Beiqi’s success in acquiring Daimler vehicles in Fujian is close at hand

Fujian Daimler, which has not yet officially put into production, may face the situation that it will replace major shareholders once it is put into operation. The Beijing Automotive Industry Holdings Co., Ltd. ("Beiqi"), which has just folded off the Opel acquisition, may have made some gains in its domestic acquisitions.

The Fujian Automobile Industry Group (hereinafter referred to as “FuChang”), which has been slowly advancing, is reorganizing and will soon achieve phased results. According to related parties of Fuzhou Automobile, under the big framework of split and reorganization, the restructuring negotiation of the Daimler project in Fujian, which was first launched, is nearing completion and will soon be signed with Beiqi.

The CBN reporter learned from Beiqi’s internals that BAIC executives had stated that both parties will sign preliminary intentions in mid-July and that BAIC also sent someone to Fuqi last week. The reporter then called Wang Fu, Assistant to General Manager of Fuqi. He admitted that the two sides did talk about it, but the specific details were not convenient for comment.

The reorganization of Southeast Auto has not been so smooth. At present, the negotiations between Fuqi and Guangzhou Automobile Group are still suspended. According to insiders, the agreement has not been reached so quickly.

Fufang Automobile related sources disclosed to CBN reporter that FuChang and Beijing Automotive Group have already reached preliminary intention. FuChang will transfer 40% of Fujian Daimler's shares to BAIC and retain 10% of its own shares, thus giving up control. However, because the transaction price has not yet been finalized, the agreement has not yet been signed, but it is expected that the negotiations will soon end.

He said that because Fujian Daimler is a new project and the property rights are relatively clear, there is no historical burden, but this involves the issue of state-owned assets. How to determine the transaction price needs further discussion. A person involved in the negotiations told CBN reporters that no agreement has been signed except for the confidentiality agreement.

The principle of reorganization that had been established long ago by Fushun was to split up and reorganize, and to make it easier after the first time. According to this principle, the reorganization of Daimler in Fujian is ahead of the reorganization of Southeastern Automobile.

After BAIC obtained 40% equity interest in Fuqi Daimler, it became Daimler's only partner in China. This will further rationalize Mercedes Daimler's domestic development ideas, and it will try its best to cooperate with BAIC. At present, Mercedes-Benz Daimler has two domestic partners, BAIC Group and Fuzhou Auto, among which BAIC is the main partner and owns the Mercedes-Benz sedan and the Foton Daimler project.

Daimler propaganda in Fujian told the media: “The change at the shareholders level does not affect the production plan.”

According to previous plans, the new NCV2 offline ceremony in Daimler, Fujian, will be held at the end of this month. Large-scale promotion plans will also be launched simultaneously. However, the current promotion plan has been determined to be pushed back to September, so the offline ceremony is very likely. Pushed back to September.

If the equity transfer is successful, Fuzhou holds a 10% stake and becomes a purely strategic investor. The ownership structure of Fujian Daimler will then become 40% for BAIC, 33.78% for Daimler, 16.22% for China Motors, and 10% for Fudan.

Fujian Daimler laid the foundation in Fuzhou in October 2007, with a total investment of 249 million euros, registered capital of 160 million euros, and an annual output of 40,000 vehicles. The project will be held by Fuqi Automobile with 50%, Daimler with 33.78% and China Motors with 16.22%.

“Beiqi’s acquisition of Fujian Daimler is a win-win result for BAIC and Daimler.” The auto reviewer Zhong Shi analyzed that Daimler will actively promote BAIC's successful acquisition of Daimler in Fujian and form a “big Mercedes” in China. the concept of.

In Daimler's business structure in China, the sedan is for Beijing Benz, the light-duty vehicle business is in Fujian; Daimler has chosen to establish a joint venture with Foton Motors, a subsidiary of BAIC, in the commercial vehicle (heavy truck) that has just entered the Chinese market. Zhao Jingguang, deputy secretary of the Foton Motor Party Committee, told reporters that the cooperation between the two parties is proceeding smoothly.

Suspension of South-East Reorganization

Compared to Daimler in Fujian, the reorganization of Southeast Automotive is much more complicated. According to related persons from Fuqi, the negotiations between Fuqi and GAC Group are currently suspended.

Fuqi related people believe that the ownership relationship of Southeast Auto is relatively more complex, and the historical burden is heavy, involving many benefits, and reorganization cannot be performed as fast as Fujian Daimler.

He said that although the negotiations were suspended, the general direction of the restructuring of Southeast Automotive and GAC has not changed.

At the Southeast China Motors Domestic LANCER EX Chinese Name Conference, Chairman of the FuChang Chairman Lian Xiaoqiang said: “How about the reorganization and how is it beneficial?”

A person close to Guangzhou Automobile told the CBN reporter that at present, GAC Group has indeed suspended negotiations with Fuqi and instead fully engaged in negotiations with Mitsubishi Motors. He believes that for GAC, whether it is the ultimate solution to the development of Changfeng Motor or the reorganization of Southeast Auto, it must reach a final cooperation intention with its foreign partner, Mitsubishi Motors. At present, solving the development issues of Changfeng Automobile is the focus of work of GAC Group.

In fact, the focus of reorganization is not on who is involved, but whether it can completely activate Southeast Motor after reorganization. The most critical factor in the reorganization of Southeast Motors is Mitsubishi Motors, which has been silent. Regardless of who participates in the reorganization of Southeastern Auto, it must reach a follow-up cooperation intention with Mitsubishi Motors, so that the reorganized Southeast Motor will have the possibility of rejuvenation. In this sense, GAC Group, which has already completed reorganization with Mitsubishi's other partner, Changfeng Automobile, still has absolute advantages.

A senior official of Fuqi once told CBN reporter that the basis of Southeast Automotive is not bad. The reason why it has fallen to the present stage is mainly the problem of equity disputes and business ideas. As long as other ideas are changed, Southeast Automotive will soon be able to make a comeback.

In the reorganization of South East Cars, in addition to the government's idea of ​​activating the local auto industry, Mitsubishi Motor’s willingness also played a major role. For Mitsubishi Motors, which has been disobedient in China, this will be the last chance to accelerate the vehicle manufacturing industry in China and determine its fate in China.

Mitsubishi Motors is unusually low-key in important moments that affect the fate of Mitsubishi Motors in China. No remarks were made on the reorganization of Changfeng Automobile and Southeast Motors. In an interview with the last CBN reporter, Mitsubishi Motors was only concerned with how Mitsubishi Motors would respect the basic policy (merger and reorganization) on the basis of long-term commitments. The development of a local production joint venture with Mitsubishi characteristics and the import of whole vehicle business will be discussed in China."

Concerning the rumors that the major shareholder Fujian Automotive Industry Group may be reorganized, on June 18, Golden Dragon Motors issued a clarification announcement that no major shareholder may be restructured within the foreseeable future and within the next three months. It may involve the integration of South East Automotive and Golden Dragon Auto, and there are no other issues that may affect the changes in the ownership of Jinlong Auto.

Combining this clarification announcement and the introduction of people close to Guangzhou Automobile, the reorganization of Southeast Auto will still take several months.

View related topics: China's auto industry recommence mergers and acquisitions wave

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