â— After the successful acquisition of Ssangyong by SAIC, the sudden exit of Bluestar became a mystery. There were four rumors in the market. â— The SASAC has done a lot of work on Bluestar. It is hoped that SAIC will purchase South Korean Ssangyong from a global perspective. It was the two brothers who went to find a daughter-in-law. Originally her younger brother saw it, but when he was awkward, he said that it would not work. He should give this daughter-in-law to his brother. Zhang Suquan repeatedly emphasized this metaphor to the reporter. The SAIC and Bluestar, which are also state-owned enterprises, are self-evident. Although SAIC Motor’s acquisition of South Korea's Ssangyong has settled, many of the details are worth remembering because of the involvement of Bluestar and its acquisition of Ssangyong’s priority negotiating object. After SAIC Motor’s successful acquisition of South Korea’s Ssangyong, the sudden exit of Bluestar became a mystery. Only the S.K. creditors of South Korea’s “price has not been contactedâ€. For a time, there were four rumors about its withdrawal on the market: Blue Star speculated about its own acquisition of Ssangyong, the negotiations broke down during the acquisition process, and Blue Star and SAIC Motor’s malicious competition pushed Ssangyong’s acquisition price to the detriment of national interests. Due to the acquisition of Ssangyong by Bluestar at that time, CRRC Auto Group Co., Ltd. (which is currently tied with the Bluestar Group) was responsible. Zhang Suquan, general manager of China Motors Automotive Group Co., Ltd., participated in the entire process of Bluestar Group’s acquisition of South Korea’s Ssangyong. In response to many rumors currently on the market, he personally telephoned this reporter and disclosed for the first time that Bluestars gave up. Acquisition of the little-known Insider of Ssangyong in Korea. "Blue Star's acquisition of South Korea's Ssangyong is completely passive." Zhang Suequan is straight to the point. "It's like two brothers went to find a wife. She was originally a younger brother, but when he couldn't say anything, he wanted to give this daughter-in-law to her brother." He repeatedly stressed this metaphor to reporters. The SAIC and Bluestar, which are also state-owned enterprises, are self-evident. Origins Ssangyong Motors is one of the three largest automotive companies in South Korea. It produces SUVs, RVs, and premium cars, and produces large passenger cars, special vehicles, and automotive engines and spare parts. Its predecessor was East Asia Motor Company, which was founded in 1954. It was incorporated into Ssangyong Group in October 1986 and was renamed Ssangyong Motor Company in March 1988. In 1997, Ssangyong Motors was acquired by Daewoo because of insolvency. In 1999, when Daewoo Group was dissolved, it was separated and became an independent listed company. After the loss due to insolvency, the Korean Ssangyong Motor Creditor Banking Corps will bid to sell shares held by the Ssangyong Ssangyong Motor. According to a survey conducted by the reporter, neither SAIC nor Bluestar are willing to use Shuanglong to acquire South Korean Ssangyong, because before the acquisition, they all had some contacts with Ssangyong. Shanghai Huizhong Co., Ltd., a subsidiary of SAIC, has purchased Shuanglong's bus production line. In 2003, it began to produce Shuanglong's commercial vehicle MB100. It should be said that both SAIC and Ssangyong had preliminary cooperation. On October 16, 2003, Suddenly it was reported that Ssangyong Motors and its creditor group would like to sell 48.92% of the shares to SAIC Shanghai Huizhong Group. At that time, the selling price negotiated by the two parties was 300 to 500 billion won (about 420 to 500 million U.S. dollars). However, the relationship between Bluestar and SsangYong is also unusual. Bluestar is not only a component supplier for SsangYong, but also has a very close trade relationship with South Korea. In 2002, Bluestar Group specially hired a Korean woman vice president called Susan Susan, who was responsible for business between Bluestar and Korean companies. On August 6, 2003, Bluestar Group and South Korea MOBIS Co., Ltd. signed a joint venture agreement to provide plastic parts for Beijing Hyundai Motor Co., Ltd. and other domestic and foreign auto companies, of which Bluestar holds 40% of the shares in the joint venture. . On October 29, 2003, CRRC Auto Group Co., Ltd. and South Korea's Xingyu Technology Co., Ltd. invested in the formation of a car parts manufacturing company. According to Zhang Suquan, when he went to South Korea in 2002, he initiated the idea of ​​acquisition. After the Asian financial crisis in 1997, the Korean auto companies, especially Ssangyong, were very sad. He tried to inquire about the acquisition of Ssangyong through some channels. price. “In fact, Bluestar’s acquisition of South Korea’s Ssangyong is mainly aimed at the national western development policy. It can be foreseen that the SUV will have a very large market during the large-scale development of the western region. For Bluestar, this is a real entry into the mass production of automobiles. A rare opportunity, if the acquisition is successful, can have a world-famous vehicle brand. For Ssangyong, you can quickly enter the Chinese market and expand market share. This will be a win-win mergers and acquisitions.†Zhang Shouquan said. The bid for Zhang Suquan stated that when Bluestar was preparing to participate in the acquisition of South Korea’s Ssangyong, it was not known that SAIC also had the same action. Bluestar Group announced its participation in the acquisition of South Korea Ssangyong in November 2003, and on December 11, 2003. He was informed that SAIC and Bluestar would also bid for Ssangyong's preferred target. On December 15, 2003, Bluestar learned that it had become the preferred negotiation partner for the acquisition of Ssangyong. At 3 pm on December 16, 2003, the South Korean Ssangyong Motor Creditor Group announced that in the bid for the sale of Ssangyong Motor’s equity in South Korea, the Blue Star Group beat other competitors and became the preferred target for the sale of Ssangyong Motor’s equity. On this day, the Blue Star Group’s official website posted an article titled “Korean Ssangyong Group's Equity Interests Sale, China’s Bluestar Group’s Winning Bid at One Timeâ€. One of the most intriguing pieces appeared to be criticized by a company’s practice: “ At the beginning of participating in the acquisition of Ssangyong, Bluestar said that it is necessary to study in an open-minded manner and cooperate extensively to contribute to the development of the Chinese automotive industry.Bluestar has repeatedly emphasized that in the process of mergers and reorganizations, it is necessary to safeguard national interests and firmly oppose profits. Forgetting and smashing the actions of competitors is in stark contrast to other companies' practices.†“On December 16, 2003, we reported to the National Development and Reform Commission and the State Assets Supervision and Administration Commission on December 18th. Bluestar made a detailed written report to the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission. Zhang Suquan said. Originally, Blue Star will sign a letter of intent with Ssangyong on December 22, 2003 for the acquisition of a 48.92% stake in Ssangyong. However, on December 21, when Zhang Suquan prepared to go to Seoul, South Korea, a person in charge of the National Development and Reform Commission suddenly called to tell him not to go first. Blue Star needed to make a detailed report on this matter. On December 22, 2003, the National Development and Reform Commission made it clear that Bluestar could not temporarily go to South Korea to sign the letter of intent with Ssangyong. On the same day, SAIC Group announced that SAIC Motor Corporation was the only company approved by the National Development and Reform Commission to be approved for the acquisition of South Korea's Ssangyong Motor. At the same time, the National Development and Reform Commission in the SAIC Motor Group's application for bid for the acquisition of Ssangyong Motor also explicitly requested SAIC to prepare its legal and financial aspects and implement the acquisition of Ssangyong in accordance with the relevant legal provisions as soon as possible. At this time, the National Development and Reform Commission’s proposal to Bluestar is that it hopes SAIC and Bluestar can jointly acquire South Korea’s Ssangyong. “The SAIC Group adopts the strategy of 'going out' and the state strongly encourages it. At that time, Bluestar took the initiative to contact SAIC to see if there was The possibility of joint acquisition." Zhang Suequan said. Abandonment Although the National Development and Reform Commission has made such an instruction, Bluestar’s attempt to acquire South Korea’s Ssangyong continues. As Bluestar became the preferred negotiation target for the acquisition of Ssangyong, it caused Ssangyong’s internal disputes, worried about technology loss, and the emergence of trade union strikes. Bluestar sent people to South Korea to negotiate on this issue several times. During the negotiations, Bluestar stated that it would retain Ssangyong's current management and promised to negotiate collectively with the trade unions on the issue of wages. This incident gradually subsided. However, in China, the balance of the acquisition of Ssangyong has gradually tilted to the steam. “During this period, the National Development and Reform Commission took the lead and the SASAC came forward to open several coordination meetings. At the coordination meeting, the leaders of Bluestar and SAIC all participated. The SASAC has done a lot of work on Bluestar, hoping to consider it from the overall situation. SAIC acquired South Korea’s Ssangyong.†Until March 2004, Bluestar Group finally decided to abandon the acquisition, and said in an interview with the media that due to the fact that there were too many differences between the Shuangyong Motor’s creditors on the purchase price, etc. Has reached a stalemate, so announced the abandonment of the acquisition. On July 23, 2004, SAIC announced that SAIC has officially obtained the right to purchase Ssangyong S. Korea. This marks the birth of the first overseas acquisition of Chinese auto companies. On July 27, 2004, SAIC and Chao Ching Bank (CHB) reached a consensus on the Memorandum of Understanding for the acquisition of South Korea's Ssangyong Motor (SYMC) and formally signed a memorandum. According to the terms of the memorandum, SAIC Motor will become the exclusive first buyer of 48.92% equity of Ssangyong. On October 28, 2004, SAIC and Korean Ssangyong Motor Company’s creditor’s committee signed the final sale and purchase contract of Ssangyong Motor Co., Ltd. in Seoul, and SAIC Motor officially acquired the equity of Ssangyong Motor. In the end, an industry expert pointed out that cross-border acquisition is not only a corporate behavior, but also a major strategy that concerns national interests. For example, he said, “Saoqi once went to Japan to cooperate with Toyota, Nissan and other auto companies before SAIC and VW worked together. Surprisingly, the price they offered was surprisingly consistent.†It is thought-provoking to say that At present, when state-owned enterprises have gone abroad to participate in overseas mergers and acquisitions, SAIC and Bluestar’s simultaneous bid for South Korea’s Ssangyong may well become a model for future state-owned enterprises. Many of these details are worthy of reference and reference. After SAIC Motor’s successful acquisition of Ssangyong Korea, it will enable this newly-entered Fortune 500 company to gain valuable experience while “going outâ€. Bluestar is not a loser. Its dream of making cars continues. However, the story they interpret has given all the state-owned companies a lesson. Cross-border acquisitions require us to learn a lot. The Ssangyong Stake Acquisition War (Related Links) On October 16, 2003, Ssangyong Motor Co. and its creditor's syndicate stated that it will sell Ssangyong Motors’ shares to Shanghai Huizhong Company, a subsidiary of SAIC Motor. In early November 2003, China Bluestar Group announced its participation in the acquisition of Ssangyong. On December 16, 2003, the main creditor's bank of Ssangyong Motor Co., Ltd. stated that Bluestar Group became the preferred negotiation target for the purchase of Ssangyong Motors. In March 2004, Blue Star Group’s spokesperson announced that the negotiations with Ssangyong Motor had stalled due to price issues and abandoned the acquisition. Although Blue Star has overturned this statement afterwards, no further answers have been given. On July 23, 2004, SAIC announced that SAIC has officially obtained the right to purchase Ssangyong S. Korea. This marks the birth of the first overseas acquisition of Chinese auto companies. On July 27, 2004, SAIC and Chao Ching Bank (CHB) reached a consensus on the Memorandum of Understanding for the acquisition of South Korea's Ssangyong Motor (SYMC) and formally signed a memorandum. According to the terms of the memorandum, SAIC Motor will become the exclusive first buyer of 48.92% equity of Ssangyong. On October 28th, 2004, SAIC and Korean Ssangyong Motor Company’s creditor’s committee signed the final sale and purchase contract of Ssangyong Motor Co. in Seoul, indicating that SAIC Motor officially acquired the equity of Ssangyong Motor. (Gong Guangjun)
International Finance News: Blue Star is Passively Abandoning South Korea's Ssangyong
â— After the successful acquisition of Ssangyong by SAIC, the sudden exit of Bluestar became a mystery. There were four rumors in the market. â— The SASAC has done a lot of work on Bluestar. It is hoped that SAIC will purchase South Korean Ssangyong from a global perspective. It was the two brothers who went to find a daughter-in-law. Originally her younger brother saw it, but when he was awkward, he said that it would not work. He should give this daughter-in-law to his brother. Zhang Suquan repeatedly emphasized this metaphor to the reporter. The SAIC and Bluestar, which are also state-owned enterprises, are self-evident. Although SAIC Motor’s acquisition of South Korea's Ssangyong has settled, many of the details are worth remembering because of the involvement of Bluestar and its acquisition of Ssangyong’s priority negotiating object. After SAIC Motor’s successful acquisition of South Korea’s Ssangyong, the sudden exit of Bluestar became a mystery. Only the S.K. creditors of South Korea’s “price has not been contactedâ€. For a time, there were four rumors about its withdrawal on the market: Blue Star speculated about its own acquisition of Ssangyong, the negotiations broke down during the acquisition process, and Blue Star and SAIC Motor’s malicious competition pushed Ssangyong’s acquisition price to the detriment of national interests. Due to the acquisition of Ssangyong by Bluestar at that time, CRRC Auto Group Co., Ltd. (which is currently tied with the Bluestar Group) was responsible. Zhang Suquan, general manager of China Motors Automotive Group Co., Ltd., participated in the entire process of Bluestar Group’s acquisition of South Korea’s Ssangyong. In response to many rumors currently on the market, he personally telephoned this reporter and disclosed for the first time that Bluestars gave up. Acquisition of the little-known Insider of Ssangyong in Korea. "Blue Star's acquisition of South Korea's Ssangyong is completely passive." Zhang Suequan is straight to the point. "It's like two brothers went to find a wife. She was originally a younger brother, but when he couldn't say anything, he wanted to give this daughter-in-law to her brother." He repeatedly stressed this metaphor to reporters. The SAIC and Bluestar, which are also state-owned enterprises, are self-evident. Origins Ssangyong Motors is one of the three largest automotive companies in South Korea. It produces SUVs, RVs, and premium cars, and produces large passenger cars, special vehicles, and automotive engines and spare parts. Its predecessor was East Asia Motor Company, which was founded in 1954. It was incorporated into Ssangyong Group in October 1986 and was renamed Ssangyong Motor Company in March 1988. In 1997, Ssangyong Motors was acquired by Daewoo because of insolvency. In 1999, when Daewoo Group was dissolved, it was separated and became an independent listed company. After the loss due to insolvency, the Korean Ssangyong Motor Creditor Banking Corps will bid to sell shares held by the Ssangyong Ssangyong Motor. According to a survey conducted by the reporter, neither SAIC nor Bluestar are willing to use Shuanglong to acquire South Korean Ssangyong, because before the acquisition, they all had some contacts with Ssangyong. Shanghai Huizhong Co., Ltd., a subsidiary of SAIC, has purchased Shuanglong's bus production line. In 2003, it began to produce Shuanglong's commercial vehicle MB100. It should be said that both SAIC and Ssangyong had preliminary cooperation. On October 16, 2003, Suddenly it was reported that Ssangyong Motors and its creditor group would like to sell 48.92% of the shares to SAIC Shanghai Huizhong Group. At that time, the selling price negotiated by the two parties was 300 to 500 billion won (about 420 to 500 million U.S. dollars). However, the relationship between Bluestar and SsangYong is also unusual. Bluestar is not only a component supplier for SsangYong, but also has a very close trade relationship with South Korea. In 2002, Bluestar Group specially hired a Korean woman vice president called Susan Susan, who was responsible for business between Bluestar and Korean companies. On August 6, 2003, Bluestar Group and South Korea MOBIS Co., Ltd. signed a joint venture agreement to provide plastic parts for Beijing Hyundai Motor Co., Ltd. and other domestic and foreign auto companies, of which Bluestar holds 40% of the shares in the joint venture. . On October 29, 2003, CRRC Auto Group Co., Ltd. and South Korea's Xingyu Technology Co., Ltd. invested in the formation of a car parts manufacturing company. According to Zhang Suquan, when he went to South Korea in 2002, he initiated the idea of ​​acquisition. After the Asian financial crisis in 1997, the Korean auto companies, especially Ssangyong, were very sad. He tried to inquire about the acquisition of Ssangyong through some channels. price. “In fact, Bluestar’s acquisition of South Korea’s Ssangyong is mainly aimed at the national western development policy. It can be foreseen that the SUV will have a very large market during the large-scale development of the western region. For Bluestar, this is a real entry into the mass production of automobiles. A rare opportunity, if the acquisition is successful, can have a world-famous vehicle brand. For Ssangyong, you can quickly enter the Chinese market and expand market share. This will be a win-win mergers and acquisitions.†Zhang Shouquan said. The bid for Zhang Suquan stated that when Bluestar was preparing to participate in the acquisition of South Korea’s Ssangyong, it was not known that SAIC also had the same action. Bluestar Group announced its participation in the acquisition of South Korea Ssangyong in November 2003, and on December 11, 2003. He was informed that SAIC and Bluestar would also bid for Ssangyong's preferred target. On December 15, 2003, Bluestar learned that it had become the preferred negotiation partner for the acquisition of Ssangyong. At 3 pm on December 16, 2003, the South Korean Ssangyong Motor Creditor Group announced that in the bid for the sale of Ssangyong Motor’s equity in South Korea, the Blue Star Group beat other competitors and became the preferred target for the sale of Ssangyong Motor’s equity. On this day, the Blue Star Group’s official website posted an article titled “Korean Ssangyong Group's Equity Interests Sale, China’s Bluestar Group’s Winning Bid at One Timeâ€. One of the most intriguing pieces appeared to be criticized by a company’s practice: “ At the beginning of participating in the acquisition of Ssangyong, Bluestar said that it is necessary to study in an open-minded manner and cooperate extensively to contribute to the development of the Chinese automotive industry.Bluestar has repeatedly emphasized that in the process of mergers and reorganizations, it is necessary to safeguard national interests and firmly oppose profits. Forgetting and smashing the actions of competitors is in stark contrast to other companies' practices.†“On December 16, 2003, we reported to the National Development and Reform Commission and the State Assets Supervision and Administration Commission on December 18th. Bluestar made a detailed written report to the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission. Zhang Suquan said. Originally, Blue Star will sign a letter of intent with Ssangyong on December 22, 2003 for the acquisition of a 48.92% stake in Ssangyong. However, on December 21, when Zhang Suquan prepared to go to Seoul, South Korea, a person in charge of the National Development and Reform Commission suddenly called to tell him not to go first. Blue Star needed to make a detailed report on this matter. On December 22, 2003, the National Development and Reform Commission made it clear that Bluestar could not temporarily go to South Korea to sign the letter of intent with Ssangyong. On the same day, SAIC Group announced that SAIC Motor Corporation was the only company approved by the National Development and Reform Commission to be approved for the acquisition of South Korea's Ssangyong Motor. At the same time, the National Development and Reform Commission in the SAIC Motor Group's application for bid for the acquisition of Ssangyong Motor also explicitly requested SAIC to prepare its legal and financial aspects and implement the acquisition of Ssangyong in accordance with the relevant legal provisions as soon as possible. At this time, the National Development and Reform Commission’s proposal to Bluestar is that it hopes SAIC and Bluestar can jointly acquire South Korea’s Ssangyong. “The SAIC Group adopts the strategy of 'going out' and the state strongly encourages it. At that time, Bluestar took the initiative to contact SAIC to see if there was The possibility of joint acquisition." Zhang Suequan said. Abandonment Although the National Development and Reform Commission has made such an instruction, Bluestar’s attempt to acquire South Korea’s Ssangyong continues. As Bluestar became the preferred negotiation target for the acquisition of Ssangyong, it caused Ssangyong’s internal disputes, worried about technology loss, and the emergence of trade union strikes. Bluestar sent people to South Korea to negotiate on this issue several times. During the negotiations, Bluestar stated that it would retain Ssangyong's current management and promised to negotiate collectively with the trade unions on the issue of wages. This incident gradually subsided. However, in China, the balance of the acquisition of Ssangyong has gradually tilted to the steam. “During this period, the National Development and Reform Commission took the lead and the SASAC came forward to open several coordination meetings. At the coordination meeting, the leaders of Bluestar and SAIC all participated. The SASAC has done a lot of work on Bluestar, hoping to consider it from the overall situation. SAIC acquired South Korea’s Ssangyong.†Until March 2004, Bluestar Group finally decided to abandon the acquisition, and said in an interview with the media that due to the fact that there were too many differences between the Shuangyong Motor’s creditors on the purchase price, etc. Has reached a stalemate, so announced the abandonment of the acquisition. On July 23, 2004, SAIC announced that SAIC has officially obtained the right to purchase Ssangyong S. Korea. This marks the birth of the first overseas acquisition of Chinese auto companies. On July 27, 2004, SAIC and Chao Ching Bank (CHB) reached a consensus on the Memorandum of Understanding for the acquisition of South Korea's Ssangyong Motor (SYMC) and formally signed a memorandum. According to the terms of the memorandum, SAIC Motor will become the exclusive first buyer of 48.92% equity of Ssangyong. On October 28, 2004, SAIC and Korean Ssangyong Motor Company’s creditor’s committee signed the final sale and purchase contract of Ssangyong Motor Co., Ltd. in Seoul, and SAIC Motor officially acquired the equity of Ssangyong Motor. In the end, an industry expert pointed out that cross-border acquisition is not only a corporate behavior, but also a major strategy that concerns national interests. For example, he said, “Saoqi once went to Japan to cooperate with Toyota, Nissan and other auto companies before SAIC and VW worked together. Surprisingly, the price they offered was surprisingly consistent.†It is thought-provoking to say that At present, when state-owned enterprises have gone abroad to participate in overseas mergers and acquisitions, SAIC and Bluestar’s simultaneous bid for South Korea’s Ssangyong may well become a model for future state-owned enterprises. Many of these details are worthy of reference and reference. After SAIC Motor’s successful acquisition of Ssangyong Korea, it will enable this newly-entered Fortune 500 company to gain valuable experience while “going outâ€. Bluestar is not a loser. Its dream of making cars continues. However, the story they interpret has given all the state-owned companies a lesson. Cross-border acquisitions require us to learn a lot. The Ssangyong Stake Acquisition War (Related Links) On October 16, 2003, Ssangyong Motor Co. and its creditor's syndicate stated that it will sell Ssangyong Motors’ shares to Shanghai Huizhong Company, a subsidiary of SAIC Motor. In early November 2003, China Bluestar Group announced its participation in the acquisition of Ssangyong. On December 16, 2003, the main creditor's bank of Ssangyong Motor Co., Ltd. stated that Bluestar Group became the preferred negotiation target for the purchase of Ssangyong Motors. In March 2004, Blue Star Group’s spokesperson announced that the negotiations with Ssangyong Motor had stalled due to price issues and abandoned the acquisition. Although Blue Star has overturned this statement afterwards, no further answers have been given. On July 23, 2004, SAIC announced that SAIC has officially obtained the right to purchase Ssangyong S. Korea. This marks the birth of the first overseas acquisition of Chinese auto companies. On July 27, 2004, SAIC and Chao Ching Bank (CHB) reached a consensus on the Memorandum of Understanding for the acquisition of South Korea's Ssangyong Motor (SYMC) and formally signed a memorandum. According to the terms of the memorandum, SAIC Motor will become the exclusive first buyer of 48.92% equity of Ssangyong. On October 28th, 2004, SAIC and Korean Ssangyong Motor Company’s creditor’s committee signed the final sale and purchase contract of Ssangyong Motor Co. in Seoul, indicating that SAIC Motor officially acquired the equity of Ssangyong Motor. (Gong Guangjun)