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After the foreign acquisition of new regulations was formally implemented on September 8, Zhejiang Tianma Bearing Co., Ltd. gradually gained the upper hand in the competition to acquire the “Luoyang Bearing Group Co., Ltd.â€, the country’s largest bearing manufacturer. This privately-owned company in Hangzhou recently received a letter from the local government: The National Development and Reform Commission has made it clear that the “Luo axis†is temporarily out of contact with foreign capital.
According to the Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, the annual turnover of the mergers and acquisitions in the Chinese market is more than 1.5 billion yuan and the market share is 20%. M&A leads to a 25% market share or continuous merger within a year. All enterprises must report to the Ministry of Commerce and the State Administration for Industry and Commerce.
At the same time, foreign capital acquisitions and acquisitions of domestic enterprises and actual control, involving key industries, factors that may affect or affect the country’s economic security, and the transfer of actual control rights of domestic companies that have well-known trademarks or old Chinese names, should all be reported to the Ministry of Commerce.
These conditions have increased the number of forbidden zones in foreign acquisitions and have also increased the opportunities for domestic companies. In early July of this year, Zhejiang Tianma Bearing Co., Ltd. officially stated to Luoyang City SASAC that it plans to “acquire an overall acquisition of Luosha Group†with a price of 1 billion yuan. At the same time, Wanxiang Group also started its preliminary preparations.
In addition to contact with private enterprises in Hangzhou, almost all of the "Lox" are foreign investment figures, including Timken, the largest bearing manufacturer in the United States, and Schaeffler of Germany. Among them, Timken’s bid is between 400 million and 500 million yuan, while Schaeffler’s bid is as high as 1.1 billion. "The letter of communication makes the situation gradually clear. The biggest rival is Schaeffler. We have already raised the purchase price to 1.2 billion yuan." Ma Jinfa, deputy general manager of Zhejiang Tianma Bearing Co., Ltd., said that the company promised to hire workers and sales. The income is better than the Schaeffler side, and the acquisition of the "Row axis" will soon have results.
New rules for foreign mergers and acquisitions favor state-owned enterprises to acquire Luoyang Bearing