France Moves to Block Italian Suitor for Suez
Merger With Gaz de France
Thwarts Attempt by Enel;
The Effects of Nationalism
Underscoring how nationalism continues to thwart the integration of Europe's economy, France arranged a �32 billion ($37.98 billion) merger of Suez SA with state-owned Gaz de France SA to block a bid for Suez by an Italian suitor, a day after Spain moved to fend off a German offer for a Spanish power company.
Saturday's shotgun marriage of French utility players came a day after Madrid circled the wagons around Endesa SA, rejiggering utility regulations in an effort to beat back German power giant E.On AG's �29.1 billion bid.
The moves to fight off foreign buyers of publicly traded companies come amid a wave of cross-border takeovers in Europe and capped a week of deal-making in the Continent's energy sector. The steps add up to a tough test of Europe's commitment to enforcing a free flow of capital and of whether Brussels has the means to face down protectionism in two of the union's most powerful capitals.
E.On's bid, launched last week, threatens Spain's hope of creating its own "national champion" in power through the �22.4 billion cash-and-stock hostile offer for Endesa by Gas Natural SDG SA. The Suez-GDF merger, announced Saturday by the French prime minister, came after Italian power giant Enel SpA last week said it wanted to buy Suez's Belgian utility unit Electrabel SA, or failing that, bid for Suez.
Bankers were scrambling last night to work out terms of the Suez-GDF merger, which was announced before the two companies had time to agree on a price. The deal will likely include a stock swap that will be priced to give GDF shareholders a premium of about 10%, people familiar with the deal said. GDF had a market capitalization of �29.3 billion as of Friday, while Suez was valued at �43 billion.
A merger would dilute the French government's 80% holding in GDF, leaving it with about a 34% stake in the combined company. Suez, in addition to electricity, has large water-utility operations. GDF is one of Europe's largest gas utilities.
Paris and Madrid are acting in the European tradition of creating or defending national champions in strategic industries. Those impulses have been countered by a wave of mergers sweeping Europe. The value of cross-border transactions within Europe more than doubled in 2005 to $344.5 billion from $162.5 billion in 2004, according to research firm Dealogic.
People familiar with the Suez-GDF deal said the government of Prime Minister Dominique de Villepin believes the announcement of a merger will deter foreign companies from bidding for Suez.
Paris's maneuver stunned Italy. French companies have been aggressive buyers in important sectors of Italy's economy. This month, BNP Paribas SA of France offered to buy Banca Nazionale de Lavoro SpA of Italy. Electricit de France SA owns 50% of Edison SpA, Italy's second-largest electricity utility.
The flurry of deal-making risks sidelining Enel, which, with a market capitalization of �44 billion, is one of Italy's largest companies.
European Union antitrust commissioner Neelie Kroes is pushing to open energy markets. Ms. Kroes this month said European energy prices were high in part because of a lack of cross-border competition. She has proposed changing rules to allow Brussels more oversight.
Jonathan Todd, a spokesman for the European Commission, said yesterday that it wasn't clear if the commission would scrutinize the Suez-GDF deal. Suez's ownership of Electrabel might put enough revenue outside of France to put the deal in the commission's court.
France has been Europe's most effective player of the national-champion game. Mr. Villepin, who said Suez and GDF had been discussing a tie-up for months, couched the deal in terms of national interest.
Gaz de France was advised by Merrill Lynch and Lazard. Suez was advised by J.P. Morgan Chase & Co. and BNP Paribas, and the French government by ABN Amro and Lehman Brothers.
The merger may encounter resistance at home: The state's stake in the combined firm would fall below the 70% minimum; the government would need to push legislation through Parliament to enable the deal. GDF's labor unions have insisted the state retain control.
The Spanish government on Friday overhauled energy-sector regulations in a bid to force the German utility to retreat. The new laws give the Spanish energy commission oversight of the E.On deal, including blocking power.
Friday, Spanish media reported that Gas Natural was preparing an improved offer. The stock-market regulator ordered Gas Natural to file its final deal prospectus by this morning. A spokesman for Gas Natural declined to comment. Endesa Chairman Manuel Pizarro Saturday urged shareholders to reject both bids, saying Endesa is worth more.
肥水不流外人田，不甜也要强扭瓜
想知道民族主义是怎样阻碍著欧洲经济一体化的进程吗？只要看看法国政府刚刚安排的Suez SA与国有企业Gaz de France SA之间320亿欧元(379.8亿美元)之巨的姻缘就知道了，这桩联姻的意图就是阻止意大利某公司出价收购Suez之举。而就在一天前，西班牙也采取措施，试图阻挠德国某公司对西班牙一家电力公司的图谋。
上周六这桩法国公用事业公司之间的强制姻缘与西班牙为保护Endesa SA之举只隔了短短一天，西班牙的做法是紧急调整了公用事业监管法规，在Endesa SA周围设起层层围栏，旨在挫败德国大型企业E.On AG发出的291亿欧元的收购要约。
保护本国上市公司不落入外国买家之手的种种行动，恰逢欧洲跨国并购活动如火如荼之际，也给欧洲能源行业持续了一周的并购活动画上了句号。这些举动给欧洲推进资本自由流动的承诺以及欧盟是否有办法也有意愿打击盟内两个大国的保护主义行为出了一道难题。
E.On上周发出收购要约，对西班牙创建本国大型电力企业的愿望构成了威胁。西班牙Gas Natural SDG SA已经发出了224亿欧元敌意收购Endesa的要约。而上周六公布的Suez-GDF联姻则是由法国总理宣布的。就在上周，意大利电力巨头Enel SpA刚刚表示，准备收购Suez的比利时公用事业子公司，如若不成，就直接收购Suez。
银行家们彻夜不眠，匆忙起草Suez-GDF合并的各项条款。声明宣布之前，两家公司甚至来不及确定交易价格。知情者透露，这笔交易可能会包括一项换股安排，给GDF股东大约10%的股票溢价。截至上周五，GDF市值为293亿欧元，Suez为430亿欧元。
合并将稀释法国政府在GDF持有的80%股权，政府在合并后公司的持股比例将下降到34%左右。Suez除了电力供应业务之外，还有一项庞大的自来水业务。GDF则是欧洲最大的燃气公司之一。
在这两项交易中，巴黎和马德里不约而同担当起了欧洲国家保护本国战略产业的传统角色。这种保护主义思潮遭到了席卷欧洲大陆的并购浪潮的迎头痛击。银行和公用事业等一度禁止外资参与的行业纷纷解除了枷锁，跃入并购大潮之中。金融研究机构Dealogic的数据显示，2005年欧洲内部跨境并购交易额较上年继增一倍多，从1,625亿美元升至3,445亿美元。
法国、西班牙和卢森堡的政客曾一致反对Mittal Steel Co.对欧洲钢铁巨头Arcelor SA的收购，三国员工都为Arcelor服务。去年，荷兰银行(ABN Amro Holding NV)参股Banca Antonveneta SpA，成了首家拥有一家意大利银行大量股份的外资银行。
了解Suez-GDF交易的人表示，法国总理德维尔潘(Dominique de Villepin)相信这份合并声明足以打消外国公司收购Suez的企图。参与谈判的一位银行家说，德维尔潘可不希望再出现一次Mittal-Arcelor那样的交易。
法国政府的突发之举让意大利的银行家们目瞪口呆，因为法国公司一直是积极收购意大利各种重要战略资产的排头兵，包括收购意大利的银行和能源企业。就在这个月，法国巴黎银行(BNP Paribas SA)还发出了收购意大利Banca Nazional de Lavoro SpA的要约；此外，法国的Electricite de France SA也拥有意大利第二大电力公司Edison SpA一半股权。
意大利财政部长朱利奥?特雷蒙蒂(Giulio Tremonti)说，欧洲各国政府之间的紧张气氛与一战前夕不相上下。“当时，没人想到会爆发一场战争，但战争还是爆发了，”都灵日报《La Stampa》援引了他的讲话，“现在，也没有人想到欧盟市场化进程会被阻止，但有人做得太绝了，别人也不甘示弱，由此将引发一系列连锁反应。”
重重交易风险让意大利的Enel退避三舍，440亿欧元市值的Enel是意大利规模最大的企业之一。从去年11月份以来，它就在考虑收购Suez旗下的Electrabel，对西班牙市场也觊觎已久。
欧盟反垄断专员克罗斯(Neelie Kroes)正在努力推进能源市场开放，引入更多竞争。上个月她发表了一份能源行业研究报告，称欧洲能源价格偏高的部分原因就是缺少跨国竞争。她提议修改并购监管法规，让欧盟机构拥有更大的监督权利。目前，合并交易双方之一如果在某个欧盟国家的业务占其总收入的比例达到或者超过三分之二，该国就拥有审批这项交易的管辖权。
欧盟发言人托德(Jonathan Todd)周日表示，眼下还不清楚欧盟是否会审查Suez-GDF交易。Suez通过拥有Electrabel在法国境外获得的收入足以将交易送交欧盟法庭审查。托德说，若果真如此，欧盟会非常仔细地分析这项交易对欧洲能源行业的影响。
在欧盟内部，法国在运用各种手段保护国内骨干企业方面最为得心应手。法国总理德维尔潘说，Suez和GDF就合并交易已经谈判了好几个月，称这笔交易关系到法国的国家利益。
美林(Merrill Lynch)和Lazard被聘为Gaz de France的顾问，Suez请到了摩根大通(J.P. Morgan Chase & Co.)和法国巴黎银行。法国政府的交易顾问是荷兰银行和雷曼兄弟(Lehman Brothers)。
Suez-GDF合并可能会在国内遇到阻力：合并后政府的持股比例将下降到法律规定的70%最低限度之下。也就是说，政府需要在国会推动立法修改，允许这笔交易的达成。GDF势力强大的工会一直坚持让政府应保留控制权，认为这样工人的工作和福利就能得到更好的保障。
西班牙政府曾被欧盟警告，不要直接插手阻碍E.On竞购Endesa之举。但在上周五，西班牙政府修改了能源产业监管法规，旨在迫使德国企业知难而退。
新法律给予西班牙能源委员会监管E.On交易的权利，包括动用权利阻止交易。此前，委员会只能裁定国内能源企业之间的交易。
上周五，西班牙媒体报道称，Gas Natural正准备提高出价。股市监管机构勒令Gas Natural在周一早间之前提交最终交易计划。Gas Natural发言人拒绝置评。
Endesa董事长皮扎罗(Manuel Pizarro)在周六的股东大会上发言，敦促股东们把两项出价统统否决，称Endesa比二者的出价更值钱。
