恆天然大舉入股中國奶企貝因美

The world's biggest milk supplier is teaming up with a Chinese partner to meet growing demand for infant formula in China's NZ$18bn market.

全球最大的牛奶供應商恆天然(Fonterra)正在與中國企業合作，以滿足中國對嬰兒配方奶粉日益增長的需求。目前，中國奶粉市場的規模約爲180億新西蘭元。

Auckland-based Fonterra announced a tender offer to acquire a 20 per cent stake in Hangzhou-based Beingmate, which produces and sells baby foods. The companies also plan a joint venture to increase distribution to China. In total Fonterra is investing NZ$615m, in what CEO Theo Spierings called a "game changer."

總部駐奧克蘭的恆天然公佈了一項收購要約，打算買入中國貝因美集團(Beingmate)20%的股份。此外，兩家公司還計劃成立一家合資企業，增大在華的分銷力度。通過上述交易，恆天然總共將投資6.15億新西蘭元。該公司首席執行官西奧•史畢根斯(Theo Spierings)稱這次交易將“改變遊戲規則”。貝因美集團總部位於杭州，是一家生產和銷售嬰兒食品的公司。

The proposed partnership comes after a rough year for Fonterra due to a false safety alert. Last summer it recalled some of its milk shipments after identifying bacteria that can cause botulism, but later tests revealed no traces of the bacteria and the company was blamed for causing "immediate grave concerns for consumers."

就在這一提議中的合作關係公佈之前，恆天然剛剛因虛假的安全警報度過了十分艱難的一年。去年夏天，該集團在發現肉毒桿菌後召回了部分牛奶產品，但隨後的檢測卻顯示並未發現細菌蹤跡。爲此，恆天然因爲“在短時間內（引發）消費者的嚴重關切”而受到譴責。

Fonterra said the partnership with Beingmate will promote "product quality and safety standards in the infant formula market in China."

恆天然表示，與貝因美的合作將提高“中國嬰兒配方奶粉市場的產品質量和安全標準。”

Chinese consumers have preferred foreign baby formula since a 2008 scandal in which domestic milk was deliberately adulterated with melamine, a byproduct of coal, in order to fake protein tests.

自從2008年爆出奶粉醜聞之後，中國消費者一直保持着對外國嬰兒配方奶粉的偏好。在2008年的奶粉醜聞中，中國國內的牛奶爲了在蛋白質含量測試中作弊，故意摻雜了一種名爲“三聚氰胺”的煤炭副產品。

If the deal is approved the two companies will form a distribution agreement to market Fonterra's Anmum brand of nutritional milk products more widely around China - already Fonterra's number one market, accounting for 13.4 per cent of revenue.

如果該交易得到批准，兩家企業將達成一份分銷協議，在中國更大範圍內推銷恆天然旗下安滿(Anmum)品牌的營養型乳製品。目前，中國已經是恆天然第一大市場，來自中國的營收佔了該公司總營收的13.4%。

The deal allows Fonterra to nominate two directors to Beingmate's board. Beingmate is to retain a controlling stake of at least 30 per cent.

該交易令恆天然有權向貝因美的董事會提名兩位董事。而貝因美則會保留至少30%的控股權。

If the partnership proceeds the two companies will then establish a JV to allow Beingmate to purchase a 51 per cent stake in Fonterra's Darnum paediatric plant in Victoria, Australia. The plant, opened in 1997, would prioritise supply to the Chinese market.

如果雙方繼續合作，兩家公司隨後將創建一家合資企業。這樣，貝因美將可以買入恆天然一家兒童食品廠51%的股份。該食品廠位於澳大利亞維多利亞州的Darnum市。

“The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe.”

“這一合作關係將利用恆天然位於新西蘭、澳大利亞及歐洲的奶源和生產基地，建立一條完全整合的全球供應鏈。這條供應鏈一頭是牧場的大門，另一頭則直抵中國消費者。”

Mr Spierings said：“The infant formula market in China is worth about NZ$18 billion today and is expected to be worth NZ$33 billion by 2017. This growth is driven by increasing urbanisation, higher disposable incomes, a preference for premium brands, and relaxation of the one child policy.”

史畢根斯表示：“中國嬰兒配方奶粉市場如今的規模約爲180億新西蘭元。預計到2017年該市場的規模將達330億新西蘭元。出現這樣的增長有多方面原因，其中包括城鎮化進程的加快、更高的可支配收入、對高端品牌的偏愛、以及計劃生育政策的放寬。”