Why would a sane individual invest in a Chinese state-owned enterprise? Consider Cnooc, China’s largest offshore oil company. This year, it made the largest ever bid by a Chinese oil and gas group with its $15bn offer for Canada’s Nexen. The deal awaits approval but the price is a 60 per cent premium to Nexen’s undisturbed share price. Investors might be forgiven for thinking that Cnooc cares more about an agenda to secure energy than shareholders.
神智正常的人為什么要投資于中國(guó)國(guó)有企業(yè)？以中國(guó)最大的海上石油企業(yè)中海油(Cnooc)為例，今年該公司出價(jià)150億美元收購(gòu)加拿大的尼克森公司(Nexen)，這是中國(guó)油氣企業(yè)史上規(guī)模最大的收購(gòu)企圖。這宗交易仍有待審批，但中海油的出價(jià)相對(duì)于消息公布前尼克森的股價(jià)有60%的溢價(jià)。投資者也許認(rèn)為，中海油更關(guān)心的是中國(guó)獲取能源的議程，而非股東利益。
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