恒天然大举入股中国奶企贝因美

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.

全球最大的牛奶供应商恒天然(Fonterra)正在与中国企业合作，以满足中国对婴儿配方奶粉日益增长的需求。目前，中国奶粉市场的规模约为180亿新西兰元。

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."

总部驻奥克兰的恒天然公布了一项收购要约，打算买入中国贝因美集团(Beingmate)20%的股份。此外，两家公司还计划成立一家合资企业，增大在华的分销力度。通过上述交易，恒天然总共将投资6.15亿新西兰元。该公司首席执行官西奥•史毕根斯(Theo Spierings)称这次交易将“改变游戏规则”。贝因美集团总部位于杭州，是一家生产和销售婴儿食品的公司。

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."

就在这一提议中的合作关系公布之前，恒天然刚刚因虚假的安全警报度过了十分艰难的一年。去年夏天，该集团在发现肉毒杆菌后召回了部分牛奶产品，但随后的检测却显示并未发现细菌踪迹。为此，恒天然因为“在短时间内（引发）消费者的严重关切”而受到谴责。

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

恒天然表示，与贝因美的合作将提高“中国婴儿配方奶粉市场的产品质量和安全标准。”

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.

自从2008年爆出奶粉丑闻之后，中国消费者一直保持着对外国婴儿配方奶粉的偏好。在2008年的奶粉丑闻中，中国国内的牛奶为了在蛋白质含量测试中作弊，故意掺杂了一种名为“三聚氰胺”的煤炭副产品。

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.

如果该交易得到批准，两家企业将达成一份分销协议，在中国更大范围内推销恒天然旗下安满(Anmum)品牌的营养型乳制品。目前，中国已经是恒天然第一大市场，来自中国的营收占了该公司总营收的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.

该交易令恒天然有权向贝因美的董事会提名两位董事。而贝因美则会保留至少30%的控股权。

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.

如果双方继续合作，两家公司随后将创建一家合资企业。这样，贝因美将可以买入恒天然一家儿童食品厂51%的股份。该食品厂位于澳大利亚维多利亚州的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.”

“这一合作关系将利用恒天然位于新西兰、澳大利亚及欧洲的奶源和生产基地，建立一条完全整合的全球供应链。这条供应链一头是牧场的大门，另一头则直抵中国消费者。”

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.”

史毕根斯表示：“中国婴儿配方奶粉市场如今的规模约为180亿新西兰元。预计到2017年该市场的规模将达330亿新西兰元。出现这样的增长有多方面原因，其中包括城镇化进程的加快、更高的可支配收入、对高端品牌的偏爱、以及计划生育政策的放宽。”