During the Asian financial crisis, South Korea donated gold and silver jewelry to the country to tide over the difficulties, which shows that the Koreans are extremely patriotic and nationalistic.

One negative side of this is that xenophobia is so high that it is difficult for them to accept foreigners to lead their own companies, especially Chinese mergers and acquisitions that are considered inferior to them.

Ssangyong Automobile has been in the midst of ups and downs, and has made certain achievements in the field of off-road vehicles by virtue of the accumulation of technology transfer with Mercedes-Benz. But after the Asian financial crisis, it was first sold to Daewoo Motors, and then General Motors bought Daewoo's excellent assets, eliminating Ssangyong, which is now being taken over by a consortium of creditors of the Bank of Korea.

Bank creditors watched the gradual depreciation of Ssangyong cars and looked for buyers around the world, but few responded. At this time, after being introduced by General Motors, SAIC Motor from China came out and decided to offer 500 million US dollars to acquire 51% of the shares of Ssangyong Motors.

You must know that after General Motors was picky, it offered a price of 210 million US dollars to acquire the high-quality assets of Daewoo Motors, and disdained Ssangyong Motors, which was in the Daewoo Group at that time. Now that the Chinese are coming, the price of Ssangyong Automobile, which GM does not want, is as high as 500 million US dollars, where to find such a wronged head.

"Ssangyong Automobile has a complete SUV production line, as well as corresponding intellectual property rights such as engines, transmissions, and chassis. In addition, the Ssangyong brand has a certain reputation in the world, and with the local factory equipment in South Korea, 500 million US dollars is acceptable. ”

Among the three major domestic automobile groups, SAIC has no self-owned brand cars at all, and in order to establish a joint venture with Volkswagen, the Hujiang brand car was sealed. FAW's own brand has Hongqi, FAW's own brand has Dongfeng, and only SAIC, which is known as the most profitable Chinese auto company, has nothing.

In the context of the State Council's proposal to develop its own car brand, especially in the context of its one-vote assessment, SAIC's management felt the pressure to do something. Therefore, it has become a feasible choice to merge and digest Ssangyong Automobile and build SAIC's own brand.

500 million US dollars is not much, it is only equivalent to the profit obtained by SAIC Motor after sharing with foreign parties last year, and it is not too much to exchange a year's profit for a mature car brand.

Despite the general strike of Ssangyong workers before the signing of the contract, SAIC Motor signed an agreement with the creditors of the Bank of Korea to officially become the real owner of Ssangyong Motors for $500 million.

"I believe that SAIC and Ssangyong can be effectively integrated, and labor-management relations can live in harmony in the future, and we Chinese are here with goodwill and hope to jointly develop the automotive industry between China and South Korea in the future." ”

SAIC CEO Hu Shengyuan said in an interview with reporters after signing a contract in South Korea.

With GM in the lead in integrating Daewoo Motors, Hu Shengyuan believes that the consultants from GM can help SAIC effectively integrate Ssangyong Motors, so as to achieve the feat of Chinese auto companies to sail overseas.

"The Chinese are very backward in the automobile industry, and they are not here to help us, but to steal our advanced technology and bring it back to China! In the future, we will only be left with empty factories, and everyone who is bankrupt and unemployed! We must organize and wage a life-and-death struggle against the capitalists from China, and we must not let their treacherous schemes succeed!"

After seeing that SAIC officially signed a contract to become the new owner of Ssangyong Motors, the head of the company's labor union said this at a workers' meeting.

The reason why General Motors abandoned Ssangyong Motors is because Ssangyong Motors has the most combative and fierce trade union organization in South Korea.

"If the Americans buy us, they can bring more advanced technology. But the Chinese, you look at China, they can't make qualified cars, and SAIC does not have its own car brand. When they come to us, they will only be like a thief, stealing all the valuable things in our house! We must protect the high-quality assets of Ssangyong, and everyone must organize and unite with each other to fight against the Chinese!"

In order to make SAIC aware of the power of the Ssangyong union, the head of the union decided to launch a three-day general strike to protest the creditors selling the company to the Chinese without the union's consent.

"Chinese go back, you are not welcome here!"

"Ssangyong Motors is the Ssangyong of Koreans, and it will never give in to you!"

......

As soon as the first 10-member receiving team sent by SAIC arrived at the Ssangyong plant, they were surrounded by striking workers, who just did not allow Chinese to enter the factory.

For this reason, SAIC representatives had to call the police, but when the South Korean police came, they only watched the show and did not interfere with the protests of the trade unions.

"Why can't you protect us from entering the factory, we are the masters here from the legal point of view!"

The person in charge of SAIC Motor's reception shouted loudly to the South Korean police on the side.

"Sorry, trade union strikes are legal in South Korea and we don't have the right to drive them away. For the sake of your safety, I suggest that you go back to the hotel to rest first, and communicate with the head of the union before going in. ”

The South Korean police saw that the Chinese were deflated, and although there was no expression on their faces, their hearts were inclined to the side of their compatriots, perfunctory to the Chinese guests who came from afar.

Inside the factory, a young South Korean worker watched a large group of trade union representatives in yellow pushing and shoving outside the factory gate to prevent Chinese from entering the factory, and asked the master on the side.

"Now that the factories are not working, everyone is not working, why should we prevent the Chinese from coming in." Wouldn't it be nice for everyone to work together and make the factory turn?"

"Shhhh ”

The older master on the side hurriedly stopped the apprentice's rhetoric.

"But we can't eat enough, we are still fighting here, once the Chinese run away, we will really have no work to do in the future!"

The young man didn't care so much, and he just came out of school and spoke straight about his doubts.

"Silly boy, you're still young and don't understand. If we don't fight, how will the Chinese know how good we are, and we will be able to talk to them about wages and benefits in the future. Otherwise, you are like you to the end, and you deserve to be exploited. ”

......

The SAIC delegation was very embarrassed and driven back to the hotel to rest, which made them really see that foreign trade unions are completely different from domestic trade unions.

"This is the first time that a domestic automobile company has merged with a large foreign automobile company as a controlling party, which is an unprecedented large-scale project since the founding of New China. The leaders of the city and even the central government attach great importance to this cooperation, and you should patiently communicate with the Korean staff and show them the sincerity and generosity of SAIC!"

Hearing the latest report from South Korea, Hu Shengyuan, the CEO of SAIC, instructed the stationed personnel by phone.

The domestic demand to reassure the South Korean workers as much as possible and not to make things bigger was very difficult for the receiving delegation, which was caught between the two ends.

"Alas, I really want to take a picture of what happened just now and send it back to China, so that the big people above can come to show their friendship 'cordially'!"

A member of SAIC receiving the delegation said indignantly.

The next day, representatives of the Ssangyong union swaggered to the hotel, informed SAIC of their conditions, and left. If they do not agree to their terms, the Ssangyong workers will continue to organize a general strike and block the factory gates.

After receiving a reply from China, agreeing in principle not to lay off employees and increasing wages by no less than 5% year by year, SAIC's receivers were finally allowed to walk into the door of Ssangyong Automobile and truly began the journey of cross-border resource integration.

SAIC's large-scale merger of Ssangyong has naturally become the biggest news in the domestic automobile industry.

Although the Chinese government has always encouraged companies to go abroad, it is recognized as the first time that it can actually acquire large foreign automobile companies.

Therefore, the news of SAIC's acquisition of Ssangyong was on the prime-time "News Network".

"With the accumulation of funds in domestic joint ventures for many years, SAIC has enough capital to acquire Ssangyong Automobile in South Korea, which is a microcosm of the development achievements of China's automotive industry over the years. At a time when many foreign automobile companies have entered China, SAIC Motor has set sail to show the new journey of Chinese automobile companies after joining TO!"

The CCTV announcer said the above words in a straight voice.

M&A is indeed a good strategy to achieve rapid development, but in recent years, there are few successful M&A cases in the automotive industry, such as the failure of BMW's acquisition of Rover, and the recent failure of Mercedes-Benz's acquisition of Chrysler. SAIC, which has never had experience in transnational operations, can boldly go overseas for mergers and acquisitions, no matter what the result is, Han Hao still admires the courage of the other party.

Seeing that Ssangyong Motors could sell for a high price of 500 million US dollars, Rover Motors, which was mired in the quagmire, set off for China again to sell itself to Chinese auto companies eager to develop their own brands.

Jiangzhou was one of the stops, and representatives from the Phoenix consortium visited Han Hao, China's fastest-growing auto company, who was a keen target.

"We at Rover Motors have a full set of intellectual property equipment, and both Rover and MG are well-known international brands. For £1.5 billion, you'll get the whole Rover Group!"

The British offered Rover Group 1.5 billion pounds, close to 2.4 billion US dollars, equivalent to nearly 20 billion yuan. According to the calculation of 51% holding, if you want to get Rover Group, you must pay 10 billion yuan in assets.

At the beginning, BMW sold Rover to the Phoenix consortium for only 10 pounds, and also posted an interest-free loan of 427 million pounds, and now the British actually opened their mouths for 1.5 billion pounds, really want to slaughter the Chinese as fat sheep.

"You and I both know what BMW sold to you for what it cost to sell Rover to you! Not to mention that the intellectual property rights of the Rover 45 series platform are in the hands of Honda and BMW, and your assets are not worth much money. ”

To be honest, SAIC's merger with Ssangyong Automobile still touched Han Hao. Compared with Ssangyong Motors, Rover Motors is better, and if the price is right, he is really willing to think about it.

However, the British lion opened his mouth, and Han Hao didn't eat it.

Rover's value is the three major car development platforms, as well as the core engine technology, which is attractive to the Zhonghua Group, but not strong. If the price is discounted, Han Hao will think about it.

"Han, at this time and at that time, assets are things that will increase in value. Now that the global automotive industry is developing rapidly, Rover Motors has added a lot of value. ”

Since they couldn't get along, the British left to look for the next potential buyer.

In order to make the automobile industry bigger and stronger, Suwu Province has set a plan to build a 100 billion automobile project led by Nanqi.

Despite the joint venture with Fiat, the Palio produced by Nanqi Fiat has not entered the ranks of mainstream sedans, and its monthly sales are very average.

Therefore, under the call of the state to develop its own brand, Nanqi is determined to work hard and quickly, and seize the rare opportunity of the times to build a large automobile industry.

Seeing that SAIC Motor had merged with Ssangyong Motors, it was estimated that there would be no more moves, so the Phoenix Consortium found the newly integrated Nanqi Group in the Yangtze River Delta.

As soon as Nanqi was brought over to the local management, it was proposed to engage in the automobile industry, and the British came to the door to sell Rover cars.

"We must seize the opportunity of the times, concentrate the resources of the whole province, and build Nanqi into a large enterprise like the three major automobile groups as soon as possible!"

The main leaders of Suwu Province made such instructions on the development of Nanqi.

Nanqi is very interested in the sale of Rover Motors, if it can merge Rover and use the resources of Rover Motors to build Nanqi's own brand, it will take a lot less to turn over in one fell swoop. SAIC's acquisition of Ssangyong has won the appreciation of national leaders, and if NAIC successfully acquires Rover, it will be a great feat for the domestic automotive industry.

When NAIC reported the proposal to acquire Rover all the way, it received strong support from the leaders in charge of the province.

But 1.5 billion pounds is still too expensive, even if it is 51% of the controlling stake, it will cost tens of billions of yuan, which is a huge cost that Nanqi and even Suwu Province cannot come up with. The government has a budget for financial funds, and hundreds of millions of provinces may help solve it, but the provincial treasury cannot come up with more than 10 billion yuan.

Nanqi has been developing for so many years, but it has not caught up with the car dividend, and it has just been transferred from the central government to the local government, and there is no money in the corporate account. With a full calculation, Nanqi can only borrow less than 2 billion yuan, which is not enough to acquire Rover Automobile.

In this context, NAIC contacted SAIC. SAIC is the most profitable car company in the country, and although it cost 4 billion yuan to acquire Ssangyong, the funds available to SAIC are still calculated in tens of billions. NAIC hopes to join SAIC to acquire Rover Motors, and in the future, each will take what it needs and use advanced Rover Automotive technology to develop its own car brand.

Ssangyong Automobile's advantage lies in SUVs, while Rover is good at sedans, if it can really eat Rover, then SAIC will also form a complete industrial system of SUVs and cars.

However, SAIC also felt that the British's bid was too expensive, but it still expressed interest in the joint acquisition of Rover with NAIC.

It's just that in terms of cooperation with NAIC, SAIC has its own ideas.

NAIC hopes that after the two parties jointly acquire Rover on an equal footing, Rover engines can be produced in China, and SAIC and NAIC will supply them together in the future. As for the two major brands of Rover and MG, as well as the remaining three major sedan platforms, Nanqi hopes to share the use with SAIC Motor.

However, SAIC hopes to lead the acquisition of the entire Rover by itself, and once it acquires it in the future, it hopes to be able to control the controlling stake in Rover. In the future, the allocation of assets should also be prioritized according to the needs of SAIC.

Compared with the many incidental requirements put forward by SAIC, the Phoenix consortium wants to sell Rover to Nanqi, which does not have too many requirements, but Nanqi does not have so much money and wants to pull in another Chinese company, SAIC, to jointly acquire it, which makes the sale of Rover Motors face many uncertainties.

"Overseas mergers and acquisitions also have to learn from GM's acquisition of Daewoo to obtain the maximum benefits at the minimum cost. Our Chinese enterprises still have a long way to go in overseas mergers and acquisitions, and it is difficult for them to grow without paying tuition fees. ”

Some media commented on the mergers and acquisitions of domestic auto companies.