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Brussels has launched an investigation into whether a planned $130bn merger between US chemicals giants Dow Chemical and DuPont would limit competition for supplies that are crucial to Europe’s farmers.
欧盟(EU)已就陶氏化学(Dow Chemical)与杜邦(DuPont) 1300亿美元的合并计划展开一项调查，以了解这两家美国化工巨头合并是否会抑制产品供应方面的竞争，这方面的竞争对欧洲农民来说至关重要。
The move raises the prospect of an unwinding of a series of megamergers that are under way. The deals would reshape the agrochemicals industry and put control of nearly two-thirds of it in the hands of just three companies.
此举令人看到一系列大规模并购交易最终可能不了了之的前景，这些交易如果成功将给农用化工行业重新洗牌，三大公司将控制整个市场近三分之二的份额。
It could also exacerbate strained transatlantic relations over EU inquiries into corporate America’s business practices. Past European Commission investigations into big US deals — including blocking GE’s attempt to acquire Honeywell in 2001 and complicating Boeing’s 1997 takeover of McDonnell Douglas — have sparked intense disputes between Washington and Brussels.
此举还可能加剧大西洋两岸因欧盟调查美国企业商业行为而本就紧张的关系。欧盟委员会(European Commission)之前曾对美国多起大规模并购交易展开调查，包括在2001年阻止通用电气(GE)收购霍尼韦尔(Honeywell)，以及让1997年波音(Boeing)收购麦道(McDonnell Douglas)的交易复杂化，均引发了华盛顿和布鲁塞尔之间的激烈争执。
The new investigation by Margrethe Vestager, the hard-charging EU competition commissioner, comes as both the US and EU are reviewing ChemChina’s $44bn takeover of Swiss agribusiness Syngenta, which would be the biggest-ever overseas Chinese takeover. Germany’s Bayer is also attempting to convince Monsanto, the leading US agribusiness, to accept a $64bn offer, a merger that would further intensify regulatory scrutiny across the industry.
干劲十足的欧盟竞争专员玛格丽特•维斯特格(Margrethe Vestager)发起这项新调查之际，美国和欧盟都正在审核中国化工(ChemChina)对瑞士农业企业先正达(Syngenta)的440亿美元的收购交易，这项交易如果成功完成，将成为中国有史以来最大规模的海外并购。此外，德国的拜耳(Bayer)也在试图说服美国主要农业企业孟山都(Monsanto)接受其640亿美元的收购要约，这项并购将促使监管机构进一步提高对该行业的审查力度。
“The livelihood of farmers depends on access to seeds and crop protection at competitive prices,” Ms Vestager said of her decision to escalate the Dow-DuPont inquiry. “We need to make sure that the proposed merger does not lead to higher prices or less innovation.”
在谈到为什么决定扩大对陶氏-杜邦合并交易的调查时，维斯特格表示：“农民的生计有赖于他们能否以竞争性价格买到种子和作物保护用品。我们必须确保这项拟议中的合并不会导致涨价或创新减少。”
Despite past differences over big US deals, the Obama administration has recently blocked or complicated several large mergers, earning a reputation as one of the most interventionist antitrust enforces in recent American history. The US justice department, which is also examining the Dow-DuPont deal, did not respond to requests for comment.
尽管奥巴马(Obama)政府过去在美国大规模并购交易上的态度与欧盟不同，但近年来也封杀了数起大规模并购或加大了交易的复杂性，并因此赢得一个名声：美国近几十年来在反垄断执法方面最具干预主义色彩的政府之一。美国司法部目前也在审查陶氏与杜邦合并交易，该机构未回应记者的置评请求。
As part of the original transaction, DuPont and Dow agreed to splitting the merged group into three parts in a bid to allay concerns of regulators both in the US and the EU, as well as Brazil and Canada. But those “commitments” were dismissed as “insufficient” by Ms Vestager. Brussels has also expressed concerns over whether a merger would lead to a reduction in research and development.
作为原交易方案的一部分，杜邦和陶氏同意将合并后的集团分拆为三部分，试图以此减轻美国、欧盟、巴西和加拿大监管机构的顾虑。不过，维斯特格认为上述“承诺”的“力度不够”。此外，布鲁塞尔方面还就两家企业合并是否会导致研发减少表示了担忧。
Although both groups are based in the US, both have large European businesses and customer bases, giving the commission the freedom to investigate.
尽管两家集团的总部都在美国，但它们在欧洲都有庞大的业务和消费者群体，所以欧盟委员会有权开展调查。
EU and US regulators will probably take different approaches to the Dow-DuPont merger, said David Balto, a former US antitrust enforcer. European authorities typically have lower market share thresholds and will test proposed solutions by asking farmers for opinions. “The EU is a much tougher road to hoe,” he said. Dow and DuPont said that they had expected a “thorough review” from Brussels and the investigation will not delay the deal.
前美国反垄断执法人员戴维•巴尔托(David Balto)表示，对于陶氏与杜邦的合并，欧盟与美国的监管机构可能会采取不同的处理方法。通常，欧洲监管当局设定的市场占有率门槛较低，而且会通过征求农民意见考察拟议的解决方案。他说：“欧盟要难对付得多。”陶氏和杜邦表示，它们预计布鲁塞尔的“全面审核”和这次调查不会耽误交易完成。
