Rumors have been days Shenhua Group and Guodian reorganization, and the latest news came. June 27th, there is news that the Chinese state power reorganization preparatory group has been established, if the news is true, means that the reorganization of Shenhua Group and Guodian has entered a substantive stage. Shenhua Group and the Guodian coal power enterprise marriage, how to integrate resources and how to develop in the future have attracted much attention. After the merger can make the enterprise more stable, the effect of coal linkage is more obvious, but at the same time for other players in the industry or will bring no small impact.
Retransmission
According to the news, the Chinese state power reorganization preparatory group has been set up by the Guodian chairman Qiao Baoping as head of the group, the establishment of the national energy investment group is likely. The restructuring fund for state-owned enterprises is preparing for the formation of mixed reform sub fund and overseas M & a sub fund. National level is also exploring the study of the formation of a mixed reform fund to promote state-owned enterprises mixed reform.
Shenhua Group involved in the reorganization of the news is not uncommon. Guodian's one of Shenhua Group's listed company Chinese Shenhua and domestic five major power group under the listed company of electric power in June 4 daily announcement that will be suspended from June 5th, the controlling shareholder intends to planning major issues involving the company. This has been speculated by the industry as two companies, or are restructuring.
Unlike the previously disclosed Shenhua, Datang, Guodian cnpec merger plan, become one of a new group of central enterprises reorganization protagonist.
China Shenhua prior to the announcement, in June 2nd received the controlling shareholder of China Refco Group Ltd notice was informed that it intends to planning major issues involving the company, there are significant uncertainties in the matter, still need to obtain the approval of the relevant authority. To avoid abnormal fluctuations in the company's share price, the company's A shares have been suspended since June 5, 2017, upon application by the company. Guodiandianli also said in the announcement, in June 2nd the company received a controlling shareholder of China Guodian Corporation notice, was informed that it intends to planning major issues involving the company, there are significant uncertainties in the matter, the company shares suspended since June 5, 2017.
If the true news said, Shenhua Group and Guodian merger means that "China magic power" is vividly portrayed, mergers and acquisitions enterprises or will become the coal, thermal power, wind power in the field of super large enterprises. However, the merger rumors, Shenhua Group and Guodian did not respond.
Persistent variable
As one of the five major domestic power generation group, Guodian group report shows that in 2016, the company controlled the installed capacity of 143 million kilowatts, the power generation business overall revenue 50 billion 724 million yuan, with the country electric power, GdTe and a number of listed companies. As of April this year, Shenhua Group's total assets of 1 trillion and 10 billion yuan, Guodian total assets of more than 803 billion 100 million yuan. If you can contribute to the merger of the two companies, asset size will be far more than the previous merger, Chinese Zhongche Bao Wu group and other large companies.
In the two enterprises, involving a number of business, including coal mining and sales, power generation and thermal production, ports, railways, shipping, coal chemical, finance, energy conservation and equipment manufacturing, and so on, across a number of industry categories. Among them, coal, power generation is the main plate, other industries are associated with the two major industries auxiliary industry. In the future, coal, thermal power and wind power are three main directions of development.
Such a wide range of business, after the merger of the two enterprises, how to organize concern?. Some analysts said, in accordance with the experience of other groups restructuring or reform, the merger of the group company level, first of all, the company's assets will be re combed allocation, take the line of professional division of labor. In the merger process, the listing of assets is generally taken priority, and then the steps of the merger of the group, such as the merger of the South and the north, the merger of the stock company and the reorganization of the merged group company.
Power experts He Xiaoping said that at present the most important thing is to wait for the merger of the two companies. The cooperation of coal and electricity enterprises can defuse part of the risk. If the two sides maintain stable long-term cooperation, it is possible to protect the price of mutual product supply, which is more feasible than the reorganization.
About the reorganization, He Xiaoping said there are still a lot of variables. "The two companies may have two way to go, or complete restructuring, or take high-quality assets to set up a new company, in the absence of a specific restructuring plan, there are variables." He Xiaoping said that if the merger and reorganization of the two companies in order to develop in the direction of specialization, the need for restructuring is no greater than operating separately.
Influence observation
Industry insiders said that if the upstream and downstream enterprises together, can provide a stable, large, long-term supply of coal for the power supply, to a certain extent, to alleviate the long-standing contradiction of coal and electricity. At the same time, it is also conducive to the establishment of cross industry, cross ownership, cross sectoral coal and electricity in one of the large scale energy enterprises.
The reason for the two companies merged, Xiamen University Chinese Energy Economic Research Center Director Lin Boqiang said, the SASAC will want companies to reduce, but also to be stronger and more competitive, in addition, associated with the current coal price mechanism, the linkage is not synchronous, the downstream of the combination of power, which makes companies more stable. Since the two companies were suspended at the same time, therefore, the outgoing news has great credibility.
Some analysts said that if the two really merged, will affect the pattern of coal, electricity, two industries. But Lin Boqiang holds different views, and Lin Boqiang believes that the two companies can really become a giant after the merger