Tuesday, September 14, 2010

Meiling: Select Game Gu Gu and back

"I'm not mentally prepared, their brains are not turn around." Yesterday afternoon, the news that Gu Chujun, Meiling, vice president, secretaries to directorate Xue Hui told the "Daily Economic News."

Win-win acquisition

Xue Hui said: "As one of the best known province, Meiling every move of concern.
In 2002, we still loss-making enterprises. At the time, there are a few M & A side, including the United States and the other, was chosen Gu Chujun of Greencool. "

Early June 2003, Meiling Group to reach a formal share transfer agreement with Greencool: Gu Chujun to 207 million price, the transferee holds the Meiling Meiling Group 8285 million legal person shares, representing the total share capital of 20.03 Meiling %, making it the largest shareholder of Meiling.

A month later, Hefei Municipal Committee, secretary of car-Jun in an interview, will be re-Meiling Greencool known as the "realization of a win-win", win the party include: Greencool, Meiling, the local government.

Why Greencool for the car-Jun that contact with the process, feel Greencool have financial strength, have the trade advantage, but also has some international visibility. More importantly, the successful restructuring of Kelon Greencool before, so the risk is relatively smaller.

M & A year, Meiling turnaround, restructuring state-owned enterprises to become "pretty first married," Theory of a successful case.

Business management

Just a few months, Gu Chujun how to do turn around?

Xue Hui said: "Gu Chujun understand management, is to understand." He cited several examples to illustrate his point.

First, the selection of personnel on-passenger Placement, equal opportunity for everyone. Second, the change in diversification, focus on the production of refrigerator. Again, and Kelon Electrical joint procurement to reduce costs. In 2003, Kelon and Meiling thrown out of joint procurement of raw materials and large unit, the amount of up to 10 billion yuan. There is, Gu Chujun sent a vice president for finance, a marketing director, two managers are very professional, dedicated. Another management tool is to improve the management of the treatment, their revenues and operating results link.

Repurchase of shares

However, entering 2005, things slowly changed. Changing the fuse is the largest shareholder Greencool into a crisis of confidence, and Kelon Electrical Commission, have been a criminal investigation.

July 26, Meiling announcement said Meiling Group is negotiating with the Guangdong Greencool acquired their shares of the related issues. Notice 1, all uproar, because at this time from Meiling Group to sell the shares only after two years.

Yesterday afternoon, the phone Xue Hui told the "Daily Economic News", he sum of repurchase transactions will be completed, knew nothing about. "This is a matter between the shareholders. Conclusive results came out, we will notice obligations to fulfill."

Meiling Group to prepare for the share repurchase Meiling matters, many industry insiders believe is the relevant requirements of Hefei Meiling Group in order, some people feel that Gu Chujun had to do things. Because single-Kelon Electrical, need money to "bury", Gu Chujun had to sell the shares of listed companies Greencool system in order to save themselves.

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