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”是一个神奇的数字。中铝(Chinalco)在救助力拓(Rio Tinto)的交易条款上作出让步，将可转换债券的蛋糕分出一块给让力拓现有股东，是一种高超的手法。中铝把转股后在力拓所持股份从18%减至15%，无法避开澳大利亚外国投资审查委员会(FIRB)的严格审查——该委员会有权否决海外国有集团哪怕是购买一张澳洲股票。但是，鉴于 15%是FIRB界定“重大权益”的门槛，中铝已表现出自己的意图是体面的。与此同时，应邀购买债券的英国股东，将不再有那么多理由在优先购买权问题上发牢骚。