In the last the parties engage in fierce battle after nine months, known as China's gas industry's biggest takeover battle between a on October 15, finally the dust settled. A few days ago, the new Austrian energy and China petrochemical announcement announced the acquisition of Chinese gas undertake no longer offer. But at the same time, China petrochemical will be strategic cooperation way to increase China's gas investment.
News, the new Austrian energy instead of the secondary market price rose nearly 3%, the personage inside course of study, terminate the acquisition eliminates the industry to the new Austrian energy acquisition China gas will produce the fund chain pressure concerns. At the same time, China petrochemical and peremptory become the biggest winner of the "merger and acquisition.
In December of 2011, the new Austrian energy and China petrochemical group announced that will join forces to China gas launch acquisition, the offer price of hk $3.5 per share, the total consideration about hk $16.7 billion, among them, the new Austrian energy will pay 55% of total offer to price, China petrochemical pay the rest of 45%, but the advice of the board of directors by China gas strong resistance.
According to the published takeover plan, the new Austrian energy will be burden more than hk $9 billion purchase funds. After the new Austrian energy chief financial officer zheng is E says, the new Austrian to meet the requirements of the Hong Kong securities borrowed $400 million as a deposit, the first half of interest expenses of hk $76 million, and at the same time for the takeover plan in the first half of the new about 20 million yuan of administration fee.
Acquisition of Chinese gas failure, the new Austrian energy the next day with share prices sharply situation. On October 16,, the world's largest financial institutions of banc of America merrill report, refers to the new Austrian energy and China petrochemical termination acquisitions of Chinese gas, eliminate the new Austrian instant to equity financing doubts. Bank of America merrill lynch and expected, the new Austrian will set aside some cash for acquisition, the future material continue to increase 6-8 mainland urban gas distribution project.
Although offer lost, China petrochemical still reached its purpose. China's gas announced on October 15,, according to its and sinopec signed a strategic cooperation framework agreement, China petrochemical will subscribe shares or other ways to increase China's gas investment; Both of the joint venture company to develop the liquefied petroleum gas retail market; China petrochemical principles agree with China gas in China's petrochemical is responsible for the construction of provincial natural gas pipeline and supporting facilities of the investment; China petrochemical and China gas composition China city gas project partners, to large city gas pipeline project development.
According to the new Austrian energy and China petrochemical abandon purchase announcement, fails to meet the government antitrust etc the corresponding examination and approval is lead to purchase the direct cause of termination. However, the "China petrochemical to strategic cooperation way" detour acquisition "China gas, has reached in the gas downstream, through the gas industry in the middle and lower reaches of the integrated layout.
To this, xiamen university, China's energy economic research center director LinBoJiang said, sinopec and China gas "marriage" can affect the domestic gas market competition pattern, to further strengthen the enterprise in the mountainous background gas market share. "The combination of two companies will improve the domestic gas market monopoly level.