美国为何突然批准中资公司27亿美元并购案？

美国为何突然批准中资公司的27亿美元并购案？

在“特金会”马上就要上演之际，在中美贸易战浓浓硝烟燃起之际，美国突然批准了这家中资公司27亿美元的在美并购交易。而此前，过去数个月来，有数起中资在美并购遭遇阻力，有的甚至还引发诉讼。

据美国《华尔街日报》6月9日报道，中国泛海控股集团以27亿美元的价格收购美国Genworth的并购案，于6月8日通过美国外国投资委员会（CFIUS）的交易审查。收购成功后，Genworth公司将成为中国泛海控股集团旗下的子公司。

《华尔街日报》称，CFIUS批准这笔交易，意味着该交易赢得了特朗普政府的庇佑，而这也是特朗普政府上台以来，批准通过的、涉及金额最大的中资对美资企业并购案。

《华尔街日报》还说，近年来，基于保护美国国家安全的目的，CFIUS对于来自中国收购要约越来越谨慎。眼下，美国国会正在试图推动一项针对CFIUS的扩权法案，该法案旨在于赋予CFIUS更多权力，以进一步遏制在美国人看来“有问题”的中国投资。

今年以来，有数起中资在美并购被CFIUS 否决。这其中包括蚂蚁金服并购美国速金汇。

此前有媒体报道称，在CFIUS看来，此笔交易的潜在国家安全风险在于Genworth保险等业务涉及的美国消费者个人信息，是否会因收购而由中资公司掌握。

Genworth于周六发布的公告显示，对于上述问题，Genworth将使用美国的第三方服务提供商来保护其美国投保人的个人数据。In connection with the CFIUS review of the proposed transaction, Genworth and Oceanwide entered into a mitigation agreement which, among other things, requires Genworth to use a U.S.-based, third-party service provider to manage and protect the personal data of Genworth's U.S. policyholders.看来，这个解决方案，是本次并购交易能够获得CFIUS 通过的主要原因。

另据路透社此前援引Genworth发言人Julie Westermann的说法称，“Genworth和中国泛海控股一直在与一家领先的美国第三方数据管理机构合作，采取额外的手段进一步保护我们的美国客户的个人隐私数据。”


金融危机后，美联储的超低利率保险公司的投资收益远低于支付索赔所需的投资回报；而随着人均寿命的延长，投保人越来越多，目前已有超过730万美国人，即美国65岁以上人群的20%购买了这一保险，使得Genworth等公司不堪重负。

目前，此笔交易在包括中美在内等国家监管部门的审批仍未完成。

Genworth公司的长期护理保险业务和住房按揭保险业务在美国分别排名第一位和第四位，其住房按揭保险业务在加拿大和澳大利亚商业保险公司中排名第一位。2017年，Genworth公司营业收入82.95亿美元，税后经营利润6.96亿美元；公司总资产1052.97亿美元，其中可投资资产769.11亿美元，净资产153.28亿美元。

截至2018年6月8日，该公司的市值约为19.59亿美元；美股交易收盘价格为3.81美元。

中国泛海控股集团从2016年开始与Genworth公司的收购合作，目前监管审批工作已取得较大进展。下一阶段，中国泛海控股集团还将继续与Genworth公司密切合作，推动后续审批工作，争取早日完成交割。

另据界面新闻报道，中国泛海控股集团收购Genworth公司是基于应对国内人口老龄化趋势做出的重要举措。当前，我国已经进入快速老龄化的阶段，2017年底，全国60岁以上老人2.4亿。根据第四次中国城乡老年人生活状况抽样调查结果显示，中国失能、半失能老人已达到4063万人。长期护理保险是上世纪70年代在一些发达国家兴起的养老和健康保障制度，主要是为失能、半失能老人提供保险保障。目前国家有关部门在15个城市开展了长期护理保险试点。中国泛海控股集团对Genworth公司的收购，将有利于借鉴长期护理保险发展的国际先进经验和成功模式，满足人民群众多样化、个性化的养老和健康护理需求。


此前，据财新网此前报道，2016年10月24日，中国泛海宣布以27亿美元、每股5.43美元的价格收购Genworth。交易完成之后，Genworth将成为中国泛海的全资子公司。

2017年7月13日，两家公司撤回此前的联合申请，并第二次向CFIUS申报，从而为CFIUS提供更多时间审查和讨论该交易。

当年10月2日，中国泛海与美国险企Genworth又第三次向CFIUS递交收购申请。

据公开资料显示，中国泛海控股集团创建于1985年。集团创始人、法定代表人、党委书记、董事长为卢志强。中国泛海控股集团有限公司是中国泛海控股集团的核心企业，注册资本为200亿元人民币。控股和投资了泛海控股（000046.SZ ）、民生控股（ 000416.SZ ）、中泛控股（00715.HK）和民生银行（600016.SH 、01988.HK）、联想控股（03396.HK）等多家内地与香港上市公司。

今年以来，数起中国公司跨境并购交易遭遇阻力，中资跨境并购的风险再次引发关注。

以下是 Genworth 公司刚刚发布的新闻通报：

Committee on Foreign Investment in the United States Completes Review of Proposed China Oceanwide and Genworth Financial Transaction

06/09/18

RICHMOND, Va., June 9, 2018 /PRNewswire/ -- China Oceanwide Holdings Group Co., Ltd. (Oceanwide) and Genworth Financial, Inc. (NYSE: GNW) today announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction.  This satisfies one of the conditions to the closing of the proposed transaction. 

In connection with the CFIUS review of the proposed transaction, Genworth and Oceanwide entered into a mitigation agreement which, among other things, requires Genworth to use a U.S.-based, third-party service provider to manage and protect the personal data of Genworth's U.S. policyholders.

The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions. Genworth and Oceanwide are engaging with the relevant regulators regarding the pending applications.

"We are pleased that CFIUS has completed its review of our transaction and look forward to working with Oceanwide to obtain the remaining regulatory approvals needed and satisfy other conditions necessary to close the transaction as soon as possible," said Tom McInerney, president and CEO of Genworth.

Added LU Zhiqiang, chairman of Oceanwide: "Successfully concluding the CFIUS process is a major step in our efforts to complete this transaction, which will strengthen Genworth's financial position and allow us to bring Genworth's insurance expertise to China."

About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.

From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.

About China Oceanwide
China Oceanwide is a privately held, family owned international financial holding group founded by Mr. LU Zhiqiang. Headquartered in Beijing, China, China Oceanwide's well-established and diversified businesses include operations in financial services, energy, culture and media, and real estate assets globally, including in the United States.

China Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited; the privately-held Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, China Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by China Oceanwide have more than 10,000 employees globally.