Bargain Britain lures foreign buyers as hostile takeovers surge低估值英国吸引外国买家，敌意收购激增

01The Story新闻事实

UK public M&A deal values topped £75 billion ($99 billion) to the end of Q3 2026, nearly double the £38.2 billion for all of 2025, driven largely by overseas buyers. Hostile approaches quadrupled this year, with four hostile offers versus one in 2025 and none in 2024. White & Case attributes the surge to a prolonged valuation gap between UK-listed companies and global peers.White & Case 分析显示，截至2026年第三季度末，英国上市公司并购交易总额超过750亿英镑（约合990亿美元），几乎是2025年全年382亿英镑的两倍，其中海外资金是主要推手。今年敌意收购要约增至四起，而2025年仅为一起，2024年为零。该律所认为，英国上市公司与全球同行之间长期存在的估值差距是并购激增的原因。

• UK publicly-listed M&A deal values topped £75 billion ($99 billion) in the period to the end of Q3 2026, per White & Case.据 White & Case 统计，截至2026年第三季度末，英国上市公司并购交易总额超过750亿英镑（约合990亿美元）。
• That is almost double the £38.2 billion recorded for the whole of 2025.这一数字几乎是2025年全年382亿英镑的两倍。
• International investors were involved in 72% of transaction volume and 94% of aggregate deal value.国际投资者参与了72%的交易数量和94%的交易总额。
• Four hostile offers emerged this year, compared with one in 2025 and none in 2024; there were also 14 'bear hug' offers.今年出现四起敌意收购要约，而2025年为一一起，2024年为零；此外还有14起'熊抱'式要约。
• Overseas money was involved in seven of the eight £1 billion-plus transactions in the third quarter.第三季度八笔超过10亿英镑的交易中，有七笔涉及海外资金。
• A Deutsche Bank survey found 87% of respondents expect UK M&A to rise over the next 12 months.德意志银行的一项调查显示，87%的受访者预计未来12个月英国并购活动将上升。

Persistently depressed UK valuations are attracting record foreign capital and more aggressive public takeover tactics, raising questions about the future ownership of Britain's largest listed companies.英国市场持续低迷的估值正吸引创纪录的外国资本和更具攻击性的公开收购策略，引发对英国大型上市公司未来归属的思考。

024 Dimensions维度分析

03Timeline时间线

1. 2024 No hostile offers recorded in the UK.英国当年未录得敌意收购要约。
2. 2025 One hostile offer; UK public M&A deal values reached £38.2 billion for the year.当年出现一起敌意收购要约；英国公开并购交易额达382亿英镑。
3. 2026-09-30 By end of Q3, UK public M&A deal values topped £75 billion, with four hostile offers and 14 bear hug offers recorded.截至第三季度末，英国公开并购交易额超过750亿英镑，录得四起敌意要约和14起'熊抱'式要约。
4. 2026-10-01 White & Case published its analysis on Thursday.White & Case 于周四发布其分析报告。

Key takeaway核心结论

Depressed UK valuations are drawing record foreign capital and increasingly aggressive public takeover tactics, reshaping ownership of Britain's listed corporate base.英国低迷的估值正吸引创纪录的外国资本和愈发激进的公开收购策略，正在重塑英国上市企业的所有权格局。

04What to Watch后续关注

1. Whether UK M&A activity rises further, as 87% of Deutsche Bank survey respondents expect over the next 12 months.英国并购活动是否如德意志银行调查中87%受访者预期的那样在未来12个月进一步上升。
2. Whether the valuation gap between UK-listed companies and US counterparts persists, sustaining foreign buyer interest.英国上市公司与美国同行之间的估值差距是否持续，从而维持外国买家的兴趣。
3. Whether hostile approaches and bear hug tactics continue to normalize as tools for overseas bidders.敌意收购和'熊抱'式要约是否会继续成为海外竞购方的常规手段。

05Uncertainties不确定因素

• The source does not specify the value of the two hostile offers that emerged in Q3 2026 or their targets.报道未说明2026年第三季度出现的两起敌意要约的价值或目标公司。
• It remains unclear whether the valuation gap will narrow or whether UK boards and regulators will respond to the surge in foreign takeovers.估值差距是否会缩小，以及英国董事会和监管机构是否会对外资收购激增作出回应，目前尚不清楚。

06Sources信息来源

1. Bargain Britain lures foreign buyers as hostile takeovers surgeBargain Britain lures foreign buyers as hostile takeovers surge CNBC · 2026-10-01

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