Dongfeng recombination blessing steam cloud gradually open

Strategic Framework Agreement or Signed in December

The "Dongfeng Reorganization of Fuzhou Case", which has attracted much attention from the industry, has finally begun to set the tone.

According to news recently, following the strategic cooperation meeting between the Fujian Provincial Government and Dongfeng Motor Corporation in August, the two parties intend to formally sign a "strategic cooperation framework agreement" on Dongfeng's restructuring of Fuqi at the end of December and confirm that the acquisition will continue to use " The two-step cooperation model, in which Dongfeng first acquired part of the Fugas Group for development, will consider fully adopting the Fuqi after the expected target is reached.

We have made progress in the specific cooperation model and signing time with Dongfeng, so that the blessings that have been tangled up have the potential to improve. However, for Fuqi and Dongfeng, the only thing the two sides should do at the end of December is a ceremony for “comparing relatives”. After officially entering the “marriage”, Dongfeng and Fuqi will also face resource integration, performance improvement, business ideas, etc. Many difficult issues.

Good things are near

An informed source close to Fuqi revealed in an interview with reporters that the two sides have already drawn up the formal signing of the "Strategic Cooperation Framework Agreement" in December.

“I also listened to the senior officials of Fuqi at an informal occasion to mention Dongfeng’s reorganization of Fuqi.” A source close to Fuqi revealed in an interview with the reporter that the two sides have already formulated the “Framework Agreement for Strategic Cooperation” formally signed in December.

According to the sources mentioned above, apart from the timing of the signing of the strategic cooperation agreement, both parties also preliminarily determined that “the previously agreed reorganization model will be followed”. After the signing of this framework agreement, Dongfeng will acquire 40% of Fuqi Automobile Co., Ltd. (currently Steam is a state-owned sole proprietorship company in Fujian Province, and a general manager was assigned to Fuzhou Automotive. Subsequently, after the total sales volume of Fuqi Group reached 300,000 units, Dongfeng subscribed for 20% of Fuqi's shares to achieve full control.

In response, Lian Xiaogang, chairman of Fuqi Group, said “no comment” on the outside, and Dongfeng Party Committee Propaganda Department also said that “there is no relevant news at this time.”

It is understood that in July this year, Dongfeng officially launched the restructuring of the Fuqi project. The relevant departments of the Fujian Provincial Government directly contacted and negotiated with Dongfeng. By the end of August, the Fujian Provincial Government had a strategic cooperation framework agreement with Dongfeng and plans to sign a strategic cooperation framework agreement on September 17. However, under the influence of the Sino-Japanese Diaoyu Island incident, Mitsubishi, a Japanese partner in the southeast automobile of Fugas, was forced to postpone the signing of the agreement to reduce its negative impact.

In accordance with the Dongfeng restructuring plan of Fuqi, which was previously announced, Fuqi will be incorporated into Dongfeng's strategic plan as a whole. Southeast Motors will become Dongfeng's strategic base in the southeast region, and will develop its own brand cars in the future.

For Dongfeng, the development of “individual brands” is its top priority. Dongfeng intends to complete the production and sales target of 2 million vehicles in 2015, and it is certain that it will continue to rely on external resources and internal resources to integrate development. In 2011, the overall sales volume of Dongfeng's own brands was 160,000 units, which is not much different from the target of 2 million vehicles. If Dongfeng reorganizes the Fuqi Group, its own brands such as Delica, Fulika, Lingbao, Lingli and Lingyue, as well as the newly launched new Longma minicar project, will all have an increase in Dongfeng's own brands.

From the point of view of the Fujian provincial government that dominates this reorganization plan, compared to BAIC and GAC, whether it is capital strength or management experience, Dongfeng, as a central state-owned enterprise, should be better and better. The choice of Dongfeng is also in line with the Fujian provincial government's blessing for " "Grafting Central Enterprises". In this cooperation, whether the reorganization can obtain greater benefits, whether the reorganized blessing gas can contribute more GDP value to Fujian, etc., is the focus of the Fujian provincial government.

However, the fact that can be ascertained now is that since Fuzhou Motors reorganized the negotiations on the negotiation table in 2009, Dongfeng has achieved a “phased victory” among the three car companies participating in the reorganization including Beiqi, Guangzhou Automobile and Dongfeng. The next step is to look at the details of the discussions between the two sides on specific cooperation content.

Every thought

So far both parties have not mentioned the specific price of Dongfeng’s 40% stake in Fuqi, which is precisely the more critical factor.

Although the Dongfeng and Fuqi are already holding hands together, both sides have their own thinking in mind.

“For Dongfeng, the next most important thing is to consider whether this investment can achieve the desired return.” Zhong Shi, a renowned car commentator, believes that in order to obtain greater benefits in the restructuring process led by the local government, Fujian Province The government will naturally request reorganization methods, equity allocations, subscription prices, etc. This depends on Dongfeng’s belief that the “sales” value is not worth doing.

At the same time, the Fujian Provincial Government is also maintaining a wait-and-see attitude toward this cooperation with Dongfeng. According to an insider of Fuzhou, the goal of achieving 300,000 production and sales targets by the framework agreement by 2015 is an initial operational goal set by the Fujian Provincial Government for “Dongfu Cooperation”, and it is also hoped that the cooperation between the two parties can effectively Fuqi brings about changes in production and sales. Once the two parties' cooperation in the earlier period is not as smooth as they thought, then the two parties will no longer have to implement the framework agreement.

In fact, according to the information released by the Fuqi Group, the overall production and sales volume is still a small gap from the 300,000 vehicles. Currently, Fuqi owns more than ten wholly-owned, equity-holding, and holding companies such as Southeast Automotive, Fujian Benz, Xinlongma Automobile, and Xiamen Auto, with an overall asset of more than 2 billion yuan. According to relevant statistics, in 2011, the overall production and sales volume of Fuqi Group was 123,000 units, which was a decrease of 6.9% and 6.1% respectively year-on-year. The 2012 data shows that the full-year sales of Fuqi are expected to be the same as in 2011. It can be seen that promoting the rapid increase in production capacity will be the most direct test faced by both parties after their formal cooperation.

In addition, industry insiders also believe that so far both parties have not mentioned the specific price of Dongfeng’s 40% stake in Fuqi, which is precisely the more critical factor because Fuqi had previously failed to successfully cooperate with BAIC. It is a "preceding lesson".

As early as in 2009, BAIC and Fuqi have already reached preliminary intentions on reorganization. According to the preliminary plan prepared by the two parties at the time, BAIC will acquire 40% of the 50% equity interest in Lifu Auto from Fujian Daimler (a joint venture between Fuqi and Daimler 50:50), and the proportion of shares held by Fuqi Group From 50% to 10%. At that time, Fuqi Group also accepted this idea in principle. Subsequently, Double Easy began to study the new overall reorganization agreement, but the reorganization plan gradually fell into a deadlock.

“At that time, Beiqi took out 500 million yuan, and the Fujian Provincial Government was too young to temporarily put the cooperation down.” According to informed sources, the failure to negotiate the price of the equity subscription was the key point that affected BAIC's successful reorganization of the blessing. Obviously, Dongfeng's acquisition of Fuqi will undoubtedly face the problem of the purchase price tag.

Anterior suspense

Dongfeng’s restructuring of Fuqi should realize the “1+1>2” effect, and it still needs to straighten out the internal property rights relationship of the Fuwa after restructuring and let the products of all parties form a joint force.

“Because the cooperation was led by the Fujian Provincial Government, Fuqi has been taking a wait-and-see attitude in this process.” The above source said that after the battered Fuqi experienced a failure to restructure with BAIC and no hope of a joint venture with Mitsubishi, The cooperation with Dongfeng is also more urgent this time.

In fact, after BAIC failed to restructure, Fuqi also had the idea of ​​relying on a joint venture with Mitsubishi to achieve its own development. According to report, in order to achieve equal equity joint venture with Mitsubishi, Fuqi Group has promoted the plan to “divide” Southeast Automotive – Fuqi Group and Mitsubishi Motors and China Motors have established an equity-equity joint venture, will be the Southeast Automotive One Divided into two. In an interview with a reporter, a senior executive of Southeast Automotive stated that the “equalized joint venture plan” previously negotiated by the three parties’ shareholders was later aborted because he had not obtained approval from relevant departments.

“Fuzhou Energy and Mitsubishi are the best partners for a joint venture, but in reality, joint ventures are not easy to achieve,” said the senior executive from the Southeast. For a long time, Fuqi has been working hard to promote a joint venture with Mitsubishi’s equity. However, Mitsubishi’s attitude to Fugas could only be “a strategic partnership with Southeast China,” due to the establishment of a joint venture of Mitsubishi Mitsubishi. ".

In the hope of a joint venture with Mitsubishi, the pressure on Fugas to solve the current performance dilemma will be even greater.

According to data released by the Fujian State-owned Assets Supervision and Administration Commission, in 2011, the production and sales of automobiles by the Fuqi Group were 123,000 units and 123,100 units respectively, down 6.85% and 6.07% year-on-year; sales revenue was approximately 11.5 billion yuan, down 5.94%. In the first half of 2012, Fuzhou Group owned vehicles only completed 88,033 vehicles sales, operating income of 13.8 billion yuan, barely flat with the same period last year.

Although from the current point of view, the framework agreement reached with Dongfeng for strategic cooperation has allowed Fuqi to revisit hopes, but some analysts believe that Dongfeng’s restructuring of Fuqi should realize the effect of “1+1>2” and it still needs to straighten out the restructuring. The internal property rights relationship of FuChang and the formation of synergies between the products of all parties is a matter that any reorganizing party needs to consider from now on.

“The current difficulty for Fuzhou is the narrow product line. Both China and Mitsubishi have no more new models to introduce. Since 2009, the stagnation of the overall production and sales volume has also led to low enthusiasm for talent. These are also blessings. Steam hopes to use the east wind to change the reality." The aforementioned source believes.

“Even if Dongfeng can complete the reorganization of Fuqi or its related businesses, it is only the beginning of the Fuqi recombination project.” Zhong Shi believes that in the future, Fuqi will face the adjustment of business ideas and tax allocation and sharing issues. For any company preparing to plan a restructuring of Fuqi, it should be a matter that it fully considers and solves in the process of acquisition negotiations.

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