Foreign M & A China's bearing industry has been continuously suspended. After Schaeffler’s overall acquisition of the Luoxi axis was suspended, Germany’s ThyssenKrupp’s acquisition of Shandong Tianrun crankshaft was also suspended.
"In late August, the head of the relevant department of the Central Government issued instructions on the acquisition of Shandong Tianrun Crankshaft Co., Ltd. by ThyssenKrupp, Germany, and issued it to the Shandong provincial government department to request that the acquisition be temporarily released." Yesterday, director of the internal combustion engine association. Ni Hongjie disclosed to the Shanghai Securities News.
After the newspaper reported on August 18th that "Krupp has shrunk and acquired Tianrun Crankshaft", relevant departments of the Shandong Provincial Government are reconsidering this merger and acquisition case, but the advancing purchasers believe that there are no major problems in the operation and they are taken under specific circumstances. Coping strategies.
An interview with the reporter found that the internal combustion engine industry, the automotive industry, and the Shandong provincial government have considerable differences in this regard.
Is the crankshaft restricting the foreign investment industry?
The relevant departments in Shandong Province stated that even if the Shandong Wendeng crankshaft is not a key component of a car, its products are not an industry that restricts or prohibits foreign investment. Therefore, it should be regarded as an industry that allows foreign investment. Therefore, the Shandong Provincial Development and Reform Commission approved the project and did not violate the policy direction.
Ni Hongjie believes that bearing is a key component of an automobile engine and that foreign companies cannot encourage investment projects.
Interestingly, although relevant departments in Shandong Province have tried to find relevant policies that the State encourages foreign investment, the reporter found that the "Foreign Investment Industry Guidance Catalogue" (2004 revised edition) issued by the Ministry of Commerce does not support their views. Article 11 of the restricted category in the Catalogue stipulates that “manufacturing of small and medium-sized ordinary bearings†is a type of restriction on foreign investment. The product of the crankshaft is a medium and small ordinary bearing.
“Key parts of automobiles should also be treated differently. We cannot say that the government encourages the development of the auto industry. All originals are encouraged to be controlled by foreign capital.†Insiders pointed out that “from the perspective of national strategy, we must be especially vigilant against these key components for foreign acquisitions. ."
Foreign acquisition does not affect the national strategy?
The relevant authorities in Shandong Province argued that although Tianrun Crankshaft Co., Ltd. is a large-scale engine crankshaft manufacturer in China, the crankshaft itself is not a key component of automobiles, and its technical content is not high. Even if the foreign party holds Tianrun Crankshaft Company, it will not have a major impact on the national economic security.
Ho Guangyuan, former Minister of Machinery Industry and Honorary Chairman of China National Internal Combustion Engine Association, fought back with excitement: The oil pump nozzle, crankshaft, connecting rod, etc. are key components of the internal combustion engine and are the heart of the car. Once these auto parts leading enterprises are controlled by foreign capital, it will affect the independent research and development of our heavy-duty engines. Therefore, mastering these core component technologies is crucial to the development of the industry.
This is in line with Jiang Lei, executive vice president and secretary general of the China Association of Automobile Manufacturers. Jiang Lei pointed out that strengthening independent innovation is one of the core aspects of the development of China's auto industry during the “Eleventh Five-Year Plan†period.
Unreasonable ridges do not monopolize?
According to relevant departments in Shandong Province, Tianrun Crankshaft Co., Ltd. has experienced a decline in efficiency in the past two years. The Shandong provincial government approved the Tianrun Crankshaft Company and ThyssenKrupp's merger and acquisition projects to promote the rapid development of the company through the use of foreign capital and advanced technology.
Ni Hongjie believes that “enterprise development cannot violate the national policy. This acquisition scheme bypasses operation and whether it is illegal? There is no need to discuss it too much. At least a monopoly will be formed after the acquisition. This is not allowed by the current policy!â€
In accordance with Article 51 of the “Regulations Concerning M&A of Domestic Enterprises by Foreign Investors†implemented from September 8, once the market share of one of the parties to M&A has reached 20% in China, M&A has led to the market share of one of the M&A parties in China. Achieving 25% will be regarded as a monopoly suspect. Once the Ministry of Commerce and the State Administration for Industry and Commerce consider that it may cause excessive concentration, hinder legitimate competition and damage the interests of consumers, it shall be effective on the date of receipt of all documents required to be submitted. Within 90 days, the relevant departments, agencies, enterprises, and other interested parties were jointly convened to hold hearings jointly or through consultations, and decisions were either approved or not approved according to the law.â€
The leading product of Shandong Wendeng Tianrun crankshaft currently has a market share of 60% in China.
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