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Cai Che decided to hand over to China the decision to succeed or defeat his new three-year term.
At the Frankfurt Motor Show which ended not long ago, as the Chairman of the board of Daimler AG and the CEO of the Mercedes-Benz Motor Group, Cai Che confirmed for the first time that after the Daimler shares in Beiqi, BAIC became the parent company of Mercedes-Benz. The plan of Lele’s shareholder has also been advanced.
At the capital level, BAIC has already established the Beijing Benz passenger car project with Daimler and its Foton Motors (Weibo) has reached a joint venture with Daimler. Although rumours about Beiqi’s holding of Daimler have been widely disseminated since last year, this is the first confirmation by the parties. It is also a deeper capital cooperation following the agreement reached by the two parties earlier this year.
Once established, this will be the most complicated and deepest transnational capital cooperation in the Chinese automotive industry to date. With the news that Dongfeng purchased PSA shares at the same time, the "Chinese gold owner" represented by Dongfeng and Beiqi is setting off a brand-new alliance mode for multinational car companies. For Beiqi, the olive branch extended by Daimler was timely and sincere. Holding Daimler would make Beiqi more attractive to investors during the IPO.
At the same time, BAIC's holdings of Daimler may also become the key catalyst for accelerating the approval of the agreement for the exchange of shares between the two parties. This also means that BAIC will soon be able to see the sluggish market for a few years truly open the time window.
The "Northern Wear" pen
“We do have plans for Daimler to hold shares with Beiqi, but the details still need to be further discussed and negotiated.†Cai Che said that the cooperation between the two sides at the technical and capital levels is under further discussion.
The relevant person of Beiqi told reporters that it was indeed heard internally that there was such a plan. However, the specific plan has not yet been seen. It should be that the final details of the cooperation have not yet been completely settled. It needs the shareholders' general meeting of both sides to discuss and pass.
Since the 2008 financial crisis caught the financial impasse, the Daimler Group’s plan to find strategic investors has not stopped. The first Chinese candidate to be announced was China Investment Co., Ltd. As a Daimler joint venture partner, Beijing Automotive Group formally entered the rumored view in early 2012, but when both parties were testing, Mercedes-Benz was facing more orders in China. The problem of its battered sales - two sets of marketing and channel rights disputes have reached the moment must be resolved.
How to solve all the problems at one time through large-scale strategic deployment is what Zechu has been thinking about. This deployment is called the "Northern Wear Program." Although the February 1 package deal was called the final part of the plan, from the perspective of the “Beiqi and Daimler cooperation†strategic objective, Beiqi’s shareholding Daimler is the “Beidai planâ€. "The true pen of ending.
This deployment took a crucial step on February 1 this year: Cai Che formally signed a strategic agreement with Beiqi Group Chairman Xu Heyi and reached three major equity transactions, including Daimler’s acquisition of a 12% stake in Beiqi and Beiqi’s acquisition. The 51% stake in Beijing Benz and Daimler's equity in Beijing Benz Sales & Service Co., Ltd. increased to 51%. According to German media, Daimler's purchase of this 12% stake is 640 million euros (about 5 billion yuan).
Prior to this, Cai Che completed the integration of two marketing channels through the establishment of Beijing Benz Sales & Service Co., Ltd.
At the Frankfurt Motor Show, Zeche told the outside world that the overall cooperation plan including Daimler’s 12% stake in BAIC is still in the approval stage of the Chinese government. The current direction has been determined and it only waits for the government to finalize its confirmation, “Beiqi and Daimler. Le's will is the same: common development and joint success."
After this series of capital bundling is completed, the relationship between BAIC and Mercedes-Benz will be seen by the outside world. Daimler, the parent company of Mercedes-Benz, is a shareholder of BAIC, BAIC is a shareholder of Daimler, BAIC is holding Beijing Benz and Daimler. Holding Beijing Benz Sales & Service Co., Ltd., the cooperation between the two parties will involve capital, technology and management.
Unlike SAIC and GM’s equity swaps, BAIC and Daimler’s equity transactions are permanent. This means that this will be the first Chinese and foreign strategic alliance in the Chinese auto industry. "Beiqi's purchase of Daimler's equity is not necessarily a big investment in the economy. It is mainly to show a gesture that the two sides have reached a strategic alliance with mutual synergy." Zhang Junyi, executive director of Roland Berger Management Consulting, said that due to The decline of the global auto industry and the strategic alliance among auto companies have risen again in the past two years, including the PSA and the General Global Strategic Alliance, and the technical alliance between Toyota and BMW.
At the same time that Zeche disclosed the above information, PSA (Peugeot Citroen) also had further news of its plans to seek the ownership of China’s gold owner, Dongfeng Motor Group. According to French media, PSA has commissioned financial institutions to study feasibility. According to previous rumors, Dongfeng Group may acquire 30% of PSA shares.
In fact, for a strategic alliance with Chinese car companies, multinational car companies still have doubts in previous years, Zhang Junyi said, mainly worried about technical disclosure. Today, the increasing strength of China's auto companies and the Chinese auto market, which is still in the spring compared with Europe and the United States, have made Chinese auto companies a priority for multinational joint venture partners when introducing strategic investors.
Beiqi listed new themes
The completion of the negotiations on Beidai’s shareholding in Daimler will accelerate the approval of a package of stock plans that Daimler and BAIC reached at the beginning of the year, thus becoming the last domino to promote the listing of BAIC.
Although there was news in early August that BAIC and Daimler’s equity cooperation had been approved, the reporter learned from BAIC that both parties’ approval of the equity transaction is still waiting for an opportunity, and the new approval report is still in the revision phase and has not been delivered yet. The relevant ministries cannot be approved. At present, there is still no further information on the approval.
According to professional analysis, it is not ruled out that Daimler’s agreement with BAIC holds the original intention of promoting the above-mentioned official approval by the Chinese government as soon as possible.
Once the equity transaction is approved, the listing plan of Beiqi shares will open the time window for final implementation. This will also be the most important opportunity waiting for Xu Heyi, chairman of Beiqi Group.
In a recent interview, Xu Heyi said that Beijing Automotive Co., Ltd. originally scheduled for the end of this year will be postponed until next year, depending on the circumstances, depending on the situation, mainly due to "and Daimler's approval of equity transactions is very complex, involving many aspects, many The audit is not completed in a short time."
"After the approval of this series of transactions is completed, the time for the listing of BAIC will basically be set." Zhang Junyi said.
In addition, technical support from Daimler will become another substantial financing concept for BAIC. According to the Beidaihe Plan, Mercedes-Benz will transfer the old E-Class platform to Beiqi as its own brand support. At the Frankfurt Motor Show, Zeche said that Mercedes has purchased 10% of Tesla's assets from the American electric vehicle company. The diluted equity is about 5%. The B-class electric car is the result of cooperation between Mercedes-Benz and Tesla.
As early as 2009, Beiqi signed a letter of intent with Daimler and the two parties will cooperate in the development of electric vehicles. With more technical support, whether Mercedes-Benz will begin substantive cooperation with BAIC in the field of electric vehicles is also a reasonable imagination that the Beidaihe plan brings to the outside world.