The deals market is back in a big way.

　　并購(gòu)市場(chǎng)東山再起，來(lái)勢(shì)兇猛。

　　In just the past 48 hours, new mergers popped up across the globe -- including Texas Instruments $6.5 billion purchase of venerable National Semiconductor, an unsolicited $6.5 billion offer by a state-owned Chinese mining company for a Canadian-Australian firm, KKR's $2.4 billion deal for a Pfizer unit, and a consortium of Japanese metal companies paying $680 million for Kentucky-based Arco Aluminum.

　　就在過(guò)去48小時(shí)，全球各地都涌現(xiàn)新的并購(gòu)活動(dòng)，包括德州儀器(Texas Instruments)65億美元收購(gòu)備受尊敬的國(guó)家半導(dǎo)體公司(National Semiconductor)，中國(guó)一家國(guó)有礦業(yè)公司在未經(jīng)請(qǐng)求的情況下提出以65億美元的價(jià)格收購(gòu)一家加拿大-澳大利亞公司，KKR以24億美元的價(jià)格收購(gòu)輝瑞制藥(Pfizer)的一家子公司，以及日本金屬企業(yè)成立銀團(tuán)，以6.8億美元的價(jià)格收購(gòu)美國(guó)肯塔基州的Arco Aluminum。

　　So far this year, companies around the world have announced $784.1 billion worth of deals, up from $637.9 billion over the same period in 2010, according to Dealogic. That marks the largest year-to-date volume since 2007, when $1.1 trillion worth of transactions were announced in the same stretch.

　　據(jù)Dealogic數(shù)據(jù)，今年以來(lái)，全世界公司共已宣布價(jià)值7,841億美元的并購(gòu)案，高于2010年同期6,379億美元。這是2007年同期共宣布1.1萬(wàn)億美元的并購(gòu)交易以來(lái)，同一時(shí)間段最大的并購(gòu)總額。

　　The deals show a renewed confidence by corporate executives and private-equity firms -- many in the developing nations of Asia -- who are sitting on $2.4 trillion in cash. With rates held low by the U.S. Federal Reserve, financing rates remain at some of the cheapest on record. The deals also reflect the unleashing of years of pent-up demand, as mergers across the globe largely came to a halt at the end of 2007, and worries that inflation might pick up, boosting rates.

　　這些并購(gòu)顯示公司高管和私募基金（很多都位于亞洲發(fā)展中國(guó)家）信心的回歸。它們坐擁2.4萬(wàn)億美元現(xiàn)金，而在美聯(lián)儲(chǔ)(Federal Reserve)維持低利率的情況下，融資利率仍舊處在歷史少見的低點(diǎn)。這些并購(gòu)案還反映出多年來(lái)積壓需求的釋放；2007年年底，全世界并購(gòu)活動(dòng)基本陷入停頓。并購(gòu)活動(dòng)也反映他們擔(dān)心通貨膨脹可能加劇，進(jìn)而推高利率。

　　All this has happened while evidence mounts that mergers often fail. Nonetheless, a change in psyche has pushed corporations to make deals -- if only for fear that a rival may strike first. Nowhere is that more clear than in the financial-exchanges business, where seven global players -- in the U.S., Germany, Canada, England, Singapore, and Australia -- are fighting for primacy of the world's financial markets. "There are certain situations if you don't act now, you've lost your chance," said Bruce Evans, head of Americas M&A at Deutsche Bank.

　　這一切的發(fā)生，時(shí)值越來(lái)越多的證據(jù)表明并購(gòu)常常歸于失敗。但心態(tài)的改變還是推動(dòng)各公司從事并購(gòu)，哪怕只是因?yàn)閾?dān)心可能有競(jìng)爭(zhēng)對(duì)手率先出擊。體現(xiàn)得最明顯的莫過(guò)于金融交易所這個(gè)行業(yè)，位于美國(guó)、德國(guó)、加拿大、英國(guó)、新加坡和澳大利亞的全球七大交易所公司，正在奮力爭(zhēng)奪世界金融市場(chǎng)的霸主地位。 德意志銀行(Deutsche Bank)美洲并購(gòu)部負(fù)責(zé)人伊萬(wàn)斯(Bruce Evans)說(shuō)，某些形勢(shì)下，如果不馬上行動(dòng)，你就已經(jīng)失去了機(jī)會(huì)。

　　Deal makers may be further encouraged by stockholders, who are tending to reward companies that make acquisitions, pushing shares higher after deal announcements. Typically, shareholders punish companies that make big deals. Shares of Nasdaq OMX Group, for instance, rose 9% on Friday, after it announced an unsolicited $11.3 billion for NYSE Euronext Group last week.

　　交易撮合者或許會(huì)受到股東的進(jìn)一步鼓勵(lì)，因?yàn)樾疾①?gòu)計(jì)劃之后，股價(jià)往往上漲，給從事并購(gòu)的公司帶來(lái)回報(bào)。一般情況下股東懲罰的是做大宗并購(gòu)交易的公司。舉個(gè)例子，Nasdaq OMX Group上周宣布在未經(jīng)請(qǐng)求的情況下以113億美元的價(jià)格收購(gòu)紐約泛歐交易所集團(tuán)(NYSE Euronext Group)后，上周五其股價(jià)上漲9%。

　　Chip maker Texas Instruments on Monday announced its all-cash purchase of rival National Semiconductor, bringing together two big makers of devices used in cell phones, industrial equipment and consumer electronics. The price represented a nearly 80% premium over what National shares traded at on Friday.

　　芯片制造商德州儀器周一宣布用全額現(xiàn)金收購(gòu)競(jìng)爭(zhēng)對(duì)手國(guó)家半導(dǎo)體公司，兩家生產(chǎn)手機(jī)、工業(yè)設(shè)備和消費(fèi)電子產(chǎn)品所用設(shè)備的大公司合二為一。收購(gòu)價(jià)相比上周五國(guó)家半導(dǎo)體公司的股價(jià)溢價(jià)近80%。

　　The scope of this year's deals has been larger than in years past, with three so far valued at more than $15 billion each, compared to four at those heights in all of 2010, said Antonio Weiss, Lazard's global mergers-and-acquisitions chief.

　　投資銀行Lazard全球并購(gòu)業(yè)務(wù)主管魏斯（Antonio Weiss）說(shuō)，今年并購(gòu)交易的規(guī)模大大超過(guò)前幾年。迄今為止已有三宗交易的規(guī)模分別超過(guò)150億美元，2010年全年只有四宗交易達(dá)到這樣的規(guī)模。

　　The latest deals are bypassing traditional hot spots in the U.S. and Europe. In nearly a third of all deals last year, at least one party came from an emerging market, Mr. Weiss said. Emerging-markets deals are at their highest ever, says Dealogic, at around $210 billion during 2011.

　　在美國(guó)和歐洲，最近的這些交易避開了傳統(tǒng)熱點(diǎn)。魏斯說(shuō)，去年近三分之一的交易中至少有一方來(lái)自新興市場(chǎng)。Dealogic說(shuō)，新興市場(chǎng)交易正處于有史以來(lái)最活躍的時(shí)期，2011年已累計(jì)達(dá)到約2100億美元的規(guī)模。

　　China is now the third-most active nation for cross-border deals, with volume about one-third that of the U.S. and more than half that of the United Kingdom, according to Dealogic. Chinese firms have targeted oil and gas deals most avidly, followed by mining and chemicals.

　　據(jù)Dealogic透露，中國(guó)的跨境交易也非常活躍，其活躍度位列全球第三，總體交易規(guī)模約占美國(guó)的三分之一，占英國(guó)的比例超過(guò)50%。中國(guó)企業(yè)最感興趣的交易是石油和天然氣交易，緊隨其后的是采礦業(yè)和化學(xué)品。

　　One of the boldest moves this week came from China's Minmetals Resources Ltd., which said Monday it was making a $6.5 billion bid for Canadian-Australian Equinox Minerals Ltd. Minmetals is part of a Chinese state-owned mining conglomerate, whose previous interest in Canadian companies in 2004 received widespread derision among Canadian politicians at the time. Sentiment in Canada has changed since then, as politicians view Chinese deals as a necessary part of raising capital for new natural-resources investment.

　　其中一個(gè)最大膽的舉動(dòng)是中國(guó)五礦資源有限公司（Minmetals Resources Ltd.，簡(jiǎn)稱：五礦資源）周一宣布向加拿大和澳大利亞兩國(guó)共同持有的企業(yè)Equinox Minerals Ltd.發(fā)出65億美元的收購(gòu)要約。五礦資源是一家中國(guó)國(guó)有大型礦業(yè)集團(tuán)的子公司，該公司2004年曾對(duì)幾家加拿大公司表示出興趣，不過(guò)遭到當(dāng)時(shí)加拿大政界人士的廣泛嘲笑。此后加拿大的態(tài)度有所轉(zhuǎn)變，該國(guó)的政界人士把和中國(guó)的交易看做是為新的自然資源類投資募集資金的必要內(nèi)容。

　　The proposed deal represents China's largest acquisition bid since China Petrochemical offered $7.1 billion for a 40% stake in Repsol Brasil last October, according to Dealogic.

　　據(jù)Dealogic透露，五礦資源擬定的交易是去年10月中石化斥資71億美元收購(gòu)Repsol Brasil公司40%的股權(quán)之后最大的收購(gòu)要約。

　　Despite turmoil in the Japanese economy, companies there haven't shied away from transactions. On Monday, Japan's Sumitomo Light Metal Industries announced it was leading a group of Japanese firms to buy Kentucky-based Arco Aluminum from BP PLC for $680 million.

　　盡管日本經(jīng)濟(jì)動(dòng)蕩，但日本公司并沒有回避并購(gòu)交易。周一，日本住友輕金屬工業(yè)公司（Sumitomo Light Metal Industries）宣布該公司正牽頭幾家日本公司從英國(guó)石油（BP PLC）手中以6.8億美元的價(jià)格收購(gòu)旗下位于肯塔基州的鋁業(yè)公司Arco Aluminum。

　　Companies and private equity firms see the next several months as a window of opportunity, especially if inflation picks up. Private equity firms also need to put money to work as funds wind down and they embark on new fundraising rounds.

　　多家企業(yè)和私募股權(quán)投資公司將未來(lái)數(shù)月視作機(jī)會(huì)之窗，尤其是如果通脹加速的話。私募股權(quán)投資公司也需要將資金運(yùn)作起來(lái)，原因是基金接近終止期，并開始新一輪融資。

　　On Monday, Pfizer Inc. announced it was selling its Capsugel unit, which makes hard capsules, to Kohlberg, Kravis & Roberts in a $2.4 billion deal. Also, private equity firm Apax Partners announced it was acquiring Epicor Software Corp. and Activant Solutions Inc., both software providers, in deals totaling about $2 billion.

　　周一，輝瑞公司（Pfizer Inc.）宣布將旗下生產(chǎn)硬膠囊劑的Capsugel作價(jià)24億美元出售給私募股權(quán)投資公司KKR（Kohlberg, Kravis & Roberts）。此外，私募股權(quán)投資公司Apax Partners宣布斥資總計(jì)20億美元收購(gòu)軟件供應(yīng)商Epicor Software Corp.和Activant Solutions Inc.。