RJ Reynolds, the US tobacco giant, is exploring a bid for its rival Lorillard in a deal that would shake up the industry at a time of plummeting smoking rates and the rise of electronic cigarettes.
美国烟草业巨头RJ雷诺(RJ Reynolds)正在研究收购竞争对手Lorillard的可行性。在吸烟率大幅下降、电子烟逐渐流行之际，这样一笔收购可能震撼全球烟草业。
The exact value of an RJR bid is not known, but any offer could value the company at more than $20bn, people familiar with the matter said. It is unclear if RJR is planning to bid for all of Lorillard, buy part of it, or seek a merger. No deal is certain, these people stressed.
知情人士表示，RJ雷诺的确切出价尚不清楚，但Lorillard至少值200亿美元。目前尚不清楚RJ雷诺计划全面还是部分收购Lorillard，抑或是谋求合并。知情人士强调，交易会不会发生都还是个未知数。
Lorillard, which makes brands including Maverick, Old Gold and Kent, has a market value of $18.7bn and was an early mover into e-cigarettes, buying the Blu brand in 2012 for $135m. Analysts estimate e-cigarette sales reached $2bn last year, three times 2012’s figure.
Lorillard目前市值为187亿美元，旗下拥有Maverick、Old Gold和健牌(Kent)等品牌。该公司也是向电子烟转型的先行者，在2012年以1.35亿美元的价格收购了Blu品牌。据分析师估计，该公司去年的电子烟销售额达到了20亿美元，是2012年的3倍。
More than 80 per cent of Lorillard’s sales come from the Newport brand of menthol cigarettes, which have bucked a long-term decline in US smoking rates. The wider US cigarette market, with annual sales of $90bn, has been shrinking at a rate of 3 per cent a year.
Lorillard的销售额有逾80%来自旗下新港(Newport)牌薄荷烟。美国的吸烟率长期以来呈下跌趋势，但薄荷烟是个例外。整体而言，年销售额900亿美元的美国烟草市场，近年来一直以3%的速度逐年缩减。
Founded in New York in 1760, Lorillard controlled 11.7 per cent of the North American tobacco market in 2012, according to Euromonitor, compared with RJR’s 25 per cent and Altria’s 41.5 per cent.
Lorillard于1760年在纽约成立。欧睿(Euromonitor)数据显示，2012年，该公司占据北美烟草市场11.7%的份额，而RJ雷诺和奥驰亚(Altria)分别占据25%和41.5%的市场份额。
RJR, which produces Camel, Pall Mall and Kool cigarettes, has appointed Lazard, the investment bank, to explore the deal, according to people familiar with the situation. None of the parties involved were immediately available for comment.
知情人士表示，RJ雷诺已任命投行瑞德(Lazard)为该交易作评估。记者无法立即联系到交易相关的任何一方置评。RJ雷诺旗下拥有骆驼(Camel)、Pall Mall和Kool等香烟品牌。
The deal would see British American Tobacco taking a major role, as the UK group – which has a far smaller US market share – owns 42 per cent of RJR.
持有RJ雷诺42%股份的英美烟草公司(British American Tobacco)将在这次交易中起到举足轻重的作用。该集团总部在英国，在美国的市场份额要小得多。
BAT took its stake in RJR almost a decade ago. A standstill agreement preventing a hostile takeover by the UK group comes to an end in July.
英美烟草公司入股RJ雷诺已近10年。一项旨在防止英美烟草公司敌意收购的停顿协议(standstill agreement)将于7月到期。
Lorillard shares were up 4.5 per cent to $51.27 in midday New York trading. Bonnie Herzog, an analyst with Wells Fargo Securities, said a “fair” price for RJR to offer could be “much higher” than $60.
周一纽约正午时分，Lorillard股价上涨4.5%，报每股51.27美元。富国证券(Wells Fargo Securities)分析师邦尼•赫尔佐克(Bonnie Herzog)表示，一个“公允”的出价可能“大大高于”每股60美元。
However, she raised questions about how RJR would finance such a move, saying it could be structured as merger, or BAT could help finance a takeover.
然而，她怀疑RJ雷诺有足够资金来收购Lorillard，称交易更可能采取两家合并的形式，或英美烟草集团可能为收购提供资金。
Additional reporting by Shannon Bond in New York
香农•邦德(Shannon Bond)纽约补充报道