The wind god revealed a new acquisition plan
The wind god revealed a new acquisition plan
On the evening of September 24, the purchase plan for the adjustment of the shares of fengshen was proposed, which will be valued at 51.13 billion yuan, to purchase 90 percent of PTG (pirelli industrial fetal) company and 70 per cent of guilin. Form a complete set of plans to raise funds not more than 1.731 billion yuan at the same time, used in PTG and guilin as the main business related global capacity layout optimization, product and technology upgrade, the global industrial tire four major fields of research and development center construction and the information system construction.
In contrast to the first disclosure in April, the latest acquisition has shrunk in terms of acquisition targets and matching funds. First of all, the original plan to buy 100% of guilin's 100% stake in guilin has been reduced to only 70% of the purchase price. In addition, the proposed acquisition of the industrial tyre related land and property of huanghai group has been eliminated in the new scheme. Supporting from the earlier to raise funds not more than 2.021 billion yuan to not more than 1.731 billion yuan, offering investment project is one of the "engineering radial tire expansion and promotion project" changed to "engineering radial tire technological upgrading projects, project investment remains the same.
Before and after the restructuring, the controlling shareholders of listed companies are Chinese chemical rubber co., LTD. (hereinafter referred to as the "rubber company"), the actual control per capita for the state-owned assets supervision and administration commission of the state council, control of listed companies has not changed.
The acquisition was hatched two years ago. On March 23, 2015, fengshen shares was announced, the controlling shareholder and rubber company plans through in Italy set up subsidiary Bidco listed company paid 7.1 billion euros for Italy Pirelli & C.S.P.A. (Pirelli) 26.2% of the common stock. The acquisition is also China's largest industrial acquisition in 2015. According to the agreement, the target company's industrial tyre business will be integrated with the domestic strategic assets of chemchina, which will be restructured with the fengshen shares in terms of conditions.
After this restructuring, fengshen shares will own PTG100% equity and other industrial tire assets of the rubber company, becoming the sole control platform for China chemical industry.
According to the preplan, PTG's major shareholder TP commitment, PTG expects to generate net profit of 4035.81 million euros, 4327.40 million euros and 4528.82 million euros respectively in 2017, 2018 and 2019.
