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On May 16, the Fujian Provincial Government signed a strategic cooperation agreement with Dongfeng Motor Group in Fuzhou. According to the framework agreement, Dongfeng Motor Group will obtain a 45% stake in Fuzhou Automobile Group held by the Fujian Provincial State-owned Assets Supervision and Administration Commission. At this point, the Dongfeng Motor Group began its "Southeast" flight for the first time in the form of mergers and acquisitions.
This is a merger and acquisition of a few birds. It not only has a certain industrial significance, but also hides the commercial skill of Dongfeng Motor Group. Once the merger is completed, the merger may affect the development of other auto groups.
First, this is the three-year period in which China’s top four automobile groups broke the ice in cross-regional mergers and acquisitions. Earlier this year, the Ministry of Industry and Information Technology issued guidance and proposed the goal of merger and reorganization of the automotive industry. That is, by 2015, the industry concentration of the top 10 vehicle manufacturers will reach 90%, forming three to five large-scale automobile companies with core competitiveness. The Group “encourages large-scale backbone enterprises to develop cross-regional and cross-ownership mergers and reorganizations, promote the merger and reorganization of vehicle companies, and vigorously promote the development of self-owned brand vehicles through mergers and acquisitionsâ€.
Dongfeng Motor Group's restructuring of Fuqi Group is the first large-scale cross-regional merger and reorganization after the guiding significance.
Second, informed sources disclosed that the restructuring of Fuqi Group will be conducted on the North-clamped BAIC Group and the South-clamped Guangzhou Automobile Group.
What's wrong with this? Clamping can be done through its own brands, or through the power of foreign joint ventures. If you look at the latter, it seems that short-term direct clamps are used more.
First of all, BAIC Group, Guangzhou Automobile Group and Fuqi Group have common foreign partners. Among them, Fujian Daimler is a cooperative project between Fuqi Group and Daimler Automotive of Germany. Beijing Benz is a joint venture of cars of Beijing Automotive Group and German Daimler Group. Beiqi Foton and Daimler have formed a joint venture in China production. Heavy duty truck. Prior to this, Beijing Automotive Group and Fuqi Group had talked about reorganization. Among them, strengthening the cooperation with Daimler Group in commercial vehicles and passenger vehicles is one of the factors.
The foreign link between GAC Group and Fuqi Group is Japan’s Mitsubishi Motors. South East Automotive, which is the subsidiary of Fuqi Group, which has sold half of its sales volume, and its foreign shareholder China Mitsubishi Motors, Guangzhou Automobile Group, set up the Guangzhou Automobile Mitsubishi Joint Venture after the acquisition of Changfeng Automobile. As a result, the equivalent of Mitsubishi Motors Japan will supply two joint ventures in China.
In such a complex multi-angle relationship, the involvement of any party will eventually affect other parties. After reorganization of Fuzhou Automobile Group by Dongfeng Motor Group, it will influence the original joint venture chess between Beiqi Group and Daimler, and it will also affect the joint venture between GAC Group and Mitsubishi Motors Japan.
It is reported that Dongfeng Motor Group, which started as a commercial vehicle, has always hoped to realize the high-end commercial vehicle. This is one of the strengths of Daimler commercial vehicles worldwide. In addition, the foreign partners of the Dongfeng Motor Group in the past were mostly Japanese. Once Daimler's hand in hand, it could make up for the gap in the Dongfeng Motor German-German joint venture project and partially reversed the profitability of the Dongfeng Motor Group's over-reliance on the Japanese joint venture brand.
Mitsubishi Motors Japan is more complicated. This company, which ranks lower in Japan and ranks lower in global rankings, is obviously lacking in product lines. How can it support two joint ventures? At present, Southeast Motor has suffered a lot from it and began to enter the stage of independent research and development in order to make up for the lack of products. Although according to previous arguments, the main products of Mitsubishi Motors of the future will be placed in Mitsubishi's production of Mitsubishi Motors, and Mitsubishi Motors’s equity in Mitsubishi Motors of Matsushita is much higher than that of Southeast Motors. However, taking the two joint ventures as a bargaining chip has long been the practice of multinational car companies.
From this we can see that the relationship between Guangzhou Automobile Group and Beijing Automotive Group and Japan’s Mitsubishi Motors and Daimler is closer. However, Dongfeng Motor Group is expected to use a small investment in exchange for leverage. In a round of negotiations, the business opportunities of Guangzhou Automobile Group and Beijing Automotive Group will be affected, which will create conditions for the Dongfeng Motor Group to widen the gap with its competitors.
Third, it is not what successful businessmen do to harm people. For the Dongfeng Motor Group itself, the generous "Southeast" flies, is also a move in one fell swoop! First of all, Dongfeng Motor Group has not previously been deployed on the southeast coast. Through strategic cooperation with the Fujian Provincial People's Government, Dongfeng Motor Company can quickly realize its strategic layout on the southeastern coast, further consolidating and enhancing its leading position and influence in the domestic automotive industry. At the same time, it can also use the geographical advantages of Fujian to “go to the sea†to speed up the pace of “going outâ€. Secondly, Dongfeng Motor Group can use this to synergize the resources of China Mobile and Yulon Motor to further promote the development of the Greater China brand. In addition, Dongfeng Motor Group’s most concerned auto business will become the biggest beneficiary of this merger. The self-owned brand vehicles under the Fuzhou Automobile Group will become the increment of Dongfeng Motor Group's own brands, which will help accelerate the Dongfeng “autonomy†strategy and achieve Dongfeng’s own brand D300 mid-term business plan goals.