Three, for now, is the magic number. Chinalco’s concession on the terms of its rescue deal, allowing Rio Tinto’s existing investors a slice of the convertible bond, is a deft piece of legerdemain. By reducing its post-conversion stake in Rio to 15 per cent from 18 per cent, Chinalco will not avoid the scrutiny of Australia’s Foreign Investment Review Board, which has veto power over the purchase of even a single share by an overseas state-owned group. But, as 15 per cent is FIRB’s threshold for a “substantial interest”, Chinalco has signalled that its intentions are honourable. Meanwhile, UK shareholders invited into the bond will have less cause to bellyache over pre-emption rights.
就目前而言，“3”是一個神奇的數字。中鋁(Chinalco)在救助力拓(Rio Tinto)的交易條款上作出讓步，將可轉換債券的蛋糕分出一塊給讓力拓現有股東，是一種高超的手法。中鋁把轉股后在力拓所持股份從18%減至15%，無法避開澳大利亞外國投資審查委員會(FIRB)的嚴格審查——該委員會有權否決海外國有集團哪怕是購買一張澳洲股票。但是，鑒于 15%是FIRB界定“重大權益”的門檻，中鋁已表現出自己的意圖是體面的。與此同時，應邀購買債券的英國股東，將不再有那么多理由在優先購買權問題上發牢騷。