A final flurry of large takeovers during the last months of 2016 lifted global dealmaking to its second-best annual level since the financial crisis as appetite for corporate acquisitions continued in spite of political turmoil and heightened regulatory scrutiny. 2016年最后几个月涌现一波大规模收购交易，使全球全年交易总额达到自金融危机以来第二高的水平。尽管出现了政治动荡，而且监管审查加强，但企业的并购胃口不减。
Merger and acquisition activity in the fourth quarter reached $1.2tn, the busiest period for dealmaking in 2016. A slowdown in Chinese acquisitions in earlier quarters was offset by the year’s largest deal in October: AT&T’s agreed purchase of media group Time Warner for $108bn, including debt. 第四季度的并购活动达到1.2万亿美元，成为2016年交易最繁忙的时期。中资收购在前些时候放缓被10月份宣布的全年最大交易抵消：AT&T以1080亿美元协议收购媒体集团时代华纳(Time Warner)，包括债务。
In total, the volume of global M&A was $3.6tn in 2016, a 17 per cent drop from last year’s record $4.37tn but enough to make the year the second highest for dealmaking since 2007, according to data from Thomson Reuters. Takeover activity has been fuelled by the search for growth by companies in consolidating sectors and the availability of borrowing at attractive rates. 汤森路透(Thomson Reuters)数据显示，2016年全球并购总额为3.6万亿美元，比去年创纪录的4.37万亿美元降低了17%，但足以使2016年交易总额达到自2007年以来第二高的水平。推动并购活动的因素包括置身于不断整合的行业中的企业寻觅增长，以及企业能够以有吸引力的利率获得借款。
Blockbuster deals of more than $5bn in size, alongside the higher activity in the US, have been the main features of the takeover boom of the past two years. But both categories suffered a year-on-year drop in 2016. Large-scale deals slipped almost a third to total $1.4bn. The volume of takeovers of US companies slowed 18 per cent to $1.65tn. 超过50亿美元的大型交易，以及美国较高水平的活动，是过去两年收购繁荣的主要特征。但这两个类别在2016年都出现同比下降：大型交易的总额下降近三分之一，至1.4万亿美元；美国公司的并购总额减少了18%，至1.65万亿美元。
Sarkis Jebejian, a partner at law firm Kirkland & Ellis, said: “Last year was dominated by a large number of megadeals, this year we’ve had a more consistent stream of transactions, which is good for business.” 凯易律师事务所(Kirkland & Ellis)合伙人萨基斯?杰比安(Sarkis Jebejian)表示：“2015年好几笔巨额交易主导格局，2016年我们看到了更加持续的交易流，这有利于业务。”
The UK’s unexpected vote to leave the EU in June and Donald Trump’s election temporarily damped dealmaking but Mr Jebejian said that business returned to normal once company boards overcame the shock. 英国在6月意外投票退出欧盟以及唐纳德?特朗普(Donald Trump)当选美国总统暂时阻碍了交易，但杰比安说，一旦企业董事会克服了震惊情绪，一切就恢复了正常。
Chinese companies became a significant force in cross-border M&A in 2016, accounting for $220bn of transactions — almost double the amount of 2015. ChemChina, a state-owned group, set the record for the largest overseas deal struck by a Chinese company when it agreed a $44bn takeover of Swiss agribusiness Syngenta. 中国企业在2016年成为跨国并购领域的一股重要力量，在交易总额中占到2200亿美元，几乎是2015年的两倍。国有的中国化工(ChemChina)斥资440亿美元协议收购瑞士农业综合企业先正达(Syngenta)，刷新了中国企业最大境外交易的纪录。
Cross-border interest from China as well as Japan helped prop up European deal volumes, which fell 14 per cent to $745bn. However, the surge in Chinese takeover bids sparked a backlash in both Europe and China that could complicate dealmaking into next year. 来自中国和日本的跨境收购兴趣，帮助支撑了欧洲交易总额，这一数值下降14%，至7450亿美元。然而，中资收购报价激增，在欧洲和中国都引发了反弹，这可能使2017年的交易撮合活动复杂化。
Hernan Cristerna, co-head of global M&A at JPMorgan Chase, said: “The rate of inquiry from Chinese buyers remains high but western sellers are increasingly scrutinising their ability to meet foreign as well as local regulatory approvals before fully engaging." 摩根大通(JPMorgan)全球并购联席主管埃尔南?克里斯特纳(Hernan Cristerna)表示：“中国买家的询价率仍然很高，但西方卖家在全面投入并购事宜之前，日益倾向于审视自己获得国外以及当地监管部门批准的能力。”
The acquisitions by German conglomerate Bayer of Monsanto and UK-based cigarette-maker British American Tobacco of Reynolds American were the largest in a wave of moves by European multinationals that bought US rivals to try to expand their reach. 欧洲跨国企业为了扩大业务范围而对美国同行展开一波收购，其中最大的两笔是德国企业集团拜耳(Bayer)收购孟山都(Monsanto)，以及总部位于英国的卷烟制造商英美烟草公司(British American Tobacco)收购雷诺兹美国(Reynolds American)。
译者/和风
