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2004年,上海市第一百货商店股份有限公司(以下简称“第一百货”)通过交换股份的方式实现了对上海华联商厦股份有限公司(以下简称“华联商厦”)的吸收合并。为简便起见,下文中将这起案例简称为“百联合并”。第一百货和华联商厦同属上海百联(集团)有限公司(以下简称“百联集团”),因此合并是一起典型的关联性和同属性的并购案例。那么,百联合并的动因是什么呢?又能给我们什么启示?本文将在简单介绍案例的基础上,对百联合并的动因及优缺点作一简要分析,以期对我国中小股东利益的保护和资本市场的完善有所启示。
In 2004, Shanghai No. 1 Department Store Co., Ltd. (hereinafter referred to as “No. 100 Department Store”) realized the approval of Shanghai Hualian Commercial Co., Ltd. (hereinafter referred to as “Hualian Commercial Building”) through the exchange of shares absorb and merge. For the sake of simplicity, this case will be abbreviated as “BB combination” below. First Department Store and Hualian Commercial Building belong to Shanghai Bailian (Group) Co., Ltd. (hereinafter referred to as “Bailian Group”). Therefore, the merger is a typical case of mergers and acquisitions with typical relevance and same attributes. So, what is the motivation for the combination of Bailian and what can we do about it? Based on a brief introduction of the case, this article will give a brief analysis of the motivation, advantages and disadvantages of Bailian consolidation in the hope of protecting the interests of minority shareholders and capital Enlightenment from the improvement of the market.