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姓 名: 王文涵
学 号: 1102391021
专业名称: 金融硕士
指导老师: 范祚军
一,企业介绍 3
1.1 三一重工简介 3
1.2 德国普茨迈斯特简介 3
二,并购过程 怒江大峡谷旅游攻略3
2.1并购过程 3
三,并购动因分析 12308汽车票4
3.1 三一重工方面 4
3.1.1企业经营战略 4
3.1.2国内竞争环境恶化,海外竞争加剧 头山5
3.2 德国普茨迈斯特方面 6
3.2.1企业自身经营不善 6
3.2.2 家族式企业后继无人 7
四,并购效果分析 7
4.1拓宽销售渠道 7
4.2降低产品成本,产品结构升级 8
4.3 企业规模及研发能力升级 8
4.4 并购后财务分析 9
五,并购后可能遇到的问题 9
5.1 产品成本与产品竞争力的矛盾问题 9
5.2 企业文化融合问题儋州汽车站 10
六,并购案引发的思考 10
6.1 中信产业基金介入揭示的精细化并购趋势 10
6.2 中联重科出局背后的政治因素 11
一,企业简介
1.1 三一重工简介
三一重工股份有限公司由三一集团投资创建于1994年,总部坐落于长沙经济技术开发区,是三一集团的核心企业。公司主要从事工程机械的研发、制造、销售,是中国最大、全球第六的工程机械制造商。三一重工产品包括混凝土机械、挖掘机、汽车起重机、履带起重机、桩工机械、筑路机械等,其中三一混凝土机械、挖掘机、履带起重机、旋挖钻机已成为国内第一品牌,混凝土输送泵车、混凝土输送泵和全液压压路机市场占有率居国内首位,泵车产量居世界首位。 自公司成立以来,三一重工每年以50%以上的速度增长。2011年,公司实现营业收入507.76亿元,同比增长49.54%;净利润86.49 亿元,较上年同期增长54.02% ;每股收益1.14元,同比增长54.02%。2011年7月,三一重工以215.84亿美元的市值,首次入围FT全球500强,成为唯一上榜的中国机械企业。 1.2 德国普茨迈斯特简介
成立于1958年的德国普茨迈斯特有限公司是一家拥有全球销售网络的集团公司。总部设在德国斯图加特附近。该集团公司已在世界上十多个国家设立了子公司。普茨迈斯特集团从
事开发、生产和销售各类混凝土输送泵,工业泵及其辅助设备,这些设备主要用于搅拌和输送水泥、沙浆、脱水污泥、固体废物和替代燃料等粘稠性大的物质。有着“大象”之称的德国企业普茨迈斯特是中国以外的全球混凝土机械制造行业第一品牌,在除中国以外的全球市场中处于绝对领先地位,全球市场占有率长期高达40%左右,而且90%以上的销售收入来自于海外。
因为专注于细分市场,在大约半个世纪的时间里,普茨迈斯特一直保持着稳健但并不算迅猛的成长速度。该公司2003年随着全球经济增长进入高成长期,2007年销售收入达到历史峰值,为10亿欧元。此后受到全球金融危机和中国竞争对手的夹击,普茨迈斯特的销售和盈利开始下滑,2010 年全年实现销售收入 5.5 亿欧元,净利润 150 万欧元。
二,并购过程
2.1 并购过程
对大象的整个并购期,应从2011年12月20日,诺伯特·肖毅到长沙拜访梁稳根算起,至1月21日,双方在德国签约为止,历时仅33天。2012年1月30日,与三一重工“预计2011年度
实现归属母公司所有者的净利润与上年同期相比大幅增长”的捷报一并发布的“三一重工第四届董事会第十六次会议决议公告”显示,公司董事会审议通过了《关于收购德国普茨迈斯特公司的议案》。三一重工发布公告,公司控股子公司三一德国有限公司联合中信产业投资基金(香港)顾问有限公司(以下简称“中信产业基金”),于2012年1月20日与德国普茨迈斯特公司签署了《转让及购买协议》。
根据协议,三一重工将联合中信产业基金,以现金对价3.6 亿欧元(折合人民币26.54 亿元)共同收购普茨迈斯特100%股权。其中三一重工出资90%,中信产业基金出资10%。这一幕,震动了全球工程机械行业。
值得一提的是,三一重工在短暂的并购过程中并非一帆风顺。在普茨迈斯特访问三一重工表达了竞购邀约的第二天,三一重工的同城竞争对手中联重科同样收到了竞购邀约,此后普茨迈斯特表示将召开竞标会以决定最后的合作方。2011年12月30日,中联重科先于三一重工得到了国家发改委关于收购普茨迈斯特的“路条”,这让整个收购格局变得扑朔迷离。拥有国资背景的中联重科成为了三一收购德国大象之路的拦路虎。之后德国普茨迈斯特被三一重工的不断追求和诚意打动,取消了原本定下的竞标会,宣布与三一重工进行合作。
但是此后中联重工指责三一先斩后奏,未得到批复便抢先开展并购措施。同时获悉企业即将被中国企业并购的消息,普茨迈斯特的员工由于担心裁员和企业变动带来的影响,大力反对本企业被三一并购,并开展了游行示威,这些插曲都为三一重工并购德国普茨迈斯特蒙上了一层阴影。
三,并购动因分析
3.1 三一重工方面
3.1.1 企业经营战略
从目前三一重工的产品结构及销售渠道来看,2011年三一混凝土机械类产品收入占主营业务收入比例51.30%,国内地区销售收入89.90%,国外地区销售收入6.75%。但是面对国内工程机械市场区域饱和,竞争压力也越来越大,尚未完全得到开发的国外市场特别是发展中国家将成为工程机械行业又一重点争夺的市场。
对于三一来说,调整企业经营思路,适当将营销重点放在国际市场有利于分散三一重工所面临的行业和地区经济差别化风险,也有利于三一重工开拓新的经营业绩增长点。特别是
三一重工对对国外竞争者采取全面成本领先战略,具有低成本和低库存的竞争优势,再通过加强应收账款管理、加强流程优化等措施,使得三一重工在国外工程机械市场中具有相当的竞争力。至今为止,三一的产品销至100多个国家,并在美国、德国、印度、巴西投资建厂,其主要扩张步骤如下:2006年,三一重工投资6000万美元在印度设立产业园;2007年,三一集团在在美国投资6000万美元设立研究、制造中心;2009年末,三一重工获批在德国建设研发中心和机械制造基地,总投资为1亿欧元;2010年2月,三一重工和巴西圣保罗州政府达成了投资2亿美元建立工程机械生产基地的意向,年销售额预计在5年内达到5亿美元,10年内达到20亿美元。
这些都标志着三一重工在企业经营战略的调整过程中,海外市场越来越得到三一高层的重视,而普茨迈斯特拥有三一重工最为垂涎的海外营销渠道。德国普茨迈斯特经过半个多世纪的风雨洗礼和潜心经营,拥有完整的全球销售网络和销售体系,拥有良好的产品口碑,拥有稳定的消费体。通过并购普茨迈斯特,三一重工的海外市场拓展进程至少可以加快8-12年。
3.1.2 国内竞争环境恶化,海外竞争加剧
中国工程机械行业经过数十年的发展,最近十年进入了高速发展时期。目前全行业有工程机械制造企业近3000家,规模以上生产企业(包括专业零部件企业)约1400家。2009年销售额超过百亿元的中国工程机械企业有brt公交车4家,超过10亿元的有49家。2010年超过百亿元的有6家。这些企业的销售额已经占到全行业的65%以上。2010年,中国销售收入超过百亿的工程机械制造商有:徐工集团、中联重科、三一集团、柳工集团、山东重工等五家。国内市场一直是这些企业争夺的主战场,但是随着近些年工程机械行业面临的一些问题如:一,产能过剩。随着金融危机后国家出台的一些列经济刺激政策, 固定资产投资大幅上涨,造成工程机械需求量增大, 老牌工程企业纷纷扩展产能, 并且吸引了一大批的新加入者,民营企业数量大幅增长。而随着经济刺激政策的逐步退出, 宏观经济的降温,以及房地产的调控, 固定资产投资不断下降,新增加的产能出现了明显的过剩;二,同质化竞争激烈, 行业趋于饱和, 由于产能过剩, 价格战日趋白热化。老牌大型企业如徐工,柳工,龙工致力于提高产品的售后服务水平和提供差异性服务来提高竞争水平, 而规模稍小的工程制造商则致力提高配件国产化来最大降低生产成本, 维持价格竞争优势。这使得国内工程机械行业的竞争环境趋于恶化。
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)
景县天气预报15天
而国内的竞争对手们也先于三一重工对这样的竞争环境作出了反应。三一重工2009年之前一直在国内行业内位居第二位,但是08年被中联重科一举超越的原因是中联重科当年做了一件震动全球工程机械行业的大事:联手弘毅投资、高盛和曼达林基金,以总额5.11亿欧元,对全球混凝土机械行业排名第三的意大利CIFA公司,实施了全资收购。