After the successful acquisition of Changfeng and the incorporation of Fiat, the GAC Group, which is recognized by the industry as “rich and thirstyâ€, has not stopped the acquisition. The reporter learned last week that GAC is currently trying to acquire Gonow to build a new mini vehicle base. The Chairman of the Gonowo Group, Mou Xuezhong, confirmed the above news during an interview with reporters last week and threw out the bottom line of M&A.
Both parties have negotiated for nearly 4 months
The reporter learned from information sources that after GAC acquired Changfeng to complete the layout of Huazhong Market, GAC continued to negotiate with Fujian Automobile Group to prepare for the acquisition of southeast; while continuing to go northward, and fancy to the private enterprise in the East China Market --- Gonow Automobile, with the intention of Acquisition.
"(The negotiation between the two parties is three to four months.) When interviewed by the reporters last Wednesday, the Chairman of the Gonow Automotive Group, Mou Xuezhong, confirmed that a number of companies are currently in contact with them. According to media reports, in May of this year, heads of the GAC Investment Department had already conducted in-depth exchanges with senior executives of Shanghai and Gio. Sources said that after many negotiations, the two parties had reached a basic agreement on the cooperation and signed a framework agreement.
However, when the reporter interviewed Guangqi on the matter, the relevant person refused to confirm and comment on the ground that he was “unclear about the inside storyâ€. In the meantime, Qi Xuezhong also stated that the matter is still at a stage of development and has not yet been implemented.
Goao throws and merges bottom
Gio's insider pointed out that Gio Motors already has a variety of product capabilities for the production of pickups, microfabrics and SUVs, and it owns three vehicle production bases, an automotive research institute and seven engine factories.
Wu Xuezhong said that the acquisition must have certain principles and objectives. “The most basic premise is that cooperation is conducive to the development of enterprises and products are conducive to benign complementarities.†“But I have two bottom lines, one is to maintain the existing team, and the other is to maintain the operating mode of private enterprises.â€
Microfacets and pickups are the capital
According to sources close to Guangzhou Automobile, the acquisition of Gio is mainly based on its micro face and pickup resources. According to the official website of Gio, the three production bases of Gio Motors have annual design productivity of 300,000 pickups, SUVs, complete vehicles for mini cars and 300,000 automobile engines. These people believe that these are exactly what GAC currently lacks and needs.
In addition, the advantage of Gio's pickup, especially on the export, is exactly what GAC is looking for. It is understood that in the first half of the year, Geopaka exported nearly 10,000 vehicles, making it the second largest company after the Great Wall. So far, there are more than 80 outlets abroad, and there are plans to build SKD factories in Southeast Asian countries such as Iran.
50% of joint ventures
Informed sources disclosed that after reaching a consensus on the above, Gonow will use 3 bases as fixed assets, while GAC will invest equivalent funds to set up joint ventures, each holding 50% of the shares, and the management team will still retain the original team of Gio. GAC provides management support for the new company.
He Xuezhong said that the best way is to take the form of shares. "You can also start five or five, but you don't want to simply buy factories."
View related topics: China's auto industry recommence mergers and acquisitions wave
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