Ping An Should Put Its Anger Aside
中国平安对比利时富通(Fortis)的投资显然未取得它希望的结果。现在它的挫败感正在显露出来。这家中国的保险公司将在富通股东周三表决比利时政府处理该公司的一项计划时投反对票。比利时政府计划，以现金加股票的方式作价200亿美元将富通旗下比利时银行和保险部门出售给法国巴黎银行(BNP Paribas)，中国平安持有富通5%的股份。富通已警告说，此次投票有可能搅黄这桩交易，并导致公司破产。Getty Images中国平安在上海的一家分支机构中国平安对富通的35亿美元投资除给自己造成严重的财务损失外，还使公司在国内大丢脸面，在国外形像受损。有鉴于此，它的愤怒也是可以理解的。虽然如此，中国平安却有可能面临让愤怒情绪影响了自己判断力的危险。如果该公司与富通其他心怀不满的股东一道否决了比利时政府的计划，那么该公司手中富通股份的命运仍将悬而未决，不过比利时法庭看来很有可能会涉入此案。而如果中国平安投票支持比利时政府的计划，它至少能在富通尚未被法国巴黎银行收购的那90%保险业务中占有一定股份。与继续在富通的银行业务中持股相比，这一结果肯定对平安更有利。中国平安要从富通投资案中摆脱出来的急迫心情一点也不令人意外。事实上，对这家中国公司的失望感受无论怎么估计也不为过。当初它曾把富通当作自己进军国际市场的最佳起步点，它认为自己是与一家保守型低风险的欧洲银行保险公司结成了合作伙伴，这宗投资交易将使两家公司实现双赢。但平安现在得到的却是自身帐面上的巨大财务窟窿，该公司已经为它在富通的投资冲销了23亿美元资产，而在第四财政季度该公司还有可能再冲销8亿美元资产。另外，平安的自尊心也遭受了打击。该公司当初投资富通本是为了与之开展多方面的合作，包括双方合资成立一家资产管理公司。而现在，与富通管理层曾经的密切关系已经作古。令平安深感伤害的还有比利时政府对其富通最新处理计划的实施以及它向平安和富通其他股东传达这一计划的方式。平安希望在处理富通的问题上能有一个更好的解决方案，据内部人士说该公司并不急于让富通易手。但为富通问题另找一个更有价值的解决方案似乎不大可能：如果法国巴黎银行收购富通的交易被拒绝，该行看来准备甩手而去。当然，鉴于平安在富通的投资大部分已被冲销，该公司在这桩投资上已没有多少可再失去的了，而在表决中投反对票可以让平安向外界显示自己并不是好欺负的。鉴于比利时和中国以往签订的条约，平安可能还希望最终能够从比利时政府获得补偿。在这方面，中国政府从幕后施加的压力可能也有帮助。不过对平安的投资者来说，这仍将是一个充满不确定性的进程。至少将富通大部分业务卖给法国巴黎银行的交易能使平安有机会给这项令其损失惨重的投资划上句号。这一投资给中国平安的股价财务和形像都造成了巨大损失。Andrew Peaple相关阅读中国平安说“不” 富通交易存疑 2009-02-09 本文涉及股票或公司document.write (truthmeter('2009年02月11日10:33', '601628.SH'));中国人寿保险股份有限公司（简称：中国人寿）英文名称：China Life Insurance Co.总部地点：中国大陆上市地点：上海证交所股票代码：601628document.write (truthmeter('2009年02月11日10:33', '601318.SH'));中国平安保险（集团）股份有限公司（简称：中国平安）英文名称：Ping An Insurance (Group) Co. of China Ltd.总部地点：中国大陆上市地点：上海证交所股票代码：601318document.write (truthmeter('2009年02月11日10:33', '2628.HK'));中国人寿保险股份有限公司(简称：中国人寿)英文名称：China Life Insurance Co. (China)总部地点：中国大陆上市地点：香港交易所股票代码：2628document.write (truthmeter('2009年02月11日10:33', '2318.HK'));中国平安保险(集团)股份有限公司（简称：中国平安）英文名称：Ping An Insurance (Group) Co. of China Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：2318document.write (truthmeter('2009年02月11日10:33', 'LFC'));China Life Insurance Co. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：LFCdocument.write (truthmeter('2009年02月11日10:33', 'LFC'));中国人寿保险股份有限公司英文名称：China Life Insurance Co. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：LFCdocument.write (truthmeter('2009年02月11日10:33', 'FORB.BT'));Fortis B N.v.总部地点：比利时(Belgium)上市地点：BRUX股票代码：FORdocument.write (truthmeter('2009年02月11日10:33', 'FORSY'));Fortis (NL) N.V. (ADS)总部地点：荷兰(Netherlands)上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：FORSY
Ping An's involvement with Belgium's Fortis sure hasn't turned out the way it hoped. Now its frustration is showing.On Wednesday the Chinese insurer will vote its 5% stake in Fortis against the Belgian government's plan to sell the shriveled banking group to BNP Paribas for $20 billion in cash and shares. The vote could derail the deal and, Fortis has warned, lead to its bankruptcy.As well as taking a severe financial hit, Ping An's $3.5 billion investment in Fortis has resulted in a loss of face at home, and a bruised image abroad.Given that, its ire is understandable. Even so, it risks letting red mist cloud its judgment. If, along with other disgruntled shareholders, it carries the day, uncertainty over the fate of its Fortis stake will persist, though the involvement of the Belgian courts seems likely.Supporting the deal, meanwhile, would at least leave it with a share of the 90% of Fortis's insurance arm that BNP Paribas isn't buying. That's surely a better fit with Ping An than a continuing stake in Fortis's banking operations.That Ping An is so fed up with Fortis is hardly surprising - indeed it's hard to underestimate how let down the Chinese company feels. When it alighted on Fortis as the best place to kick start its international ambitions, it thought it was allying with a conservative, low-risk European bancassurer in a deal that would prove mutually beneficial.Instead it's now left with a large hole in its books: already Ping An's written down $2.3 billion of the Fortis holding, with a potential $800 million more to come in the fourth quarter.On top of that is the hit Ping An's taken to its amour propre. The stakeholding was meant to lead to all kinds of collaboration between Ping An and Fortis - including an asset management joint venture. Now, those once close ties with Fortis management have soured. Ping An's also been piqued by the handling of the latest Fortis plan and how it's been communicated to them and other shareholders.It's hoping for a better deal down the line, with insiders saying it's in no hurry to sell. But more valuable alternative options for Fortis seem unlikely to emerge: BNP Paribas, for one, seems ready to walk away if the deal is rejected.True, Ping An certainly has less to lose now that most of the investment has been written off; and a 'No' vote allows it to show it's not willing to be messed around. Ping An could also be hoping for compensation eventually from the Belgian government, given past treaties between Belgium and China. Behind-the-scenes pressure from the Chinese government might help in that respect.For Ping An investors, though, that would remain an uncertain process: at least the BNP Paribas deal gives the Chinese insurer the chance to leave in the past an investment that's been disastrous for its share price, finances, and image.Andrew Peaple
Ping An's involvement with Belgium's Fortis sure hasn't turned out the way it hoped. Now its frustration is showing.On Wednesday the Chinese insurer will vote its 5% stake in Fortis against the Belgian government's plan to sell the shriveled banking group to BNP Paribas for $20 billion in cash and shares. The vote could derail the deal and, Fortis has warned, lead to its bankruptcy.As well as taking a severe financial hit, Ping An's $3.5 billion investment in Fortis has resulted in a loss of face at home, and a bruised image abroad.Given that, its ire is understandable. Even so, it risks letting red mist cloud its judgment. If, along with other disgruntled shareholders, it carries the day, uncertainty over the fate of its Fortis stake will persist, though the involvement of the Belgian courts seems likely.Supporting the deal, meanwhile, would at least leave it with a share of the 90% of Fortis's insurance arm that BNP Paribas isn't buying. That's surely a better fit with Ping An than a continuing stake in Fortis's banking operations.That Ping An is so fed up with Fortis is hardly surprising - indeed it's hard to underestimate how let down the Chinese company feels. When it alighted on Fortis as the best place to kick start its international ambitions, it thought it was allying with a conservative, low-risk European bancassurer in a deal that would prove mutually beneficial.Instead it's now left with a large hole in its books: already Ping An's written down $2.3 billion of the Fortis holding, with a potential $800 million more to come in the fourth quarter.On top of that is the hit Ping An's taken to its amour propre. The stakeholding was meant to lead to all kinds of collaboration between Ping An and Fortis - including an asset management joint venture. Now, those once close ties with Fortis management have soured. Ping An's also been piqued by the handling of the latest Fortis plan and how it's been communicated to them and other shareholders.It's hoping for a better deal down the line, with insiders saying it's in no hurry to sell. But more valuable alternative options for Fortis seem unlikely to emerge: BNP Paribas, for one, seems ready to walk away if the deal is rejected.True, Ping An certainly has less to lose now that most of the investment has been written off; and a 'No' vote allows it to show it's not willing to be messed around. Ping An could also be hoping for compensation eventually from the Belgian government, given past treaties between Belgium and China. Behind-the-scenes pressure from the Chinese government might help in that respect.For Ping An investors, though, that would remain an uncertain process: at least the BNP Paribas deal gives the Chinese insurer the chance to leave in the past an investment that's been disastrous for its share price, finances, and image.Andrew Peaple