"Under the current situation, the possibility of large cement enterprises taking the initiative to merge and reorganize is almost zero." A few days ago, an industry insider said when communicating with China Cement Network.
On the whole, the current cement industry is facing multiple challenges in promoting mergers and acquisitions: First, the industry is in a downward stage, and it is impossible to simply apply the successful restructuring experience of the past; Second, the cement industry has experienced a high-profit platform period in the past few years, making some enterprises with weak competitiveness have not yet reached the "end of their tether" situation; Third, the willingness of leading enterprises to merge and reorganize is insufficient, and they are worried about the possible loss of state-owned assets in the process of mergers and acquisitions.
Despite the challenges, more and more cement enterprises believe that promoting mergers and acquisitions and increasing concentration has become an important measure for the industry to get out of the current predicament. Various policy documents issued in recent years have repeatedly stressed that leading cement enterprises should be encouraged to carry out cross-regional and cross-ownership mergers and reorganizations.
On the one hand, the plight of the industry urgently needs to break the deadlock through "mergers and acquisitions"; on the other hand, due to the influence of various factors, the willingness of large enterprises to take the initiative in mergers and acquisitions is low. In this case, some people in the industry have put forward some new ideas, such as trusteeship, leasing, stock exchange and so on, in order to find a more feasible way out.
Trusteeship means that an enterprise with strong competitiveness takes over the production line operation of an enterprise with weak competitiveness by signing a contract, but the property right still belongs to the original enterprise. The trusteeship mode can reduce the operation burden of the original enterprise, and at the same time improve the efficiency and product quality of the production line by using the professional knowledge and technical advantages of the trustee. This method helps to maintain the operation of the original production line and improve the overall management level.
Lease: refers to that an enterprise with weak competitiveness leases its production line to an enterprise with strong competitiveness for use, and the rental income during the lease period becomes the income source of the original enterprise. The leasing mode enables the original enterprise to obtain stable rental income, while avoiding the waste of resources caused by idle production lines. The lessee can obtain the right to use the production line through leasing, and directly decide whether to stop production or not. Stock
exchange: refers to the merger or holding of enterprises with stronger competitiveness by issuing stocks in exchange for shares or assets of enterprises with weaker competitiveness. Stock exchange mode can realize the effective integration of resources, enhance the market competitiveness of enterprises, and give the original shareholders a certain return on equity.
Compared with direct mergers and acquisitions, the above three ways require relatively less financial pressure and higher feasibility. However, according to the current situation, as long as the issue of capital investment is involved, most enterprises still tend to hold a wait-and-see attitude, which makes the overall M & a and restructuring process of the industry not optimistic.
