subject: Acquisition cost of overseas debt increased risk warning SAC - mergers and acquisitions, debt and risk - construction machinery industry [print this page] Acquisition cost of overseas debt increased risk warning SAC - mergers and acquisitions, debt and risk - construction machinery industry
5 10, the SAC issued "on the central enterprises to carry out special inspections of foreign M & A issues a notice" until August, the survey in 2004 to 2009, the central enterprises and their subsidiary enterprises of foreign M & A situation, check The focus of foreign mergers and acquisitions involving business strategy and direction, decision-making process compliance, enterprise asset appraisal of the normative and the reasonable price and so on. SAC Board of Supervisors Board of work related to official said the move aims to further standardize and promote the central corporate M & A, strengthen risk management and control.
Acquisition costs, more difficult SASAC This time shot, overseas M & A environment is an important reason for the change. In 2009, the financial crisis is spreading the situation, the Chinese enterprises have become the highlight of the global M & A market, especially in resource-state-owned enterprises, to seize the opportunity of overseas resources prices.
From the Qing dynasties Research Center statistics show that: both the energy and mineral industries since 2009, completed a total of 14 overseas M & A transactions, amounted to 15.663 billion U.S. dollars, accounting for the total amount of China's overseas M & A was 97.2%. The first quarter of this year, energy and mineral industries are still the favored industries, the number of cases occurred and the amount of M & A ranks first.
However, things have changed. The current world economy recovers, rising commodity prices, overseas resources of the company's financial position has changed, a corresponding increase in the valuation, the cost of acquisition of overseas enterprises increased.
"For Chinese companies, most recently in 2012 for overseas resource development are not good acquisition opportunities." Nomura Securities chief economist of China Mingchun Sun interview, not without regret. "From the situation of economic recovery at home and abroad, growing demand for raw materials for goods, prices have been high and only getting more expensive."
EIU on the 110 executives of large Chinese companies survey also showed that the situation has stabilized as the economy rebound and transactions of the intensified competition, Chinese buyers may be at a disadvantage. Embodied in three aspects: first, the target for M & A more competitive; Second, China's investment need to be approved by government departments, time-consuming, high uncertainty; Third, the recovery of financial markets also brings more financing channels, so the sale will reduce the potential acquisition targets.
Economist Intelligence Unit estimated in 2010, will remain as the leading industry resources, in addition, agriculture, biotechnology, clean energy and real estate investments will also increase.
Establish joint ventures and alliances Acquisition more difficult because the Chinese enterprises overseas mergers and acquisitions are changing the old way, by seeking to establish more partnerships and strategic alliances manner, and avoid direct acquisition of assets abroad.
"Especially large state-owned enterprises, carried out in full if the tender offer sensitive and prone to political and public unrest, and therefore easier to delay approving link. And through the establishment of joint venture, alliance-building approach, is able to avoid such problems. "clear direction for M & A Division Research Center of analyst Yan Song Doo.
Nomura Securities chief economist in China Mingchun Sun believes that: "There are two advantages with multinational companies. First, dilute the Chinese style, lower from the political, governmental and public resistance to the acquisition; Second, transnational corporations experience in mergers and acquisitions in the rich high-skill, cooperation, shared interests can achieve a win-win. " Prior to the acquisition of aluminum
Rio Tinto, CNOOC acquisition of Unocal are in the United States ended in failure, mainly by the impact of government intervention. Now, China's senior management has come to realize, was the acquisition target of full ownership or control, not the best method. So now, only 27% of companies will choose to buy the way, 47% of the companies tend to through the establishment of joint venture (29%) or an alliance (18%) to complete the transaction. CNOOC's recent acquisition of perhaps the best example of this judge.
3 13, CNOOC billion purchase of 31 held by Bridas of Argentina Bulidasi a 50% stake, in order to achieve an indirect stake in Argentina's second largest oil producer, the largest crude oil exporter PanAmerican Energy 20 % interest, this advance the Latin American market.
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