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中信证券设为收购CLSA?
Citic will soon acquire all of CLSA if it can offer sufficient assurances that the latter will remain free to operate the way it has up to now. But that could be a big if.
北京中信证券有限公司中国最大的经纪公司通过市场资本化,正在迈出第一步成为亚洲最大的区域投资银行之一。上周五,从巴黎的广泛主义者CréditAgricole收购了总部位于香港的Clsa,以前称为3.1亿美元的股份,以前称为Lyonna Securities Asia。但最后一步可能有点棘手。
中信证券在联合释放中宣布,Crédit农业机构还批准了一个不可撤销的Put选项,以获得941.7百万美元的现金购买剩余的经纪公司,并且完全销售取决于法国集团从其员工代表机构获得批准。并确保可能不像似乎那么容易。
这笔交易,如果经历,将是中国经纪人在国际市场中最大的最大胆的举动 - 大约是4.45亿美元的34500万美元的三倍,即2010年上海的基于香港泰法浪证券支付的4.45亿美元。去年11月中央分中,CLSA和CA CHEUVREUX的CLSA和CA CHEUVREUX股份为3.74亿美元,这是一个欧洲,中东,非洲和南美洲占地面积。该优惠的收入为20倍。中信随后改变了主意,决定买出所有CLSA,这将在亚洲提供交易和投资银行平台。最新报价,但绝对术语的比例较少,也有20次收益的CLSA。
“这使中信证券在远东办事处,技术和许可的各个重要市场中获得了一个极好的足迹,”Paul Schulte是一个独立的分析师,他们在几个月前涵盖了CCB International的金融机构,中国的投资银行业建筑银行。虽然Schulte承认批评者认为中信仍然对CLSA来说仍然过多,但他说他认为这笔交易是“非常聪明”。
两家公司接近的分析师表示,尽管仍然存在潜在的粘性点,但这笔交易可能会经历。
中信证券于10月份在香港的首次公开发售中占据了17亿美元,一直致力于全球扩张。
China’s largest broker has been in talks with Crédit Agricole — the largest retail bank in France — since 2010, when both announced a global strategic alliance. Yet if the past is any indication, negotiations to completely seal the CLSA deal could drag on for many more months.
Potential rifts already began to show in 2010 when both signed the landmark joint venture agreement.
While executives at Citic Securities were eager to form a joint venture that gives them access to new markets outside China, Crédit Agricole’s Asian subsidiary CLSA wanted a marriage that grants it passage into China’s massive brokerage market, where foreign players have been hamstrung by regulatory restrictions.
“They want us to hand over the best of our China businesses, and I can tell you many senior executives here will not just hand over our crown jewels unconditionally,” says one Citic Securities executive who asked not to be identified at the time the joint venture was announced.
尽管如此,中信的最高管理层被确定为婚姻。“与CréditAgricole的企业投资银行的战略伙伴关系的形成标志着中信证券对国际化的另一个重要步骤,”该公司王东明董事长在一封电子邮件中表示亚博赞助欧冠当时。
这是中信第二次找到外国比赛的尝试。它尝试了一个类似的合资企业,与熊架子COS。2007年,当纽约的投资银行在2008年有毒资产重量下崩溃时,谈判被中产了,并在火灾销售中销往JPMORGAN Chase&Co。
3月30日,双方联合宣布,他们已经开始谈判暂定的协议,允许CLSA根据允许运营独立的管理协议继续运作。
只有独立的CLSA将在中信的所有权下,肯定是对香港公司的高管的关注,可能是直接收购的主要障碍。
CLSA.was founded in 1986 by two former business journalists, who prided themselves on their insights into Asian markets. Australian Jim Walker and Canadian Gary Coull as well as other investors later sold majority control of what later became CLSA to Paris-based Credit Lyonnais in 1987. Fiercely independent, the executives built CLSA into a prize-winning equities research house that has won numerous亚博赞助欧冠股票在过去的20年里排名奖项。
If a deal were done, CLSA certainly would give Citic Securities a regional platform to expand. However, analysts remain doubtful that Citic Securities will commit to giving CLSA executives the full autonomy they demand.
“将管理运行它是信中的最佳利益,”彼得·亚历山大金融服务研究公司Z-Ben Advisors Z-Ben Advisors,“但绝中国是为了允许这种情况发生?这很难说。“
中信证券是否让所有CLSA都敏锐地对市场观察者感兴趣。这笔交易如果完成,将是中国经纪公司首次获得外国经纪人,并且当然仍然存在挑战两种文化。亚慱体育app怎么下载
当海洋证券两年前,中国第二大经纪人收购了大溪券证券时,很少有市场观察者质疑泰菲省由香港中国投资银行家拥有和管理的文化挑战。另一方面,Clsa是亚历山大的盎格鲁 - 撒克逊和法国文化的融合。亚慱体育app怎么下载“这是每个人都在仔细观察的贸易,”他说。