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According to incomplete estimates, "Double Pang" nominally bought Saab only 100 million euros, but the latter's cumulative debt already exceeded 400 million euros.
Pang Qinghua, chairman of the Board of Directors of Zhejiang Youth Auto Group, which holds 600 million yuan in cash, and Pang Qinghua, the chairman of a huge group that has just received the approval of the China Securities Regulatory Commission to issue corporate bonds of no more than 3.8 billion yuan, have recovered a lot. Because SAAB Saab, which they jointly bid for, has been pulled back from the bankruptcy bankruptcy to the "restructuring protection" track.
According to the Memorandum of Understanding signed by the giant group, the youth car and the Swedish automobile on October 28, "Double Pang" will jointly acquire the 100% stake in Saab Motors held by Swedish Motors and Saab Great Britain Ltd. All the shares of (Saab Great Britain) have a target price of 100 million Euros. In the equity allocation, the huge automobile and youth cars are divided into four parts.
Affected by this news, after the resumption of trading on November 1st, the huge stock price, which had been declining all the way, ushered in its first daily limit since its listing, and released a huge amount of incoming and outgoing transactions. According to the data on the day of the Dragons and Dragons, the stock traded a total of 52.93 million shares and the total transaction amount was as high as 566 million yuan.
After finding the dealer, Saab Motors was able to avoid the fate of bankruptcy and liquidation immediately before November 15. However, the "Double Pang" must be approved by the Chinese government within a limited period.
"Actually, we don't need to go through the approval process again. Just change the key content and add a few new clauses." At noon on November 2, Pang Qinghua, who had just left the plane, said in an interview with reporters that the meeting was held in Sweden. The Saab Creditors' Assembly was very successful. All parties including 1,500 creditors were extremely excited about Saab's avoidance of bankruptcy.
Pang Qinghua predicted that the plan to acquire Saab is expected to be approved within two weeks. Once approved by the government, the giant and youth will immediately sign a formal agreement with Swedish cars. The injection plan that was delayed due to delayed approval will also start immediately.
"The first capital injection is 150 million euros, including 50 million euros that were paid in advance to Mill, Saab's debt is more than 40 million euros in common debt, and the supplier's debt down payment." Pang Qinghua said.
"Double Pang" is expected to invest 2.9 billion yuan in cash to complete Saab delivery, including a huge investment of 1.2 billion yuan, and youth funding of 1.7 billion yuan, which is basically in line with the "settlement" of not more than 1.4 billion yuan in the previous large-scale announcement.
Liu Xiaohua Ming finally bought Saab from Swedish cars for a price of 100 million euros, which is not the best ending for Pang Qinghua.
"In fact, we could have bought Saab at a lower price." According to Pang Qinghua, in the initial stage of brewing 100% of Saab, he and Pang Youth offered a quotation of 30 million U.S. dollars, and then added all the way to US$ 55 million. But Muller is still unmoved.
On October 21st, Muller said that the Swedish automobile had already rejected the "Double Pang" plan for the full acquisition of Saab. In fact, Muller's wishful thinking is based on the premise that Saab will not go bankrupt. He will use part of his shares to obtain cash to support the reorganization, or wait for his performance to be better and then sell a better price.
While the two sides are deadlocked, Miller pressured again and announced the unilateral termination of the "Equity Subscription Agreement" signed in July, and threatened to introduce new investors such as the US private equity fund, made the illusion of "double Pang" kicked out. On the other hand, the Swedish government has commissioned Saab project reorganization manager to "activities" everywhere in China, and triggered "Li Shufu's 50 million euros to acquire 100% stake in Saab."
"Actually, those are smoke bombs. They are jointly punishing 'double springs' and indirectly urging us to 'forbear'. However, unfortunately, the domestic media did not follow up with the facts, but they did not know what to do. After the acquisition of Saab project dust settled, Pang Qinghua still remembered this "clash" is still difficult to excitement.
At the crucial moment, Muller's "jade and grave" gesture made the "Double Pang" crazy, but under double weight, "Double Pang" finally chose to compromise - agreed to acquire Saab for a "premium" of 100 million euros. 100% equity.
Although in the eyes of the outside world, compared to June this year, the huge group and the young car 245 million euros to buy a 53.9% stake in Swedish cars bid, the current 100 million euros wholly-owned acquisition of Saab equivalent to 20% off, but Saab is exhausted due to cash flow The fact that production has been suspended in the past half year has also aggravated the company’s liabilities.
“When I visited Saab in June, the debt of the company was not high, but in less than five months, its liabilities have soared by 100 million euros, which is equivalent to an increase of 20 million euros in liabilities each month.â€
Pang Qinghua told reporters that if the "bargaining" of the tug-of-war continues, there may be two outcomes. One is that Saab has introduced new strategic investors to continue restructuring and protection, but this possibility is minimal; the other is Saab's failure to restructure. Applying for bankruptcy and liquidation, the result is that everyone has to fight, including Muller himself and the money he spends before "double palsy".
In addition, bankruptcies and unemployment of workers may also cause social unrest, which is clearly not what the Swedish government expects. Thus, on the one hand, the Swedish government actively cooperated with the “double tacticsâ€; on the other hand, it also continued to put pressure on Muller to try to promote Saab’s equity transactions as soon as possible in order to restart the Saab restructuring plan that is currently in desperation.
Under pressure from all parties, Muller finally agreed to the deal and signed a “memorandum of understanding†for the sale of Saab’s 100% stake on behalf of the Swedish company. If the deal is successful, Muller will not only “retreat†from Saab’s backhand, but will also receive a double premium from Saab after just one year and eight months.
Why not wait for Saab bankruptcy?
Although it has not yet signed a legally binding acquisition agreement with Swedish cars, in the opinion of “Double Pangâ€, Saab has already been “in the bagâ€. However, the questioning voice from almost one side of the country has left "Double Pang" facing tremendous resistance.
"The state always encourages Chinese companies to dare to go out. Now I know how difficult it is for China's private enterprises to take this step. I just can't understand why the domestic media will only decline if we buy Saab. This is actually a disservice.†Pang Qinghua, who attended Saab’s creditor’s conference in Sweden, “worsed†with reporters when he returned home.
What he did not understand was that Chinese companies should have bought overseas car companies. This was a good thing. Why did domestic media always see risks and problems first and ignored the historical opportunities behind mergers and acquisitions?
Pang Qinghua told reporters that the tremendous pressure of public opinion once caused him to sprout up in the middle, but the board of directors and the major shareholders of the strong retention, and ultimately let him adhere to the final victory.
Up to now, the domestic mainstream media has not fundamentally changed the attitude of the "double Pang" acquisition of Saab. Of all the "questioning" voices, the most popular argument is that "Double Pang" didn't wait until Saab goes bankrupt to liquidate. According to informed sources, when the National Development and Reform Commission invited Saab to hold a "coordination meeting" in May this year, it also raised similar questions. "If Saab is really bankrupt, Chinese companies can't buy anything." Pang Qinghua said that due to the downfall, Saab's complex property rights structure and debt "burden" have already decided that once bankruptcy, Saab will lose all existing and potential The commercial value. Bankruptcy also means that nearly 60 million Euros invested by the “Double Pang†will be lost.
According to public information, in order to ease the cash flow dilemma, Saab’s entire assets have been mortgaged to the European Investment Bank through a mortgage loan, which promised Saab 400 million euros in credit lines and has so far provided loans of 217 million euros.
In addition, Saab also defaulted on the largest creditor US General Motors 362 million US dollars and supplier payment of 200 million euros. In terms of intellectual property rights, Saab signed a non-exclusive agreement with GM in the next five years to share key technologies such as vehicle, engine, booster, and safety technology platforms (including the Phoenix Technology Platform), and to include certain models and engines. Technology was sold to Beiqi for US$200 million.
"Saab's total assets, including the brand, may be worth 400 million to 500 million euros." Pang Qinghua told reporters that if Saab goes bankrupt, it means that all its assets auctions cannot reach its full debt. If it continues to restructure, it will be There is still the possibility of profit in the next two to three years.
Informed sources of capital traps revealed to reporters last week that if nothing unexpected happened, the "Double Pang" plan for a full-scale acquisition of Saab will most likely be officially approved by mid-July this year. Miao Wei, Minister of the Ministry of Industry and Information Technology, also expressed to the media when he attended a large forum in Shanghai last week that the Ministry of Industry and Information Technology “supported in principle the acquisition of Saab vehicles by large and young peopleâ€. This is considered to be the possibility that the government will release “Shuang Pang†to acquire Saab. Clear signal.
As a result, the biggest challenge that Double Pang needs to face next will be its own financing and operating capabilities. To this end, some people in the industry are concerned that although the “Double Pang†may have eaten Saab at a price of 100 million euros, Saab’s huge debt black hole and the large amount of funds needed to rejuvenate the brand in the future may make these two funds less powerful. China’s private enterprises have been dragged into desperation.
According to incomplete estimates, "Double Pang" nominally bought Saab only 100 million euros, but the latter's cumulative debt already exceeded 400 million euros.
In this regard, Pang Qinghua said that "the actual number is not much difference." However, Pang Qinghua told reporters that since many liabilities are medium- and long-term loans, plus the hundreds of millions of dollars owed to GM, it is still possible to bargain. After Saab’s acquisition is completed, Saab’s initial requirement for “double-Pump†cash flow is 1.5. Billion euros.
"When Mueller bought Saab from General Motors, the target price was 400 million U.S. dollars, but he actually paid only 74 million U.S. dollars, so he still owes 329 million U.S. dollars. But through negotiations, we have already cut the price to 6,000. Million dollars." Pang Qinghua said.
"The debt actually exists in the form of GM's holding of Saab's preferred shares. If bankruptcy may not be worth a few dollars, we must now take this account off as soon as possible, or else wait for Saab to do business." When GM finally repents, we certainly can't afford it," said Pang Qinghua.
The second payment in cash is for Muller. According to the memorandum signed between Shuangpang and Swedish Auto, the purchase price should be paid 50 million euros at the completion of the transaction and be paid 12.5 million euros per year for the four years after the completion of the transaction.
The third item that needs to be paid is 30% of the money owed to the supplier, that is, 60 million Euros.
“As long as Saab starts production, plus the European Investment Bank and the credit support guaranteed by the Swedish local government, Saab’s positive cash flow is a matter of time.†Pang Qinghua predicts that if Saab manages to do well, Saab will lose up to another year in 2012. It will be profitable in 2013.
"We have raised Saab's global sales forecast from 35,000 units to 50,000 units in 2012, and Saab's breakeven sales have reached a critical point of 75,000-80,000 vehicles," said Pang Qinghua.
However, apparently the outside world is not as optimistic as Pang Qinghua expected. According to the latest “Memorandum†finalized by the parties, after Completion of Saab is completed, “Double Pang†will also subscribe for additional shares of Saab Automobile for RMB 2.5 billion and must pay Saab a deposit of 15% of the aforementioned subscription price as the upfront fee. .
According to the restructuring plan submitted by the Saab creditors’ meeting, the Youth Cars and the huge automaker also promised to provide Saab with a 50 million Euro bridge loan to help Saab continue its restructuring process. In addition, "Double Pang" will also provide at least 600 million Euros (about 5.276 billion Renminbi) in the future, which will be used by Saab to pay off debts, resume production and operating funds from 2012 to 2013.
Of course, this does not include the huge investment in the reinvestment of funds for the development of new vehicles and the establishment of new plants in China and the establishment of sales companies.
Saab expects that the company will continue to lose money in 2012-2013, and planned sales in 2015-2016 will remain sluggish. This means that at least in the next two years, Saab can only transfusion but not hematopoietic. According to analysts from the industry, from the rescue of Saab to the revitalization of Saab, "double-pang" investment will exceed 10 billion yuan.
Li Shufu, chairman of Geely Automobile, which had successfully acquired Volvo and turned it into a loss, analyzed that Saab needs at least US$1.7 billion (about 12 billion yuan) in working capital to reach profitability, which is more than expected for young cars. 3 billion yuan. According to the reporter's understanding, the current mobile cash available to young cars is only 600 million yuan, and it is imperative to buy debts for Saab.
According to incomplete estimates, "Double Pang" nominally bought Saab only 100 million euros, but the latter's cumulative debt already exceeded 400 million euros.
Pang Qinghua, chairman of the Board of Directors of Zhejiang Youth Auto Group, which holds 600 million yuan in cash, and Pang Qinghua, the chairman of a huge group that has just received the approval of the China Securities Regulatory Commission to issue corporate bonds of no more than 3.8 billion yuan, have recovered a lot. Because SAAB Saab, which they jointly bid for, has been pulled back from the bankruptcy bankruptcy to the "restructuring protection" track.
According to the Memorandum of Understanding signed by the giant group, the youth car and the Swedish automobile on October 28, "Double Pang" will jointly acquire the 100% stake in Saab Motors held by Swedish Motors and Saab Great Britain Ltd. All the shares of (Saab Great Britain) have a target price of 100 million Euros. In the equity allocation, the huge automobile and youth cars are divided into four parts.
Affected by this news, after the resumption of trading on November 1st, the huge stock price, which had been declining all the way, ushered in its first daily limit since its listing, and released a huge amount of incoming and outgoing transactions. According to the data on the day of the Dragons and Dragons, the stock traded a total of 52.93 million shares and the total transaction amount was as high as 566 million yuan.
After finding the dealer, Saab Motors was able to avoid the fate of bankruptcy and liquidation immediately before November 15. However, the "Double Pang" must be approved by the Chinese government within a limited period.
"Actually, we don't need to go through the approval process again. Just change the key content and add a few new clauses." At noon on November 2, Pang Qinghua, who had just left the plane, said in an interview with reporters that the meeting was held in Sweden. The Saab Creditors' Assembly was very successful. All parties including 1,500 creditors were extremely excited about Saab's avoidance of bankruptcy.
Pang Qinghua predicted that the plan to acquire Saab is expected to be approved within two weeks. Once approved by the government, the giant and youth will immediately sign a formal agreement with Swedish cars. The injection plan that was delayed due to delayed approval will also start immediately.
"The first capital injection is 150 million euros, including 50 million euros that were paid in advance to Mill, Saab's debt is more than 40 million euros in common debt, and the supplier's debt down payment." Pang Qinghua said.
"Double Pang" is expected to invest 2.9 billion yuan in cash to complete Saab delivery, including a huge investment of 1.2 billion yuan, and youth funding of 1.7 billion yuan, which is basically in line with the "settlement" of not more than 1.4 billion yuan in the previous large-scale announcement.
Liu Xiaohua Ming finally bought Saab from Swedish cars for a price of 100 million euros, which is not the best ending for Pang Qinghua.
"In fact, we could have bought Saab at a lower price." According to Pang Qinghua, in the initial stage of brewing 100% of Saab, he and Pang Youth offered a quotation of 30 million U.S. dollars, and then added all the way to US$ 55 million. But Muller is still unmoved.
On October 21st, Muller said that the Swedish automobile had already rejected the "Double Pang" plan for the full acquisition of Saab. In fact, Muller's wishful thinking is based on the premise that Saab will not go bankrupt. He will use part of his shares to obtain cash to support the reorganization, or wait for his performance to be better and then sell a better price.
While the two sides are deadlocked, Miller pressured again and announced the unilateral termination of the "Equity Subscription Agreement" signed in July, and threatened to introduce new investors such as the US private equity fund, made the illusion of "double Pang" kicked out. On the other hand, the Swedish government has commissioned Saab project reorganization manager to "activities" everywhere in China, and triggered "Li Shufu's 50 million euros to acquire 100% stake in Saab."
"Actually, those are smoke bombs. They are jointly punishing 'double springs' and indirectly urging us to 'forbear'. However, unfortunately, the domestic media did not follow up with the facts, but they did not know what to do. After the acquisition of Saab project dust settled, Pang Qinghua still remembered this "clash" is still difficult to excitement.
At the crucial moment, Muller's "jade and grave" gesture made the "Double Pang" crazy, but under double weight, "Double Pang" finally chose to compromise - agreed to acquire Saab for a "premium" of 100 million euros. 100% equity.
Although in the eyes of the outside world, compared to June this year, the huge group and the young car 245 million euros to buy a 53.9% stake in Swedish cars bid, the current 100 million euros wholly-owned acquisition of Saab equivalent to 20% off, but Saab is exhausted due to cash flow The fact that production has been suspended in the past half year has also aggravated the company’s liabilities.
“When I visited Saab in June, the debt of the company was not high, but in less than five months, its liabilities have soared by 100 million euros, which is equivalent to an increase of 20 million euros in liabilities each month.â€
Pang Qinghua told reporters that if the "bargaining" of the tug-of-war continues, there may be two outcomes. One is that Saab has introduced new strategic investors to continue restructuring and protection, but this possibility is minimal; the other is Saab's failure to restructure. Applying for bankruptcy and liquidation, the result is that everyone has to fight, including Muller himself and the money he spends before "double palsy".
In addition, bankruptcies and unemployment of workers may also cause social unrest, which is clearly not what the Swedish government expects. Thus, on the one hand, the Swedish government actively cooperated with the “double tacticsâ€; on the other hand, it also continued to put pressure on Muller to try to promote Saab’s equity transactions as soon as possible in order to restart the Saab restructuring plan that is currently in desperation.
Under pressure from all parties, Muller finally agreed to the deal and signed a “memorandum of understanding†for the sale of Saab’s 100% stake on behalf of the Swedish company. If the deal is successful, Muller will not only “retreat†from Saab’s backhand, but will also receive a double premium from Saab after just one year and eight months.
Why not wait for Saab bankruptcy?
Although it has not yet signed a legally binding acquisition agreement with Swedish cars, in the opinion of “Double Pangâ€, Saab has already been “in the bagâ€. However, the questioning voice from almost one side of the country has left "Double Pang" facing tremendous resistance.
"The state always encourages Chinese companies to dare to go out. Now I know how difficult it is for China's private enterprises to take this step. I just can't understand why the domestic media will only decline if we buy Saab. This is actually a disservice.†Pang Qinghua, who attended Saab’s creditor’s conference in Sweden, “worsed†with reporters when he returned home.
What he did not understand was that Chinese companies should have bought overseas car companies. This was a good thing. Why did domestic media always see risks and problems first and ignored the historical opportunities behind mergers and acquisitions?
Pang Qinghua told reporters that the tremendous pressure of public opinion once caused him to sprout up in the middle, but the board of directors and the major shareholders of the strong retention, and ultimately let him adhere to the final victory.
Up to now, the domestic mainstream media has not fundamentally changed the attitude of the "double Pang" acquisition of Saab. Of all the "questioning" voices, the most popular argument is that "Double Pang" didn't wait until Saab goes bankrupt to liquidate. According to informed sources, when the National Development and Reform Commission invited Saab to hold a "coordination meeting" in May this year, it also raised similar questions. "If Saab is really bankrupt, Chinese companies can't buy anything." Pang Qinghua said that due to the downfall, Saab's complex property rights structure and debt "burden" have already decided that once bankruptcy, Saab will lose all existing and potential The commercial value. Bankruptcy also means that nearly 60 million Euros invested by the “Double Pang†will be lost.
According to public information, in order to ease the cash flow dilemma, Saab’s entire assets have been mortgaged to the European Investment Bank through a mortgage loan, which promised Saab 400 million euros in credit lines and has so far provided loans of 217 million euros.
In addition, Saab also defaulted on the largest creditor US General Motors 362 million US dollars and supplier payment of 200 million euros. In terms of intellectual property rights, Saab signed a non-exclusive agreement with GM in the next five years to share key technologies such as vehicle, engine, booster, and safety technology platforms (including the Phoenix Technology Platform), and to include certain models and engines. Technology was sold to Beiqi for US$200 million.
"Saab's total assets, including the brand, may be worth 400 million to 500 million euros." Pang Qinghua told reporters that if Saab goes bankrupt, it means that all its assets auctions cannot reach its full debt. If it continues to restructure, it will be There is still the possibility of profit in the next two to three years.
Informed sources of capital traps revealed to reporters last week that if nothing unexpected happened, the "Double Pang" plan for a full-scale acquisition of Saab will most likely be officially approved by mid-July this year. Miao Wei, Minister of the Ministry of Industry and Information Technology, also expressed to the media when he attended a large forum in Shanghai last week that the Ministry of Industry and Information Technology “supported in principle the acquisition of Saab vehicles by large and young peopleâ€. This is considered to be the possibility that the government will release “Shuang Pang†to acquire Saab. Clear signal.
As a result, the biggest challenge that Double Pang needs to face next will be its own financing and operating capabilities. To this end, some people in the industry are concerned that although the “Double Pang†may have eaten Saab at a price of 100 million euros, Saab’s huge debt black hole and the large amount of funds needed to rejuvenate the brand in the future may make these two funds less powerful. China’s private enterprises have been dragged into desperation.
According to incomplete estimates, "Double Pang" nominally bought Saab only 100 million euros, but the latter's cumulative debt already exceeded 400 million euros.
In this regard, Pang Qinghua said that "the actual number is not much difference." However, Pang Qinghua told reporters that since many liabilities are medium- and long-term loans, plus the hundreds of millions of dollars owed to GM, it is still possible to bargain. After Saab’s acquisition is completed, Saab’s initial requirement for “double-Pump†cash flow is 1.5. Billion euros.
"When Mueller bought Saab from General Motors, the target price was 400 million U.S. dollars, but he actually paid only 74 million U.S. dollars, so he still owes 329 million U.S. dollars. But through negotiations, we have already cut the price to 6,000. Million dollars." Pang Qinghua said.
"The debt actually exists in the form of GM's holding of Saab's preferred shares. If bankruptcy may not be worth a few dollars, we must now take this account off as soon as possible, or else wait for Saab to do business." When GM finally repents, we certainly can't afford it," said Pang Qinghua.
The second payment in cash is for Muller. According to the memorandum signed between Shuangpang and Swedish Auto, the purchase price should be paid 50 million euros at the completion of the transaction and be paid 12.5 million euros per year for the four years after the completion of the transaction.
The third item that needs to be paid is 30% of the money owed to the supplier, that is, 60 million Euros.
“As long as Saab starts production, plus the European Investment Bank and the credit support guaranteed by the Swedish local government, Saab’s positive cash flow is a matter of time.†Pang Qinghua predicts that if Saab manages to do well, Saab will lose up to another year in 2012. It will be profitable in 2013.
"We have raised Saab's global sales forecast from 35,000 units to 50,000 units in 2012, and Saab's breakeven sales have reached a critical point of 75,000-80,000 vehicles," said Pang Qinghua.
However, apparently the outside world is not as optimistic as Pang Qinghua expected. According to the latest “Memorandum†finalized by the parties, after Completion of Saab is completed, “Double Pang†will also subscribe for additional shares of Saab Automobile for RMB 2.5 billion and must pay Saab a deposit of 15% of the aforementioned subscription price as the upfront fee. .
According to the restructuring plan submitted by the Saab creditors’ meeting, the Youth Cars and the huge automaker also promised to provide Saab with a 50 million Euro bridge loan to help Saab continue its restructuring process. In addition, "Double Pang" will also provide at least 600 million Euros (about 5.276 billion Renminbi) in the future, which will be used by Saab to pay off debts, resume production and operating funds from 2012 to 2013.
Of course, this does not include the huge investment in the reinvestment of funds for the development of new vehicles and the establishment of new plants in China and the establishment of sales companies.
Saab expects that the company will continue to lose money in 2012-2013, and planned sales in 2015-2016 will remain sluggish. This means that at least in the next two years, Saab can only transfusion but not hematopoietic. According to analysts from the industry, from the rescue of Saab to the revitalization of Saab, "double-pang" investment will exceed 10 billion yuan.
Li Shufu, chairman of Geely Automobile, which had successfully acquired Volvo and turned it into a loss, analyzed that Saab needs at least US$1.7 billion (about 12 billion yuan) in working capital to reach profitability, which is more than expected for young cars. 3 billion yuan. According to the reporter's understanding, the current mobile cash available to young cars is only 600 million yuan, and it is imperative to buy debts for Saab.
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