The hottest mergers and acquisitions continue to b

2022-08-13
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"Merger and reorganization" continues to be the focus of this year's coal industry development

recently, with the successive convening of national and provincial coal work conferences, resource provinces have set off a new round of upsurge in eliminating backward coal production capacity and promoting enterprise merger and reorganization. It is understood that non coal entities such as power enterprises have also joined this round of cross industry restructuring

at the national coal work conference held last month, Liu Tienan, director of the national energy administration, once again proposed to promote the merger and reorganization of coal enterprises, so that "merger and reorganization" will continue to be one of the two-year development priorities of the coal industry like Xiaohua in 201 gel

however, some industry experts pointed out to this newspaper that most of the mergers and acquisitions within the coal industry in major resource provinces have been completed. At present, there is an upsurge, mainly including the cross industry mergers of non coal enterprises to coal mines and the mergers of coal enterprises to non coal enterprises

a researcher from the Energy Research Institute of Shanxi Academy of Social Sciences told this newspaper that in this round of financing tide, in addition to the unfunded funds for the previous round of system display of "C20" mergers and acquisitions, financing for cross industry mergers and acquisitions has also become the meaning of the topic

for example, China Shenhua purchased 50% of the equity of Guohua Taicang Power Generation Co., Ltd. held by Guohua Power at a price of up to 1.337 billion yuan this month, which has become a classic case of power related coal enterprises

Xing Lei, a professor of the China Coal Economy Research Center at the Central University of Finance and economics, told this newspaper that there was little room for internal restructuring in the coal industry. The continuation and deepening of the reorganization work is reflected in cross industry mergers

Xing Lei said that coal mergers and acquisitions generally adopt two ways. If both are state-owned enterprises, administrative allocation may be used; However, private small and medium-sized coal mines generally require cash settlement. Although there are few private coal mines in Shanxi and other provinces after the previous rounds of efficiency restructuring, the provinces also require state-owned coal enterprises to carry out cross industry restructuring of plastic, aluminum, fertilizer and other factories with poor operating conditions in the province, which undoubtedly greatly increases the financial burden of the former and has become one of the reasons for coal enterprises to set off a new round of financing boom

it is reported that at present, some large coal enterprises in Shanxi and other provinces have entrusted banks to arrange loans for their new M & A transactions and reconstruction projects. These large coal enterprises have huge financing needs, and some Chinese chemical industry transfer investment focuses on new materials as high as several billion yuan. "In order to merge across industries, a coal enterprise in Inner Mongolia even raised 16 billion yuan, which increased its debt burden." Xing Lei said

it is understood that similar cross industry restructuring has occurred in the process of coal restructuring in all provinces. In the reform of Henan coal, Henan Yongmei Group, with a deficit of 254million yuan, and Henan Shunyuan Aluminum Co., Ltd. jointly expanded the aluminum plate, strip and foil processing project, thus entering the aluminum processing industry. In Shanxi coal reform, Shanxi International Power Group and Yangmei group also restructured Zhaofeng aluminum

Xing Lei doesn't think so. He said: "the merger and reorganization between upstream and downstream enterprises is reasonable, but if the merger has nothing to do with the coal industry chain, it is blind expansion, and the local government is not responsible for" throwing away the burden "in this way."

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