双汇收购Smithfield彰显中国食品需求

China's growing appetite is driving ever-larger acquisitions of global food assets as the shifting dietary profile of the world's most populous nation increasingly puts meat, dairy and processed-food producers into play. 随着中国这个世界上人口最多的国家饮食结构的变化，肉类、奶制品和加工食品生产商大施拳脚的空间不断增大，而中国与日俱增的胃口也在推动全球食品资产的并购规模变得越来越大。

　　Underscoring the trend, China's Shuanghui International Holdings Ltd. on Wednesday said it agreed to acquire Smithfield Foods Inc. SFD -1.83% of the U.S. for $4.7 billion, aiming to secure more pork for Chinese markets. 相关报道

　　彰显出这一趋势的是，中国双汇国际控股有限公司(Shuanghui International Holdings Ltd.)周三说，同意斥资47亿美元收购Smithfield Foods Inc.，其目的是获得更多猪肉以供应中国市场。

　　The proposal is the largest in more than a decade of Chinese ventures to snap up food companies abroad. Other purchases have included state-owned Cofco Corp.'s buying Australian sugar producer Tully Sugar Ltd. last year for about $140 million and Shanghai-based Bright Food (Group) Co.'s 2011 purchase of Manassen Foods Australia Pty. Ltd. for an estimated $522 million including debt. Bright Food said last year it would acquire control of U.K. cereal maker Weetabix Food Co. 这个收购计划是10多年来中国企业收购海外食品公司中规模最大的。其它收购案例包括去年中国国企中粮集团(Cofco Corp.)以约1.4亿美元收购澳大利亚糖业公司Tully Sugar Ltd.，2011年上海光明食品（集团）有限公司(Bright Food (Group) Co.)收购Manassen Foods Australia Pty. Ltd.，包括债务在内其交易估值为5.22亿美元。光明食品去年说，将收购英国谷物类食品生产商Weetabix Food Co.，获得其控股权。

　　The purchases are part of a broader effort by Beijing to secure the raw materials needed to feed its fast-growing economy. Chinese state-controlled companies in recent years have struck big energy and mining deals. But many of the country's food investments have had lower profiles. 这些收购是北京为确保获得经济快速发展所需原材料的更广泛努力的一部分。中国国企近年来在能源和采矿方面达成了多项大规模交易，但在食品方面的很多投资则不那么引人瞩目。

　　Shuanghui's bid for Smithfield, the world's largest hog farmer and pork processor, signals that not just any dish will do. As China becomes richer, relatively expensive protein is becoming a bigger portion of the domestic diet. China's meat consumption would still need to rise about 8% from last year's level just to catch up to South Korea's, according to the United Nations' Food and Agriculture Organization. Smithfield是全球最大的生猪养殖和猪肉加工企业，双汇对该公司的收购表明不是任何一种食品都能受此“礼遇”的。随着中国民众日渐富裕，价格较高的蛋白质在其饮食结构中的比重越来越大。据联合国粮农组织(Food and Agriculture Organization)统计，中国肉类消费量要比上一年增加8%左右才能赶上韩国的肉类消费水平。

　　'It is part of the broad Chinese strategy to invest the country's current-account surplus into strategically important commodities. And going forward, more transnational acquisitions are possible in meat and dairy,' said Paul Deane, the senior agricultural economist at Australia & New Zealand Banking Group Ltd. ANZ.AU -0.25% 澳新银行(Australia & New Zealand Banking Group Ltd.)研究农业的高级经济学家迪安(Paul Deane)说，中国的大战略是要把经常账户盈余投入到具有重要战略意义的大宗商品领域，双汇收购Smithfield便是这个战略的组成部分，以后在肉类和奶制品领域可能会有更多跨国收购。

　　Cofco Chairman Ning Gaoning told reporters in March that his company is seeking acquisitions and investment opportunities in more consumer brands in the U.S., Australia and Brazil, suggesting that as Chinese palates get more adventurous, the door will open for imports of more premium foods. 中粮集团董事长宁高宁今年3月曾对记者说，该集团正寻求对美国、澳大利亚和巴西等更多消费品牌的收购和投资机会。这意味着随着中国人在口味上越来越富有冒险精神，中国会对更多进口高级食品敞开大门。

　　Australia may be a favored destination given the nation's resources, Mr. Deane said. Chinese investment in Australia and New Zealand food and agribusiness targets has totaled $1.1 billion since 1995, according to research firm Dealogic. 迪安说，澳大利亚资源丰富，可能是深受中国青睐的目标之一。研究机构Dealogic的数据显示，1995年以来中国对澳大利亚和新西兰食品和农企目标的投资总计达11亿美元。

　　Beef may be a prime target for Chinese buyers, said Rabobank analyst Chenjun Pan. Chinese beef consumption has been rising steadily, with domestic prices more than doubling since 2007, she said. The U.S. Department of Agriculture projected that China's beef imports would rise to a record 175,000 metric tons this year. Industry data show that China imported about 61,000 tons last year. 荷兰合作银行(Rabobank)分析师潘晨军说，牛肉可能是中国买家的主要目标。她说，中国牛肉消费量稳步递增，2007年以来国内牛肉价格已上涨了一倍多。美国农业部预计，今年中国进口牛肉量将增至破纪录的17.5万吨。业内数据显示，中国去年进口了约6.1万吨牛肉。

　　Milk and other dairy products would also make logical Chinese acquisitions, said Li Guoxiang, a researcher at the state-backed Rural Development Institute of the China Academy of Social Sciences. 受政府扶持的中国社会科学院农村发展研究所研究员李国祥说，牛奶等奶制品也将合理地成为中国的收购目标。