2015年真是并購案迭出的一年。據研究機構Dealogic統計，2015年全球企業并購交易規模高達5萬億美元，也由此超越2007年，成為有史以來并購交易規模最大的年份。

2015年并購交易規模較2014年增長37%，是2009年的兩倍多。最耐人尋味的也許是，并購大潮簡直勢不可擋。通常并購交易會隨著股市行情走，股市上揚，企業高管會偏樂觀，也更愿意做并購。可2015年有些反常，夏季遭遇大跌，市場中對全球經濟的擔心情緒爆發，企業并購的步伐卻絲毫未受影響，而且似乎還加快了。

創紀錄的交易規模可能和低利率環境不無關系。低利率環境下，融資成本低，經濟增長不慍不火，企業管理層會考慮擴大規模，并使用非常規手段促進收益增長。以下是2015年的一些巨無霸交易和規模（含企業債務在內）：

It was truly the year of the deal. The volume of corporate combinations globally topped $5 trillion, according to research firm Dealogic. That makes 2015 the biggest year of deals on record, topping 2007.

Dealmaking was up 37% from 2014, and it was more than double the volume of 2009. Perhaps the most interesting thing about this year’s deal boom is that nothing seemed to be able to stop it. Typically, deals tend to follow the stock market. As stocks go up, executives get more optimistic and do more deals. But even as the market faltered in the summer, and worries about the global economy erupted, the pace of corporate combinations continued; in fact, it appeared to speed up.

The record amount of deals could have to do with low interest rates. That allowed for cheap financing and tepid economic growth, sending corporate executives looking for ways to expand and back door ways to boost earnings. Below are the biggest deals of the year and their size (including debt):

1、輝瑞/艾爾健——1600億美元

這既是年度規模最大也是最有爭議的交易。然而，除了避稅，交易并沒有讓輝瑞和艾爾健產生多少協同效應。通過與艾爾健合并——嚴格來說是被艾爾健收購，輝瑞每年至少可以向美國政府少繳納12億美元的稅。據一位稅務專家估算，省下的稅可能高達33億美元。

這筆交易也很可能為輝瑞省去210億美元遞延稅，或許這就是此次合并被稱為超級稅收倒置交易的原因。希拉里?克林頓等下屆美國總統候選人都表示，要采取行動制止此類以避稅為目的的交易。

Pfizer/Allergan - $160 billion

It was the biggest and most controversial deal of the year. There aren't a lot of synergies between Pfizer and Allergan, outside of dodging Uncle Sam.Combining with Allergan AGN 0.18% —technically, Allergan is buying Pfizer PFE -0.24% —will save the drug giant at least $1.2 billion a year in U.S. taxes, andpossibly as much as $3.3 billion, according to one tax expert's estimates.

It will also likely save Pfizer $21 billion in deferred taxes it will now never have to pay. Perhaps that's why they call it a super inversion. The Pfizer deal caused Hillary Clinton and other presidential hopefuls to say they would do something to stop such tax-driven deals.

2、百威英博/南非米勒——1170億美元

為了讓并購順利進行，百威英博啤酒集團與SABMiller將不得不割舍相當一部分美國市場的業務，不過問題不大。因為這筆交易將催生新興市場里首屈一指的啤酒商，而新興市場才是商機所在。此交易也將產生巨額債務。

AB InBev/SABMiller - $117 billion

AB InBev AHBIF 1.28% and SABMiller sabmiller-plc will still have to shed a good deal of their U.S. beer business to make the deal work. But that's okay. This deal is all about becoming the leading beer seller in emerging markets, where the real growth opportunities are. The deal will also create a mountain of debt.

3、英荷殼牌/英國天然氣集團——820億美元

2015年4月，英荷殼牌石油公司決定利用英國天然氣集團市值縮水之機出售收購，目前來看這一決策是否明智還很難說。國際油價一年來持續下跌，殼牌起初稱，即使油價跌至每桶70美元，這筆交易也值，但最近油價已經跌到每桶34美元。

憑借此項交易，殼牌得以挺進液化天然氣市場，還能獲得巴西的近海油田。該交易已獲得監管機構批準，兩家公司股東也很可能認可，現在殼牌要考慮的只剩下盈利問題。最近殼牌表示，會削減2016年的資本支出。

Royal Dutch Shell/BG Group - $82 billion

In April, Royal Dutch Shell RYDAF -0.98% decided to take advantage of the drop in the values of fellow oil companies and buy BG Group. It's unclear how wise that decision was. Oil prices have continued to drop. Originally, Shell said the deal made sense even if oil prices dropped to $70 a barrel. They recently dipped to $34.

The deal gets Shell into the liquified gas market, as well as the offshore oil fields of Brazil. The move has been blessed by regulators and is likely to get approved by shareholders. Now Shell just needs to make the math work. It recently said it would cut back its capital spending in 2016.

4、Charter/時代華納有線——800億美元

在有線電視網絡巨頭康卡斯特放棄收購時代華納有線后，傳媒大亨約翰?馬龍控股的Charter乘虛而入。交易完成后將誕生美國第二大有線電視運營商，擁有1700萬視頻訂閱用戶，僅次于康卡斯特的2200萬用戶。此交易尚需監管機構批準，可能要等到2016年才會塵埃落定。

Charter/Time Warner Cable - $80 billion

After Comcast called off its deal to buy Time Warner Cable TWC -0.38% , John Malone's Charter CHTR -0.51% swooped in. The deal will create the second largest cable company in the U.S., with 17 million video subscribers, behind only Comcast with 22 million. The deal still needs regulatory approval, which could stretch well into 2016.

5、陶氏化學/杜邦——680億美元

由于對沖基金在兩邊努力撮合，陶氏化學與杜邦最終決定合并。2015年12月，兩家公司敲定了復雜的協議，但合并后不久之后將拆分為三家獨立的公司。陶氏化學的首席執行官安德魯?里佛里斯和杜邦的首席執行官埃德?布林表示，合并后的新公司一年可節約成本30億美元。

然而，除非這兩大巨頭大幅削減研發方面的投入，否則很難看出兩家公司變成三家公司怎么能省出幾十億美元。眼下，陶氏化學和杜邦似乎確有可能縮減研發支出，引得很多人批評這起并購。此外，交易公布以前杜邦就曾表示，將在其總部美國特拉華州裁員1700人。（財富中文網）

譯者：Pessy

校對：夏林

Dow/DuPont - $68 billion

With hedge fund activists on both sides, Dow Chemical and DuPont DD -0.36% finally met in the middle. The two companies decided in December to hook up in a complicated deal that will combine the two companies, but then break them up shortly after into three separate companies. The companies' CEOs Dow's Andrew Liveris and DuPont's Ed Breen say the deal will save the combined firm $3 billion a year in costs.

But it's hard to see how turning two companies into three will do that, other than if these two storied science giants dramatically cut back on what they spend on research. It appears they are likely to do that, leading many to criticize the deal. DuPont has already said it will cut 1,700 workers in its home state of Delaware ahead of the deal.