The largest merger and acquisition case of China's tire industry has completed the delivery. Qingdao Shuangxing has taken over the ownership of Jinhu tire.
"the company's merger and acquisition of South Korea Jinhu tire has completed the asset delivery today." The staff of the Securities Department of Qingdao Double Star Co., Ltd. (hereinafter referred to as "Qingdao Double Star", 000599) confirmed to me. The biggest merger and acquisition case of China's tire industry, which experienced twists and turns, was finally settled on july6,2018, and the formal delivery of assets was completed
on that day, Yonhap also reported that South Korea's Jinhu tire held an extraordinary general meeting on the 6th to elect Chai Yongsen, chairman of China Shuangxing group, and Zhang Jun, chief financial officer, as directors of Huawei. The two will participate in the board of directors as non-executive directors to ensure the independent operation of the original management team of Jinhu
the global ranking of Jinhu tires. For example, the equipment used for bellows detection will be equipped with an inner diameter measuring device, ranking 14th. It has 8 factories and global sales network and brand influence. In recent years, the operating performance of Jinhu tire has declined significantly, resulting in shareholders selling their equity to realize debt repayment
as early as the beginning of 2017, Shuangxing group and its subsidiaries began to intervene in the restructuring of Jinhu tire. After defeating more than 10 bidders from mainland Germany, French Michelin, Shanghai Aerospace and China chemical industry, the contract was successfully signed. However, as China ROK relations have become increasingly tense with the widest scope of utilization at present, this snake swallowing cross-border M & A has encountered various obstacles from the beginning, including political factors and trade union obstruction, which led to the abrupt termination of this cross-border M & A in september2017
who would have thought that half a year later, in march2018, the terminated negotiations would come back to life. Liubing, the Board Secretary of Qingdao Shuangxing (000599), disclosed to the economic observer that the Chinese market is crucial for South Korea Jinhu tire to recover the declining performance. This is also one of the main reasons for the resumption of M & A negotiations between the two sides. If you have any questions, please contact us at 13964077506, because "opening up the Chinese market will solve the biggest problem of Jinhu tire."
with the great efforts of Qingdao Shuangxing, on April 1, the day before the bankruptcy liquidation of Korea Jinhu tire, the Jinhu tire trade union voted in Gwangju factory. 2741 trade union members voted (the participation rate was 91.8%), accounting for 60.6%, 1660 were in favor of the sale and 1052 were against it. In view of the fact that the voting result agrees to sell, the creditor group will sign a sale agreement with Qingdao Shuangxing, which has also become a key turning point in the whole M & A
according to the announcement issued by Qingdao Shuangxing (000599) on April, 2018, Shuangxing group and its subsidiary Xingwei Korea Co., Ltd., Jinhu Tire Co., Ltd. (hereinafter referred to as "Jinhu tire") and the creditors of Jinhu tire signed the share subscription agreement and shareholders' agreement on behalf of Korea Industrial Bank (hereinafter referred to as "KDB"), Star micro Korea will invest 646.3 billion won to subscribe for 129267129 ordinary shares newly issued by Jinhu tire at the price of 5000 won/share, accounting for 45% of the total shares after the issuance of Jinhu tire shares, and become the controlling shareholder of Jinhu tire
according to the 2016 global top 75 tire rankings, Jinhu tire ranked 14th and Shuangxing tire ranked 34th. If the M & A succeeds and the sales of the two add up, Qingdao Shuangxing will become the largest tire manufacturer in China and the top ten in the world
however, due to the twists and turns in the process of this cross-border M & A case, no one dares to make a final decision until the last moment of real asset delivery
according to Yonhap news agency, on july6,2018, Jinhu tire also elected cailiangji, former president of Hyundai Motor business planning, and other three external directors, increasing the number of directors of the company to nine. Jinzonghao, President of Jinhu tire, said that Jinhu will work with Shuangxing, the major shareholder, to continuously improve the synergy and brand value. All employees are working hard to restore revenue as the first task, and it is expected to achieve visible results in the short term
Chai Yongsen, chairman of Qingdao Shuangxing group, said when attending the investment delivery ceremony that morning that the PLA fiber breaking strength was greater than 3.5g/d that the advantage of Jinhu tire was mainly the passenger tire, and the advantage of Shuangxing was mainly the truck tire. We expect both sides to give full play to their respective advantages and synergy to develop into a leading tire enterprise in the world
in view of the fact that South Korea Jinhu tire has five production bases and four R & D centers outside China, some analysts believe that Qingdao Shuangxing group has not only obtained the brand, production capacity and technology through overseas mergers and acquisitions, but also can effectively resolve the impact of trade barriers by using the global industrial layout of Jinhu tire