(編者按)停牌兩個月后,世界最大的兩家軌道交通裝備制造商終于在2014年的最后一天復牌交易。醞釀了幾個月的合并計劃隨之出爐。12月30日晚,中國南車、中國北車發布聯合公告,宣布雙方將在技術上采取中國南車吸收合并中國北車的方式進行“對等合并”。在技術性的換股方案出爐后,新公司的人事安排或將成為下一階段整合的核心以及市場關注的焦點之一。業內人士認為,兩車合并的意義不單在上市公司本身,其對于高鐵乃至中國高端裝備制造業的整體發展均具有深遠影響。
南北車“對等合并”方案出爐 鐵路裝備“巨無霸”橫空出世
中國證券報記者 汪珺(jun)
南(nan)北(bei)(bei)車(che)(che)重(zhong)組(zu)整合的(de)懸(xuan)念在(zai)(zai)各種猜測聲中(zhong)(zhong)(zhong)揭開謎面,12月(yue)(yue)30日晚,中(zhong)(zhong)(zhong)國(guo)南(nan)車(che)(che)、中(zhong)(zhong)(zhong)國(guo)北(bei)(bei)車(che)(che)發布聯合公(gong)告,宣布雙方將在(zai)(zai)技(ji)術上采(cai)取(qu)中(zhong)(zhong)(zhong)國(guo)南(nan)車(che)(che)吸收合并中(zhong)(zhong)(zhong)國(guo)北(bei)(bei)車(che)(che)的(de)方式進(jin)行“對(dui)等(deng)合并”。新(xin)公(gong)司(si)初定名稱(cheng)為“中(zhong)(zhong)(zhong)國(guo)中(zhong)(zhong)(zhong)車(che)(che)股(gu)份有限公(gong)司(si)”,將繼承及承接南(nan)、北(bei)(bei)車(che)(che)的(de)全部資(zi)產(chan)、負債、業務、人(ren)員、合同(tong)、資(zi)質及其他(ta)一切(qie)權利與義務等(deng),同(tong)時(shi)建立新(xin)的(de)組(zu)織架構(gou)、管理體(ti)系、公(gong)司(si)品牌等(deng)。兩(liang)公(gong)司(si)股(gu)票將于12月(yue)(yue)31日復牌。
業(ye)內人士認(ren)為(wei),對(dui)上市公司而(er)言,合(he)并(bing)后的(de)(de)實體將(jiang)(jiang)受益于更高(gao)的(de)(de)運營(ying)和研發效(xiao)率、更低的(de)(de)采購成本和統(tong)一的(de)(de)全球戰略,形(xing)成協(xie)同效(xiao)應(ying),財務實力(li)和全球競爭(zheng)力(li)有望(wang)提高(gao);對(dui)高(gao)鐵(tie)行業(ye)而(er)言,將(jiang)(jiang)有利于降(jiang)低國(guo)內軌交制造(zao)業(ye)內耗,推(tui)進動車組標準化(hua)進程以及核心技術推(tui)廣、國(guo)產化(hua)率提升(sheng),加(jia)速高(gao)鐵(tie)出(chu)海(hai)步伐。更為(wei)重要(yao)的(de)(de)是,兩車“復婚”將(jiang)(jiang)形(xing)成合(he)力(li),在“一帶一路(lu)”戰略的(de)(de)支持下,推(tui)動中國(guo)高(gao)端裝備進一步走向(xiang)世(shi)界,從制造(zao)業(ye)大國(guo)向(xiang)制造(zao)業(ye)強國(guo)加(jia)速轉型(xing)。
整合(he)方案的公布僅是完成(cheng)(cheng)(cheng)了南(nan)北車整合(he)大戲的第一幕(mu),新公司領導層誰來擔綱?管(guan)理框架和企業文化如何設定(ding)?原有重(zhong)復資產如何處置……都將成(cheng)(cheng)(cheng)為(wei)下一階整合(he)推進的核心以及市場(chang)關注的焦點。中(zhong)國證券報記者(zhe)獲悉,南(nan)北車的全面整合(he)將力爭于明年(nian)上(shang)半年(nian)之內完成(cheng)(cheng)(cheng),上(shang)述謎底料將在未來六個月的時(shi)間(jian)里一一揭(jie)開。
協同效應提升
根據(ju)公告(gao),中(zhong)(zhong)(zhong)國南車(che)(che)(che)向(xiang)中(zhong)(zhong)(zhong)國北(bei)(bei)(bei)車(che)(che)(che)全體A股(gu)(gu)(gu)(gu)(gu)(gu)(gu)和H股(gu)(gu)(gu)(gu)(gu)(gu)(gu)換(huan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東分別發行中(zhong)(zhong)(zhong)國南車(che)(che)(che)A股(gu)(gu)(gu)(gu)(gu)(gu)(gu)和H股(gu)(gu)(gu)(gu)(gu)(gu)(gu),擬(ni)發行的(de)A股(gu)(gu)(gu)(gu)(gu)(gu)(gu)和H股(gu)(gu)(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票將分別申請在上交所(suo)和港交所(suo)上市流通,中(zhong)(zhong)(zhong)國北(bei)(bei)(bei)車(che)(che)(che)的(de)A股(gu)(gu)(gu)(gu)(gu)(gu)(gu)和H股(gu)(gu)(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票予以相應注銷。中(zhong)(zhong)(zhong)國北(bei)(bei)(bei)車(che)(che)(che)與中(zhong)(zhong)(zhong)國南車(che)(che)(che)的(de)換(huan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)比例為(wei)1:1.10,即(ji)每1股(gu)(gu)(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)(zhong)國北(bei)(bei)(bei)車(che)(che)(che)A股(gu)(gu)(gu)(gu)(gu)(gu)(gu)可以換(huan)取1.10股(gu)(gu)(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)(zhong)國南車(che)(che)(che)A股(gu)(gu)(gu)(gu)(gu)(gu)(gu),每1股(gu)(gu)(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)(zhong)國北(bei)(bei)(bei)車(che)(che)(che)H股(gu)(gu)(gu)(gu)(gu)(gu)(gu)可以換(huan)取1.10股(gu)(gu)(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)(zhong)國南車(che)(che)(che)H股(gu)(gu)(gu)(gu)(gu)(gu)(gu)。
中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)聲(sheng)明(ming):凡本網(wang)(wang)(wang)注(zhu)(zhu)明(ming)“來(lai)(lai)源(yuan):中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)”的所(suo)有(you)作品,版權均屬于(yu)中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)。中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)與(yu)作品作者聯合聲(sheng)明(ming),任何組織未經(jing)中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)以及(ji)作者書(shu)面授權不得(de)轉載(zai)(zai)、摘編或利用其(qi)(qi)它方式使用上述作品。凡本網(wang)(wang)(wang)注(zhu)(zhu)明(ming)來(lai)(lai)源(yuan)非中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)的作品,均轉載(zai)(zai)自其(qi)(qi)它媒體,轉載(zai)(zai)目的在(zai)于(yu)更(geng)好服務讀者、傳遞(di)信息之(zhi)需,并不代表(biao)本網(wang)(wang)(wang)贊(zan)同其(qi)(qi)觀點,本網(wang)(wang)(wang)亦不對其(qi)(qi)真實性負責,持異議者應與(yu)原(yuan)出(chu)處單位主(zhu)張權利。
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Copyright 2001-2018 China Securities Journal. All Rights Reserved