Nice work, chairman Fu. For the first seven months of this year, shares in Canada’s Daylight Energy, a well-run but capital-constrained oil and gas company, traded at an average C$10.15. In the 10 weeks after that, as investors dumped any company funding long-term growth through its own short-term cash flows, Daylight collapsed to C$4.59 (just three of 258 stocks on the Toronto benchmark did worse during that period). Now, in comes China Petroleum & Chemical Corp with an agreed C$2.2bn (US$2.1bn) bid, worth C$10.08 a share. Only on the very shortest of horizons does that seem a fair premium for control.
干得漂亮，傅董事长！加拿大的日光能源(Daylight Energy)是一家经营良好的油气公司，只是资金有些紧张。该公司今年头7个月的平均股价为10.15加元。而之后的10周内，由于所有依靠短期现金流为长期增长提供融资的公司都遭到了投资者的抛售，日光能源的平均股价暴跌至4.59加元（同期内，多伦多基准指数的258只成分股中，只有3只股票的表现比它更差）。这个时候，中石化(Sinopec)出现了，提出以22亿元加元（合21亿美元，相当于每股10.08加元）的价格收购日光能源，双方一拍即合。只有放在极短的时期内来看，这样的溢价才显得公道，毕竟中石化是想完全控制这家公司。