US FINANCE HEAVYWEIGHTS SET TO PASS CHINESE TEST
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decision-making process in China can move excruciatingly slowly: just ask Citigroup and Carlyle, two of the most powerful names in US finance.
Both companies have been bogged down for a year in interminable discussions with various layers of the Chinese bureaucracy over proposed acquisitions on the mainland. However, the word from Beijing is that both are poised to pass their endurance tests.
Barring yet another unforeseen delay, a Citigroup-led group will this week be named as winner in the battle for Guangdong Development Bank. And Carlyle is tantalisingly close to having regulators approve its bid for Xugong, a construction machinery maker.
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What lessons are to be drawn by the episodes? The first is that it pays to be pragmatic, patient and ultra-discreet when dealing with Beijing. Especially in an atmosphere of hostility to some foreign-led takeovers.
Citigroup backed down after failing to convince China to waive its foreign share ownership limits, while Carlyle had to cut its stake from 85 per cent to 50 per cent to return to the negotiating table.
The second lesson is that the American firms appear to have benefited from Washington's softer tone towards Beijing on issues such as currency revaluation, as recently evinced by treasury secretary Hank Paulson. Observers reckon it cleared the path for Citigroup and Carlyle. The cases are yet another reminder that doing business in China can be intensely political.
美公司通过中国“耐力测验”
在
中国，决策过程可能会极其缓慢，令人备受折磨：只要问问花旗(Citigroup)和凯雷(Carlyle)就知道了。这两家集团都在美国金融界最有实力的集团之列。
过去一年，两家集团都曾停滞不前，就其在中国拟议进行的收购与中国各级官僚机构展开没完没了的讨论。然而，来自北京的消息称，两家集团都将通过“耐力测验”。
如果不再出现意料之外的延误，花旗牵头的财团本周将被宣布为广东发展银行(GDB)竞购战的胜利者。而凯雷对建筑机械制造商徐工(Xugong)的报价，距离监管机构批准也近在咫尺了。
我们可以从这些事件中吸取什么教训呢？首先就是，在与中国政府打交道时，务实、忍耐和极端的谨慎，是会得到回报的。在对某些外资牵头的收购怀有敌意的氛围中，更要如此。
花旗在未能说服中国放弃对外资控股比例的限制之后，放弃了自己最初的主张。而凯雷不得不把购股比例从85%削减到50%，才能重回谈判桌。
第二个教训是，这些美国公司似乎受益于美国政府在人民币升值等问题上对北京态度的放缓。最近，美国财长汉克?保尔森(Hank Paulson)的言行就清楚表明了这种态度变化。观察人士认为，这为花旗和凯雷扫清了道路。这两个案例也提醒我们，在中国做生意，可能会有浓厚的政治意味。
