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貝爾斯登(Bear Stearns)與中國最大券商中信證券(Citic Securities)正在就去年達成的股份互換協議重新展開談判，以更好地反映協議達成後雙方股價的下跌。
Bear Stearns and Citic Securities, China’s largest securities firm, are renegotiating the share swap agreement they reached last year to better reflect a subsequent fall in their stock prices.
一位知情人士稱，兩家公司的高管正在討論一項“對等調整”，這將增加雙方最終持有的對方股份。
Senior executives from both firms are discussing a “reciprocal adjustment” that would increase the amount they eventually hold in each other, according to a person familiar with the matter.
根據去年10月達成的交易條款，中信證券同意支付10億美元購入最終將轉換為貝爾斯登約6%股份的證券，而美國投行貝爾斯登最終將支付同等金額，購得中信證券約2%股份。
Under the terms of the deal struck last October, Citic agreed to pay $1bn for securities that would convert to about 6 per cent of Bear Stearns and the US investment bank would eventually pay the same amount for about 2 per cent of Citic.
這宗交易仍需獲得中國監管機構批准，若交易成功，作為中國國務院控制的中國中信集團(Citic Group)旗下證券交易子公司的中信證券將成為貝爾斯登的最大單一股東。
The deal still needs regulatory approval in China, but if successful, Citic Securities, the brokerage arm of China Citic Group, which is controlled by China’s cabinet, would BECome the biggest single shareholder of the US investment bank.
由外國投資者持有一家美國銀行如此大規模的股份，可能會在美國引發批評。美國某些議員已對亞洲和中東主權財富基金的直接投資感到不安。
Such a large stake by a foreign investor in a US bank could attract criticism in the US, where some lawmakers have been unnerved by direct investments by sovereign wealth funds from Asia and the Middle East.
美國聯合經濟委員會(Joint Economic Committee)主席、參議員查爾斯?舒默(Charles Schumer)本週暗示，可能會推動對此類投資實行更嚴格的監管。
Senator Charles Schumer, chairman of the joint economic committee, this week signalled a possible push for greater regulation of such investments.
根據中國官方新華社的報道，中信證券在貝爾斯登的持股比例可能增至9.9%，而貝爾斯登所持中信證券的.股份最終可能增至7.5%。
Citic’s stake is likely to be increased to 9.9 per cent of Bear Stearns. The US investment bank’s stake in Citic could eventually be lifted to as much as 7.5 per cent, according to a report from China’s official Xinhua news agency.
10億美元的投資規模將保持不變，只是仍需得到中國監管機構的批准。
The $1bn investment scale will remain the same, subject to approval from Chinese regulators.
自去年10月達成交易以來，貝爾斯登的股價已從當時的大約120美元跌至約80美元。中信證券的股價已下滑40%，至大約71元人民幣。
Bear’s shares have fallen from about $120 when the deal was signed in October to about $80 now. Citic’s shares have dropped 40 per cent to about Rmb71.
據知情人士介紹，去年11月，在貝爾斯登股價出現驟跌後，中信證券首先提出重新討論它將在這家美國投行持有的股份。
Citic first broached the subject of renegotiating the stake it would take in Bear last November following a precipitous drop in the US bank’s shares, according to people familiar with the matter.
中信一位發言人表示，他不知道有任何談判正在進行。記者無法聯絡上貝爾斯登駐日本的一位發言人置評。
A Citic spokesman said he had no knowledge of any ongoing negotiations and a Bear spokeswoman in Japan could not be reached for comment.
一名瞭解談判情況的人士稱，雙方增持對方股份是“合理的”，反映了雙方股價的下跌。 For the two sides to take larger shares in each other was “reasonable” and reflected their lower share prices, according to one person close to the negotiations.
另一位知情人士則持更為懷疑的態度。他表示：“這些都是猜測，是我們的競爭引起監管機構擔憂造成的。雙方的股價都下跌了，但這並不意味著需要重新談判，除非這麼做符合雙方股東的利益。”
Another source familiar with the matter was more sceptical, saying: “It is all speculation driven by our competition which is causing the regulators to become concerned. The prices on both sides have come down but that doesn’t mean that the deal will be renegotiated unless it is in the interest of shareholders on both sides.”
