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意大利轮胎企业倍耐力重返米兰股市
Pirelli prices IPO at low end of range, for total value of €6.5bn

来源:FT中文网    2017-09-30 06:45



        Italian tyremaker Pirelli’s initial public offering will value the company at €6.5bn, at the low end of company expectations, in a deal that will be one of Europe’s largest floats this year.        意大利轮胎制造商倍耐力(Pirelli)首次公开发行(IPO)对该公司的估值将为65亿欧元,处在公司预期区间低端,但这笔交易仍将成为欧洲今年最大规模上市之一。
        Two years after the company was taken private in a deal involving ChemChina and chief executive Marco Tronchetti Provera, Pirelli said it had priced its return to the market in Milan at €6.50 per share. The company, which is planning to list up to 40 per cent of its shares, will raise as much as €2.6bn from the IPO.        在两年前一笔涉及首席执行官马可•特隆凯蒂•普罗维拉(Marco Tronchetti Provera)以及中国化工(ChemChina)的交易中,该公司被变成非公开上市公司。倍耐力现在表示,它在米兰重新上市的发行价定在每股6.50欧元。该公司计划上市40%股份,将从IPO募集至多26亿欧元。
        The stock will start trading on October 4.        该股将于10月4日开始交易。
        The return to the public market of Pirelli, which makes tyres for Formula One cars, is a test not only of investor appetite for European companies but also of sentiment towards Chinese owners of European brands.        为一级方程式(F1)赛车制造轮胎的倍耐力重返公开市场,不仅将考验投资者对欧洲企业的胃口,也将考验市场对拥有欧洲品牌的中国东家的情绪。
        State-controlled ChemChina led a €7.3bn takeover and delisting of 145-year-old Pirelli, one of Europe’s best-known industrial brands, two years ago in one of the most high-profile acquisitions by Chinese groups in Europe.        国有控股的中国化工两年前牵头对倍耐力进行了73亿欧元收购和退市,那是中资集团在欧洲进行的最令人瞩目的收购交易之一。具有145年历史的倍耐力是欧洲最知名的工业品牌之一。
        The IPO price values the group at slightly less than the price at which it de-listed in 2015.        此次IPO的发行价对该集团的估值略低于2015年的退市价格。
        People involved in the deal say potential investors had balked at the higher end of the company’s proposed price range of €6.3 to €8.3 per share, which sought to portray Pirelli as a prestige tyre and technology group.        参与交易的人士表示,倍耐力寻求将自己定位于一家久负盛名的轮胎和科技集团,但该公司提出的每股6.3欧元至8.3欧元发行价区间的较高端让潜在投资者犹豫。
        Nonetheless, analysts say the deal looks a good one for the Chinese owners because the relisting Pirelli is different from the company ChemChina bought two years ago. It has spun off Pirelli’s lower margin industrial tyre assets into its Shanghai industrial business.        尽管如此,分析师们表示,此次上市对中国东家来说似乎是一笔不错的交易,因为重新上市的倍耐力与两年前中国化工收购的那家公司是不同的。倍耐力利润率较低的工业轮胎资产已被剥离到其在上海的工业企业。
        Only the higher margin consumer tyres business is relisting in Milan.        只有利润率较高的消费者轮胎企业在米兰重新上市。
        The company forecasts 9 per cent annual revenue growth until the end of the decade, up from about 6 per cent before the delisting and almost three times the rate of growth of the broader tyre industry.        该公司预测,截至2020年的年度营收增速将达到9%,高于退市前的大约6%,而且接近三倍于整个轮胎行业的增速。
        The upper end of the indicative price range would have seen Pirelli trading on a par with Finland’s Nokian Renkaat Oyj, which trades on more than 11 times estimated earnings before interest, tax, depreciation and amortisation due to two-thirds of its business coming from high-margin winter tyres. Its final price still puts Pirelli’s valuation above car parts conglomerates Continental and Michelin.        指示性发行价区间的上端意味着,倍耐力的估值将与芬兰诺记轮胎(Nokian Renkaat)相当,后者的股价达到每股税息折旧及摊销前利润(EBITDA)估算值的11倍以上,得益于其三分之二业务来自利润率较高的冬季轮胎。最终发行价仍意味着倍耐力的估值高于业内同行米其林(Michelin)和汽车零部件集团大陆(Continental)。
        Mr Tronchetti Provera, who will remain at the head of the group until 2020, acknowledged at the start of the roadshow that potential investors had been squeamish about the risk of technology transfer to ChemChina.        仍将执掌该集团至2020年的特隆凯蒂•普罗维拉在路演开始时承认,潜在投资者对技术落到中国化工手中的风险感到不安。
        This had led to the company unveiling new bylaws that see ChemChina cutting its stake below 50 per cent. Its controlling holding company Marco Polo will give up “control and direction” of the group. Transfer of the headquarters, research and development and trademarks out of Italy will only be possible if 90 per cent of total share capital votes in favour.        这导致该公司公布新的章程,其规定中国化工将减持其股份至50%以下。其控股公司马可•波罗(Marco Polo)将放弃对倍耐力的“控制和指导”。只有在占总股本90%的股东投赞成票的情况下,才能将总部、研发和商标迁出意大利。
                
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