中企海外并购成功与失败案例.ppt

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1、中企海外并购成功与失败案例中企海外并购成功与失败案例 项胤翔 方俊 洪一坤 卜士杰M&Achallenging thesoft powerWhether it isstate-ownedcross-borderacquisitions,orprivate enterprisesoverseasmergers and acquisitions,overseas investmentof Chineseenterprises,should be inthe process ofgoing outandcompetitive environmentto learnandgrow.ToVolvo,fo

2、r example,twists and turns,culminating inthe acquisition ofVolvoinquestion,but in itsacquisitionprocess,stillsufferedfrom the EUauthorities,intellectual propertyand otheraspects of the problem.TheTengzhongHummer,but nomoreluckylucky,eventuallynot approved.Behindboth notprofessionalreasons,but alsoca

3、pitaland other issues.Resource developmentwith theState Information Center,Xu Changming,directorof thewords,Geelyhas been able tosucceed becauseGeelyis specialized inthe car,through theapprovalmore likely.And theacquisitionofa large number ofcapitalto come frombanks,to ensure thatthe acquisitioncan

4、reallydigest and absorb,that is,to a largeprobability of success.lenovo:M&A IBM PC businessDecember 8,2004,with$1.25 billionpurchase ofLenovoof IBMs PCbusiness,since,in theglobalPC market,Lenovoranked ninthjumpedup tothird place.The acquisitionof brand,technology,management,products,strategic allian

5、cesand operationsin areas such astheassociationitselfhas ahuge upgrade.After theacquisition,IBMpersonal computerbusiness,a full set ofallR&D systemowned by Lenovo,Lenovosacquisition andmarketing costsis due touseof IBMsdistribution channelsto getthe originalgreatlyoptimized.Comments:Lenovosexperienc

6、e tells us that,despitenational enterprisesin technology,management,foreign enterprisesare lowcompared to,but if youdare toseize the opportunity tohavethe necessaryaccess,then,withthe rapidacquisitionof thisbrandis the future ofChinese enterprisesrapidlyupperaffectthe desirability ofexpandingoversea

7、sRoad.Geely Automobile:the acquisition of VolvoGeelytothesuccessful implementation ofinnovation-basedbrandstrategy,beginningwiththe acquisition ofoverseas-basedbrand strategy.In April 2009,Geelyacquired theworlds second largestAustralianautomatic transmissionmanufacturerDSIcompanytogreatlyenhancethe

8、 corecompetitiveness.March 28,2010,GeelyandFordMotor Companyinthe United Statesin Gothenburg,Swedensignedthe agreementthe acquisition ofVolvo Car Corporation.Comments:Geelyof Chinasauto industryas apioneer inoverseasbrand strategy,if they cansecurethrough therun-in period,to achieveeffective transfe

9、r oftechnology assetsand theagreementwith theunionto achieve a breakthrough,the realcontrol of thewell-known internationalbrands,to absorbfirst-classtechnology to enhanceinnovationability,we can say that the Chineseauto industryto be successfuloverseas acquisitionsof the road.Ministry of Commerceofn

10、ew policyIn recent years,to supportenterprises to go,the governmentformulated a series ofrelated policies.Foroverseas investment,Chinaearlyin 2002promulgated the Technology Import and ExportOrdinance,and otherpolicies.TheRegulationsTechnology Import and Exportwillbe divided into threecategories:proh

11、ibited,restricted,freeclass.Free import and exportoftechnology,the implementation ofthe contractregistration management;restrictthe import and exportoftechnology,the implementation oflicense management.Chinalco:Rio Tintoshares,die a natural deathChinalcoandRio TintoonFebruary 12,2009signed a coopera

12、tionagreementwith theexecutive,toa total of$19.5 billionstrategicstake inRio Tinto.AluminumCompanycompletedthe transactionof U.S.$21 billion infinancing arrangements,and access tothe AustralianCompetition and ConsumerProtection Committee,the German FederalCartel Office,the U.S.Committee on Foreign I

13、nvestmentand otherregulatory approvals.However,Rio Tintowas inJune 5,2009revokedthe cooperationdeal,according to the agreementpaidtothe aluminumliquidated damagesof$195 million,withBHPBilliton oniron orejoint venturebusinessagreement.Comments:The Chinesecentral enterprisestend toinvestin overseascap

14、ital adequacyknown,public relationscapability isbarelyhoveringnear thepassingline.Thecentralrelationship betweenassociatedenterprisesand the governmentoftenmakes theinvestment behaviorof enterpriseshave been giventhenational willof thesuspect,in this case,the acquisition ofChinese state-ownednatural

15、behaviorisveryvulnerable toexclusion ofthe publicinvestor.CIC:investment in Blackstone,assetsshrinkIn March 2007,beganthe preparationofthe investment company,in Mayon the$3 billionforeign exchange reserves to$29.605/share price ofshares ofU.S.private equitygiant BlackstoneGroup,10%of theIPO.The deal

16、was originally designedtoChinas$1.2 trillionforeign exchange reservesto finda way outdiversified investment,the resultis not satisfactory.Blackstonesharesfallingafter the listing,but alsoresulted inthe investment companythe investmenthas shrunk dramatically.As ofthe United StatesTimeFebruary 12,2008

17、,CICinvestedinBlackstoneslossesamounted to$1,218,000,000.Comments:Thiscase,orcanprove thatourbusinessdoes not haveto masterthe operating rules ofthe internationalcapital marketscapabilitiesin the internationalcapital marketsexperience,can help usaccumulatelessons,experience,learn tochooseinvestment products,risk management,andseizeinvestment opportunities.