英国上市股票正成为外国买家的重点目标，因为长期低迷的估值推动了公开上市企业收购热潮。
U.K.-listed stocks are in the crosshairs of foreign buyers, as persistently depressed valuations drive a surge in public takeovers.
White & Case的最新分析显示，截至第三季度末，英国——七国集团中增长最快的经济体——公开上市并购交易额超过750亿英镑（990亿美元）。
New analysis by White & Case shows publicly-listed merger and acquisition deals values in the U.K. — the G7's fastest-growing economy — topped £75 billion ($99 billion) in the period to the end of the third quarter.
这一数字几乎是2025年全年382亿英镑的两倍，海外资金推动交易激增，而今年敌意收购接洽数量增至四倍。
That's almost double the £38.2 billion for the whole of 2025 — with overseas money fueling the surge and the number of hostile approaches quadrupling this year.
White & Case周四表示，国际投资者参与了占交易总量72%、占交易总价值94%的交易。吸引国际投资者的，是该律所英国公开并购业务负责人帕特里克·萨奇所称的英国上市公司与全球同行之间“长期存在的估值差距”。今年还出现了四起敌意收购要约，其中两起出现在第三季度。
International investors were involved in deals accounting for 72% of transaction volume, and 94% of aggregate deal value, White & Case said Thursday, drawn by what Patrick Sarch, head of U.K. public M&A at the law firm, called the "prolonged valuation gap" between U.K.-listed companies and their global peers. This year has also seen four hostile offers, two of which emerged in the third quarter.
相比之下，2025年仅有一起敌意收购要约，2024年则没有。White & Case还统计到14起所谓的“熊抱”要约，即潜在竞买人通过大幅抬高报价，公开向董事会施压。
That compares to just one hostile offer in 2025, and none in 2024. White & Case also counted 14 so-called "bear hug" offers, in which potential bidders look to exert public pressure on boards through highly inflated offers.
该律所表示，国际资本——包括上市投资者和私募股权竞买人——支撑着规模最大的交易；第三季度八笔10亿英镑以上交易中，有七笔有海外资金参与。
International capital — both listed investors and private equity bidders — underpins the biggest deals, the law firm said, with overseas money involved in seven of the eight £1 billion-plus transactions during the third quarter.
今年具有标志性的大盘股交易包括：以香料和调味品闻名的味好美以450亿美元收购联合利华的食品业务，以及美国基金管理巨头Nuveen以99亿英镑（USTK）私有化收购英国最大的独立资产管理公司施罗德。
This year's marquee large-cap deals include spice and seasoning mainstay McCormick's $45 billion acquisition of Unilever's food business, and U.S. fund management giant Nuveen's £9.9 billion (USTK) take-private purchase of Schroders, the U.K.'s largest standalone asset manager.
“熊抱”策略与董事会争夺战：“我们还看到敌意收购要约增多，‘熊抱’策略的使用也日益增加。海外竞买人越来越愿意公开其拟议条款，并邀请股东向董事会施压，促使董事会参与谈判。”White & Case全球并购及公司业务合伙人索尼卡·托拉尼说。
Bear hugs and boardroom battles "We are also seeing more hostile offers and the growing use of bear hugs, with overseas bidders increasingly willing to make their proposed terms public and invite shareholders to put pressure on boards to engage," said Sonica Tolani, partner, global M&A and corporate at White & Case.
这反映出他们对英国监管环境有了更深入的了解，并且更愿意将公众压力作为一种正当手段，而非最后的选择。
"This reflects deeper familiarity with the U.K. regulatory environment, and a willingness to use public pressure as a legitimate tool rather than a last resort."
Sarch表示，持续的折价意味着投资者将“继续瞄准英国那些拥有全球收入结构、强劲现金流和成熟管理团队的世界级上市公司”。德意志银行英国并购业务主管、董事总经理Oliver Ives指出，英国上市公司与其美国同行之间的估值差距，主要反映了各自市场的差异，而非企业本身的质量问题。
Sarch said ongoing discounts means investors will "continue to target the U.K.'s world-class listed companies with global revenue profiles, strong cash generation and established management teams." Oliver Ives, managing director, head of U.K. M&A at Deutsche Bank, said the valuation gap between U.K.-listed companies and their publicly-traded U.S. counterparts is primarily a reflection of those respective markets, rather than the underlying quality of the businesses themselves.
德意志银行的一项最新调查显示，未来市场势头强劲，87%的受访者预计未来12个月英国并购活动将有所增加，71%的受访者表示，与去年相比，买家对英国公司更为看好。
A new Deutsche Bank survey signals strong momentum ahead, with 87% of respondents expecting U.K. M&A to rise over the next 12 months, as 71% said buyers are more bullish on U.K. companies compared to last year.
Ives在周一的一份报告中写道：“国际买家看到了以极具吸引力的估值收购那些具有强大国际业务背景的企业的机会，即便在计入收购溢价之后也是如此。”
"International buyers are seeing opportunities to acquire strong, internationally-exposed businesses at compelling valuations, even after accounting for a takeover premium," Ives said in a note Monday.