华尔街黄金9月终结迎来寒流

2014-10-23 15:57:19来源：网络

　　The sustained run of mergers and acquisitions is particularly vulnerable to suddenly volatilemarkets, several senior investment bankers said. A majority of the deals announced thisyear have involved at least partial payment in stock.

　　几名资深投资银行家表示，并购案的持续开展特别容易受到市场突然波动的影响。今年公布的交易中，多数交易的付款手段都包括一部分股票。

　　"Unlike on the trading side of the business, volatility is not our friend in M.&A.," Mr.Shafir noted.

　　沙菲尔指出，“与交易业务不同，对于并购业务来说，波动并不是什么好事。”

　　When the acquirer's stock suddenly loses value, what was once an economical deal cansuddenly seem unaffordable. Similarly, when a company that was poised to sell sees its stockfall, executives often want to wait for the stock price to recover before selling to get the bestpossible price.

　　当收购方的股价突然下跌时，曾经非常划算的交易，就会突然变得无法承受。同样地，当一家准备出售的公司看到股价下跌时，管理人员通常希望等到股价回升后再出售，以便卖出尽可能高的价格。

　　"A good M.&A. market happens when both parties are comfortable with the relativerelationships between their two stocks," Mr. Carr said. "That relationship is a really narrow andsensitive band."

　　“当双方都对彼此股票的相对关系感到满意时，才能做成一笔好买卖，”卡尔说。“这是一个很敏感也很窄的区间。”

　　But with companies' valuations jumping around, many deals are expected to be delayed untilthe markets stabilize.

　　但由于公司市值不断波动，很多交易都将推迟到行情稳定后再进行。

　　For companies seeking to go public, the roller coaster markets are similarly disruptive.

　　对于寻求上市的公司，这种过山车般的行情同样具有破坏性。

　　"The market is taking a breath, and therefore the I.P.O. market will also take a breath," saidDavid Hermer, global head of equity capital markets at Credit Suisse. "Issuers are standing onthe sideline for the moment."

　　“市场正在喘气，所以IPO市场也要喘口气，”瑞信(Credit Suisse)股权资本市场的全球负责人戴维·赫尔默(David Hermer)说。“目前，打算上市的企业正在场外观望。”

　　In Europe, a handful of planned I.P.O.s were withdrawn in the last two weeks, including thoseof the British bank Aldermore, the Italian cosmetics company Intercos, the French energyservices company Spie, and the Italian technology company Italiaonline.

　　在欧洲，过去两周，若干宗计划中的IPO已被撤回，这些公司包括英国银行Aldermore、意大利化妆品公司莹特丽(Intercos)、法国能源服务公司Spie，以及意大利科技公司Italiaonline。

　　With renewed fears of an economic slowdown in Europe, sustained unrest in the Middle Eastand Ukraine, and swelling fears of Ebola around the globe, the markets may not stage a strongrecovery anytime soon.

　　欧洲经济的减速、中东和乌克兰的持续动荡，以及全球各地对埃博拉病毒的日益恐慌，再次引发了人们的担忧，市场可能不会在近期内出现强势反弹。

　　"There's a lot of stuff going on the world right now," said Neil Dhar, United States capitalmarkets leader at PricewaterhouseCoopers. "Volatility is not the friend of an I.P.O. It creates alot of angst in the marketplace."

　　“目前，世界上正在发生各种事情，”普华永道(PricewaterhouseCoopers)的美国资本市场负责人尼尔·达尔(Neil Dhar)说。“不稳定性对IPO没有好处。它会让人对市场产生许多担心。”

　　And still, many deal makers said they believed that the underlying conditions for mergers,acquisitions and I.P.O.s remained healthy. Investors are looking for growth, which leads todeals and new public offerings. And companies have lots of cash to spend.

　　不过，很多交易撮合者仍然表示，他们认为对于并购和IPO来说，基本的情况仍然是健康的。投资者在寻找增长，而这种期望会促成交易和新的IPO。而且很多企业还有许多现金可以花。

　　"A one or two week up-and-down in the marketplace isn't going to change global M.&A.activity overnight," Mr. Dhar said. "It's not the sign of a death knell for new issuance throughthe end of the year."

　　“一两周的市场起伏不会在一夜之间改变全球的并购活动，”达尔说。“这并不意味着直到年底前，都不能再发行新股了。”

　　And there are some bright spots.

　　此外，还有一些令人高兴的事。

　　Several big breakups and spinoffs, including those of Hewlett-Packard, eBay and Symantec,could lead to activity in the months ahead. Big industrial groups like DuPont and Dow are alsoexpected to sell off business units.

　　惠普(Hewlett-Packard)、eBay和赛门铁克(Symantec)的几宗拆分和剥离资产的大动作，可能会促使未来几个月出现一些交易活动。根据预期，杜邦(DuPont)和陶氏(Dow)等工业集团可能也会出售一些业务部门。

　　"In the pipeline there are a huge amount of spinoffs," said Sriram Prakash, global head ofM.&A. insight at Deloitte. "Those are likely to keep the M.&A. markets busy."

　　“还有大量剥离资产的动作等待完成，”德勤(Deloitte)并购研究部门的全球负责人斯里拉姆·普拉卡什(SriramPrakash)说。“并购市场很可能会因此处于繁忙状态。”

　　What is more, if stock prices fall precipitously and remain low, some companies may go aftertargets that suddenly seem affordable.

　　此外，如果股价暴跌并保持在低水平，有些企业可能就会瞄准那些身价降下来，仿佛突然买得起了的目标。

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