Chapter 1504 No One Is a Fool (Three Watches, One Change)

Supercritical wing technology can be called the most advanced and cutting-edge technology of aerodynamics in this era, so far there are only 3.8 civil aircraft manufacturing companies that have mastered supercritical technology.

These three companies are Boeing, McDonnell Douglas and Airbus, and the remaining 0.8 are Guqi Provincial Industrial Manufacturing Co., Ltd., the reason why Guqi Provincial Industrial Manufacturing Co., Ltd. has only mastered eighty percent of supercritical wing technology and not all of them, because the core technology and design concept of supercritical wing technology have been mastered by Guqi Provincial Industrial Manufacturing Co., Ltd., but mastering the technology and design concept does not mean that you can immediately make a supercritical wing.

In fact, the supercritical wing required for each aircraft is independently "customized" according to different needs, and may be able to learn from the supercritical wing technology on other models, but it is impossible to copy it, the reason why Guqi Provincial Industrial Manufacturing Co., Ltd. has only mastered 0.8 is because there are still a large number of wind tunnel simulation tests have not been done, and the supercritical wing of Beijun 100 is now constantly blowing in the wind tunnel to correct the previously calculated data...... After all, the calculated data is only calculated data and does not represent the real situation, while the wind tunnel simulation is infinitely close to the real flight situation.

It is impossible for Aldo not to know the technical content of the supercritical wing, and even without Lin Hongfei saying that he also knows the most advanced technology of the supercritical wing, Lin Hongfei will not be able to hand it over to Embraer, but even so, when he heard Lin Hongfei really say this, his heart was still a little gloomy, and he repeatedly emphasized, "No, the supercritical wing technology is very important to our Embraer......"

"As long as you pay a certain fee, we can tailor it for you, but the technique is absolutely low and cannot be transferred!" Lin Hongfei didn't mean to back down at all, "If you insist, then I can only say that I feel sorry." ”

"Okay, we'll talk about that later." Aldo sighed inwardly. He knew in his heart that Lin Hongfei could agree to help Embraer design a supercritical wing, which was already unimaginably favorable, "but the EMB-145 must be retained." ”

He is determined that even if he can't reach a cooperation with Chinese this time, he must keep EMB-145...... This is the hope of the Embraer industry.

"That's it......" Lin Hongfei groaned, he could feel Aldo's insistence, replaced by himself, if that bastard dared to jump out and say let's cooperate, as long as you cancel your North County 200 project, I will produce the same type of aircraft as you. Lin Hongfei will also unceremoniously give him a big ear scraper...... It seems that this guy has appeared, and it is the ill-intentioned Airbus.

After thinking about it, Lin Hongfei put forward a new suggestion, "The EMB-145 project must be canceled, in my opinion. Two duplicate items would be unwise, but we can compromise on them. Let EMB-145 exist in a different form. ”

"Compromise?" Aldo was stunned for a moment. If Lin Hongfei didn't say that he wanted EMB-145 to exist in another form, he would almost walk away, but since Lin Hongfei said that he wanted EMB-145 to exist in another form, he had to ask, "What do you mean?" ”

"Isn't the EMB-145 lengthened on the basis of the fuselage of the EMB-120? We can revert the fuselage to the length of the EMB-120 on the basis of the current EMB-145, maintaining the existing powertrain and aerodynamic shape. Market it as a low- to mid-price private jet for business/business jets, with a strong focus on sound insulation, handling and interior luxury. We can also learn from Gulfstream, which has developed several models as a standard model by lengthening the fuselage. It's like Gulfstream 2, Gulfstream 3, Gulfstream 4...... As for the price, I personally think $12 million to $15 million is fair. ”

"Turning the EMB-145 into a business jet?" Aldo was stunned, when Embraer was trying its best to occupy a place in the regional passenger transport market in the world, he really didn't expect that Lin Hongfei would set his sights on a higher-end private jet business/business aircraft, he hesitated for a moment, and said, "According to your company's plan, aren't you planning to develop a business jet based on the North County 100 aircraft?" Isn't that conflicting anymore? ”

"How can there be a conflict?" Lin Hongfei asked strangely, "The Beijun 100 is an 80 to 100-seat aircraft, and the EMB-145 is a 40 to 50-seat aircraft. ”

In fact, in Lin Hongfei's business jet development plan, there is a gap, that is, from the lowest gear, optional turboprop power or piston internal combustion engine power An-28 improved model to start, the next is the largest general aircraft size of the Y-12, followed by the Y-7 - 200A modification, North County 100, North County 200, in the meantime, the lack of a 20 to 40 seats of the aircraft, and now, there is no extended fuselage EMB-145 to fill, In this way, the whole complete space is formed, and the next thing is nothing more than a change in the form of power...... The An-28 can later be upgraded to turbofan engine power, but the basis is already there.

Aldo doesn't know Lin Hongfei's plan, but there is no doubt that if it is according to Lin Hongfei's plan, EMB-145 can be regarded as preserved to a certain extent, and with the Yun-7-200A modification of Guqi Provincial Industrial Manufacturing Co., Ltd. and Bombardier CRJ-100, in fact, even the ears themselves are not optimistic about the market prospects of EMB-145: in terms of technical level, R&D strength and potential, Embraer is completely behind Bombardier and Guqi Industrial Manufacturing Co., Ltd., After hesitating for a long time, he finally acquiesced to Lin Hongfei's suggestion in disguise, "I can't reply to you now, but I will convey your meaning to Mr. President...... Also, you just said that this is the first condition, so what is the second condition? ”

"The second condition, of course, is the division of shares," Lin Hongfei looked at Aldo with a smile, "Mr. Aldo, you don't think that we will carry forward the spirit of internationalism and provide you with these techniques for free, right?" ”

"Of course not," Aldo sneered. The division of shares is the core issue of cooperation between any two companies, and in this kind of issue related to the core interests of both parties, the baht must be the most common, from the perspective of Brazilians, if Lin Hongfei does not take the initiative to mention, Aldo will naturally not take the initiative to say, "We think that the result of our last talk is very good." ”

"But since we approached last year, Embraer's shareholding structure has changed a lot in the past year or so." Lin Hongfei didn't give Aldo face at all, "Last year, Embraer was still an airline company owned by the Brazilian state, but now, I heard that your intended shareholders are mysterious people from the United States and Europe? I would love to know the current intention to sell your company's shares. Also, since your company wants to cooperate with us. What is the share allocation ratio in your plan? How do we guarantee our interests? ”

Yes. Lin Hongfei does not exclude a company from having multiple shareholders, when the company develops to a certain scale, it is almost inevitable to find more shareholders to share the risk, but how to ensure their own interests in the case of so many shareholders has become a problem that Lin Hongfei must consider.

The inclusion of multiple European and American shareholders is not only due to the fact that Embraer is compelled to do so. There are also their own hopes to use this to be able to enter the European market, but Lin Hongfei's problem is also a big problem, since they plan to persuade Lin Hongfei to take a stake, Embraer has naturally made an analysis and targeted response to this problem. Hearing Lin Hongfei ask this question, Aldo said, "I can't disclose the identities of these shareholders for the time being, but what I can say is that the share intention contract signed now is about 500 million US dollars, accounting for about 40% of the total shares, and according to the regulations of our government, the shareholding ratio of our Brazilian capital shall not be less than 35%......"

With the current situation of Embraer, 40% of the shares can be sold for 500 million US dollars? Lin Hongfei shook his head and smiled: This joke is a bit big! "So I'm only going to be able to buy 25 percent of the shares for about $310 million, or the equivalent of technology plus cash, right?"

"That's right." Aldo nodded, if Lin Hongfei was willing to take out some cash and technology to buy a 25% stake in Embraer, of course, it would be great.

"Mr. Aldo, just last month, an appraisal agency in the United States gave your company an appraisal price of $500 million, and with the current bad situation of Embraer, the actual transaction price will only be lower than this price, which means that the price of 40% of the shares will not exceed $180 million, and now you tell me that 40% of your shares were sold for $500 million?! Don't tell me the news is wrong, I trust the accuracy of my intelligence sources. ”

Boss Lin almost pointed directly at Aldo's nose and asked, "Are you questioning my IQ?!" ”

Faced with Lin Hongfei's questioning, Aldo was suddenly extremely embarrassed, Lin Hongfei didn't save him a little face, but he didn't expect that Lin Hongfei paid so much attention to Embraer that he even noticed the evaluation report on Embraer released by the Americans a month ago.

"Mr. Aldo, I am very optimistic about Embraer after the cooperation, Embraer is expected to become the largest aircraft manufacturer in South America in the future, but I can't accept your price," Lin Hongfei said bluntly, "The total value of technology and cash is not more than 120 million US dollars, 45% of the shares, this is the minimum I can accept." Didn't you say that your Brazilian government requires a minimum of 35% of Brazilian shares? Very well, you keep 35%, I want 45%, and use the remaining 20% to attract some small shareholders...... In fact, we all understand that those intended orders are actually bad for the market. ”

"It can't be!" "We believe that $500 million is a serious undervaluation of Embraer, and the actual value of Embraer's tangible assets, intangible assets, and orders should be $800 million to $900 million......"

He knew that Lin Hongfei would definitely bargain, but in any case, he didn't expect Lin Hongfei's asking price to be so ruthless, doesn't this mean that the total value of the entire Embraer is only about 400 million US dollars? This price is unacceptable to the Brazilian government in any case, your Guqi Provincial Industrial Manufacturing Co., Ltd. holds 45% of the shares, and we only hold 35% of the shares in Brazil, so should this company be called "Embraer" or "Republic Aviation Industries"?

"But now Embraer's debt ratio is as high as 290%, nearly 300%, which means that Embraer is actually in a state of insolvency, if it weren't for Brazil's national treasury and government credit as collateral, Embraer would have declared bankruptcy a long time ago, and for every $1 of Embraer's shares we acquired, we would have to take on $3 in debt, Mr. Aldo, from this point of view, do you still think the price I offer is low?"

Boss Lin looked at Aldo with a smile and spread his hands, "Although I don't know who those potential shareholders are, I can be sure that the price they offer for every 10% of the shares will not exceed 50 million US dollars, I know the nature of those vampires too well, falling into the well has always been one of their good qualities, if it weren't for the political factors between the two governments in our cooperation this time, do you believe that I won't give out a dollar?" ”

"Also, an agreement of intent is not the final share purchase agreement, and you don't think I would really believe that a fool would pay $500 million to buy 40% of your shares, do you?"

Aldo was speechless, Embraer's debt ratio was a fatal wound, and with a debt ratio of nearly 300 percent, what fool would offer a $125 million purchase price for 10 percent of the shares? The guy who dared to offer this price was either deliberately making trouble, or his brain was broken, and obviously, there must be no broken brain who can come up with such a large sum of money, and there is only one situation if the brain is not broken...... Someone is deliberately making trouble.

It's just that the people who deliberately made trouble were Europeans and Americans, or Brazilians, which is very debatable.

"Well, we can discuss the value of the shares, but 45% of the shares definitely can't!" Faced with the situation that the information was almost one-way transparent to Lin Hongfei, Aldo had to choose to give in...... He made a "strategic deception" to Lin Hongfei in real time: there are indeed many Western companies that ask the Brazilian government about Embraer's price, but none of the intended share purchase agreements have been signed. (To be continued......)