每日电讯报 中国或干预能源巨头收购战

矿业巨人必和必拓（BHP Billiton）和力拓（Rio Tinto）本周将和重要股东会面，在必和必拓对力拓大胆的670亿英镑收购遭拒绝后，两家公司都寻求募集支持。

　　但这场接管之战的结果可能取决于中国之手，有消息说国家支持的中国开发银行已经持有力拓的股份（相信低于1%）。

　　尽管必和必拓三换一的股票收购建议遭到力拓董事会的拒绝，但必和必拓渴望说服一群重叠股东：两家公司的合并符合他们的最佳利益。

　　十家关键的机构股东，包括Fidelity、Legal & General和Insight Investment等基金经理持有这两家公司20%的股份。

　　市场消息预计，如果要赢得这些机构的支持，BHP将不得不在正式收购中包含现金因素。

　　必和必拓和力拓的合并对中国有重大意味。中国需要大量自然资源助推它快速发展的经济。

　　任何重要的矿业合并可能让中国人失去定价的权力。因此，分析家相信中国将不会袖手旁观。UBS分析师表示，“为了制造价格紧张，力拓将可能不得不寻求有兴趣的第三方，我们认为最明显的一方是美元丰富而商品紧缺的中国。”

　　财政部旗下的中国开发银行是中国最大的所谓“政策银行”，负责大型基建项目的资金。（作者 Ben Bland）

China may influence Rio battle
By Ben Bland

Mining giants BHP Billiton and Rio Tinto will meet with key shareholders this week as they both seek to shore up support after BHP's audacious £67bn approach to Rio was rebuffed last Thursday.

Heavy earth moving trucks at the Tom Price iron ore mine Western Australia, operated by Rio Tinto

But the outcome of the takeover battle could lie in Chinese hands, with news that the state-backed China Development Bank (CDB) has built a stake - believed to be less than 1pc - in Rio.

Although its 3-for-1 all-share takeover proposal was rejected by Rio's board, BHP is keen to convince a group of overlapping shareholders that the companies combining is in their best interests.

Ten key institutional shareholders, including fund managers such as Fidelity, Legal & General and Insight Investment, hold 20pc of both companies between them.

Market sources expect that BHP will have to include a cash element in any formal bid if it is to win the support of these institutions.

advertisementBHP is thought to have arranged a $70bn (£33bn) finance facility with Citigroup which could be used to sweeten the Rio bid. But analysts said the facility might be needed to cover Rio's considerable debts in the event of a successful takeover. There has also been speculation that BHP might be considering a sale of its petroleum division, which could fetch up to £20bn.

A combination of BHP and Rio would have serious implications for China, which requires huge amounts of natural resources to fuel its rapidly-developing economy.

Any major mining consolidation would take pricing power away from the Chinese. As a result, analysts believe China will not just sit on the sidelines. "To create price tension, Rio will likely have to find another interested party," UBS analysts said. "We believe the most obvious party, long of dollars but short of commodities is China."

CDB, solely owned by the Ministry of Finance, is the largest of China's so-called "policy banks" responsible for funding large infrastructure projects.