Nearly a year has passed since the Dongfeng (Dongfeng Motor Company) reorganization of Fuqi (Fujian Automobile Group) news again.
A few days ago, there were news from Fuqi Group that Dongfeng intends to fully reorganize Fuqi, and Fujian Provincial Government, where Fuqi is located, also tends to allow Fuqi to “graft into central enterprisesâ€.
In fact, this is not the first time that news of Dongfeng's reorganization of Fuqi has been reported. Before July 2011, there was news that Dongfeng hoped to rely on Taiwan Yulon Motor to achieve the restructuring of Fuqi, and in this process, the rumors of BAIC and Guangzhou Automobile's reorganization of Fuqi were never interrupted.
This time, Dongfeng and Fuqi's reorganization hope can be successfully achieved?
Resurrection
Compared with the previous reorganization of the fog, this can be at least clear that the Fujian Provincial Government, the head of Fuzhou, has been more “heartyâ€.
In the "Twelfth Five-Year Plan for National Economic and Social Development of Fujian Province" (hereinafter referred to as the "Outline"), the Fujian Provincial Government has made it clear that it is necessary to "cultivate large corporations and large corporations and support dragon skull enterprises." Development of headquarters economy, cross-region development with headquarters in Fujian, and support for cross-regional, cross-industry, cross-industry cross-ownership mergers and acquisitions by leading companies.
While the “Outline†encourages Fuqi to increase investment and revitalize stock assets, the Fujian Provincial Government also hopes Fuqi will “achieve rapid expansion through participation in major companies at home and abroad, grafting of central enterprises, restructuring, or issuing bondsâ€.
Among the previously rumored three reorganization parties (Beiqi, Guangzhou Automobile and Dongfeng), only the Dongfeng Group was a central enterprise. From the current situation, Dongfeng’s status as a central enterprise apparently became one of the first-selected conditions for the merger and reorganization of Fufeng Gas. On the July 26, 2011 Dongfeng Limited Mid-Term Business Plan Conference, Xu Ping, Chairman of Dongfeng Motor Corporation, stated to the media that he had asked questions about his restructuring of Fuqi: “Although we have no specific information on the restructuring of Fuqi, we have no news yet. , but the market is constantly changing and any possibility will happen."
“Dongfeng is planning the integration of Fuqi. As the attitude of the Fujian provincial government is now favored by Dongfeng, this central enterprise identity company, the probability of this acquisition is very high. If the acquisition is completed, this will affect the subsidiaries of Fuqi. Very large.†An insider of Fuqi Group told reporters.
Compared with the "positive" attitude of Fuqi, Dongfeng is very cautious. “We haven’t received any specific information yet.†On June 6, 2012, Dongfeng Motor’s stakeholders said in an interview with reporters, but it later emphasized that “Xu Xu (Xu Ping) had previously set the reorganization of Dongfeng’s foreign currency. 'As long as it can form strategic complementary reorganization with Dongfeng, Dongfeng is the keynote of interest'.
Dongfeng South Blow
In fact, the news that Dongfeng wanted to reorganize the Fuqi began as early as in 2011. At that time, Dongfeng Motor was negotiating with China Motor Corporation, a wholly-owned subsidiary of the Taiwan Yulon Group, in an attempt to restructure Southeast China Automobile Co., Ltd., a joint venture between China Motors, Fuqi Group and Mitsubishi.
Due to the large number of companies involved and the complex relationship of assets, it is necessary to first sort out the relationships among the parties involved in the reorganization.
In 2011, Dongfeng and Taiwan Yulon Group each invested 50% to establish the Dongfeng Yulon Joint Venture; China Automotive Department Yulon Group's wholly-owned subsidiary; Southeast Automotive Notify Automobile Group, Mitsubishi Motors and China Motors each held 50% and 25% respectively. And 25% of joint venture companies. It is precisely because the shareholders of the company include Yulon Group. Therefore, the Dongfeng Group, which has just formed a joint venture with Yulon Group, has the possibility to restructure Southeast Motor.
At that time, it was reported that executives of Dongfeng Group had visited Taiwan and Japan in China, and talked with the Southeast Asian Auto Company about the restructuring issues. The specific restructuring model is that Dongfeng hopes to persuade the Southeast Asian Automobile Group’s major shareholder Fuzhou Automotive Group to “divide†the Southeast Auto and let South East Motor establish a joint venture with Mitsubishi and China Motors respectively. Divided into two" - one to become a joint venture company established by Fuqi Group and Mitsubishi Corporation, and one to become a joint venture funded by Fuqi Group and Zhonghua Automobile. In this way, in the new asset structure, Dongfeng Group can restructure Southeast Automotive by replacing, repurchasing or relocating China Motors.
Later, Beiqi and GAC began to frequently expose news of preparations for the acquisition of Fuqi. “From a geographical point of view, Guangzhou, where Guangzhou Automobile is located, and Fujian, where Fuqi is located, are relatively close. Regardless of cultural or operational communication, this will facilitate the smooth development of the future business after the reorganization between the two sides.†A high-level person from GAC once told reporters †“GCU and Fuqi have been in discussions and discussions on reorganization issues all the time.†At the beginning of this year, according to the reporter’s understanding, BAIC’s top executives also continuously visited Fuqi and hoped to contact Fuqi for acquisitions.
In the face of pressure from the acquisition, Dongfeng changed his style of play and began to prepare for a direct purchase of Fuqi.
Interest map
In fact, in recent years, the state has encouraged the merger and reorganization of the automotive industry, and the trend of reorganization around Fuqi has been the focus of the automotive industry. From the perspective of the two companies Dongfeng and Fuqi, they also have sufficient restructuring or restructuring needs.
In the “12th Five-Year Plan†of Fujian Province mentioned above, the Fujian Provincial Government gave priority support to the automobile as one of the three key industries, and proposed that the total output value of Fuqi Group in the final period of the “Twelfth Five-year Plan†should reach 200 billion yuan. The target of 1.1 million vehicles (in 2011, the total output value of Fuqi Group was 13.059 billion yuan and sales volume was 123,100). Fuzhou is still in a profitable state of affairs at present, but if there is no external support, it is not realistic to achieve the above goals in 2015.
The current situation facing Dongfeng is that, while maintaining the existing pattern, it is most important to win the initiative in the competition among the three major auto groups (Shangqi, FAW and Dongfeng). In particular, the development of the self-owned brand passenger vehicle that has been regarded as a top priority by the Dongfeng Group will achieve the production and sales target of 2 million units by 2015 (in 2011, only 160,000 units of Dongfeng Group's own-brand passenger vehicles were sold). Dongfeng Group definitely needs a new development idea.
If it can successfully restructure the blessing, Dongfeng will place a pawn in the south, which is obviously beneficial to the stability and improvement of Dongfeng's production and sales rankings, and it is conducive to Dongfeng’s vigorously advancing “grand autonomy†strategy.
However, the person in charge of a domestic automobile company group stated that the most difficult problem for the reorganization incident lies in the integration problem after reorganization. "Dummul bought Chrysler for $40 billion in 1998. Later, because of a series of integration problems in production, research and development, and sales, it was difficult to coordinate, causing Daimler to lower prices in 2007 for $7.4 billion. Chrysler is sold. The purpose of the merger and reorganization is to achieve the effect of '1+1>;2'. Therefore, how to solve the integration development problem after the merger and reorganization will still need further exploration for Chinese auto companies," said the person in charge.
Indeed, the recent suspension of the Changhe Auto Project exposed the various problems of integration after the acquisition and reorganization, indicating that the reorganization will also face thorny problems such as internal property rights, qualifications, business ideas, taxes, etc., distribution and sharing, etc. For Dongfeng Motor, which is preparing to acquire Fuqi Group, it should obviously become a problem that it fully considers and solves during the acquisition negotiations.
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