李嘉誠擬競購英國天然氣配送業務
Asian tycoon Li Ka-shing is assembling a bid for a majority stake in the gas distribution business of National Grid, the UK electricity network operator, bringing an experienced UK infrastructure investor to the auction that is expected to value the business at ￡11bn including debt.
亞洲富豪李嘉誠(Li Ka-shing)正在籌劃投標收購英國電力網絡運營商——英國國家電網(National Grid)的天然氣配送業務的多數股權，這意味着對英國基礎設施經驗豐富的一位投資者加入這場拍賣，預計這塊業務的估值將達到110億英鎊（包括債務）。
Cheung Kong Infrastructure, a part of Mr Li’s sprawling global business empire, is leading a group of investors that is likely to submit an initial consortium offer by the end of the week, people close to the talks said.
長江基建(CKI)是李嘉誠龐大全球商業帝國的一部分。知情人士稱，該公司很可能在本週結束時帶領一羣投資者提交初步財團報價。
CKI did not respond to requests for comment.
長江基建沒有回覆記者的置評請求。
The National Grid stake sale is set to be one of the largest infrastructure deals in the UK of recent years.
英國國家電網的股權出售勢必將成爲英國近年來最大的基礎設施交易之一。
It will also be a major test of the new conditions on foreign investment in UK infrastructure set by Theresa May’s government last week after it gave approval for the new ￡18bn Hinkley Point nuclear power station, which will be part-owned by a Chinese state-owned company.
它也將意味着，特里薩•梅(Theresa May)的政府對外資投資於英國基礎設施設置的新條件將迎來一大考驗；這些條件是英國政府上週批准新的180億英鎊欣克利角核電站項目之後宣佈的，中國國有企業將擁有那個項目的部分股權。
The UK prime minister will review the 2002 Enterprise Act to see whether infrastructure should be added to the sectors in which ministers can intervene.
英國首相將審閱2002年《企業法》(Enterprise Act)，看看基礎設施應不應該被添加到部長級官員們可以干預的行業名單。
At present the government can only step in if a takeover could threaten financial stability, media plurality or national security.
目前英國政府只能在收購可能危及金融穩定、媒體多樣性或國家安全的情況下才能介入。
First-round bids for the 51 per cent stake in the business, which distributes gas to nearly 11m customers around the UK, are due by Friday, these and other people involved in the process said.
前述知情人士以及參與股權出售過程的其他人士表示，對英國國家電網天然氣配送業務51%股權的第一輪出價最遲必須在本週五提交。這塊業務向英國各地近1100萬客戶配送天然氣。
Analysts have said they expect a deal to value the entire gas distribution unit at around ￡10bn-￡11bn including debt.
分析師們表示，他們預計這筆交易將使整個天然氣配送業務的估值達到100億至110億英鎊左右，包括債務。
The process is expected to take at least several weeks and National Grid is being advised by Morgan Stanley, Barclays and Robey Warshaw.
整個過程預計至少需要幾個星期，英國國家電網的顧問是摩根士丹利(Morgan Stanley)、巴克萊銀行(Barclays)和Robey Warshaw。
The auction has already attracted interest from other infrastructure investors and sovereign wealth funds.
本次拍賣已經吸引了其他基礎設施投資者和主權財富基金的興趣。
One consortium participating in the auction is led by Canada Pension Plan Investment Board, which has put together a group that includes sovereign wealth funds from Kuwait and Abu Dhabi.
參與競拍的一個財團由加拿大退休金計劃投資委員會(CPPIB)牽頭，財團成員包括科威特和阿布扎比的主權財富基金。
Another is led by Macquarie and includes backing from Allianz, the German insurer, Dalmore Capital and China Investment Corporation, China’s sovereign wealth fund.
另一個財團由麥格理(Macquarie)牽頭，財團成員包括德國保險公司安聯(Allianz)、Dalmore Capital以及中國主權財富基金——中國投資公司(CIC)。
Fosun, the privately-held Chinese conglomerate, has also been attempting to put together its own consortium bid that would feature a number of Chinese investors, people close to the process said.
知情人士稱，私人控股的中國企業集團復星(Fosun)也一直在試圖組織自己的財團競標，該財團將包括多家中國投資者。
Fosun declined to comment but one person close to the group said that it was planning to place a bid this week.
復星拒絕置評，但接近該集團的一位人士表示，它確實計劃在本週投標。
However, at least one Chinese investor interested in participating in the auction has opted not to work with Fosun believing that a mainland Chinese-heavy consortium stands less of a chance of winning the auction.
不過，至少有一家對本次拍賣感興趣的中國投資者選擇不與復星合作，相信一箇中資含量較高的財團競價勝出的機率較小。
In another high-profile infrastructure auction this year - the sale of a controlling stake in London City Airport - the selling investors opted against a higher bid from China’s HNA Group in favour of a lower offer from a Canadian-led consortium.
在今年另一場令人矚目的基礎設施拍賣——出售倫敦城市機場(London City Airport)的控股權——期間，賣方投資者決定不要中國海航集團(HNA Group)的更高報價，而寧可接受加拿大投資者牽頭的財團的較低報價。
Despite the lower value, the sellers determined that consortium could close the deal faster and with less political uncertainty, people close to that auction said at the time.
知情人士當時表示，儘管報價較低，但賣家確信選擇加拿大財團能夠更快完成交易，政治不確定性也會較小。
A successful deal for Mr Li, who has been investing in the UK for over two decades, would add to a broad infrastructure portfolio in the country that spans everything from ports to water and telecoms.
李嘉誠在英國投資已有20餘年。此次若能競拍成功，將使他在英國的廣泛基礎設施資產組合——從港口、水務，到電信——更加充實。
His Cheung Kong group bought the electricity distribution business from EDF in 2010 for ￡5.8bn.
他旗下的長江實業集團(Cheung Kong group)曾在2010年斥資58億英鎊買下法國電力(EDF)的英國配電業務。
The company also provides gas in some parts of the country through its two distribution networks.
該公司目前已通過兩個配送網絡在英國部分地區供應天然氣。
His CK Hutchinson conglomerate owns European mobile group 3, which earlier this year failed to gain approval from the EU competition authority for a planned ￡10bn takeover of O2, Telefónica’s UK arm.
他旗下的長江和記實業(CK Hutchison)擁有歐洲移動運營商3，後者100億英鎊併購西班牙電信公司(Telefónica)英國業務O2的計劃今年早些時候被歐盟競爭當局否決。
Last week, National Grid raised ￡3bn as it sold the largest ever sterling-denominated corporate bond as part of a plan to refinance its existing debt.
上週，英國國家電網通過史上最大的英鎊計價公司債券發行籌資30億英鎊，這是該公司對現有債務進行再融資的計劃的一部分。
National Grid plans to return as much of the proceeds from the stake to investors, while continuing to fund investment in network infrastructure.
英國國家電網擬將大致等額的股權出售所得返還投資者，同時繼續投資於網絡基礎設施。
