BEC中级阅读：中国最大券商中信证券与贝尔斯登重谈换股交易

贝尔斯登(Bear Stearns)与中国最大券商中信证券(Citic Securities)正在就去年达成的股份互换协议重新展开谈判，以更好地反映协议达成后双方股价的下跌。

Bear Stearns and Citic Securities, China’s largest securities firm, are renegotiating the share swap agreement they reached last year to better reflect a subsequent fall in their stock prices.

一位知情人士称，两家公司的高管正在讨论一项“对等调整”，这将增加双方最终持有的对方股份。

Senior executives from both firms are discussing a “reciprocal adjustment” that would increase the amount they eventually hold in each other, according to a person familiar with the matter.

根据去年10月达成的交易条款，中信证券同意支付10亿美元购入最终将转换为贝尔斯登约6%股份的证券，而美国投行贝尔斯登最终将支付同等金额，购得中信证券约2%股份。

Under the terms of the deal struck last October, Citic agreed to pay $1bn for securities that would convert to about 6 per cent of Bear Stearns and the US investment bank would eventually pay the same amount for about 2 per cent of Citic.

这宗交易仍需获得中国监管机构批准，若交易成功，作为中国国务院控制的中国中信集团(Citic Group)旗下证券交易子公司的中信证券将成为贝尔斯登的最大单一股东。

The deal still needs regulatory approval in China, but if successful, Citic Securities, the brokerage arm of China Citic Group, which is controlled by China’s cabinet, would become the biggest single shareholder of the US investment bank.

由外国投资者持有一家美国银行如此大规模的股份，可能会在美国引发批评。美国某些议员已对亚洲和中东主权财富基金的直接投资感到不安。

Such a large stake by a foreign investor in a US bank could attract criticism in the US, where some lawmakers have been unnerved by direct investments by sovereign wealth funds from Asia and the Middle East.

美国联合经济委员会(Joint Economic Committee)主席、参议员查尔斯?舒默(Charles Schumer)本周暗示，可能会推动对此类投资实行更严格的监管。

Senator Charles Schumer, chairman of the joint economic committee, this week signalled a possible push for greater regulation of such investments.

根据中国官方新华社的报道，中信证券在贝尔斯登的持股比例可能增至9.9%，而贝尔斯登所持中信证券的股份最终可能增至7.5%。

Citic’s stake is likely to be increased to 9.9 per cent of Bear Stearns. The US investment bank’s stake in Citic could eventually be lifted to as much as 7.5 per cent, according to a report from China’s official Xinhua news agency.

10亿美元的投资规模将保持不变，只是仍需得到中国监管机构的批准。

The $1bn investment scale will remain the same, subject to approval from Chinese regulators.

自去年10月达成交易以来，贝尔斯登的股价已从当时的大约120美元跌至约80美元。中信证券的股价已下滑40%，至大约71元人民币。

Bear’s shares have fallen from about $120 when the deal was signed in October to about $80 now. Citic’s shares have dropped 40 per cent to about Rmb71.

据知情人士介绍，去年11月，在贝尔斯登股价出现骤跌后，中信证券首先提出重新讨论它将在这家美国投行持有的股份。

Citic first broached the subject of renegotiating the stake it would take in Bear last November following a precipitous drop in the US bank’s shares, according to people familiar with the matter.

中信一位发言人表示，他不知道有任何谈判正在进行。记者无法联系上贝尔斯登驻日本的一位发言人置评。

A Citic spokesman said he had no knowledge of any ongoing negotiations and a Bear spokeswoman in Japan could not be reached for comment.

一名了解谈判情况的人士称，双方增持对方股份是“合理的”，反映了双方股价的下跌。 For the two sides to take larger shares in each other was “reasonable” and reflected their lower share prices, according to one person close to the negotiations.

另一位知情人士则持更为怀疑的态度。他表示：“这些都是猜测，是我们的竞争引起监管机构担忧造成的。双方的股价都下跌了，但这并不意味着需要重新谈判，除非这么做符合双方股东的利益。”

Another source familiar with the matter was more sceptical, saying: “It is all speculation driven by our competition which is causing the regulators to become concerned. The prices on both sides have come down but that doesn’t mean that the deal will be renegotiated unless it is in the interest of shareholders on both sides.”