瑞银退出万达商业私有化交易

UBS walked away from a $4.4bn deal to take a Dalian Wanda unit into private ownership despite initially proposing the move — leaving the way clear for a rival Chinese bank to take the lead financial adviser role.

瑞银(UBS)退出了万达集团(Dalian Wanda Group)旗下商业地产部门44亿美元的私有化交易，尽管这笔交易最初是由瑞银提议的。此举为与瑞银竞争的一家中国投行担任这笔交易的主财务顾问扫清了道路。

UBS withdrew from the take-private of Wanda’s commercial properties business after it became uncomfortable with the structure of the transaction, according to people close to the matter. Hong Kong rules require banks to be satisfied with the sources and availability of funds when offers are made.

知情人士称，瑞银退出万达商业(Wanda Commercial Properties)的私有化交易，是因为对这笔交易的结构感到不安。香港的规定要求，要约提出时，银行须对资金的来源和可用性感到满意。

Wanda also approached at least one other foreign bank about working on the deal but was turned down — which left China’s CICC to run the process single-handedly.

万达还至少接洽了另外一家外资银行来处理这笔交易，但遭到拒绝。因此，中国国际金融股份有限公司(CICC，简称：中金)将独力管理这笔交易的进程。

The company — owned by billionaire Wang Jianlin, China’s second-richest man — has become one of the country’s most widely known conglomerates.

中国第二大富豪、亿万富翁王健林旗下的万达集团，已成为中国最知名的综合性企业之一。

A senior Wanda official, who declined to be identified, said that UBS had become uncomfortable with the deal’s credit-risk profile and dropped the transaction that it had originally proposed. “That’s why foreign banks are really losing ground on this front,” the Wanda official said.

一位不愿透露姓名的万达高管表示，瑞银对这笔交易的信用风险状况感到不安，退出了这一最初由它提议的交易。这位高管表示：“这就是为什么现在外资银行在这条战线上节节败退。”

When Wanda listed in Hong Kong two years earlier, HSBC and CICC sponsored the $3.7bn initial public offering and UBS, Goldman Sachs and CICC were lead bookrunners.

两年前万达商业在香港上市时，汇丰(HSBC)和中金是这笔37亿美元的首次公开发行(IPO)的保荐人，瑞银、高盛(Goldman Sachs)和中金是主账簿管理人。

CICC did not respond to requests for comment. UBS declined to comment.

中金未回应记者的置评请求。瑞银拒绝置评。

There was an unusually long five-week gap between Wanda alerting the market that it was considering an offer and the offer being made. At the time, Wanda said the timing was related to the time it took to secure financing, finalise the consortium and consider the impact of a mainland probe into stock market backdoor listings — the most likely route for Wanda to relist in Shanghai or Shenzhen.

从万达提醒市场自己正在考虑这笔私有化，到提出私有化要约，花了五周时间。这段时间间隔可谓长得反常。万达当时表示，时间点的选择与它搞到融资、敲定财团以及考虑中国内地对股市借壳上市之调查的影响所花费的时间有关。借壳上市是万达商业在上海或深圳重新上市最有可能选择的路线。

Mr Wang received approval from shareholders to delist the commercial property company in mid-August. The conglomerate offered HK$52.80 a share for the commercial property company.

王健林在8月中旬获得了股东们的批准，将万达商业从香港退市。万达集团为这家商业地产公司开出了每股52.80港元的报价。

Mr Wang raised funds from private investors for the buyout.

这笔私有化所需资金为王健林从私人投资者处募得。