鴻海董事長(zhǎng)郭臺(tái)銘看上夏普什么了

　　To commit a mistake and not correct it is to commitanother mistake, opined Confucius. Hon Hai’schairman Terry Gou should take note. The company’s proposal to buy Sharp seemed flawed.The revised deal — to buy control — is better but still leaves many important questionsunanswered.

　　孔子曰：“過(guò)而不改，是謂過(guò)矣。”鴻海(Hon Hai)董事長(zhǎng)郭臺(tái)銘應(yīng)該當(dāng)心。該公司收購(gòu)夏普(Sharp)的提議似乎存在缺陷。修訂過(guò)的協(xié)議好了一些，將使鴻海獲得對(duì)夏普的控股權(quán)，但還有很多重要問(wèn)題沒(méi)有解答。

　　Yesterday, Sharp said that it would raise $3.5bn by selling common shares to Hon Hai, raising afurther $900m from a tranche of preferred shares. The deal, done at a one-third discount tothe previous close, would give Hon Hai two-thirds of Sharp’s equity, with an option toconvert the preferred shares in or after July 2017 for a further 5 per cent stake.

　　昨日，夏普表示將通過(guò)向鴻海發(fā)行普通股募集35億美元，并通過(guò)向其發(fā)行一批優(yōu)先股再募集9億美元。這項(xiàng)交易的價(jià)格比夏普在上個(gè)交易日收盤(pán)時(shí)的股價(jià)低了三分之一，將使鴻海獲得夏普的三分之二股權(quán)。鴻海還擁有在2017年7月或之后將優(yōu)先股轉(zhuǎn)換為普通股、再獲得5%股份的選擇權(quán)。

　　Sharp’s shareholders had been expecting that the company would be sold in its entirety forroughly double its market value (or its market value plus the value of its debt; it was neverclear which). This prospect had lifted the shares as much as two-thirds from their January lows.News that Sharp would stay independent sent them down 14 per cent.

　　在此之前，夏普股東一直預(yù)期夏普將被以約為市值兩倍(或是市值加上債務(wù)總值;人們始終不清楚到底是哪一個(gè))的價(jià)格整體賣(mài)出。這一前景使夏普股價(jià)從1月低點(diǎn)上漲了三分之二。夏普將保持獨(dú)立的新聞?dòng)质蛊涔蓛r(jià)下跌14%。

　　The deal is a far better one for Hon Hai shareholders, though. Rather than buy outright alossmaking, near-bankrupt company (and handing over a huge premium to its shareholdersfor the privilege) the cash will now go into recapitalising Sharp.

　　對(duì)于鴻海股東而言，這筆交易就有利得多了。比起全盤(pán)收購(gòu)一家?guī)捉飘a(chǎn)的虧損企業(yè)(并且為了這個(gè)特權(quán)向其股東支付巨額溢價(jià))，現(xiàn)在資金將用于夏普的資本重組。

　　But while a proposed deal structure has now been specified, the rationale is still shrouded inmystery. Hon Hai has not outlined its plans for Sharp, or elucidated its strategic thinking.Sharp’s screen technology, seemingly the main attraction, by itself is surely not worth theamount of money Hon Hai is paying.

　　然而，盡管擬議的交易結(jié)構(gòu)已得到具體說(shuō)明，鴻海進(jìn)行這筆交易的理由依然迷霧重重。鴻海沒(méi)有概述其對(duì)夏普的計(jì)劃，也未曾闡述其戰(zhàn)略思路。夏普的屏幕技術(shù)似乎是吸引鴻海的主要因素，但這項(xiàng)技術(shù)本身無(wú)疑不值得鴻海支付這樣的價(jià)錢(qián)。

　　And the deal is not quite done. After market Hon Hai said that it had received “new materialinformation” from Sharp and had postponed any agreement until it had “arrived at asatisfactory understanding and resolution of the situation”. Hon Hai should also supply somematerial information about what it hopes to achieve with this deal.

　　這筆交易還沒(méi)有板上釘釘。昨日收盤(pán)后鴻海表示，從夏普獲得了“新的關(guān)鍵信息”，“并在雙方達(dá)成共識(shí)之前暫緩簽約”。鴻海也應(yīng)該提供一些關(guān)鍵信息，告訴人們它究竟想從這筆交易中得到什么。