腾讯体育|As the largest Chinese technology deal in the US, Lenovo’s $2.9bn purchase of Motorola’s handset business last week will be closely scrutinised by a US government committee that reviews transactions for national security concerns.中国在美国规模仅次于的科技企业并购案——上周误解(Lenovo)以29亿美元并购摩托罗拉(Motorola)手机业务的交易,将面对美国跨部门机构森严的国家安全性审查。As part of the purchase from Google, Lenovo will assume 2,000 patents and receive a licence to other Google smartphone intellectual property, which will be combed through by the Committee on Foreign Investment in the United States (Cfius).作为与谷歌(Google)之间并购交易的一部分,误解将取得2000项专利以及谷歌其他智能手机知识产权的许可,这些交易内容将受到美国外国投资委员会(Committee on Foreign Investment in the United States,以下全称Cfius)的细心审查。However, most of the valuable and sensitive patents are being kept by Google, while Motorola’s business that has government contracts is part of another company, people familiar with the matter said. The deal also involves hardware, not software, and Chinese-made handsets, like those manufactured by Huawei, are already sold in the US.然而,据熟知该交易的人士称之为,绝大多数有价值且脆弱的专利仍将由谷歌持有人,而摩托罗拉业务中与美国政府有关的合约也归属于另一家公司。同时,交易内容只还包括硬件而非软件,同时中国企业生产的手机,例如华为(Huawei)生产的手机,早已在美国境内销售。

As a result, Lenovo’s acquisition may not face major challenges though it may have to meet certain conditions requested by Cfius to get approval, people familiar with the matter said.因此,熟知内情的人士称之为,误解的并购估算会面对根本性挑战,尽管该公司为了破关有可能要符合Cfius明确提出的某些条件。Also, Motorola’s small presence in the US with less than a 5 per cent market share could help Lenovo, though its goal is to increase sales. Concern over whether facilities or offices are close to locations that could raise security worries is not expected to be a big issue.另外,摩托罗拉在美国市场严重不足5%的微小份额,也对误解不利,尽管其目标是提升销售。

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而厂房或办公室方位所引起的安全性担忧预计也会是过于棘手的问题。One of the unknowns is whether the deal will face significant political opposition, which so far has not arisen but it is early in the process. While Lenovo has successfully navigated the Cfius process in the past, its growing ambitions in the US could make it a bigger political target, especially in the era of Edward Snowden and worries over leaks.不得而知因素之一是,这笔交易否不会遭根本性的政治赞成。目前为止仍未经常出现此类赞成,但交易仍处早期阶段。虽然误解以往曾顺利通过Cfius的审查,但该公司对美国市场大大强化的雄心有可能使其沦为一个更大的政治目标,特别是在爱德华·斯诺登(Edward Snowden)和泄露担忧满天飞的时代。

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The Treasury Department, which oversees Cfius, declined to comment. The committee also includes the Departments of Defence, Homeland Security, Justice and others.统率Cfius的美国财政部拒绝接受公开发表评论。美国外国投资委员会还包括美国国防部、国土安全部、司法部等其它部门。Lenovo’s Motorola deal comes a week after it announced a $2.3bn acquisition of IBM’s low-end server business, which will also be closely reviewed by Cfius but might not encounter major issues. It is the second Lenovo deal with IBM, coming more than eight years after Lenovo acquired IBM’s PC business, including the ThinkPad.在误解并购摩托罗拉手机业务的一周前,该公司刚宣告以23亿美元并购IBM的低端服务器业务。该项交易也将受到Cfius的森严审查,但预计会遇上过于大麻烦。

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与IBM的服务器交易是时隔8年多前,误解并购该公司还包括“Thinkpad”品牌在内的个人电脑业务后的第二单交易。Lenovo had to make some compromises to win Cfius clearance for the PC business, including giving up sales to US government customers. Lenovo also secured Cfius approval for two other deals in 2012.当年为了赢得Cfius对个人电脑业务收购案的批准后,误解曾作出一些让步,还包括退出向美国政府客户销售产品。2012年,误解也曾在另外两笔交易中取得了Cfius的盘查。

That record and the fact that Lenovo is a relatively familiar company in the US should also help it in the Cfius process. But lawmakers are more sensitive to Chinese takeovers, most recently in the sale of pork producer Smithfield Foods to Shuanghui International for $4.7bn.有了这一记录,再加误解在美国是比较为人熟悉的公司,这些因素都不利于误解通过Cfius的审查程序。但美国议员们对中国收购方较为脆弱,最近的例子是双汇国际(Shuanghui International)以47亿美元并购猪肉生产商史密斯菲尔德食品公司(Smithfield Foods)的交易。It represented the largest Chinese acquisition of a US company, and prompted a bipartisan group of senators to raise concerns about food security and other issues. Still, the Smithfield deal was cleared by Cfius last September.该项交易是中国公司对美国企业规模仅次于的收购案,一度引起美国两党参议员联合明确提出对食品安全等问题的忧虑。

尽管如此,这笔收购案仍在去年9月获得Cfius审查通过。。

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