美化工巨頭合併案遭歐盟反壟斷調查
Brussels has launched an investigation into whether a planned $130bn merger between US chemicals giants Dow Chemical and DuPont would limit competition for supplies that are crucial to Europe’s farmers.
歐盟(EU)已就陶氏化學(Dow Chemical)與杜邦(DuPont) 1300億美元的合併計劃展開一項調查，以瞭解這兩家美國化工巨頭合併是否會抑制產品供應方面的競爭，這方面的競爭對歐洲農民來說至關重要。
The move raises the prospect of an unwinding of a series of megamergers that are under way. The deals would reshape the agrochemicals industry and put control of nearly two-thirds of it in the hands of just three companies.
此舉令人看到一系列大規模併購交易最終可能不了了之的前景，這些交易如果成功將給農用化工行業重新洗牌，三大公司將控制整個市場近三分之二的份額。
It could also exacerbate strained transatlantic relations over EU inquiries into corporate America’s business practices. Past European Commission investigations into big US deals — including blocking GE’s attempt to acquire Honeywell in 2001 and complicating Boeing’s 1997 takeover of McDonnell Douglas — have sparked intense disputes between Washington and Brussels.
此舉還可能加劇大西洋兩岸因歐盟調查美國企業商業行爲而本就緊張的關係。歐盟委員會(European Commission)之前曾對美國多起大規模併購交易展開調查，包括在2001年阻止通用電氣(GE)收購霍尼韋爾(Honeywell)，以及讓1997年波音(Boeing)收購麥道(McDonnell Douglas)的交易複雜化，均引發了華盛頓和布魯塞爾之間的激烈爭執。
The new investigation by Margrethe Vestager, the hard-charging EU competition commissioner, comes as both the US and EU are reviewing ChemChina’s $44bn takeover of Swiss agribusiness Syngenta, which would be the biggest-ever overseas Chinese takeover. Germany’s Bayer is also attempting to convince Monsanto, the leading US agribusiness, to accept a $64bn offer, a merger that would further intensify regulatory scrutiny across the industry.
幹勁十足的歐盟競爭專員瑪格麗特•維斯特格(Margrethe Vestager)發起這項新調查之際，美國和歐盟都正在審覈中國化工(ChemChina)對瑞士農業企業先正達(Syngenta)的440億美元的收購交易，這項交易如果成功完成，將成爲中國有史以來最大規模的海外併購。此外，德國的拜耳(Bayer)也在試圖說服美國主要農業企業孟山都(Monsanto)接受其640億美元的收購要約，這項併購將促使監管機構進一步提高對該行業的審查力度。
“The livelihood of farmers depends on access to seeds and crop protection at competitive prices,” Ms Vestager said of her decision to escalate the Dow-DuPont inquiry. “We need to make sure that the proposed merger does not lead to higher prices or less innovation.”
在談到爲什麼決定擴大對陶氏-杜邦合併交易的調查時，維斯特格表示：“農民的生計有賴於他們能否以競爭性價格買到種子和作物保護用品。我們必須確保這項擬議中的合併不會導致漲價或創新減少。”
Despite past differences over big US deals, the Obama administration has recently blocked or complicated several large mergers, earning a reputation as one of the most interventionist antitrust enforces in recent American history. The US justice department, which is also examining the Dow-DuPont deal, did not respond to requests for comment.
儘管奧巴馬(Obama)政府過去在美國大規模併購交易上的態度與歐盟不同，但近年來也封殺了數起大規模併購或加大了交易的複雜性，並因此贏得一個名聲：美國近幾十年來在反壟斷執法方面最具干預主義色彩的政府之一。美國司法部目前也在審查陶氏與杜邦合併交易，該機構未迴應記者的置評請求。
As part of the original transaction, DuPont and Dow agreed to splitting the merged group into three parts in a bid to allay concerns of regulators both in the US and the EU, as well as Brazil and Canada. But those “commitments” were dismissed as “insufficient” by Ms Vestager. Brussels has also expressed concerns over whether a merger would lead to a reduction in research and development.
作爲原交易方案的一部分，杜邦和陶氏同意將合併後的集團分拆爲三部分，試圖以此減輕美國、歐盟、巴西和加拿大監管機構的顧慮。不過，維斯特格認爲上述“承諾”的“力度不夠”。此外，布魯塞爾方面還就兩家企業合併是否會導致研發減少表示了擔憂。
Although both groups are based in the US, both have large European businesses and customer bases, giving the commission the freedom to investigate.
儘管兩家集團的總部都在美國，但它們在歐洲都有龐大的業務和消費者羣體，所以歐盟委員會有權開展調查。
EU and US regulators will probably take different approaches to the Dow-DuPont merger, said David Balto, a former US antitrust enforcer. European authorities typically have lower market share thresholds and will test proposed solutions by asking farmers for opinions. “The EU is a much tougher road to hoe,” he said. Dow and DuPont said that they had expected a “thorough review” from Brussels and the investigation will not delay the deal.
前美國反壟斷執法人員戴維•巴爾託(David Balto)表示，對於陶氏與杜邦的合併，歐盟與美國的監管機構可能會採取不同的處理方法。通常，歐洲監管當局設定的市場佔有率門檻較低，而且會通過徵求農民意見考察擬議的解決方案。他說：“歐盟要難對付得多。”陶氏和杜邦表示，它們預計布魯塞爾的“全面審覈”和這次調查不會耽誤交易完成。
