After three years of "long-distance love," Beiqi Futian and the multinational car giant Dyke finally achieved a "joint venture." Yesterday, Foton (600166) (Quote, Information) issued an announcement and the board of directors decided to issue a private placement to Dyke. After the additional issuance, Dyke will take 24% of the shares.
The second largest shareholder. Through the placement, Dike avoided the domestic automobile joint venture quota limit, and the curve achieved in-depth cooperation with BAIC's commercial vehicle business.
Curve realization marriage
After eight days of anxious waiting, the market finally ushered in the resumption of Beiqi Foton (600166).
Yesterday, Foton announced a private placement plan and announced the issuance of a total of 426,120,955 shares to the actual controllers Beiqi Holdings and DaimlerChrysler Group (hereinafter referred to as Dyke), of which Dyke, a foreign strategic investor, received 297,007,069 shares. After the issuance of 24% of the new share capital, Futian became the second largest shareholder.
Foton Motor began trading on November 22, after a daily limit of 3.61 yuan.
After consultations, the share price of this additional issuance is 2.75 yuan per share. Based on this, it can be calculated that a total of 1.11713 billion yuan of capital can be raised through the private placement, of which Beijing Auto Holding Co., Ltd. invested 355.03 billion yuan and Daiike Co., Ltd. contributed 8.1677 trillion yuan.
Futian Dong Secretary Office stated that the funds to be used for the investment were respectively the technical transformation project of Auman Heavy Truck Body Welded Production Line; the Technical Research Institute (second phase) construction project; the upgrading and replacement of light passenger vehicles; repayment of bank loans and supplementary company liquidity .
Due to the foreign capital purchase of A-shares, there are two processes that need to be followed for Dick's targeted additional issuance, that is, approval by the China Securities Regulatory Commission and the Ministry of Commerce. Starting in January of this year, foreign investors are allowed to purchase A shares directly, but the purchase target should be the company after the share reform. In May this year, Foton completed the share reform program.
The Dick’s shareholding also means that Dyke and Beiqi Foton formally become close partners. Cui Peng, director of the Futian Public Communications Department, said that after Dick’s shares, the positive impact on Futian was obvious. As for how to follow-up cooperation, he said, "anything can be conceived."
Futian is one of the largest commercial vehicle manufacturers in China. Based on output, Foton is the country's largest light truck manufacturer. In 2005, it produced more than 310,000 vehicles. For the Beijing auto industry, Futian’s position is even more important. Futian is one of the three major segments of the Beijing automobile industry. Futian is a commercial vehicle, Beijing Hyundai is a midsize sedan, and Beijing Benz is a luxury car and off-road vehicle segment.
Three years "love run"
All along, Fukuda hopes to introduce Daimler’s Mercedes-Benz trucks in China, but the negotiation process has not been smooth. In order to achieve a joint venture in the field of commercial vehicles, Fukuda and Dyke experienced a three-year long "love run."
In 2003, BAIC Motors and Daimler signed a 20-year cooperation plan, in addition to the establishment of Beijing Benz, also including the cooperation between Futian and Dyke in the field of commercial vehicles. The scope of cooperation between the two parties includes: the strategic cooperation between Foton Motors and DaimlerChrysler in the field of commercial vehicles; Daimler acquires some legal person shares of Foton Motor, jointly establish a joint venture company for medium and heavy trucks, and discusses the possibility of business cooperation between large and medium-sized passenger vehicles. The two sides agreed that the total amount of cooperation will reach about 1.2 billion U.S. dollars.
However, at that time, the national automobile industry policy stipulated that foreign automakers could not establish more than two joint venture passenger and commercial vehicle companies in China. Previously, Dyke had reached two joint venture partners in commercial vehicles in China, namely, Fujian Automobile Industry Group and Yangzhou Yaxing Passenger Vehicle. In other words, Dyke had already used up two joint ventures.
The government's restriction on the number of joint ventures for foreign automakers has obviously affected the implementation of the Foton Deck plan. Fukuda and Dyke have only two ways to achieve cooperation, either Dyke withdrew from Yaxing Mercedes, or Futian acquired Yaxing.
In fact, starting from the day when Beiqi Holdings and Dyke signed the above agreement, Futian started negotiating with Yaxing Bus. "At the time, Futian did plan to acquire Yaxing, and the prices were all open, but the plan was terminated by the end of 2005." People revealed.
In June this year, Dick Beiting, chairman of Northeast Asia, revealed that the company is negotiating with Yaxing to withdraw from the Yaxing Mercedes-Benz project. In October of this year, at the Yashang Mercedes 2006 business conference, the new general manager of Yaxing Mercedes-Benz Li Xiao said that after the friendly negotiation between Yaxing and Mercedes-Benz, Mercedes-Benz decided to abandon the management of Yaxing Mercedes and is only responsible for technical support and financial supervision. .
The reporter was informed that Dyke is currently seeking to withdraw from the equity level Yaxing, in order to increase the deep cooperation with Futian and Fujian Automobile Group, but Yaxing hopes this is two years later.
“Dai Kexian’s shareholding in Futian is a very sensible approach without fully exiting Yaxing. Futian's own shareholding structure is relatively decentralized and complex. It is more troublesome to set up a joint venture company and it is easier to directly enter shares.†said senior industry expert Zhong Shi. , Deck shares 24%, has become the second largest shareholder of Futian, but also avoid violations of the joint venture line (in accordance with regulations, foreign investors accounted for more than 25% of the equity became a joint venture company).
Mercedes-Benz truck made in Beijing
Although the introduction of Mercedes-Benz trucks has not been mentioned in the use of targeted funds, it is actually an open secret that the production of Mercedes-Benz medium trucks and heavy trucks by Beiqi Foton is internal.
At present, Dyke has three cooperation projects in China: Mercedes-Benz buses in Yangzhou, Mercedes-Benz luxury passengers (not yet in production) in Fujian, and production of medium- and heavy-duty trucks in Beijing, especially the famous Mercedes-Benz. Heavy Truck.
When the reporter recently interviewed Dyke's partner, a senior executive of Fujian Automobile Industry Group, he also confirmed that Mercedes-Benz has already established the production of medium- and heavy-duty trucks in Beijing.
As early as the beginning of 2005, Li Xin, the vice president of the heavy truck company of Dyke China, had stated that the domestic agents of Mercedes-Benz heavy trucks would give priority to the selection of existing distributors of Futian Auman. In Heilongjiang, Mercedes-Benz heavy trucks and Foton heavy-duty trucks have been sold in the same showroom.
If the production of Mercedes-Benz heavy trucks, Foton needs to carry out the transformation of Huairou's Auman heavy-duty truck plant and rebuild the assembly line for the production of Mercedes-Benz heavy trucks. The reporter also found that the use of targeted funds for the issuance of additional funds was a modification of the Auman Heavy Truck Body Welding Line.
From the statement made by yesterday's Dyck China Co., it can also be seen that Dyke did have this wish: “We have discussed with Futian in China to provide medium- and heavy-duty trucks for some time. We hope to achieve it soon. Agreement, but it's too early to comment."
In fact, participating in Futian is a continuation of Dick’s recent series of actions in China. At the Beijing Auto Show, Dai Kexin’s new head, Cai Che, led his Mercedes, Dodge, JEEP and Chrysler to a high profile. The top eight of the top eight auto giants who came to the Beijing auto show stated that Dyke needs to match his global status in China.
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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