Friday, December 15, 2006

私人基金瘋狂購物

自從電訊盈科(008)爆出可能出售電訊資產予德州太平洋集團(Texas Pacific Group)旗下新橋資本(Newbridge Capital)或麥格里銀行(Macquarie Bank Ltd)後,大家或開始留意國際私人直接投資基金(Private equity fund),這類基金財力雄厚,在全球各地搜尋寶藏已達瘋狂地步。

最新鮮滾熱辣的交易,當然是澳洲航空剛被這些私人直接投資基金的出價所吸引,最終願意出售股權,作價達678.6億港元,成為全球最大宗航空公司易手買賣交易,而買家正是失去收購電盈資產機會的德州太平洋和麥格里銀行牽頭的財團,似乎這些大孖沙無懼高油價、恐怖襲擊對航空業所帶來的負面陰影。

其實,據調查機構Dealogic統計,全球國際私人直接投資基金收購金額,今年以來已達6,280億美元(約4.9萬億港元),創歷史新高;涉獵範圍更從半導體、醫院到旅館都有,甚至改變整個產業版圖。

這些私人直接投資基金單是在今年便已收購939間美國公司,金額高達3,600億美元(約2.8萬億港元),比過去3年的總和還高。

Dealogic統計,亞洲(不包括日本)今年企業收購金額達111億美元(約865.8億港元),澳洲和新西蘭也有113億美元(約881億港元)。

其實,私人直接投資基金入主企業後,市場憧憬有更好的前景,如提升盈利和效益等,但可能最終這些被收購的企業經營情況較收購前還差,有些基金做的可能只是「財務工程」,對收購的公司沒有實質改善。所謂「財務工程」,可能是幫企業拆骨,整合,總之在財技上落工夫,一般經營就非重點。

由於基金財雄勢大,未來是否會因為資金泛濫而作過度投資值得關注。禤中怡的一位上市公司高層朋友曾指,往海外收購最大問題之一就是與這些基金爭,因為作為傳統企業,收購的目標必然與本身業務具協同效益及長遠發展前景有關,但這些基金願意出高價爭奪收購,令一般企業不願貿然對壘出手。至於奪得企業控制權的私人投資基金只想「賺盡」,大多會使出將收購回來的企業裁員、出售資產套現等方式,被收購的企業最終變成五癆七傷,要恢復昔日光輝絕對不易。

這類基金為甚麼有如此能力?皆因利用槓桿收購技巧(LBO,Leveraged buyout),簡單而言,就是實質投入資本少少,其他就來自融資解決,而抵押品分分鐘是收購回來的公司股份,結果是買多多也不怕彈藥不足。

此外,這類基金提供每年20%的回報率,因此吸引投資大戶樂於投入資金,加上近年全球股市上漲,助長私人直接投資基金熱潮;而高油價為中東國家創造大量財富,石油大亨拿着大批「油元」,當然要找渠道投資,間接帶動這類基金規模擴大。所以,要麼再集資?其他私人基金或大戶亦樂於提供資金去尋寶,試問彈藥哪會耗盡呢?但隨著國際私人直接投資基金逐漸坐大,對全球資本市場的影響究竟有多大就禍福難料。

以最著名的如德州太平洋集團旗下新橋資本為例,今年已募集3.5億美元(約27.3億港元)基金,專門於亞洲物色收購機會,明年還計劃募集另一個亞洲收購基金。

這些基金除向如半導體行業埋手外,全球第三大唱片公司EMI、德州儀器、英國電信等公司都成收購目標。如杜拜政府旗下的私人直接投資基金-杜拜國際資本最近希望以4.5億美元(約35.1億港元)買下英國利物浦足球隊,想一想還有那一個行業會被看上呢?

(12月15日刊於《am730》)

8 Comments:

At 8:44 AM, Blogger oakleyses said...

longchamp handbags, michael kors outlet, prada outlet, burberry outlet, prada handbags, oakley sunglasses cheap, jordan shoes, tory burch outlet, nike shoes, michael kors outlet, gucci outlet, louboutin outlet, longchamp outlet, kate spade handbags, air max, nike free, coach outlet store online, ray ban sunglasses, louboutin, kate spade outlet, michael kors outlet, true religion jeans, tiffany and co, coach purses, louis vuitton, tiffany and co, oakley sunglasses, louboutin, ray ban sunglasses, louis vuitton outlet stores, burberry outlet, michael kors outlet, louis vuitton outlet, michael kors outlet, coach outlet, louis vuitton handbags, longchamp handbags, polo ralph lauren outlet, chanel handbags, michael kors outlet, christian louboutin shoes, oakley sunglasses, true religion jeans, louis vuitton outlet, coach factory outlet, air max, polo ralph lauren outlet

 
At 8:49 AM, Blogger oakleyses said...

nike air max, sac louis vuitton, true religion outlet, abercrombie and fitch, sac louis vuitton, hollister, north face, nike free pas cher, sac longchamp, ray ban pas cher, air max, ray ban sunglasses, vanessa bruno, louis vuitton uk, mulberry, lululemon, sac guess, converse pas cher, michael kors, true religion outlet, michael kors, oakley pas cher, nike roshe run, polo lacoste, ralph lauren, sac burberry, nike free, michael kors pas cher, nike roshe, air max pas cher, louis vuitton, louboutin, nike tn, hogan outlet, air force, nike trainers, air jordan, longchamp, air max, polo ralph lauren, barbour, north face, hollister, timberland, nike blazer, sac hermes, vans pas cher, new balance pas cher

 
At 8:56 AM, Blogger oakleyses said...

ugg australia, canada goose jackets, soccer shoes, ferragamo shoes, celine handbags, canada goose outlet, uggs outlet, mcm handbags, lululemon outlet, p90x, wedding dresses, canada goose, marc jacobs, asics running shoes, birkin bag, instyler, soccer jerseys, giuseppe zanotti, jimmy choo outlet, rolex watches, new balance shoes, ghd, chi flat iron, nike roshe run, north face jackets, mont blanc, mac cosmetics, babyliss pro, reebok outlet, ugg boots, ugg boots, insanity workout, hollister, vans shoes, beats by dre, ugg, bottega veneta, north face outlet, valentino shoes, ugg pas cher, nfl jerseys, herve leger, canada goose, canada goose, longchamp, canada goose uk, nike huarache, abercrombie and fitch

 
At 9:01 AM, Blogger oakleyses said...

louboutin, moncler, montre homme, hollister clothing store, lancel, moncler, moncler, karen millen, vans, louis vuitton, parajumpers, moncler, juicy couture outlet, links of london, converse, air max, swarovski, supra shoes, thomas sabo, ray ban, pandora jewelry, converse shoes, oakley, canada goose, toms shoes, gucci, juicy couture outlet, pandora charms, pandora charms, swarovski crystal, moncler, rolex watches, coach outlet store online, wedding dresses, iphone 6 cases, moncler outlet, canada goose, moncler, air max, ralph lauren, baseball bats, ugg, timberland boots, hollister, hollister, ugg

 
At 2:57 PM, Blogger ninest123 Ninest said...

ninest123 10.07
michael kors outlet online, polo ralph lauren outlet online, michael kors outlet online, michael kors outlet store, christian louboutin shoes, oakley sunglasses, burberry handbags, louis vuitton outlet, burberry outlet, oakley sunglasses wholesale, christian louboutin outlet, longchamp outlet, nike air max, prada outlet, louis vuitton, michael kors outlet, replica watches, tiffany jewelry, oakley sunglasses, louis vuitton outlet, nike air max, nike outlet, uggs outlet, polo outlet, nike free, ugg boots, ray ban sunglasses, oakley sunglasses, louis vuitton outlet, michael kors outlet online, replica watches, ugg boots, uggs outlet, uggs on sale, louis vuitton, tiffany and co, christian louboutin, jordan shoes, christian louboutin uk, kate spade outlet, tory burch outlet, michael kors outlet, chanel handbags, longchamp outlet, prada handbags, longchamp outlet, ray ban sunglasses, ray ban sunglasses

 
At 2:59 PM, Blogger ninest123 Ninest said...

nike air max uk, longchamp pas cher, hollister pas cher, abercrombie and fitch uk, michael kors, kate spade, nike blazer pas cher, nike air force, converse pas cher, polo lacoste, nike free uk, coach purses, nike tn, nike roshe, hogan outlet, north face uk, coach outlet store online, new balance, burberry pas cher, timberland pas cher, true religion outlet, louboutin pas cher, jordan pas cher, sac longchamp pas cher, mulberry uk, hollister uk, ray ban uk, vans pas cher, nike air max, lululemon canada, ray ban pas cher, guess pas cher, sac vanessa bruno, oakley pas cher, michael kors, sac hermes, coach outlet, nike roshe run uk, polo ralph lauren, ralph lauren uk, true religion jeans, coach outlet, nike air max uk, true religion outlet, michael kors outlet, nike free run, air max, north face, true religion outlet, michael kors pas cher

 
At 3:04 PM, Blogger ninest123 Ninest said...

hollister, soccer shoes, insanity workout, vans outlet, mcm handbags, instyler, hollister clothing, babyliss, beats by dre, ghd hair, celine handbags, north face outlet, nike roshe run, longchamp uk, asics running shoes, hollister, nike huaraches, vans, new balance shoes, oakley, gucci, baseball bats, soccer jerseys, ralph lauren, wedding dresses, converse outlet, valentino shoes, nike trainers uk, herve leger, nike air max, ray ban, chi flat iron, bottega veneta, giuseppe zanotti outlet, nike air max, mont blanc pens, converse, hermes belt, timberland boots, abercrombie and fitch, reebok outlet, p90x workout, ferragamo shoes, iphone 6 cases, louboutin, lululemon, north face outlet, nfl jerseys, jimmy choo outlet, mac cosmetics, gucci handbags, cheap oakley sunglasses

 
At 3:07 PM, Blogger ninest123 Ninest said...

toms shoes, juicy couture outlet, canada goose, moncler outlet, moncler uk, louis vuitton, canada goose jackets, canada goose outlet, swarovski, michael kors handbags, ugg, louis vuitton, louis vuitton, moncler, ugg pas cher, moncler, canada goose outlet, lancel, karen millen uk, barbour, juicy couture outlet, pandora charms, canada goose, barbour uk, doudoune moncler, ugg,ugg australia,ugg italia, moncler, swarovski crystal, montre pas cher, canada goose outlet, louis vuitton, michael kors outlet, replica watches, canada goose uk, hollister, ugg uk, links of london, supra shoes, moncler outlet, doke gabbana, pandora jewelry, louis vuitton, moncler, pandora jewelry, marc jacobs, ugg,uggs,uggs canada, canada goose, thomas sabo, michael kors outlet online, pandora uk, wedding dresses, coach outlet
ninest123 10.07

 

Post a Comment

<< Home