Chinese Firm Buys Fortescue
中国湖南华菱钢铁股份有限公司表示，计划斥资12亿澳元（合7.7亿美元）收购澳大利亚铁矿石公司Fortescue Metals Ltd. 16.5%的股权；此举给近期中国在澳大利亚矿业资产领域的一系列投资添上了新的一笔，中国正试图确保重要工业大宗商品的供应。若达成交易，湖南华菱钢铁将成为Fortescue第二大股东，仅次于公司首席执行长弗瑞斯特(Andrew Forrest)，还将获得这家铁矿石出口商董事会的一个席位。Bloomberg NewsFortescue一处铁矿石矿场华菱钢铁将以每股2.48澳元的价格斥资5.58亿澳元收购Fortescue 2.25亿股新发股份，还将从美国基金Harbinger Capital Partners那里收购2.75亿股Fortescue股份。华菱钢铁表示，此次收购将动用现金储备并使用融资工具。一位知情人士称，向华菱钢铁转让股份后，Harbinger将持有Fortescue 7%的股份。他介绍说，华菱钢铁已经从数家中资银行获得了收购融资。另外一位知情人士透露，中国政策性银行国家开发银行介入了此次交易融资。在近期中国对澳大利亚自然资源的投资热潮中，这家银行发挥了重要的融资作用。华菱钢铁的发言人拒绝透露有关融资工具的具体情况。最近几周，澳大利亚发现中国国有企业对于它的矿业资产的兴趣达到了狂热的程度。澳大利亚政府已经在考虑是否批准呢中国铝业公司对力拓(Rio Tinto)的195亿美元投资计划，以及中国五矿集团公司对OZ Minerals Ltd.的26亿澳元收购报价；华菱钢铁收购Fortescue股份的交易也必须获得澳大利亚政府批准。总部位于珀斯的Fortescue正为在澳西部皮尔巴拉(Pilbara)地区扩张业务筹资。该公司原计划动用自由现金流，但随后全球经济下滑导致铁矿石需求走软。公司预计，2009年铁矿石发货量将为大约3,800万吨，其长远计划是将年产量提高到1.2亿吨左右。Fortescue还表示，正在与中国主权财富基金中国投资有限责任公司商谈一项混合融资方案用于扩张，从中投获得的融资规模可能超过华菱钢铁的计划投资额。中投公司拒绝对此发表评论。据知情人士透露，Fortescue还在考虑向机构投资者配售股份，融资大约5亿澳元。鉴于中国是Fortescue最主要的市场，该公司一直在致力引进中国投资者。Fortescue说，考虑到外国投资澳大利亚本地公司的敏感性，此次交易包括了一个协议，将华菱钢铁的持股上限设置在17.5%。该公司还称，华菱钢铁获得的公司董事席位必须由华菱钢铁董事长出任。交易完成后，弗瑞斯特的持股比例将从34%下降至32%。在这桩交易中，摩根大通(J.P. Morgan Chase)Grant Samuel和Azure Capital为Fortescue提供咨询，而德意志银行(Deutsche Bank AG)为华菱钢铁提供投行服务。据瑞士银行(UBS)计算，过去两年中国企业已经介入了至少26起对澳大利亚矿业公司的交易，其中将近一半都是在铁矿石领域。瑞银称，目前大宗商品的下行周期为中国企业提供了一个投资良机，能够以诱人的价格收购澳大利亚资源企业或资产，获得充足的原材料供应。Alex Wilson / Stephen Bell（更新完成）相关阅读中铝投资力拓 铁矿石价格影响几何？ 2009-02-17中国铝业证实与力拓商谈交易 2009-02-11 本文涉及股票或公司document.write (truthmeter('2009年02月25日07:25', '000932.SZ'));湖南华菱钢铁股份有限公司（简称：华菱钢铁）英文名称：Hunan Valin Steel Co.总部地点：中国大陆上市地点：深圳证交所股票代码：000932document.write (truthmeter('2009年02月25日07:25', 'HCP.XX'));Harbinger Capital Partners总部地点：美国document.write (truthmeter('2009年02月25日07:25', 'FMG.AU'));Fortescue Metals Group Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：FMG
China's Hunan Valin Iron & Steel said it will buy 16.5% of Australian iron ore miner Fortescue Metals Ltd. for 1.2 billion Australian dollars ($770 million), adding to a recent rush of Chinese investment in Australian mining assets as China tries to secure supplies of key industrial commodities.Hunan Valin, a Chinese steel maker, will become Fortescue's second biggest shareholder after Chief Executive Andrew Forrest and will be offered a seat on the iron ore exporter's board.Hunan Valin will buy 225 million new Fortescue shares for A$558 million, or A$2.48 each. It will also buy 275 million Fortescue shares from U.S.-based fund Harbinger Capital Partners. The Chinese company said the acquisitions will be funded out of cash reserves and finance facilities.A person familiar with the deal said that Harbinger will be left with a 7% stake in Fortescue after its sale to Hunan Valin, which he said has lined up financing for the acquisition from 'multiple Chinese banks.' A person familiar with the situation said Chinese policy lender China Development Bank is part of the financing. China Development Bank has played a key role in financing the recent spate of Chinese investments into Australian natural resources. Valin's press official declined to provide details of the financing facilities.Australia has seen interest from Chinese government-backed entities in its mining sector reach a fever pitch in recent weeks. The Australian government, which will have to approve Fortescue's share sale to Valin, is already pondering approval of the $19.5 billion planned investment in Rio Tinto by Aluminum Corp. of China, known as Chinalco, and the A$2.6 billion takeover offer of OZ Minerals Ltd. by China Minmetals Corp.Perth-based Fortescue is trying to raise funds for the expansion of its operations in the Pilbara region of Western Australia, which it originally planned to fund from free cash flow, before the global slowdown slowed demand for iron ore. The miner expects to ship about 38 million metric tons of iron ore in 2009 but has long-range plans to boosts its annual output to about 120 million tons a year.Fortescue has also said it is in talks with China's sovereign-wealth fund, China Investment Corp., over a hybrid funding package for its expansion. It is expected that any funding package with CIC will raise an even larger amount than the planned investment by Hunan Valin. CIC declined to comment.Fortescue is also considering raising around A$500 million through a share placement to institutional investors, according to another person close to the situation.Fortescue has long broadcast its interest in bringing in Chinese investors given that it ships most of its production to China. In consideration of the 'sensitivities around foreign investment in Australian domiciled companies,' the deal includes an agreement that caps Valin's interest at 17.5%, Fortescue said. Also, the one board representative from Valin must be the Valin chairman, Fortescue added. Mr. Forrest's stake will shrink to 32% from 34% after the deal.J.P. Morgan Chase & Co., Grant Samuel and Azure Capital advised Fortescue. Deutsche Bank AG advised Valin.UBS calculates that Chinese firms have been involved in at least 26 Australian mining deals in the past two years, nearly half of them in iron ore. The investment bank said the current downturn in the commodity cycle is providing a 'good opportunity for Chinese firms to achieve self-sufficiency in raw materials by acquiring Australian resource companies or assets at compelling valuations.' Juan Chen contributed to this article.Alex Wilson / Stephen Bell
China's Hunan Valin Iron & Steel said it will buy 16.5% of Australian iron ore miner Fortescue Metals Ltd. for 1.2 billion Australian dollars ($770 million), adding to a recent rush of Chinese investment in Australian mining assets as China tries to secure supplies of key industrial commodities.Hunan Valin, a Chinese steel maker, will become Fortescue's second biggest shareholder after Chief Executive Andrew Forrest and will be offered a seat on the iron ore exporter's board.Hunan Valin will buy 225 million new Fortescue shares for A$558 million, or A$2.48 each. It will also buy 275 million Fortescue shares from U.S.-based fund Harbinger Capital Partners. The Chinese company said the acquisitions will be funded out of cash reserves and finance facilities.A person familiar with the deal said that Harbinger will be left with a 7% stake in Fortescue after its sale to Hunan Valin, which he said has lined up financing for the acquisition from 'multiple Chinese banks.' A person familiar with the situation said Chinese policy lender China Development Bank is part of the financing. China Development Bank has played a key role in financing the recent spate of Chinese investments into Australian natural resources. Valin's press official declined to provide details of the financing facilities.Australia has seen interest from Chinese government-backed entities in its mining sector reach a fever pitch in recent weeks. The Australian government, which will have to approve Fortescue's share sale to Valin, is already pondering approval of the $19.5 billion planned investment in Rio Tinto by Aluminum Corp. of China, known as Chinalco, and the A$2.6 billion takeover offer of OZ Minerals Ltd. by China Minmetals Corp.Perth-based Fortescue is trying to raise funds for the expansion of its operations in the Pilbara region of Western Australia, which it originally planned to fund from free cash flow, before the global slowdown slowed demand for iron ore. The miner expects to ship about 38 million metric tons of iron ore in 2009 but has long-range plans to boosts its annual output to about 120 million tons a year.Fortescue has also said it is in talks with China's sovereign-wealth fund, China Investment Corp., over a hybrid funding package for its expansion. It is expected that any funding package with CIC will raise an even larger amount than the planned investment by Hunan Valin. CIC declined to comment.Fortescue is also considering raising around A$500 million through a share placement to institutional investors, according to another person close to the situation.Fortescue has long broadcast its interest in bringing in Chinese investors given that it ships most of its production to China. In consideration of the 'sensitivities around foreign investment in Australian domiciled companies,' the deal includes an agreement that caps Valin's interest at 17.5%, Fortescue said. Also, the one board representative from Valin must be the Valin chairman, Fortescue added. Mr. Forrest's stake will shrink to 32% from 34% after the deal.J.P. Morgan Chase & Co., Grant Samuel and Azure Capital advised Fortescue. Deutsche Bank AG advised Valin.UBS calculates that Chinese firms have been involved in at least 26 Australian mining deals in the past two years, nearly half of them in iron ore. The investment bank said the current downturn in the commodity cycle is providing a 'good opportunity for Chinese firms to achieve self-sufficiency in raw materials by acquiring Australian resource companies or assets at compelling valuations.' Juan Chen contributed to this article.Alex Wilson / Stephen Bell