Worldwide: "脱欧"阴影笼罩,投资法国农业食品行业应如何避免"踩雷"?

Last Updated: 19 September 2019
Article by TMF Group
Most Read Contributor in Netherlands, September 2019

如果说英国脱欧意味着伦敦失去了国际金融公司经由其通往欧盟市场的 "护照通行权 "passporting rights),那么要迁移的不 仅是英国企业,当初计划在伦敦开展业务的亚洲公司和中国企业也可能会考虑迁移。英国脱欧或为法国打开迎接新欧洲业者的大门。

当英国议员们9月3日结束夏季休会回到威斯敏斯特宫时,迎接他们的是决定英国政府命运以及"脱欧"前景的"最后摊牌"。受"硬脱欧"风险加剧影响,英国经济正遭遇重创。英国《金融时报》报道,今年7月,英国经济出现了自2012年第四季度以来的首次萎缩。

几家欢喜几家愁。在欧洲,因英国脱欧而受惠的国家之中,法国明显更胜一筹。总统马克龙一直专注于降低企业税负、放宽劳工条例并推行影响深远的"选择法国"举措以吸引投资。从2016年起法国的投资项目增长了16%,包括研究设备投入、厂房建设与扩展。

如果说英国脱欧意味着伦敦失去了国际金融公司经由其通往欧盟市场的"护照通行权"(passporting rights),那么要迁移的不仅是英国企业,当初计划在伦敦开展业务的亚洲公司和中国企业也可能会考虑迁移。英国脱欧或为法国打开迎接新欧洲业者的大门。

欧洲的农业大

法国是欧洲第一农业生产大国,主产小麦、大麦、玉米和水果。目前法国农业现代化程度很高,农产品不仅能够满足本国的需求,而且还能大量出口,其农业产值占欧盟农业产值的22%,农产品出口量长期稳居欧洲首位。

在众多农作物中,葡萄是法国十分重要的经济作物。法国被誉为世界葡萄酒的中心,也是中国葡萄酒市场第一大进口来源国。法国葡萄酒与烈性酒出口商联合会(FEVS)公布,2018年法国葡萄酒和烈酒出口规模首次突破130亿欧元(约147亿美元)。

这里的葡萄酒庄一直是全球各国投资者追逐的目标。

今年3月20日,中国最大的葡萄酒生产商张裕宣布控股法国AdViniSA旗下的拉颂酒庄。近年来,张裕在海外业务板块不断扩张,拉颂酒庄是继法国富朗多、蜜合花酒庄之后张裕在法国控股并购的第三个酒庄。

张裕的扩张底气来自于海外葡萄酒不俗的销售表现。解读张裕公司2018年年报,我们可以发现,公司全年实现营收51亿元,同比增长4.25%。张裕收购的海外酒庄表现尤其亮眼,不仅全部实现盈利,去年海外进口葡萄酒销售额高达6.55亿元,较2017年增长接近50%。

其实除了张裕,中资企业海外酒庄收购从90年代末便开始了。从2008年开始,随着市场对进口酒的疯狂追逐,各类投资者介入得越来越多,掀起了中国企业收购海外酒庄的热潮。香港商人郭炎自1997年在波尔多购入欧碧颂酒庄后,近十年来他先后收购了7家波尔多酒庄。继梦陇酒庄之后,赵薇今年在波尔多收购了她的第四家酒庄。甚至马云也出手购买了三个酒庄。迄今,中国资本在波尔多地区收购的酒庄共有150多个。

是否了解当地文化是决定并 购交易成败的关

面对中国买家的"来势汹汹",不少法国人心生担忧,"这块地盘不再是我们的乡土了"。

一般来说,在海外并购交易中凡是涉及到农业用地,不管是粮食作物的种植还是畜牧业需要的牧场,只要是涉及到土地交易的问题,就会遭受被投资地区政府和民间的阻力。去年2月,出于对中国公司购买法国土地的忧虑,马克龙总统声称,将采取措施阻止外国投资者活跃于"战略投资领域",即法国农业用地。

根据TMF Group近期发布的2019年《 全球商业复杂性指数》报告,法国的商业复杂性指数在76个司法管辖区中排名第12位,属于营商环境比较复杂的地区。而在境外投资中,农业在每个国家都是比较敏感的行业,所以投资法国农业的复杂性会更高。

投资法国的复杂性同样体现在相近的食品领域。光明食品一直是中资企业国际化的先行者,它先后收购了澳大利亚新莱特、英国维他麦等国际品牌,拥有丰富的海外运作经验。即便如此,在2011年并购法国酸奶制造商Yoplait时,光明食品还是折戟沙场。

优诺是法国老牌酸奶制造商,全球市场份额仅次于法国达能。2010年,诺优股权出售消息一经公布,通用磨坊、雀巢等全球食品巨头纷纷参与竞购。虽然光明食品开展一系列公关活动为并购造势,最终,通用磨坊却以低于光明食品的报价,将优诺收入囊中。

纵观此次并购事件,光明食品收购失败原因有迹可循。

首先,因其不熟悉欧洲市场环境,光明食品的并购方案对卖家缺乏吸引力。在法国,价格并不是决定交易成功的唯一要素,被收购方还要考虑未来的发展规划和员工安排。其次,光明食品忽视专业服务机构的作用。与聘请摩根士丹利、罗斯柴尔德和德意志银行等顶级国际投行团队的竞争者相比,光明食品团队准备明显不足,缺乏专业化运作能力。最后,光明食品的国资背景在欧洲屡遭质疑,欧洲对这类企业的投资审批也较为严格。光明食品在舆论上的准备也不够充分,缺乏化解政治风险的经验。

利用专业化服务,优化并购交

中资企业若想要立足欧洲,必须首先适应海外投资监管审查模式,了解不同国家商业运营模式和法律制度。尊重所在国的商业和人文环境,才能提高交易和运营成功的机会。

例如,欧洲有着强大的工会和良好的社区治理体系,劳工保护体系完善,中资企业往往忽略这些问题。中资企业在欧洲的挑战之一,就是如何融入当地社区并与工会沟通和协调关系。

一些投资服务机构能够为中资企业海外投资和运营起到"润滑"作用。尤其是协助中资企业处理好与工会的关系。它们能够帮助企业理解和把握欧洲的社会惯例,了解更多雇员的法律权利和责任,更好地处理与雇员的关系。

例如,在海外并购整合中容易产生的"负面协同效应",包括重要人才离职、销售减少、系统不兼容、生产力下降、权利斗争和文化摩擦等。如果在交易结束时,收购方能制定整合计划,就可以控制成本,并为随时可能出现的未知挑战做好准备。

对于想要以法国为起点进行区域拓展的中资企业,要充分遵守当地的文化和法律法规,选择与当地专业可靠的合作伙伴携手未尝不是明智之举,这样可以避免走弯路,达到事半功倍的成效。

TMF Group 作为领先的全球高价值商业服务提供商和国际拓展专家,在全球80多个司法管辖区有7,800多名本地专家为中国企业海外拓展提供支持。从 公司设立 人力资源和薪酬管理,再到 计管理和企业税务管理,TMF Group提供一站式服务,帮助客户提高效率,专注核心业务发展。如果中国企业在欧洲跨区域投资海外市场,客户只需与TMF Group一家合作伙伴联络,即可借助其全球化布局协同处理多个地区事务,大幅降低沟通和管理成本,同时实现全球化业务管理操作模式。

欢迎 TMF Group《国家/地区概况》了解法国营商环境的更多资讯。

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