"Lalang Matching" Shelved: An Examination of Dongfeng's Reorganization of Fukuoka
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A year ago, at the Westlake Hotel in Fuzhou, Dongfeng Motor Company and the Fujian Provincial Government signed a strategic cooperation framework agreement including Dongfeng Capital Increase and Fuqi Group and Fuzhou Auto Group to establish an investment company to hold Southeast Automotive.
In the framework agreement, Dongfeng will acquire the 45% equity interest in Fuqi held by the Fujian Provincial SASAC in a capital increase manner. Secondly, Dongfeng will hold Southeast Automotive with Fuqi Group in the form of an investment company. Dongfeng holds the investment company. /3 equity.
However, one year later, the reorganization case that had originally ended in accordance with the plan had not been completed. It was even reported that Dongfeng and Fuqi had already terminated negotiations.
The answer provided by Dongfeng's responsible person for external communication was “unclear and not to commentâ€. As the owner of the equity of Fuqi Group, a person from the Fujian Provincial SASAC stated during the reporter’s confirmation that “this matter is better for the parties concerned. Point", there is no direct response. Fu Qiang, chairman of FuChang, said in an interview with the media recently: “Restructuring, like falling in love, can be accomplished without success, and the wishful thinking cannot be successful.â€
Is the framework agreement signed last summer turned into a piece of paper with Dongfeng's investment sentiment towards the PSA project and the stronger desire for independent independence of Fuqi?
Assistant to General Manager of Dongfeng Motor Co., Ltd. and Vice President of Dongfeng Motor Group Co., Ltd. Cai Jun, responded to the reporter: "Dongfeng and Fuqi cooperation are still under negotiation. Both parties are still working hard and have not announced the termination."
Obviously, the Dongfeng restructuring of Fuqi, the two sides did not make decisive progress in the negotiations, even as the Dongfeng Strategic Planning Department responsible for the reorganization of Fuzhou in the first half of 2014 has been busy PSA project can not be separated, Fuqi project has been temporarily shelved the cold.
“Because the relevant personnel spent more time on the PSA project, the development of the Fuqi project has been lagging behind (as compared to the plan).†Cai Yu further added.
Denying the termination of negotiations At the end of May 2013, a Dongfeng due diligence team with a scale of dozens of people entered the Fuqi Group after the signing of the framework agreement. The “outsiders†in the eyes of Fuqi Group began to appear in many companies under Fuqi. Factory area.
After the New Year's Day in 2014, Dongfeng's due diligence on Fuqi was completed. The team responsible for the due diligence investigation withdrew Dongfeng Headquarters Wuhan in full. After the due diligence investigation, the scene of signing the formal reorganization agreement did not appear.
Although Dongfeng expressed that it has not terminated the negotiations, there is no timetable for signing the last legally effective capital increase and shareholding and related agreements. Obviously, compared with the original plan, Dongfeng’s restructuring of the Fuqi project has been seriously lagging behind, especially compared to the currently focused PSA (France Peugeot Citroen Group) project.
On February 18 this year, Dongfeng Group and the French government, the Peugeot family, and the PSA company drafted a memorandum of understanding and a cooperation framework agreement in a mutually hand-signed manner. On March 26th a month later, Dongfeng Group was in China’s President Xi Jinping and France. Under the leadership of President Hollande, the French government, the PSA Peugeot Citroën Group (PSA) and the EPF and FFP companies controlled by the Peugeot family have signed a formal shareholding agreement to subscribe for approximately 14% of PSA’s shares at a consideration of EUR 800 million.
The time for the PSA to sign the formal share subscription agreement and the memorandum of understanding was one month. After the Dongfeng reorganization of the Fushun project was signed one year later, whether or not the formal agreement can be signed is still a question mark.
From the standpoint of Lian Xiao Qiang’s recent remarks, “Reforms are like love, they can be accomplished, they can't be accomplished, they can't be reluctant to do it, and the wishful thinking can't be successfulâ€. We can also see the attitude of Fuqi in reorganization.
Beginning in 2011, BAIC withdrew, and GAC was strongly opposed to the Southeast China Motor Company’s shareholder Taiwan Chin Motors. It was eager to expand the auto industry's Fujian provincial government and abandon the idea of ​​independent development, targeting the central enterprises Dongfeng and Changan.
Together with China Mobile's parent company, Taiwan Yulon Group, it has a good position among the many objects of Fujian Provincial Government's signings.
As a result, the two parties began contact in 2011, began formal negotiations in 2012, and officially signed the framework agreement in mid-May 2013. “This matter is not something that Dongfeng has to buy. At that time, Fujian Province was eager to expand the auto industry and wanted to introduce some big groups. They had contact with BAIC, Chang’an, and GAC.†Zhu Fushou’s acquisition of Fuqi afterwards. The cause is like saying.
According to the best expectations of the signing of the framework agreement in mid-May, due diligence, including financial audits and property assessments, will be completed within three months. That is, the investigation will be completed in August last year. The Group signed specific equity transfer and capital increase agreements in accordance with the previously signed framework agreement.
The due diligence originally scheduled to be completed in 3 months actually took Dongfeng 7 months. Dongfeng's due diligence on Fuqi was not as smooth as originally envisaged. The restructuring of Fuqi Asset exceeded the original expectation. .
Obviously the extension of due diligence has disrupted many established plans and crashed into the PSA project with Dongfeng. Dongfeng Strategic Planning Minister Liao Zhenbo and his team became the most busy team. There is no doubt that the importance of using PSA technology and comprehensive cooperation to achieve Dongfeng’s self-reliance and comprehensive overtaking is much greater. In the future, PSA cooperation projects will be the focus of Dongfeng for a long time. Fuyou projects have been temporarily classified as secondary. .
At the beginning of this year, under the situation that Dongfeng reorganization of Fuqi was slow, the Fujian Provincial SASAC allocated a portion of the shares of Xiamen Golden Dragon to Fuqi for free, hoping that Fuqi could develop, and Fuqi formed Southeast Automotive, Fujian Benz and Xiamen. Jinlong, the new Longma four plate situation.
Shelved behind <br> <br> beginning adhere to independent development, was compromised by the re-organization is restructuring east Fujian Province, recently began to appear vague statement, Fu steam future Adds variables. “Cooperation with Dongfeng is in love, but overall it should feel good, but there are many reasons to consider, such as the will of shareholders and the government. Many things are not based on my own will.†Lian Xiaoqiang said.
The factors of shareholders in Lian Xiaoqiang include Daimler, a foreigner of Fujian Benz, who also has concerns because it is a competitor with Dongfeng partner Volvo in the truck field.
According to the original framework agreement, the first step of Dongfeng’s reorganization of Fuzhou Automobile is to indirectly hold Southeast Automotive through equity restructuring. As the key personnel appointment to the southeast, the new general manager of Southeast Automotive will be dispatched by Dongfeng. At the same time, once a formal agreement is signed, Dongfeng will send more than 30 people to the key management positions of Southeast Automotive. As of now, the Dongfeng area has not yet been confirmed, and it also confirms that the restructuring of the Fuqi project has been slow.
Dongfeng had been the conservative image of domestic mergers and acquisitions before last year. Since the failure to invest 2 billion yuan to participate in Hafei in 2008, the Dongfeng decision-making layer headed by Xu Ping was more conservative and cautious in its attitude towards mergers and acquisitions. Dongfeng policy makers do not want to see a failed acquisition, which reduces the company's development and its own professional career. "Now, we have given Hafei a very sensible abandonment. In a few years, we must not only invest billions of yuan, but also be responsible for the placement of personnel and prevent various social destabilizing factors. Look at the recent cases of domestic mergers and acquisitions, saying that In fact, we all feel scared.†Zhu Fushou said.
“Although the Fuqi project was affected by some external forces, the two sides remained in contact and the top management of the two sides maintained contact,†Zhu Fushou said in an interview with other media. In addition to Dongfeng itself innocent, what is the external force of Zhu Fushou's mouth?
“The most crucial cooperation between Dongfeng and Fuqi is in Southeast Automotive, but there is also a communication process. Cooperation with other business segments of Fuqi involves shareholders' wishes. At present, we have not discussed yet. The object of our first step cooperation is still mainly In the southeast of this block.†Lian Xiaoqiang said last year that the reorganization of Dongfeng and Fuqi remained at the Southeast Automotive level.
According to Southeastern insiders, the reason why Dongfeng failed to enter the Southeast is that negotiations with Mitsubishi, one of the Southeastern shareholders, have not yet been completed. After the Dongfeng's due diligence on Fuqi was completed, under the cooperation of Yulon in Taiwan, representatives of Dongfeng, Fuqi and Chinese representatives originally planned to travel to Mitsubishi headquarters in Japan to negotiate with Mitsubishi about some of the delicate issues of Dongfeng personnel stationed in the southeast. A good trip. However, the team has not been able to set the starting point. The specific reasons cited above are unknown.
According to Zhu Fushou, due to the relationship between Yulon in Taiwan, Dongfeng can find a synergy and win-win model in the Southeast Automotive Project, which is also an important meeting point for Dongfeng's reorganization of Yulon. However, Dongfeng teamed up with Yulon’s plans to expand southeast and it also put foreign shareholders Mitsubishi at risk of being kicked out.
In 2013, the total sales volume of South East Automobile was about 120,000, an increase of 13%, of which the sales of self-owned brand models increased by 21%, and the annual profit increased by 87%, which also increased the self-reliance of Fuqi. The latest news is that Lian Xiaoqiang, who was supposed to end his term of office, will continue to stay in Fuzhou. This will also leave Li Xiaoqiang and Fuqi for three years to continue to prove his time.