The deals market is back in a big way.

　　并购市场东山再起，来势凶猛。

　　In just the past 48 hours, new mergers popped up across the globe -- including Texas Instruments $6.5 billion purchase of venerable National Semiconductor, an unsolicited $6.5 billion offer by a state-owned Chinese mining company for a Canadian-Australian firm, KKR's $2.4 billion deal for a Pfizer unit, and a consortium of Japanese metal companies paying $680 million for Kentucky-based Arco Aluminum.

　　就在过去48小时，全球各地都涌现新的并购活动，包括德州仪器(Texas Instruments)65亿美元收购备受尊敬的国家半导体公司(National Semiconductor)，中国一家国有矿业公司在未经请求的情况下提出以65亿美元的价格收购一家加拿大-澳大利亚公司，KKR以24亿美元的价格收购辉瑞制药(Pfizer)的一家子公司，以及日本金属企业成立银团，以6.8亿美元的价格收购美国肯塔基州的Arco Aluminum。

　　So far this year, companies around the world have announced $784.1 billion worth of deals, up from $637.9 billion over the same period in 2010, according to Dealogic. That marks the largest year-to-date volume since 2007, when $1.1 trillion worth of transactions were announced in the same stretch.

　　据Dealogic数据，今年以来，全世界公司共已宣布价值7,841亿美元的并购案，高于2010年同期6,379亿美元。这是2007年同期共宣布1.1万亿美元的并购交易以来，同一时间段最大的并购总额。

　　The deals show a renewed confidence by corporate executives and private-equity firms -- many in the developing nations of Asia -- who are sitting on $2.4 trillion in cash. With rates held low by the U.S. Federal Reserve, financing rates remain at some of the cheapest on record. The deals also reflect the unleashing of years of pent-up demand, as mergers across the globe largely came to a halt at the end of 2007, and worries that inflation might pick up, boosting rates.

　　这些并购显示公司高管和私募基金（很多都位于亚洲发展中国家）信心的回归。它们坐拥2.4万亿美元现金，而在美联储(Federal Reserve)维持低利率的情况下，融资利率仍旧处在历史少见的低点。这些并购案还反映出多年来积压需求的释放；2007年年底，全世界并购活动基本陷入停顿。并购活动也反映他们担心通货膨胀可能加剧，进而推高利率。

　　All this has happened while evidence mounts that mergers often fail. Nonetheless, a change in psyche has pushed corporations to make deals -- if only for fear that a rival may strike first. Nowhere is that more clear than in the financial-exchanges business, where seven global players -- in the U.S., Germany, Canada, England, Singapore, and Australia -- are fighting for primacy of the world's financial markets. "There are certain situations if you don't act now, you've lost your chance," said Bruce Evans, head of Americas M&A at Deutsche Bank.

　　这一切的发生，时值越来越多的证据表明并购常常归于失败。但心态的改变还是推动各公司从事并购，哪怕只是因为担心可能有竞争对手率先出击。体现得最明显的莫过于金融交易所这个行业，位于美国、德国、加拿大、英国、新加坡和澳大利亚的全球七大交易所公司，正在奋力争夺世界金融市场的霸主地位。 德意志银行(Deutsche Bank)美洲并购部负责人伊万斯(Bruce Evans)说，某些形势下，如果不马上行动，你就已经失去了机会。

　　Deal makers may be further encouraged by stockholders, who are tending to reward companies that make acquisitions, pushing shares higher after deal announcements. Typically, shareholders punish companies that make big deals. Shares of Nasdaq OMX Group, for instance, rose 9% on Friday, after it announced an unsolicited $11.3 billion for NYSE Euronext Group last week.

　　交易撮合者或许会受到股东的进一步鼓励，因为宣布并购计划之后，股价往往上涨，给从事并购的公司带来回报。一般情况下股东惩罚的是做大宗并购交易的公司。举个例子，Nasdaq OMX Group上周宣布在未经请求的情况下以113亿美元的价格收购纽约泛欧交易所集团(NYSE Euronext Group)后，上周五其股价上涨9%。

　　Chip maker Texas Instruments on Monday announced its all-cash purchase of rival National Semiconductor, bringing together two big makers of devices used in cell phones, industrial equipment and consumer electronics. The price represented a nearly 80% premium over what National shares traded at on Friday.

　　芯片制造商德州仪器周一宣布用全额现金收购竞争对手国家半导体公司，两家生产手机、工业设备和消费电子产品所用设备的大公司合二为一。收购价相比上周五国家半导体公司的股价溢价近80%。

　　The scope of this year's deals has been larger than in years past, with three so far valued at more than $15 billion each, compared to four at those heights in all of 2010, said Antonio Weiss, Lazard's global mergers-and-acquisitions chief.

　　投资银行Lazard全球并购业务主管魏斯（Antonio Weiss）说，今年并购交易的规模大大超过前几年。迄今为止已有三宗交易的规模分别超过150亿美元，2010年全年只有四宗交易达到这样的规模。

　　The latest deals are bypassing traditional hot spots in the U.S. and Europe. In nearly a third of all deals last year, at least one party came from an emerging market, Mr. Weiss said. Emerging-markets deals are at their highest ever, says Dealogic, at around $210 billion during 2011.

　　在美国和欧洲，最近的这些交易避开了传统热点。魏斯说，去年近三分之一的交易中至少有一方来自新兴市场。Dealogic说，新兴市场交易正处于有史以来最活跃的时期，2011年已累计达到约2100亿美元的规模。

　　China is now the third-most active nation for cross-border deals, with volume about one-third that of the U.S. and more than half that of the United Kingdom, according to Dealogic. Chinese firms have targeted oil and gas deals most avidly, followed by mining and chemicals.

　　据Dealogic透露，中国的跨境交易也非常活跃，其活跃度位列全球第三，总体交易规模约占美国的三分之一，占英国的比例超过50%。中国企业最感兴趣的交易是石油和天然气交易，紧随其后的是采矿业和化学品。

　　One of the boldest moves this week came from China's Minmetals Resources Ltd., which said Monday it was making a $6.5 billion bid for Canadian-Australian Equinox Minerals Ltd. Minmetals is part of a Chinese state-owned mining conglomerate, whose previous interest in Canadian companies in 2004 received widespread derision among Canadian politicians at the time. Sentiment in Canada has changed since then, as politicians view Chinese deals as a necessary part of raising capital for new natural-resources investment.

　　其中一个最大胆的举动是中国五矿资源有限公司（Minmetals Resources Ltd.，简称：五矿资源）周一宣布向加拿大和澳大利亚两国共同持有的企业Equinox Minerals Ltd.发出65亿美元的收购要约。五矿资源是一家中国国有大型矿业集团的子公司，该公司2004年曾对几家加拿大公司表示出兴趣，不过遭到当时加拿大政界人士的广泛嘲笑。此后加拿大的态度有所转变，该国的政界人士把和中国的交易看做是为新的自然资源类投资募集资金的必要内容。

　　The proposed deal represents China's largest acquisition bid since China Petrochemical offered $7.1 billion for a 40% stake in Repsol Brasil last October, according to Dealogic.

　　据Dealogic透露，五矿资源拟定的交易是去年10月中石化斥资71亿美元收购Repsol Brasil公司40%的股权之后最大的收购要约。

　　Despite turmoil in the Japanese economy, companies there haven't shied away from transactions. On Monday, Japan's Sumitomo Light Metal Industries announced it was leading a group of Japanese firms to buy Kentucky-based Arco Aluminum from BP PLC for $680 million.

　　尽管日本经济动荡，但日本公司并没有回避并购交易。周一，日本住友轻金属工业公司（Sumitomo Light Metal Industries）宣布该公司正牵头几家日本公司从英国石油（BP PLC）手中以6.8亿美元的价格收购旗下位于肯塔基州的铝业公司Arco Aluminum。

　　Companies and private equity firms see the next several months as a window of opportunity, especially if inflation picks up. Private equity firms also need to put money to work as funds wind down and they embark on new fundraising rounds.

　　多家企业和私募股权投资公司将未来数月视作机会之窗，尤其是如果通胀加速的话。私募股权投资公司也需要将资金运作起来，原因是基金接近终止期，并开始新一轮融资。

　　On Monday, Pfizer Inc. announced it was selling its Capsugel unit, which makes hard capsules, to Kohlberg, Kravis & Roberts in a $2.4 billion deal. Also, private equity firm Apax Partners announced it was acquiring Epicor Software Corp. and Activant Solutions Inc., both software providers, in deals totaling about $2 billion.

　　周一，辉瑞公司（Pfizer Inc.）宣布将旗下生产硬胶囊剂的Capsugel作价24亿美元出售给私募股权投资公司KKR（Kohlberg, Kravis & Roberts）。此外，私募股权投资公司Apax Partners宣布斥资总计20亿美元收购软件供应商Epicor Software Corp.和Activant Solutions Inc.。