经济学人下载:特斯拉与市场:将特斯拉私有化(2)

Another concern is the sheer size of the proposed deal.
另一个担忧则是拟议交易的绝对规模。

The largest buyout to date, the takeover by Kohlberg Kravis Roberts of RJR Nabisco in 1989, was worth $64bn in today's money.
迄今为止，规模最大的一次买断是1989年由雷诺·纳比斯科公司进行的一次收购，按照现今汇率来算，价值640亿美元。

Yet Mr. Musk may not need the $70bn-80bn (including nearly $10bn of debt) at which Tesla would be valued at $420 per share.
但马斯克或许并不需要700亿到800亿美元（包括近100亿的债务），其中特斯拉预估股价为420美元每股。

Some reckon he would require less than $40bn in financing if his own stake (about a fifth of the firm)
一些人猜想如果他想自己持有股份（约占公司股份的五分之一），他将需要不少于400亿美元的资金支持

and those of other big public investors were rolled into the new entity.
并且那些其他大型公众投资者将会形成一个新的主体。

Mr. Musk has given no details of where the cash will come from, but the source might well be foreign.
马斯克并未透露现金来源的细节，但资金可能源自国外。

Tencent, a Chinese internet giant, already holds a big stake in Tesla.
腾讯，一家中国互联网巨头已经是特斯拉的大股东。

Japan's Soft Bank, which has thrown vast sums at technology firms through its Vision Fund, might be keen.
日本软银也非常敏锐，他们通过本公司的Vision Fund基金大手笔投资科技公司。

But the most likely investor is Saudi Arabia.
但是最有可能的投资方是沙特阿拉伯。

Reports surfaced this week that the oil kingdom's sovereign-wealth fund had bought shares in Tesla worth around $2bn.
本周的报告表明该石油王国的主权基金买入了特斯拉价值约20亿美元的股票。

Even if Mr. Musk can rally the moneymen, going private may not prove a smooth ride.
即使马斯克可以团结所有的投资人，将公司私有化的进程或许无法一帆风顺。

There may be political opposition to large foreign investments in an American car firm.
由国外投资方对一家美国汽车公司进行大规模的投资，这一举动或许会生出政治上的反对势力。

Many punters who have held onto Tesla shares through the dark days made clear on Twitter that they did not want to sell.
在那些黑暗的日子里牢牢紧握特拉斯股票不放的大批下注人在推特上明确表示他们不想卖掉手里的股票。

Mr. Musk promised this week to create a special investment vehicle that would allow them and employees to "remain shareholders",
马斯克本周承诺会制定出一个特殊的投资工具，能够让他们和员工们“继续持有股份”，

but experts say such an unorthodox and complex arrangement may hit legal snags.
但是专家表示这种另类且复杂的安排或许会遭遇法律障碍。

Then even Tesla's accommodating board (which has already discussed this proposal) might be forced to reject it.
那时即使特斯拉的董事会再随和（董事会已经对该提议进行了讨论），他们也会被迫拒绝该提议。

Public or private, Tesla will keep Mr. Musk running at full tilt.
不论是公开还是私有，特斯拉将让马斯克全速奔跑。