The acquisition of the assets of the parent company ten projects, Shenhua first step in the overall market, but also the overall market will trigger a wave of central enterprises.
2007 10 months, China Shenhua (601088, stock it) return to A shares. Was committed to its high quality coal assets in the next 3 years into the listed company, not with China Shenhua at home and abroad main business any place within the region competition, and awarded to Shenhua Group, the acquisition of listed companies the option of potentially competitive activities and priorities the acquisition of rights. At that time, China Shenhua to raise funds to reach 66 billion yuan, of which 33.3 billion commitment for the acquisition of strategic assets.
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three-year period is up, the message has not been any acquisition of China Shenhua doubt attract many of the market sound.
2010 years of the last few days, China Shenhua announced that the initial public offering of A shares to raise funds to acquire Shenhua Group, the controlling shareholder and its affiliated companies engaged in coal held by the 10 , electricity and related businesses or assets of the company's shares, a total of about 87 billion yuan. At this point, after a lapse of three years, have a true sense of the first acquisition.
market. hope behind the pace of China Shenhua energy moves faster in order to dispel concerns. The beginning of 2011, SASAC has proposed to accelerate the process of state-owned capital assets and set up a new holding Chinese national limited liability company listed as a whole pays the bill for the central enterprises. Ideas has become increasingly clear that the overall stock market surge central enterprises have started.
The first step
Shenhua China Shenhua of this acquisition, a three-year period to catch the tail.
so analysts began to stare at the excellent condition of these assets.
the acquisition target, including three coal companies, a power generation company, a clean coal company and 5 related business companies. M & A, though reserves increased by 20%, but net profit margin of only 2.5% in 2009. The acquired company has not had that listed companies make money, they have to do it. and construction in 2011 and 2012 was put into operation, so the increase in the short term profits will not be much, but increase the number of resources, long-term view, reflected in the contribution of the next few years.
Indeed, the data show that the acquisition of coal assets can make China Shenhua resources and reserves increased by 20.98% and 23.72%, for the future sustainable development of the coal business has provided a guarantee.
Dongguan Securities analyst Li Longhai Coal Institute also believes that 2011 is the China Shenhua coal production assets into the release period, with the Li Jiahao mine 600 million tons / year and surface mines follow area of 1000 tons / annual production capacity of coal production capacity, is expected to inject assets can contribute to profits in 2011 of 1.12 billion yuan. Insurance Group under God, connecting the third coal mining areas have not yet obtained the warrant, so do not have the production conditions. Expected future production capacity up to 1000 tons / year, as China Shenhua output growth after 2011 points.
CICC report that China Shenhua's coal assets, the acquisition has good growth potential, not only expanded the company's coal reserves and the size and power assets into a substantial increase in revenue and profits, the company will be consolidated advantage of coal and electricity integration and deepening of China Shenhua is expected to and beyond 2011 to make a greater contribution to the results, the company plans to further the overall market.
China Shenhua also said that the significance of the acquisition is to further expand the reserves of coal resources, coal industry bigger and stronger, give full play to the coal, electric power integration advantages, optimizing allocation of resources, optimize the industrial structure, and do may reduce and avoid competition with the major shareholders.
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