Merger and acquisition is an important way in the external growth strategy of enterprises, and it is also the fastest way for enterprises to grow. The famous American economist George? Stigler once said: "No big American company grew up without some degree or some way of merger, and almost no big company grew up mainly by internal accumulation."
Shandong and other places suffered the worst drought in 60 years, and the central government subsidized 800 million to irrigate the land. Shanghai announces property tax rules.
It is reported that in June 5438+ 10, new loans exceeded10.2 trillion, and the current account surplus increased by 25% at 20 10. EU plans to reform the financial stability mechanism. Stanley Ho, the gambling king of Macau, withdrew the accusation against his family. Thousands of tourists from all over the world were stranded at the Egyptian airport (photos) Fu Peng: My thoughts on the abduction of children. The financial crisis has brought shocks and opportunities. China was less affected by the crisis, with huge foreign exchange reserves and active capital impulse, becoming the second largest foreign investor in the world, which triggered the wave of overseas mergers and acquisitions of China enterprises in 2009. 20 10 when the global economy is gradually coming out of the crisis, the enthusiasm of China enterprises for overseas mergers and acquisitions remains undiminished.
Overseas mergers and acquisitions: fruitful.
Deloitte's 20 10 annual report "Dawn of Rise: A New Chapter of China's Overseas M&A" shows that China enterprises have made remarkable achievements in overseas M&A. ..
From the second half of 2009 to the first half of 20 10, M&A activities outside China showed explosive growth, with a total transaction amount of US$ 34.2 billion, and 43 overseas M&A transactions/kloc-0 were completed, with an average of 36 transactions per quarter. In contrast, during the period from 2003 to the first half of 2009, the quarterly average turnover was only 16. This fully proves that the transaction level of overseas mergers and acquisitions has established its own position.
At the same time, the transaction volume of China's overseas acquisitions is also rising. In the first half of 20 10, 79% of all overseas M&A transactions exceeded USD 500 million, 73% in 2009 and 74% in the whole reporting period. However, in the first half of 20 10, only 6% of all transactions were between150,000 and 1000 million, compared with 8% in 2009.
The investment scope of enterprises in China is also expanding. In the past seven and a half years, 80% of overseas M&A transactions of China enterprises have been concentrated in five countries. Only in the first half of 20 10, the M&A of the above five countries only accounted for 75%, and China enterprises began to seek international M&A opportunities in other countries and regions.
According to the research report, there are three main reasons why China enterprises have made great achievements in overseas mergers and acquisitions. First, it is necessary to import raw materials and diversify foreign exchange reserves. In order to maintain the import of raw materials for China's economic growth, the China government encourages state-owned enterprises to buy mining companies and oil and gas production and exploration companies all over the world to hedge the expected risk of rising raw material prices. State-owned banks provide support for these merger and acquisition companies. Second, the willingness to expand overseas. The purpose of overseas mergers and acquisitions of many state-owned enterprises is to form economies of scale overseas. Some enterprises (mainly private enterprises) are gradually seeking to expand overseas markets in order to gain profits from the price difference between domestic and foreign markets or simply avoid fierce domestic competition. Third, the motivation to acquire foreign brands and advanced technologies. China manufacturing enterprises hope to improve their position in the value chain by acquiring overseas famous brands and obtaining world-class technological processes. This situation is the most common in the automobile industry at present.
The focus of M&A: three major areas
According to the research report, the three major areas acquired by overseas investors in China are still energy, mining and public utilities, industry and chemical industry, and telecommunications, media and technology (TMT). Since the beginning of 2003, 372 transactions have been completed (accounting for 67% of the total transactions). The fourth-ranked consumer goods and financial services each accounted for 7%, while financial services accounted for 20% in 2009.
It is worth noting that in the first half of 20 10, the proportion of overseas M&A transactions of China enterprises in various industries has not changed significantly. In the first half of 20 10, the acquisitions in the fields of energy, mining and public utilities increased proportionally with the increase of total transactions, reaching 40% of all transactions, while during the period from 2003 to the first half of 20 10, the proportion was usually only 30%. In 2009, transactions in the energy and resources industries accounted for 32% of the total transactions. Overseas M&A transactions in industrial and chemical industries account for 20% of all transactions. Telecommunications, high-tech and media industries rose from 1 1% in 2009 to 14%.
However, in terms of transaction volume, although the overseas M&A transactions of China enterprises in the fields of energy, mining and public utilities still accounted for a large share (74%) in the first half of 20 10, the transaction volume in the field of financial services (8%) declined due to the increase of traditional defensive industries such as industry and chemical industry.
In order to meet the growing demand for mineral resources, China's overseas mining M&A transactions have greatly increased in recent years. In 2009, China's overseas mining M&A transactions grew against the market in the global economic recession, reaching the highest level in recent years, with a total of 28 transactions completed, with a transaction amount of 8.73 billion US dollars. The transaction of China overseas mining M&A 20 10 in the first half of the year shows that its trading scope has become more extensive. The second largest transaction in this period is the acquisition of 2.5% equity of African Mining Co., Ltd. (AML)/KLOC-0 by China Railway Materials Corporation for US$ 244 million.
In the first half of 20 10, China's overseas M&A transactions in the oil and gas industry reached a peak, with 8 transactions completed, and the total transaction amount was announced to be11600 million US dollars. This transaction volume is equivalent to the whole year of 2009, and the accumulated investment is also increasing. In 2009, the accumulated investment of overseas M&A in China oil and gas industry was only $654.38+0.09 billion. In the first half of 20 10, the average transaction volume of overseas M&A transactions in China's oil and gas industry reached1400 million US dollars, nearly twice the average transaction volume from 2003 to 2009 (795 million US dollars).
Why are overseas mergers and acquisitions too concentrated in the fields of energy, mining and public utilities? Industry experts pointed out that with the rapid development of China, energy and mineral resources have been extremely scarce, and it is increasingly popular for China enterprises to look for oil and minerals overseas. Overseas mergers and acquisitions mainly focus on the acquisition of energy, minerals and other resources, indicating that the scarcity and non-renewable resources are the main purpose and motivation of mergers and acquisitions.
In fact, overseas acquisitions are mainly concentrated in energy and resource enterprises. The reason may be that the manufacturing capacity of China enterprises is mainly at home, and the production cost abroad is higher than that at home. In addition, many foreign countries impose technical restrictions on China enterprises, and many high-tech manufacturing enterprises needed by China are prohibited from selling abroad. However, due to the differences in corporate culture and brand operation ability, it is difficult for China enterprises to become strategic partners of foreign brand service enterprises.
The main force of M&A: state-owned enterprises
As far as the actual amount of M&A funds is concerned, private enterprises are far from being compared with state-owned enterprises, and the main force of M&A is still large state-owned enterprises.
According to the research report, in the fields of energy, mining and public utilities, which account for 74% of the total overseas M&A transactions, in the first half of 20 10, six seats in China 10 major mining overseas M&A transactions were occupied by state-owned enterprises, and the other four seats were occupied by Hong Kong enterprises. 20 10 in the first half of the year, the five overseas M&A transactions in China's oil and gas industry were all state-owned. In 2009, the transaction amount of state-owned enterprises accounted for about 80% of the total M&A transactions in that year.
Shandong and other places suffered the worst drought in 60 years, and the central government subsidized 800 million to irrigate the land. Shanghai announces property tax rules.
It is reported that in June 5438+ 10, new loans exceeded10.2 trillion, and the current account surplus increased by 25% at 20 10. EU plans to reform the financial stability mechanism. Stanley Ho, the gambling king of Macau, withdrew the accusation against his family. Thousands of tourists from all over the world were stranded at the Egyptian airport (Photos) Fu Peng: My thoughts on child trafficking. In recent years, the pace of central enterprises going abroad has obviously accelerated. The State Council State-owned Assets Supervision and Administration Commission in 2009 showed that by the end of 2009, the total overseas assets of central enterprises had reached 415.34 billion yuan, which was close to one fifth of the total assets of central enterprises, and the owners' equity was1844.54 billion yuan. From the perspective of business performance, the operating conditions of these overseas units are obviously better than those of domestic units. Overseas units of central enterprises have brought nearly a quarter of profits with only about one-fifth of the assets of all central enterprises.
According to SASAC's data, the average ROE of overseas assets is 13.4%, and the average ROE of return on total assets is 9. 1%. In 2009, the average rate of return on total assets of central enterprises was only 5.3%, which was 3.8 percentage points lower than that of overseas assets. This may also explain the necessity of "going out" of central enterprises from the side.
Another set of data from SASAC can also show this trend. According to the statistics of the State-owned Assets Supervision and Administration Commission, by the end of 2009, the total overseas assets of central enterprises increased by 27. 1% year-on-year, which exceeded the average growth rate of the total assets of central enterprises in that year, and the owners' equity also increased by 14.3% year-on-year.
Being able to become the main force of overseas mergers and acquisitions is inseparable from the enlargement and strength of the vast number of state-owned enterprises represented by central enterprises. In recent years, the central enterprises are market-oriented, based on optimizing the allocation of resources and focusing on the main business, forming a number of large enterprise groups with strong comprehensive competitiveness. From 19 enterprises to 30 enterprises, the number of central enterprises in the world's top 500 list has been increasing in recent three years, and three China energy enterprises, Sinopec, State Grid and PetroChina, are among the top 10 enterprises in the list, which fully shows the strength of state-owned enterprises. According to industry insiders, in addition to the strength of state-owned enterprises, the support of national policies and the active cooperation of state-owned banks are also important factors.
M&A field: expansion and broadening
Fu Zhiyong, the management consulting partner of Zhengluo Junce, pointed out in an interview with this reporter that according to the preliminary statistical analysis of the successful cases of China M&A in 20 10, it was found that state-owned enterprises still accounted for a large proportion of overseas M&A, but private enterprises had advantages in quantity and acquisition area.
Of the 20 successful cases, only 4 are energy exploitation. M&A involves a wider range of industries, including semiconductors, games, network operations, home appliances, automobiles, auto parts, consumer chain stores and other industries, and the Internet and online games have become the protagonists of the 20 10 M&A case. The expansion of M&A field shows the following characteristics:
First, the acquisition of resource-based enterprises is more in the direction of equity participation, rather than seeking 100% acquisition or holding acquisition, trying to jointly acquire enterprises from other countries. For example, Sinopec acquired a 9.03% stake in Syncrude Oil Sands Company of Canada for US$ 4.65 billion; PetroChina and Shell jointly acquired a 0/00% stake in Arrow Company/KLOC, Australia's largest coalbed methane producer, for A $3.5 billion.
Second, many enterprises acquire foreign enterprises in order to improve their industrial chains and enhance their comprehensive strength. For example, China Resources acquired 80% of the shares of Pacific Coffee (60 1099), entered the coffee chain market, and improved the product layout; Midea Electric (000527, stock bar) acquired 32.5% equity of Miraco, an Egyptian household appliance company, entered the Egyptian market and radiated to Africa, the Middle East and southern Europe.
Third, the purpose of M&A is to establish a bridgehead for the international market. For example, HNA acquired the aircraft leasing business of Allco Australia, entered the Australian market and expanded the global market.
Fourth, energy purchases are more concentrated in countries with good political relations with China. For example, WISCO invested 400 million US dollars to subscribe for 0.52% shares of Brazilian mining company MMX 265438 and set up a joint venture factory; CNOOC paid US$ 365.438 billion to acquire Argentine oil and gas merchant BEH.
Looking ahead, China's overseas M&A transactions will undergo major changes. I don't want to say that we are going through a mode change, but I think there is a good chance that there will be another wave of overseas mergers and acquisitions. China enterprises are seeking overseas expansion to achieve diversification. Therefore, the first wave of overseas M&A, mainly concentrated in mining and oil and gas, has gradually given way to a new wave of M&A aimed at agriculture, manufacturing, financial services and automobiles. Geely's recent acquisition of Volvo for $654.38+0.8 billion is the best example of this trend. "
Regarding the field of overseas acquisition, we believe that the direction of overseas acquisition of state-owned enterprises needs to be diversified, and the acquisition, acquisition channels and service systems for enterprises in core technologies and advanced manufacturing fields should be increased. State-owned enterprises go abroad not to purchase raw materials, but to transform from OEM to high-end manufacturing. At the same time, we should learn the ability of brand operation, channel management and service system construction of multinational enterprises.