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，傅董事長！加拿大的日光能源(Daylight Energy)是一家經營良好的油氣公司，只是資金有些緊張。該公司今年頭7個月的平均股價為10.15加元。而之后的10周內，由于所有依靠短期現金流為長期增長提供融資的公司都遭到了投資者的拋售，日光能源的平均股價暴跌至4.59加元（同期內，多倫多基準指數的258只成分股中，只有3只股票的表現比它更差）。這個時候，中石化(Sinopec)出現了，提出以22億元加元（合21億美元，相當于每股10.08加元）的價格收購日光能源，雙方一拍即合。只有放在極短的時期內來看，這樣的溢價才顯得公道，畢竟中石化是想完全控制這家公司。