發(fā)言人告訴英國《金融時報》。

But FCA, which owns the Jeep, Ram, Alfa Romeo and Maserati brands, said it had not been approached by Great Wall. It also denied earlier reports that Great Wall had written to FCA about buying its flagship Jeep brand.

不過，旗下?lián)碛屑?Jeep)、Ram、阿爾法•羅密歐(Alfa Romeo)、和瑪莎拉蒂(Maserati)等品牌的菲亞特克萊斯勒稱，長城汽車并未就收購事宜與其接觸。對于此前長城汽車就收購其旗艦品牌吉普向其致函的報道，菲亞特克萊斯勒也予以否認(rèn)。

FCA has been searching for a buyer in order to cut the development costs of electric and self-driving cars. Sergio Marchionne, its chief executive who is set to retire in 2019, has made unsuccessful overtures to General Motors and Volkswagen about buying the company.

為了削減電動車和自動駕駛車的開發(fā)成本，菲亞特克萊斯勒一直在尋找買家。即將于2019年退休的公司首席執(zhí)行官塞爾焦•馬爾喬內(nèi)(Sergio Marchionne)曾提議通用汽車(General Motors)和大眾汽車(Volkswagen)收購菲亞特克萊斯勒，但沒有獲得成功。

But seeking to sell one of the three major US carmakers to a Chinese buyer could run into political hurdles at a time when President Donald Trump’s administration has toughened the country’s stance on deals involving China.

在唐納德•特朗普(Donald Trump)政府對涉及中國的交易持愈加強(qiáng)硬的立場之際，將美國三大汽車公司之一出售給中國買家可能會遭遇政治阻力。

Analysts also raised questions over Great Wall’s ability to finance such a deal. Yale Zhang, of Shanghai-based consultancy Automotive Foresight, said FCA, which has a market capitalisation of €16.45bn and net debt of €4.2bn, was “simply too big” for the Chinese company to digest. He suggested it would be more logical for it to try to acquire a single brand, such as Jeep, from FCA.

分析師還對長城汽車為該交易融資的能力提出質(zhì)疑。來自上海的咨詢公司汽車市場預(yù)測(Automotive Foresight)的張豫(Yale Zhang)指出，菲亞特克萊斯勒市值164.5億歐元，凈債務(wù)達(dá)42億歐元，這項交易“規(guī)模太大”，長城汽車可能無法消化。他認(rèn)為，更合理的做法是，長城汽車收購菲亞特克萊斯勒旗下的一個品牌，如吉普。

“Great Wall wants to be the number one SUV maker in the world, and they can achieve that goal that much faster if they buy Jeep,” he said.

“長城汽車期望成為全球市場排名第一的運(yùn)動型多用途車(SUV)生產(chǎn)商。如果能夠買下吉普品牌，會大大提前其實現(xiàn)這一目標(biāo)的時間，”張豫說。

Another Hong Kong-based analyst, who declined to be quoted by name, said via email: “They don’t have much cash, and levering up to buy FCA (presumably with all the liabilities attached) feels rather a high risk. I’d also be surprised if FCA let them just carve out Jeep.”

另一位來自香港但不愿意透露姓名的分析師通過電郵稱：“長城汽車沒有太多現(xiàn)金，以杠桿方式收購菲亞特克萊斯勒的風(fēng)險太大(假設(shè)承擔(dān)所有債務(wù))。如果菲亞特克萊斯勒同意長城汽車只收購其吉普品牌，我也會感到意外。”