Restructuring the blessing of the blessing will benefit Dongfeng’s “autonomyâ€
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Dongfeng reorganization Fuqi
The strategic reorganization of Dongfeng Motor Group and Fujian Automobile Group, which had been tangled for more than a year, was finally settled yesterday. The two parties formally signed the Fuqi Automobile Restructuring Agreement in Fuzhou, Fujian. Dongfeng Motor Co., Ltd. will acquire a 45% stake in Fuqi Group held by the Fujian Provincial State-owned Assets Supervision and Administration Commission in a capital increase manner to achieve cooperation at the Fuqi Group level.
After many scandals, Fuqi was finally reorganized into a successful and successful Dongfeng Motor. Yesterday, Dongfeng Motor Group and Fujian Automobile Group signed a cooperation agreement in Fuzhou. According to the agreement, Dongfeng Motor Co., Ltd. will acquire 45% equity of Fuqi Group held by the Fujian Provincial State-owned Assets Supervision and Administration Commission in a capital increase manner to achieve cooperation at the Fuqi Group level, but it will not involve the commercial vehicle segment. At the same time, Dongfeng Motor Group and Fujian Automobile Group will form Southeast Asia (Fujian) Automobile Industry Co., Ltd. in the form of an investment company.
Dongfeng enters the Southeast Car
According to the framework agreement signed by the two parties, Dongfeng Motor will acquire 45% of the shares of Fuqi Group held by the Fujian Provincial State-owned Assets Supervision and Administration Commission in a capital increase manner to achieve cooperation at the Fuqi Group level. If Fuhou's production and sales volume reaches 300,000 units, it will increase to 60%.
As with previous rumors, Dongfeng Motor Corporation and Fuqi Group have formed Southeast Asia (Fujian) Automobile Industry Co., Ltd. in the form of an investment company to realize Southeast Automotive Holdings, a subsidiary of Fuzhou Automobile. The specific method is that the investment company holds 50% of the equity of Dongfang Automobile, Dongfeng will use the transferred Fufang Group to hold part of the equity of Southeast Auto and capital increase, and it will account for 2/3 of the equity of the investment company. The remaining 1/3 of the equity will be owned by Fuqi.
Dongfeng Motor said that this signing will further optimize Dongfeng's business layout in the southeastern coastal areas, improve Dongfeng passenger vehicles, commercial vehicles, powertrains, key auto parts and auto level businesses, and promote the development of Fuqi Group. It is understood that 2015 will be another important timeline for the cooperation between the two sides. There will be the first practical cooperation results and there will be continuous cooperation in 2017 and 2020.
Good for Dongfeng's "great autonomy"
Dongfeng Motor Group and Fujian Automobile Group's "love" experience is quite a setback. As early as in 2009, Dongfeng Automobile frequently showed its interest to Fuqi Group and hoped to expand Dongfeng Motor’s own brand business through the acquisition of Southeast Auto. However, domestic large-scale automobile groups such as BAIC and GAC have also thrown olive branches at Fuqi.
Although Dongfeng and Fuqi reached a preliminary agreement on cooperation in the past year, the final signing was delayed. The incomprehensible equity interests of Fuka, Mitsubishi, and the Chinese party, as well as the differences in the pattern of reorganization with Dongfeng, are the main reasons for the delay in the cooperation between the two companies.
However, the restructuring of Fuqi is crucial for Dongfeng to develop a "large autonomy" strategy. Although the business performance of Fuqi in recent years is not satisfactory, the operating income in 2012 was only 10.26 billion yuan. The Group’s main business, Southeast Automotive, was not improved, but after Dongfeng’s reorganization of Fuqi, Fujian will become the Dongfeng of Guangdong Province in the south. As another strategic base, Dongfeng will expand its layout to further enhance the Group's position and influence, and at the same time, it can also use its geographical advantage to accelerate the advancement of overseas businesses. In addition, Fuzhou's Mercedes-Benz business to make up for a certain extent, Dongfeng in the luxury car gap. trend
Cross-regional integration acceleration in the automotive industry
In fact, the Chinese automobile industry has long been faced with a problem of low concentration. In the production of more than 1,000 vehicles of various types, the output of some enterprises is minimal or even zero; however, there are still more than 130 vehicle companies and their resources are scattered. Affected the development of China's auto industry.
During the “Twelfth Five-Year Plan†period, a number of ministries and commissions of the country will jointly promote the consolidation of eight industries, including automobiles, and cross-regional mergers and acquisitions, and the automobile will also become a key breakthrough point. The strategic cooperation between Dongfeng and Fuqi is the first reorganization of local major automobile groups by automobile central enterprises and will play an important role in promoting the restructuring and transformation of the automobile industry. In the future, with the intensification of market competition, such cross-regional horizontal reorganization will accelerate.
At present, a number of local car companies have a strong demand for restructuring, no matter which big group, dare not say that their own brands to achieve breakthroughs and lead, and the strategic restructuring between large groups is still the integration of production capacity, how to R & D resources Integrating and forming competitiveness remains to be tested.