Troublesome Timing As China Approves NSN-Motorola 中国监管部门批准诺基亚西门子购买摩托罗拉网络业务时机不佳
In what’s coming as a surprise to no one, China’s anti-monopoly regulator has finally approved Nokia Siemens Networks’ purchase of Motorola’s networking business, following months of foot-dragging and just a week after Motorola settled a lawsuit by Huawei accusing it of IP theft. (English article) Like I said, this approval at this time comes as a surprise to no one. But the timing is ultimately another black mark for China’s regulator, which is showing its increasing willingness to use China’s 2-year-old anti-monopoly law as a political tool rather than a commercial one. First it vetoed Coke’s (NYSE: KU) proposed purchase of Huiyuan Juice (HKEx: 1886), then it blocked Sina’s (Nasdaq: SINA) purchase of Focus Media (Nasdaq: FMCN) and now this. In all those cases, little or no reason was given for the regulator’s decision (or lack of decision in the Sina-Focus case), only adding to chatter that the move was partly or completely motivated by politics. If the regulator continues this way, it will bode poorly for the natural and healthy development of free markets by throwing up a potential big obstacle for any company considering major M&A requiring China’s approval.
Bottom line: The timing of China’s approval for NSN’s Motorola purchase marks the latest troublesome development for an increasingly politicized anti-trust regulator.
历经了几个月的拉锯战，中国监管部门最终批准诺基亚西门子购买摩托罗拉的网络业务，这不会出乎任何人的意料。此前一个星期，摩托罗拉与华为的诉讼刚刚尘埃落定。像我刚才说的，这一次的批准不值得大惊小怪。但问题是时机，这对於中国的监管部门来说，又是一个污点。中国监管部门越来越倾向於把反垄断法当成政治工具，而不是用作商业目的。第一次是否决可口可乐<KO.N>并购汇源果汁<1886.HK>，第二次是阻止新浪<SINA.O>并购分众<FMCN.O> 。如今是摩托罗拉，现在又是一起案例。在这些案例中，中国监管部门没有给出任何理由（在新浪并购分众案中，或许是没做出决定）。这只会让大家猜测，监管部门这一次的决定，又是部分或完全出於政治考虑。如果监管部门继续这样做，那麽任何需要中国批准的大规模并购业务就会面临巨大障碍，自由市场的成长就会受阻。
一句话：中国批准诺基亚西门子购买摩托罗拉网络业务的时机，标志着中国监管部门变得愈发政治化。
Related postings 相关文章:
◙ Motorola, Huawei Settle, Now Everyone Can Move On 华为与摩托罗拉和解，各方均受益
◙ 4G Trials: Motorola, NSN Surprising Winners 摩托罗拉意外赢得中移动4G试点合同
◙ China Flexes Regulatory Muscle on Nokia Siemens’ Motorla Buy; Huawei Lurks Behind the Scenes
