The outside world has continued to pass on the "Dongfeng merger and acquisition of Fuqi". It has finally settled.
On May 16, the People's Government of Fujian Province and Dongfeng Motor Corporation signed a strategic cooperation framework agreement in Fuzhou. Dongfeng has acquired part of the equity of Fujian Provincial Automobile Industry Group Co., Ltd. in a capital increase manner, and has also established an investment company holding Southeast Automotive.
This acquisition is widely seen in the industry as another cross-regional auto company reorganization under the background of the State Council's request for the automobile industry to speed up mergers and reorganizations, which will also play an important demonstration role in promoting the structural adjustment and transformation of the auto industry. Through the alliance of Fuqi, Dongfeng has also increased its bargaining power over the competition of SAIC Motor.
However, Dongfeng Group, which passed the test of water southeast and then planned the entire reform of Fuqi, still left many questions in this purchase. For example, “the annual sales volume of southeastern automobiles (including engines) in 2015 will reach 300,000 if promoted by Dongfeng Motor. "The Fujian Provincial SASAC will transfer the remaining portion of its shares," a condition that will allow the industry to put a question mark on how South East Automobile and other companies can smoothly integrate with Dongfeng Motor's current passenger car system.
Dominance issues
On the signing ceremony of the strategic cooperation framework agreement for Dongfeng’s restructuring of Fuzhou on the 16th, it took only a short 20 minutes to contribute to this "marriage" of waiting for five years. The “marriage†between Dongfeng and Fuqi, in the words of the company itself, is another cross-regional auto company reorganization under the background of the State Council’s request for the automobile industry to speed up mergers and acquisitions after SAIC acquired Nanjing Automobile and Chang’an to integrate the Aerospace Department. It will also play an important role in promoting the structural adjustment and transformation of the auto industry.
“Through the strategic cooperation between the two parties, Dongfeng Motor will gather the resources of the Group and fully support the development of the base car industry in Fujian in the areas of passenger cars, commercial vehicles, powertrains, key auto parts, and automotive level businesses. Both sides will work together to accelerate And promote the realization of the scale of production and sales of 1 million automobiles in Fujian Province, said Dongfeng. At this time, Lian Xiaoqiang, chairman of Fuqi Group, who was standing in the corner of the stage, was unusually low-key.
Since the introduction of China's "Auto Industry Adjustment and Revitalization Plan" in 2009, Dongfeng and Fuqi have joined forces to become the second large-scale reorganization and merger case. According to ministries and commissions such as the Ministry of Industry and Information Technology, the auto industry will merge and restructure to form 2-3 large-scale groups with a scale of more than 2 million vehicles, and train 4-5 auto enterprise groups with a scale of over 1 million vehicles.
From then on, the news about the acquisition of the blessing steam will spread wildly. The data shows that in 2011, the production and sales volume of the Fuqi Group was only 123,000 units. In 2012, it was basically maintained at this level, so the fate of the increasingly fragile natural gas could not be swallowed up.
Pursuant to the acquisition plan, the investment company formed by Dongfeng Motor Corporation and Fuqi Group will jointly hold 50% equity of Dongfang Automobile. Dongfeng Motor Corporation will use the transferred Fudan Group to hold part of equity and capital increase of Southeast Automobile, which accounts for the investment company. /3 equity, which is 1/3 of the shares of Fuqi Group.
However, people are skeptical that while Dongfeng has repeatedly emphasized that it is a "strategic alliance" rather than a "restructuring merger" with Fuqi, this "cooperation" is also taking an unprecedented "merger and acquisition method." It is reported that this time the acquisition is using a gradual holding plan, Dongfeng can hold 45% of the shares in the first phase, and will only lock the object of integration in the Southeast Motor. If the annual sales volume (including the engine) of Southeast Automotive in 2015 will reach 300,000 units driven by Dongfeng Motor, Dongfeng may increase its holding to more than 60%, and it may expand its integration target to all companies within the Fuqi Group. Therefore, the future of Dongfang Auto’s own development and expansion under Dongfeng’s own ownership will be the key to Dongfeng’s ability to grasp the leading power of Fuqi. "In 2015, the annual sales of Southeastern Automobiles (including engines) will reach 300,000 if promoted by Dongfeng Motor, and the State-owned Assets Supervision and Administration Commission of Fujian Province will transfer the remaining equity, and Dongfeng will account for more than 60% of the shares of Fuqi. When Dongfeng takes away quality resources, it will take It's entirely possible to shoot buttocks. I believe Mitsubishi, Mercedes-Benz, etc. will also be happy to accompany it," said a car commentator.
According to relevant media sources, after the reorganization, the new company will still be chaired by Fuqi. The position of the general manager will be handled by Dongfeng Motor. After the reorganization, about 30 Dongfeng personnel will be employed in Southeast Automotive Management positions. Zhou Mi, deputy director of the external publicity department of Dongfeng Motor Company, told the Times Weekly that there is still no news to disclose about the formation of the new company.
“Future Dongfeng will also sort out other holding companies under Fuqi Group.†Liu Weidong, deputy general manager of Dongfeng Motor Corporation, told the media at the conference on the same day. According to Su Linlin, governor of Fujian province, who attended the signing ceremony, "Dongfeng and Fuqi will give birth to their first 'children' in 2015 and will continue to cooperate in 2017 and 2020." At the same time, according to the relevant materials of the Fujian Provincial Government, Dongfeng Reorganization Fuzhou Group estimated that the new investment will be approximately 20 billion yuan, the output value will exceed 100 billion yuan, and the investment in automobile-related industries in Fujian Province will be approximately 60 billion yuan, and the 2017 vision will be Fujian. The province was built as a million-level automotive base.
It is also worth noting that there is no commercial vehicle segment after Dongfeng Motor Corporation and Fuzhou Automobile Group have established Dongfang (Fujian) Automobile Industry Co., Ltd. as an investment company. Subsequent media broke the news that as early as Dongfeng and Fuzhou signed a contract, the two sides have agreed with Daimler, will not change the status quo of Fujian Benz, Dongfeng temporarily can not intervene outside the Southeast business. At the same time, there is also a claim that Fuzhou Group, which currently only rely on Southeast Automotive and Xiamen Golden Dragon to achieve profitability, will focus on commercial vehicle business in the future.
Convergence issues
Since Southeast Motor has become the protagonist in the “Marriage†of Dongfeng Fuqi, whether its future development will succeed or not will directly implicate Dongfeng’s ability to successfully lead the Fuqi.
However, the Southeast Auto Group, which is still composed of scattered shares of Fuzhou, Mitsubishi and China, will be integrated into Dongfeng’s current “autonomy†family. It still seems to be difficult for the outside world. This involves not only balancing the interests of three different shareholders, but more importantly, is Dongfeng’s own autonomous power strong enough?
As we all know, the Dongfeng Group's own brand has always been criticized by the outside world. With Nissan, Honda, Kia, PSA, Volvo, Mitsubishi, and upcoming Renault, Dongfeng has so far cooperated with a number of foreign brands. Last year, two Japanese-funded companies were affected by the Diaoyu Islands issue and have been relying on joint ventures. The Dongfeng Group's earnings last year only increased by 0.8% year-on-year.
On the eve of last month's Shanghai Auto Show, Dongfeng Motor Co., Ltd. released its Dongfeng passenger car brand with “Pride Forward.†Dongfeng’s style is Zhengzhou Nissan’s new brand name, and it has become the third brand popularized by Dongfeng Fengshen and Dongfeng. Attempting to install all independent brands under the “Shuangfeiyan†logo to expand the influence of the brand Dongfeng Group, people can not help but wonder “will the next was renamed Dongfeng××. Will it be Southeastern Automobile?â€
This issue is even more critical for Southeastern cars, which were originally not very good in their operations.
According to media reports, Chairman of the Board and Chairman of the Southeast Automotive Industry Co., Lian Xiaoqiang, disclosed in January that “Southeast Motor, the best asset under the Fuqi Group, has lost 2 billion yuan for five consecutive years before 2009 and has only recovered since 2009. profit". However, it seems that the lack of car models in Southeast China is also gradually being “marginalized†by the market. Only one Lingyue model is maintained at a monthly sales volume of around 3,000, and last year's launch of the V5 Lingzhi caused the market performance to be unsatisfactory. Southeast Automotive's product line has become increasingly aging. At the same time, some people in the industry are concerned that the core technology is entirely derived from Mitsubishi's Southeast Motor. If it is withdrawn from Mitsubishi, it will still be difficult to sustain its technical input. According to statistics from the CLUCC, in 2011 and 2012, Southeast Motor’s sales were 101,581 and 101,109, respectively, showing that the development has encountered bottlenecks.
"Dongfeng's own brand passenger car is already dazzling, and now has another one with the same price level. The automaker's self-owned brands under the Fuqi and Southeast Mitsubishi and how to achieve the current passenger car system with Dongfeng Motor Convergence will be a big problem," said some analysts.
In the current situation, the effect of the "grand autonomy" plan is not as expected. In this way, after the "Dry D300" plan is still full of unknown circumstances, after Dongfeng shares, it can really sell South East car sales in 2015. Is it raised to 300,000 or more?
Under Dongfeng Group's "ideal" "dry" D300 plan, it still relied on the "Kaichen" and "Siming" type joint ventures to remake the models, bringing the sales volume to 2 million units, and the other 1 million units. Had to rely on its share of Taiwan's Na Zhijie.
In contrast, Dongfeng Fengshen A60, which Dongfeng has always been proud of, is the only core technology that is derived from Nissan’s Lao Xuanyi platform. Currently, Dongfeng Passenger Vehicles, which still have no independent intellectual property rights in the field of passenger vehicles , as early as the outside world criticized. According to Sohu's car data production and sales library, from February to February this year, the sales of Dongfeng Fengshen A60 were 2757, 2440 and 2051 respectively.
“At present, we have only signed a cooperation framework agreement with Fushun. How we will further work in the future is still under study.†Zhou Jun told reporters.
At present, the three major brands of Dongfeng Passenger Vehicle are undergoing coordinated and unified research and development, procurement, production, and sales. At present, there are no signs that Southeastern Automobile will also be included in this collaboration. However, the two companies that are still struggling in the "struggle" will continue to be sparked by the future.
Forging
Forged Flange,Steel Forged,Steel Flange Precision
Krong International Trade Limited , http://www.shdiecasting.com