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1、 经济学家读译参考 Translated Edited by Chen JilongEuropean utilities欧洲公用事业Power struggles能源之争（陈继龙 编译）Nov 30th 2006From The Economist print editionPolitical and business interests collide as Europes energy firms consolidate欧洲能源公司合并引发政治与商业利益冲突。“WE expected a wavebut what happened was a tsunami,” says Emmanuel
2、 Turpin, a utilities analyst at Morgan Stanley, an investment bank. Energy-industry insiders predicted a series of mergers and acquisitions in European utilities at the beginning of this year. But hardly anyone expected the announcement in February of two of the biggest-ever takeovers in corporate E
3、urope: the bid for Endesa, a Spanish electricity company, by E.ON, a German power giant; and the merger of Gaz de France (GDF), a French gas firm, and Suez, another French utility.摩根斯坦利投资银行的公用事业分析专家伊曼纽尔特尔平说：“我们本来期待的是一阵浪潮，可发生的却是一场海啸。”能源产业内部人士早就预言今年伊始欧洲公用事业将施行一连串的并购，但今年2月公诸于众的两宗迄今为止欧洲最大的并购案却是大多数人始料未及的
4、：一个是德国能源巨头E.ON公司竞购西班牙Endesa电力公司，另一个是法国燃气公司（GDF）与另一家法国公用事业公司Suez的合并。The latest takeover in the industry, announced this week, is smaller, less spectacular and not much of a surprise. Iberdrola, a Spanish electricity company, announced on November 28th its euro17.2 billion ($22.5 billion) bid for Scot
5、tish Power, a British utility. Compared with the E.ON bid, now valued at euro37 billion, and the euro78 billion merger of Suez and GDF, the deal looks like small beer. （1）Yet the acquisition will create one of Europes six biggest utilities and a world leader in renewable energy. And in striking cont
6、rast to the two bigger deals, which are bogged down1 in legal and political quagmires, it is likely to proceed smoothly.相比之下，本周宣布的能源产业最近一次并购则比拟小，不太引人注目，而且也不如何出人预料。11月28日，西班牙Iberdrola电力公司宣布将以172亿欧元（约合225亿美元）收买英国公用事业公司Scottish Power。相比E.ON竞购案（现价已达370亿欧元）及苏伊士与GDF之间780亿欧元的合并案，这笔买卖看上去大概微缺乏道，不过本次并购将造就一个跻身
7、欧洲前六位的大型公用事业公司及全球可再生能源先锋。而且，与堕入法律和政治泥潭而停滞不前的前述两单大买卖构成鲜明比照的是，这一次有可能一帆风顺。（2）The catalyst for the frenetic2 merger activity among European utilities is the run-up to full deregulation of the European Unions energy market. For more than a decade the European Commission has been trying to enable energy p
8、roducers and distributors to compete freely across national borders. The final deadline of the EUs bulky legislative programme to liberalise the market is July 2007. By then member states are supposed to have implemented all EU energy directives. 欧洲公用事业领域之因而掀起这场合并风潮，是由于有关方面正在酝酿完全放宽欧盟能源市场。十多年来，欧盟委员会不
9、断努力促进能源消费商和销售商展开跨越国界的自由竞争。欧盟旨在实现市场自由化的一揽子立法计划完成的最后截止时间是2007年7月，届时各成员国应当均已遵照执行欧盟各项能源指导方针。Ignacio Galn, the boss of Iberdrola, said this week that the fast-approaching deregulation in Europe, which will put big, cross-border firms in a stronger position, was one of the reasons for his bid for Scottish
10、 Power. But Mr Galn did not mention the more probable driver of the deal. ACS, a Spanish construction company, recently bought a 10% stake in Iberdrola with a view to merging it with Unin Fenosa, another Spanish power company in which ACS has a 40.5% stake. Mr Galn is opposed to the deal. Iberdrola
11、is the worlds leading operator of wind turbines, but Fenosa relies heavily on coal-fired plants, so a merger would sully3 Iberdrolas image.本周Iberdrola公司总裁伊格莱西奥加兰说，该公司收买苏格兰电力公司的缘故之一确实是欧洲放宽市场在即，大型跨国公司因而将处于更加强势的位置。不过这笔买卖特别可能另有所图，但加兰并未提及。西班牙ACS建筑公司最近收买了Iberdrola10的股份，期望Iberdrola能与西班牙另一家电力公司Unin Fenosa合并
12、，而ACS已持有Unin Fenosa 40.5的股份。加兰并不赞成这一合并买卖。Iberdrola是全球风力发电机的主要运营商，但Fenosa则高度依赖火力发电，因而合并会招致Iberdrola形象受损。Investors and analysts are lukewarm4 about his proposed alternative, however. （3）There is an obvious logic to buying PPM Energy, an American wind-power developer owned by Scottish Power, given that
13、 Iberdrola took over two other wind-power companies in America earlier this year. But PPM is only one-fifth of Scottish Powers business. Combining Iberdrola with Scottish Power will achieve very few cost savings as there is no other geographic overlap. And Iberdrola is taking on lots of debt to fina
14、nce the pricey takeover.但是，投资者和分析人士对他收买Scottish Power的主张反响都比拟冷淡。鉴于伊维尔德罗拉公司今年早些时候已经并购了另外两家美国风力发电公司，接下来收买美国PPM能源公司（Scottish Power旗下的一家风力发电开发公司）显然是顺理成章的事情。不过PPM仅占Scottish Power公司总买卖量的五分之一。由于Iberdrola与Scottish Power在运营地域上并不存在重叠，因而双方联手并不能缩减多少本钱，而且Iberdrola为了筹措巨额收买费也将重债缠身。（4）But at least the objections to
15、 the deal are commercial, rather than political or legal, which is more than can be said for Europes two other big energy mergers. It is a full year since a failed bid for Scottish Power prompted Wulf Bernotat, the boss of E.ON, to plot his big coup: a takeover of Endesa, which would make E.ON one o
16、f the worlds largest electricity and gas firms, with over 50m customers in more than 30 countries. 不过即便有人反对这次收买，那也是出于商业角度考虑，而与政治抑或法律无关。然而，两宗能源巨头的合并案就不好说（是否遭到政治或法律要素干涉）了。自从竞购Scottish Power失败整整一年来，E.ON公司总裁伍尔夫伯诺泰特不断都图谋卷土重来收买恩德萨，从而使E.ON公司成为在30多个国家拥有5千余万客户的全球最大电力与燃气公司之一。Mr Bernotats grand plan is facing
17、strong resistance in Madrid. The Spanish government wants to keep Endesa in Spanish hands, so the countrys regulator imposed no fewer than 19 conditions on the German bid (and later added some more for good measure). The deal is also entangled in a legal dispute between Endesa and Gas Natural, anoth
18、er Spanish power company that wants to buy Endesa. Meanwhile the merger of GDF and Suez is in serious trouble. On November 21st a judge in Paris blocked GDF from completing the deal. The judge agreed that workers representatives, who are afraid of job cuts, needed more time to look at the terms of t
19、he deal. GDF immediately appealed, but the appeals court upheld5 the ruling. 伯诺泰特的雄伟蓝图正面临马德里方面强有力的阻止。西班牙政府希望Endesa接着掌控在西班牙人手中，因而该国监管机构对德国人的收买强加了不下19个限制条件（后来又追加了一些条款）。这场收买还卷入了西班牙燃气公司Gas Natural与其欲收买的Endesa之间的法律争论之中。其间，GDF与Suez的合并也遇到了大烦恼。11月21日，巴黎一位法官判令禁止GDF接着施行合并。该法官认为，担忧合并会招致裁员的工人代表需要更多的时间来考虑这笔买卖的各项
20、条款。GDF随即提出了上诉，但上诉法庭维持了一审法庭的判决。（5）The delay will postpone a shareholders vote on the deal until next spring, when the campaign for the French presidency will be in full swing6. Doing the deal just before the election will be tricky, but trying to do it afterwards will be even harder. Sgolne Royal, th
21、e Socialist candidate for the presidency, has vowed to renationalise GDF if she wins. And Nicolas Sarkozy, the most promising candidate of the centre-right, might well drop his half-hearted support for the merger. 如此拖延下去的话，股东对这次买卖的投票就只能推延到恰逢法国总统竞选热火朝天的明年春天举行了。要在选举前做成这笔买卖特别难，然而想在选举后做成就更是难上加难。社会党总统候选人
22、塞戈雷纳劳尔已经立誓一旦获选就将GDF重新收归国有。最有希望获胜的中右翼总统候选人尼古拉斯萨尔科奇对这次合并的态度本来就比拟暧昧，他最终也完全有可能完全放弃对它的支持。But insiders still reckon the two mega-mergers will go ahead. “We are confident the Spanish and French deals will eventually go through,” says Jos Javier Ruiz Fernndez, a utilities analyst at Exane, a French broker.
23、The political cost of the Spanish governments tactics is high, so it will probably give up its resistance to E.ON. The European Commission ruled in September that all but one of the 19 conditions imposed on the E.ON bid were illegal, and it said on November 29th that all of the regulators new condit
24、ions were illegal too. 不过知情人士仍认为两大公司的合并会进展下去。法国Exane经纪公司公用事业分析专家路易斯费尔南德斯说：“我们深信法西之间的这笔买卖最终是能够做成的。”西班牙政府将为它所采取的手段付出高昂的政治代价，因而它特别有可能不再阻止E.ON公司入主Endesa。欧盟委员会于9月裁定强加给E.ON公司的19个附加条件几乎无一例外都是不合法的，接着在11月29日又称监管部门新增的条款也都不合法。Next year consolidation will continue, though at a less busy pace. Valuations of Euro
25、pean utilities are now very high. Governments remain opposed to acquisitions of utilities by foreignersexcept, that is, in Britain. After the takeover of Scottish Power, foreigners will own four of Britains six big utilities. Only Centrica, a gas retailer, and Scottish and Southern, the third-bigges
26、t energy utility, will remain in domestic hands. （6）They are tempting targets, but any suitor7 will need deep pocketsand confidence that the European market will indeed, despite all the political meddling, soon become truly open.合并明年还将接着，不过步子会稍慢一些。目前收买欧洲公用事业公司的门槛还特别高。各国政府照旧反对外商并购本国公用事业公司英国除外。收买Scott
27、ish Power后，外商将入主英国6家大型公用事业公司中的4家。掌握在英国人本人手中的仅剩下天然气零售商Centrica和第三大公用能源公司ScottishSouthern。这两家公司具有特别强的吸引力，但任何计划收买他们的公司都必须有殷实的家底，同时确信不管遭到怎么样的政治干涉，欧洲能源市场都会特别快真正实现开放。QUIZ英译汉（将划线部分英文翻译成中文）：NOTES(OXFORD)1. bog v. v (-gg-) (phr v) bog (sth) down (usu passive 通常用于被动语态) (a) (cause sth to) sink into mud or wet
28、ground （使某物）堕入泥沼: The tank (got) bogged down in the mud. 坦克堕入泥沼之中. (b) (fig 比喻) (cause sth to) become stuck and unable to make progress （使某物）堕入窘境不能前进: Our discussions got bogged down in irrelevant detail. 我们的讨论纠缠在无关紧要的细节上.2. frenetic adj. frenetic activity is fast and not very organized 发狂的，狂乱的 -She
29、 rushes from job to job at a frenetic pace./ 3. sully v. (文或修辞, 通常作比喻) make (sth) dirty; stain; ruin or destroy (sbs reputation, etc) 弄脏（某物）; 玷污或破坏（某人的名声等）: I wouldnt sully my hands by acceptinga bribe. 我决不接受贿赂, 一尘不染. * sully sbs name, honour, etc 玷污某人的名声、荣誉等.4. lukewarm adj. 1 (of liquids) only sli
30、ghtly warm; tepid （指液体）不冷不热的, 微温的: Heat the milk until it is just lukewarm. 把奶热一下, 温温就行. 2 (about sb/sth) (fig 比喻) not eager or enthusiastic 不热烈的; 冷淡的: get a ,lukewarm reception 受冷漠的接待 * Her love had grown lukewarm. 她的爱情已淡薄. 5. uphold v. 1 support (a decision, etc) against attack 维护, 支持（决定等）: uphold a verdict, policy, principle 支持某项裁决、政策、原则. 2 maintain (a custom, etc) 维持, 保持（风俗等）: uphold ancient traditions 保持陈旧的传统.6. in full swing 正在全力进展中, 活泼7. suitor n. (dated 旧) man courting a woman 追求某女子的人: She had rejected all her many suitors. 她回绝了所有追求她的人.Page 4 of 4