Jinan Iron and Steel Co., Ltd. and Laiwu Iron and Steel Co., Ltd. suffered another setback in the restructuring of Shandong Iron and Steel Co., Ltd.
the restructuring of Jinan Iron and Steel Co., Ltd. and Laiwu Iron and Steel Co., Ltd.
at the shareholders' meeting held on the last day of 2010, more than 40% of the shareholders of Laiwu Iron and Steel Co., Ltd. voted against the share restructuring plan of Jinan Iron and Steel Co., Ltd. and Laiwu Iron and Steel Co., Ltd
according to relevant persons of Shandong Iron and steel, it may be that the arbitrage space between the current low share price and the "cash option price" has "induced" more negative votes, resulting in the final abortion of the scheme
although the integration of the two listed companies is imperative, it will take time for the new plan to be introduced after this twists and turns. At the same time, as the merger of Jinan Iron and steel and Laiwu Iron and Steel Co., Ltd. failed again, it also cast a shadow on the upcoming acquisition of Nippon Steel by Shandong Iron and Steel Co., Ltd., and the road of integration of Shandong Iron and Steel Co., Ltd. became more and more blurredOn January 4, Laiwu Iron and Steel Co., Ltd. and Jinan Iron and Steel Co., Ltd. announced that on December 31 last year, the two companies held a general meeting of shareholders respectively. At the shareholders' meeting of Jinan Iron and steel, the merger plan was adopted with 84% affirmative votes; However, at the shareholders' meeting of Laiwu Iron and Steel Co., Ltd., the restructuring proposal was rejected, of which the negative vote accounted for 42.25%, and the affirmative vote for the merger accounted for 56.23% of the total effective voting rights, which did not reach more than two-thirds of the required, and the restructuring plan was aborted The share of exports to emerging countries will also be greatly increased
on February 24 last year, the two companies issued a restructuring announcement for the first time, which included major unprecedented restructuring plans such as private placement and acquisition of assets, share exchange and merger. However, since then, the original plan has undergone major changes due to the national macroeconomic environment and the operating conditions of the iron and steel industry, which has caused great fluctuations in the stock price, resulting in the failure of the restructuring of the two companies
on December 13 last year, the two companies issued a restructuring announcement again. The new plan basically followed the framework of the original plan and still took Jinan Iron and steel as the integration platform to exchange shares to absorb and merge Laigang shares
compared with the original plan, the second published plan made relevant adjustments: Yinshan section steel and Laiwu Iron and Steel Machinery Manufacturing Co., Ltd. were adjusted out of the restructuring scope; Jigang Group will no longer inject 3billion yuan of cash into listed companies; Reconvene the board of directors to lock the price of share exchange and the price of assets purchased by issuing shares; As an independent third party, Shandong state-owned assets Investment Holding Co., Ltd. provides the dissenting shareholders of Jinan Iron and Steel Co., Ltd. and Laiwu Iron and Steel Co., Ltd. with the right of acquisition request and cash option respectively
as of December 30, the closing price of Laiwu Iron and Steel Co., Ltd. was 7.85 yuan, 1.15 yuan lower than the exchange price of 8.9 yuan per share. According to the analysis of relevant personnel of Shandong Iron and Steel Co., Ltd., it is this "arbitrage space" that "attracts" more shareholders to vote against itAccording to the integration plan of Shandong Iron and steel industry, the merger of Jinan Iron and Steel Group and Laiwu Iron and Steel Group is only the prelude to the integration of Shandong Iron and steel group. Zhangchaochao, director of Shandong Provincial Development and Reform Commission, announced the integration schedule at the seminar on Shandong Iron and steel industrial structure adjustment and innovation capacity building on September 6 last year: "the restructuring of Rizhao Iron and steel company by Shandong Iron and Steel Group will be fully completed in 2010, and the restructuring of Qinggang will be completed in due course."
however, the announcement on January 4 showed that integration was far more difficult than expected
in this regard, the related person graphene of Shan steel is approaching people from the laboratory. The scholar said that the overall downturn of the stock market should be an important reason for the abortion of the plan. Steel stocks fell as a whole, and the market was also in shock, with a decline of about 13%. In this case, it is inevitable that Laigang will fall
the person thinks that the stock price may rise if the scheme is rejected is not realistic. The overall performance of steel stocks is unsatisfactory because the overall supply exceeds demand in the industry is difficult to change in the near future. Moreover, this restructuring has basically included all the steel assets of Shandong Iron and Steel Group, and it is difficult to inject other assets. The veto of this shareholders' meeting will delay the integration of Shandong Iron and steel group into the iron and steel industry in the province, which is not conducive to the recovery of share prices
when the plan was announced, Shan steel promised to inject the assets of Nippon Steel into the listed company within two years after the acquisition of Nippon Steel
previously, according to the agreement on the acquisition of such processes announced by Shan steel and Nippon Steel, which have already been approved by FDA for medical purposes, the acquisition will be completed before the end of February this year. However, liaohaiting, Secretary of the Party committee of Nippon Steel, told us, "we are still talking about it. There are still many problems to be solved."
dushuanghua introduced at the annual summary meeting of Nippon Steel on December 28, 2010: "At present, the appraiser zhongqihua has issued appraisal opinions on our enterprise.... to a certain extent, the numerical basis basically complies with the market-oriented requirements put forward by the provincial government, and the general principle of law and fairness can be basically reflected, giving us a relatively objective evaluation. However, despite this, this figure still does not fully reflect our market value. For the problems of missing items and low evaluation, I We have already made a response and are now waiting for the final confirmation. "
it is understood that since Shandong Province has applied to be the only province in the country to "adjust the structure of the iron and steel industry", it is imperative for Shandong steel to restructure Japan steel. Rizhao Municipal government, as the "coordinator" between NISCO and Shandong Iron and steel, hopes that dushuanghua will participate in the development and construction of Rizhao Port after exiting NISCO. According to the "12th Five Year Plan" of Rizhao City, Rizhao Port will build 247 deep-water berths on the basis of the existing 37 berths, and the annual throughput will reach 600million tons from the current 200million tons
as the merger of Jinan Iron and Steel Group and Laiwu Iron and steel group failed again, it also cast a shadow on the upcoming acquisition of Nippon Steel by Shandong Iron and Steel Group, and the road of integration of Shandong Iron and Steel Group became more and more blurred
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