通航民企上演「蛇吞象」

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  114亿元收购
  北京卓越航空工业公司董事长成身棕随后向外界表示,卓越航空收购美国豪客比奇公司的交易申请已经获得国家发改委的正式批文,这笔收购预计将在10月中下旬最终确定。根据协议,在45天的排他期限内,卓越航空将在双方进行交易最终协议谈判的同时开展确认性尽职调查。
  豪客比奇首席执行官Steve Miller认为,卓越航空的方案反映出其将豪客比奇作为重大战略投资的意愿,保留豪客比奇的美国总部、管理团队和员工,继续开发豪客比奇公务机产品线。
  如果双方最终协议谈判成功,该协议将取决于更进一步的竞争性公开竞标程序。军用性质的豪客比奇防务公司不属于计划交易之列,其控股权或控制权都不会转让给卓越航空。豪客比奇防务公司出售仍需要美国破产法庭的批准并经过拍卖程序,如果被出售,17.9亿美元收购价格中的4亿美元将退还给卓越航空。豪客比奇公司5月向法院提出破产保护申请,启动重组计划,以解除约25亿美元的债务以及约1.25亿美元的年度现金利息支出。
  豪客比奇首席执行官Steve Miller表示,卓越航空对豪客比奇的公务机业务一直有兴趣,第一次接洽豪客比奇是几年前有关战略合作的商谈,更重要的是卓越航空有运营美国破产公司的经验。Steve Miller说,这次合并利好豪客比奇拓展中国业务,为进入中国通用航空市场提供更大便利。根据预测,中国通用航空市场未来10~15年对飞机的需求量每年将增长10%以上。
  另有5家竞买者
  过去几个月,豪客比奇也一直在与其他5个买家接洽,其中包括美国德事隆有限公司、印度Mahindra&MahindraLtd.、巴西航空工业公司及另一家中国民营企业江苏新誉集团,美国私募股权投资公司凯雷投资集团近几周来也在考虑竞购。德事隆与巴航均是公务机市场的主流制造商。
  豪客比奇北亚区市场公关总监王竞表示,如果双方谈判成功,将进入公开竞标程序,其他有意向的公司也可以提交收购方案和提出报价。“如果有更高的收购报价,我们会综合考虑各方因素,并上报美国破产法院,最终还需要美国破产法院批准和裁定。”目前,卓越航空得到了北京市政府对其完成交易的支持。
  公开资料显示,卓越航空成立于2010年7月8日,注册资本2亿元人民币,位于北京亦庄经济技术开发区,主要从事航空发动机配件的生产,通用航空发动机及零配件的设计、技术开发、销售。其中,成身棕控股的北京卓越航空技术有限公司拥有卓越航空60%的股份,其余40%股份由北京市政府支持特定工业领域战略投资的融资平台——北京亦庄国际投资发展有限公司拥有。
  起底成身棕
  在公务航空和通航界,圈内人士对卓越航空的突然杀出颇感意外,卓越航空董事长成身棕也不为圈内人士所熟知。从事航空制造之前,成身棕在青岛所从事的是油品贸易。成身棕名下还有一家青岛中达长信实业股份有限公司,该公司成立于2001年7月6日,涉及的行业包括食品、房地产、能源、燃料油、物流、进出口等领域。
  成身棕真正进入航空制造业始于2007年,当年他从国有企业北京外企服务公司手里接手了一家位于美国德克萨斯州的勃兰特利国际公司(Brantly International Inc.)。该公司1994年被北京外企服务公司收购,据称,曾被列为“全美十大直升机制造厂商”之一。
  当年青岛中达长信更名青岛勃兰特利投资咨询有限公司,与勃兰特利国际合资成立了青岛海利直升机公司,利用美方技术生产B-2B、305轻型直升机。作为国内首家民营直升机制造商,成身棕自2009年以700万美元收购美国卓越发动机公司后而摇身一变为 “中国直升机大王”。卓越航空方面透露,成身棕将旗下业务从青岛移至北京,与北京市在产业等方面给出的优惠政策分不开。
  成身棕此前也表示,当时收购美国卓越的资金除了自有资金其余都是借贷,而此次收购豪客比奇在收购资金方面已做好准备,其中一部分来自国家开发银行的贷款,另一部分源自公司资金,而具体所占的数额比例不便透露。
  质疑声不断
  卓越航空收购豪客比奇在美国政商两界并未出现尖锐的反对声音,只是美方分析人士认为此项收购前景仍不明确,认为卓越航空并不具备收购能力,不像中航通用飞机有限责任公司(CAIGA)那样有实力。中航通飞在2011年并购了美国西锐飞机工业公司。国内也有专家提出质疑,该收购无法带来中国的航空制造业产业水平的提高。
  在赛斯纳和巴西航空工业等公务机主流企业纷纷与中航工业合资合作在华生产公务机,抢占中国市场的背景下,有通航投资人士明确指出,卓越航空这种不搬生产线、不改变技术资产所属、不裁员的收购,一般要按收益比例计算,这样豪客的收购价值可能要缩水50%。
  “目前公务机行业平均净利润在6%左右,豪客比奇的公务机平均单价按3000万美元计算,净利只有180万美元,要卖1000架飞机才能赚回来所支付的收购金额, 在全球经济增长放缓的情况下,公务机行业能否回归金融危机前的水平也是一个未知数,6%的盈利能力能否保证也很难下定论。但卓越航空此举与腾中收购悍马有一点相同,不管是否成功,卓越航空在中国甚至全球公务和通用航空界都打响了知名度。”一位通航专业人士评论说。
  王竞则表示:“市场对豪客比奇价值的质疑并不公允。2011年豪客比奇在全球的交货量仍然达到了320架的水平,特别是比奇空中国王系列的涡桨飞机在全球的市场占有率高达41%,这是任何厂商都无法撼动的。”同时,豪客公务机的销量也表明了市场的态度。
  豪客比奇此次重组的竞买者名单中未出现央企中航工业的名字,并不代表豪客比奇对与中航工业的合作不感兴趣,更可能的情况是中航工业对这项收购交易表现出了十足的谨慎。收购美国一家发动机公司与收购一家全球化运营的公务机公司是不能相提并论的。“蛇吞象”后如何做到能够好消化,而不是接过来一块“烫手的山芋”,这是摆在卓越航空和想“走出去”的中国通航企业面前的最难课题。
  The Rmb11.4billion Deal   Cheng Shenzhong, chairman of Brilliance said openly that the deal had been approved by the National Development and Research Commission (NDRC) and would be finalized by mid-end October. According to the agreement, Brilliance will conduct a due diligence in the 45-day exclusive period while continuing with final negotiations with Hawker Beechcraft.
  Steve Miller, CEO of Hawker Beechcraft believed that the Brilliance proposal reflected its intention to make a major strategic investment in Hawker Beechcraft. The U.S. headquarters, management team and employees will all be kept and Brilliance will continue to develop Hawker Beechcraft’s product portfolio.
  If the final negotiations conclude successfully, further competitive bidding will take place. The defense business of Hawker Beechcraft has been excluded from the deal, and the ownership and control will not be transferred to Brilliance. The sale of Hawker Beechcraft defense business will need the approval of the American bankruptcy court as well as a bidding procedure. If sold, $400million out of $1.79billion will be returned to Brilliance. In May, Hawker Beechcraft applied for bankruptcy protection to the court, and kicked off a restructuring plan, to relieve $2.5billion debts and approximately $125million annual cash interest payments.
  Steve Miller said that Brilliance had been very interested in the corporate jet business of Hawker Beechcraft. A few years ago, Brilliance had already contacted Hawker Beechcraft for strategic cooperation. What’s more important, Brilliance had experience with managing bankrupt business in the U.S. Steve Miller says that the merger will help Hawker Beechcraft to expand its China business in general aviation, which is expected to grow by over 10% annually in the next 10-15 years.
  Five Other Bidders
  In the last few months, Hawker Beechcraft has been talking with other five bidders, including Textron of the U.S., Mahindra&MahindraLtd of India, Embraer and another Chinese private enterprise, Jiangsu Xinyu. Carlyle, a PE from the U.S. has been mulling over participating in the bidding as well. Textron and Embraer are all major corporate jet manufacturers.
  Wang Jing, PR manager of Hawker Beechcraft, North Asia said that successful bilateral negotiation would lead to open bidding, in which other potential bidders can also participate. “If there emerge higher bidders, we will take overall considerations and report to the American bankruptcy court for final approval and ruling.” Brilliance is being supported by the Beijing government.   Brilliance was incorporated on July 8th, 2010, with Rmb2million registered capital and is based in Yizhuang Economic and Technology Development Zone in Beijing. It is engaged in designing and manufacturing of aviation engine components and spare parts. Mr. Cheng Shenzhong owns 60% of the stake in Brilliance Aviation through a holding company. The remaining stake is owned by Beijing Yizhuang International Investment Development Company, a financing vehicle designated by the Beijing government.
  Mr. Cheng Shenzhong
  Insiders in the business aviation sector are taken aback by the sudden emergency of Brilliance and the unknown Mr. Cheng Shenzhong. Mr. Cheng was in oil trade in Qingdao before coming to aviation. He controls a company called Qingdao Zhongda Changxin Industries Holdings, which was established on July 6th, 2001, with business spanning from food, to real estate, energies, fuel, logistics and import and export.
  Mr. Cheng Shenzhong got involved in aviation manufacturing in 2007. He took over Brantly International Inc in Texas of the U.S. from the state-owned Beijing Foreign Enterprise Services Company (FESCO). FESCO acquired the business in 1994. Brantly was once listed as one of the top 10 helicopter manufacturers in the U.S.
  Mr. Cheng’s Qingdao Zhongda changed its name to Brantly Investment Consultancy and entered in a joint venture with Brantly to establish Qingdao Haili Helicopters, utilizing American technologies to produce light helicopters such as B-2B and 305. As the first private helicopter manufacturer in China, Cheng Shenzhong acquired the American Brilliance Engine with $7million in 2009 and all of a sudden became the helicopter king in China. Brilliance revealed that Cheng Shenzhong moved the company to Beijing, thanks to the favorable policies from the local government.
  Mr. Cheng Shenzhong said earlier that his company used its own reserve capital but mostly loans to acquire Brilliance in the past. This time round, it has prepared capital for the Hawker Beechcraft acquisition, a combination of loans from the National Development Bank and itsS reserve capital. The company is not disclosing the particular ratios.
  Questioned and Challenged
  The American political and business communities are not really opposing the deal. Some American analysts think that the prospect of the plan is unclear, that Brilliance is not a strong acquirer like CAIGA. CAIGA acquired Cirrus of the U.S.in 2011. Chinese experts on the other hand questioned the deal’s benefits in improving aviation manufacturing in China.   Cessna and Embraer are working with AVIC to manufacture corporate jets in China and try to win the market in China. General aviation investors point out that Brilliance will not move production line and change asset ownership, nor lay off staff. This means the value of the acquisition can shrink by as much as 50%.
  “Average net profits in corporate jet are about 6%. Hawker Beechcraft’s corporate jet is priced at $30million on average, with net profits as low as $1.8million. You need to sell 1,000 planes to get back what you have paid for acquisition. With slowing global economy, it is uncertain whether corporate jet can recover its profitability level before the financial crisis. It is also too early to determine whether 6% profit margin can be maintained. The only thing that can be said is that Brilliance put itself on the global scene, just like what Teng Zhong did with the Hummer acquisition”, commented a general aviation professional.
  In response, Wang Jing said that “The market is not fair in questioning Hawker Beechcraft’s value. Hawker Beechcraft delivered as many as 320 aircrafts in 2011.Turboprop commands 41% market share globally, a position unchallengeable by any other manufacturer.” Hawker Beechcraft’s corporate jet sales indicate its market position.
  The state-owned AVIC doesn’t appear on the bidder list, but this doesn’t mean Hawker Beechcraft is not keen to work with AVIC. It is likely that AVIC is cautious about the deal. To acquire an engine manufacturer is totally different from devouring a global jet OEM. The snake needs to digest the elephant; this is the toughest challenge for Brilliance and all the other general aviation enterprises trying to go international.
  名不见经传的中国民企收购海外知名企业,上演“蛇吞象”戏码的事件已屡见不鲜,如今从腾中收购悍马的汽车界演绎到公务航空市场中。7月9日,拥有80多年历史的美国老牌公务机及特殊任务飞机制造商豪客比奇宣布,与中国民营企业北京卓越航空工业有限公司(卓越航空)签署战略合并排他协议。卓越航空将以17.9亿美元(约合114亿元人民币)收购豪客比奇(涉及军工的防务资产不在其中)。
  Chinese private enterprises seem to be coming of age. Teng Zhong, a virtually unknown, had acquired Hummer. The snake devouring elephant story is now happening in general aviation. On July 9th, Hawker Beechcraft, the 80-plus-year American manufacturer of corporate jets and specialty aircrafts announced an exclusive strategic merger agreement with the private Chinese Brilliance Aviation. Brilliance shall pay $1.79billion (approximately Rmb11.4billion) to acquire Hawker Beechcraft (excluding its defense business).
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如何贯彻落实中央关于全面推进基层党组织标准化、规范化建设的部署要求,眉山市以“区分9个领域、聚焦7个基本”为抓手,积极探索基层党建工作标准化建设。本刊推出3篇系列报道,集中解析基层党建工作标准化建设的“眉山路径”。  新年伊始,眉山市青神县凤阳社区党委书记帅亚平真切地感受到了党建工作的压力。今年的党建工作述职,他要对照社区党建工作标准逐条梳理“交账”,公开述职接受党员评议测评。“对照清单找差距,登
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