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For transformation of auto parts * ST must meet the test of re-Hang

Restructuring plan earlier this year were denied the majority of tradable shares after the merciless, * ST was Henry [12.12-2.49%] (600699.SH) was recently re-disclosure of its latest restructuring plan: to raise additional commitments for the reduction of price and non- Restructuring "escort." Among those with a "hurt" after, * ST was the transformation of automotive components manufacturing industry Hang Road will usher in transit?

    "Price" "commitment" to escort

    At the beginning of the program was not followed, * ST Hang this time was a new program is clearly more consideration to the interests of holders of tradable shares. Used to improve the additional reduction of price and non-commitment way for the restructuring of the restart escort.

    April 18, * ST was Henry announced pricing approach will be adopted in consultation, were to win Ningbo Investment Group to purchase assets of 887 million total value of the underlying transaction. This time the targeted 206 million issue of shares, price of 4.30 yuan per share, for the purchase of Ningbo have won 75% of the equity shares of automotive electronics, Changchun have won 100% stake in auto parts, plastic products 82.3% stake Walt and Ben Ward Source 100 % stake.

    Clearly, in this new program, targeted to the major shareholders from the issue price of 4 per share before the yuan to 4.3 yuan. Before that time the program was not, precisely because the minority shareholders that the price is too low result in additional interests.

    It is noteworthy that, the company's largest shareholder group also won a commitment that if * ST Hang in the secondary market price was less than 20 yuan / share, it is not reducing its stake. In a "profitable compensation agreement", the Group is committed to both win, the underlying assets in the next three years, net profit of not less than 150 million yuan, 176 million and 1.93 billion yuan.

    "Because Henry * ST was involved in bankruptcy reorganization reorganization, the reorganization plan than the average to be much more complicated." Wins the Group are related parties of the "First Financial Daily" reporters that "the previous scheme was rejected, the whole company have discussed with the relevant agencies have also been discussed many times before finally settle down. "The source further said the company after the reorganization, will continue into the relevant high-quality assets, will have to Hang * ST transition to an outstanding auto parts enterprises.

    Transition risk

    As the executives who are winning the Group said, after the reorganization * ST was transformed into a Henry or auto parts manufacturers. However, such a transformation of the way it will be easy?

    In fact, Henry was the latest disclosure * ST restructuring program had won the Group refer to the per capita actual control may be the next acquisition of the German auto parts supplier PrehGmbH old company into the listed company shares. The company's Web site shows that by 2010 annual sales of 3.5 billion euros. There is no doubt that this part of the assets for the future * ST was full of attractive Hang and imagination.

    This restructuring program in the introduction of the new 11 days ago, the National Development and Reform Commission disclosed on websites, the Group has approved the acquisition of Germany won both the company's equity PrehGmbH project, the subject of the amount of 16 billion yuan, is the largest investment of Chinese enterprises in Germany and also of private auto parts enterprises overseas test the water again.

    None of the above wins the Group executives told reporters that the company in recent years, relying on the rapid development of China's auto market, the company's revenue and profits are maintained a rapid growth. The PrehGmbH project equity settlement plan will be early July of this year before the completion of the Sino-German economic summit. After the success of the acquisition will be in the next three years into the listed company.

    Is well known auto parts manufacturers to acquire overseas Chinese enterprises a way to improve the technological level, but may contain certain risks, such as local trade unions, successful management after the acquisition integration issues, are all next to face Sheng Group challenges. Although the executives said the company was ready, but the ability to convince those who voted against the minority shareholders, is still a suspense.

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