Keyword: brand dongxinlian CNAC China Eastern Li
The world brand laboratory (brand.) Reports:
Experienced three years of the new marriage or will enter the Church, but it appears that China Eastern Airlines to unexpected changes.
December 28, 2007, China Aviation Group General Manager, Air China Chairman Eric as Party Secretary, Deputy General Secretary. And Li-Xiang at CNAC General Manager, as the largest circulation in China Eastern Airlines shareholders has been on the air in China Eastern Airlines introduce Singapore Airlines and Temasek as strategic investors opposed.
Crumbles, 8 January, China Eastern Airlines shareholders general meeting, the "dongxinlian"?
CNAC has been opposed
At present, the parent company of Air China: China Aviation Group has completed more than ten times the h-shares, China Eastern Airlines holdings share 12.07 percent, becoming the largest circulation in China Eastern Airlines shareholders.
This means that, in the East of small shareholders, have some right to speak, as long as access to 21% of the small shareholder support, 8 January, by the shareholders ' general meeting to vote out 1/3 against it, you can block the Eastern Airlines and new routes.
However, the catch is, at this point, according to the associated press reports, China Eastern part of the aggrieved shareholders to China Eastern Airlines to HK $ 3.80 per share price to the new route, Temasek issuance of new shares, to seek support in the air group, hope they can halt the issuance programme for China Eastern Airlines.
December 19, 2 pm, Eastern Airlines Chairman Lifenghua, General Manager Caojianxiong line came to Beijing headquarters in air group, met with the President of Air China President Li, caijianjiang et al., the two sides held a three-hour meeting.
Meeting, lifenghua to CNAC party elaborated "hen" of ideas and significance. He stated the main point is that the stock price should 3.8 historically, change view; Secondly, China Eastern Airlines introduced strategic investors, new routes and Temasek 24% stake in access, will not interfere with China Eastern and Air China, China Southern Airlines business cooperation, because China Eastern Airlines Group still holds a 51% stake in China Eastern Airlines.
Air China President Li then reaffirmed the "one with a combination of Exchange" of cooperation policy, on the two sides and China civil aviation development significance. "The business together, the total flight from affiliated and part of the stock exchange, to achieve the integration of shared resources, you have very large benefits. ”
Once again, for Eric's "one with a combination of Exchange" integration plan, lifenghua attitude has always been: "we still have to adhere to the spirit of the written instructions by SASAC. ”
After the talks, Air China Chairman Li and lifenghua also separately. 2 Li is introducing the new East cooperation programme, and new routes of synergy and return. During the talks, Eric has advised lifenghua back with Air China cooperation, however, lifenghua just "avoided answering".
"Li" of their respective positions, and shows the two sides in views and ideas on a bifurcation.
According to China Eastern Airlines Dongmi Luo wish ping revealing to the reporter, "the second Li meeting" not made any substantive results, Air China has been on the "marriage" in support of this winter.
Since there is no new ideas?
On October 29, 2007, "China Southern Airlines security operations 3000th anniversary celebration", formerly the Civil Aviation Administration of CAAC said that he personally did not agree with the three major airline mergers, the Chinese aviation market cannot be only a sound; as government departments, the Civil Aviation Administration shall take into account national, public and business interests of three parties.
Was in the air force major general, Air China has been at the helm of seven years, 58-year-old Eric after taking office. Some analysts believe that this will benefit the Chinese civil aviation industry expand industry restructuring, and mergers and acquisitions on Air China bring strongly expected other airlines.
Guosen securities analyst Lee said that making such a high level appointments is not 1. He also felt that although Yang Yuanyuan relaxed on the China civil aviation market governance and implementation of reforms, Eric might be more inclined to protect domestic aviation enterprises, Air China has on related areas open too quickly and result in excessive competition have complaints.
1 January this year, Galaxy securities senior analyst wool en on reporter said: "my Eric after his assignment in the civil aviation industry there is a possibility that a new round of reorganization. First, the three airlines may be further expanded. Air China has been trying your Sichuan Airlines, and later want to accept Sal, I think in the future they will have a new action. Secondly, on transnational recombination cooperation. Third, aviation and airports are participating. Our current aviation and airport is the ' well do not make the river ', 40 more capital airport also does not allow foreign investment. Equity participation in aviation and airports, this problem will be solved. Fourth, the further opening up the sky. Our airspace is 95% belong to the military, the Civil Aviation of only 5%. Once the airspace and business machines market and opening up, China's ' air cake ' will quickly get larger. ”
SASAC silence
Earlier, the market has been rumored that the State has approved the hen, but specific issuance price was not approved.
In order to prove the State support for China Eastern Airlines, in Beijing, China Eastern Airlines in a road show for you on the spot to the small and medium-sized investors produced a copy of the approval of the State, such representation approvals — "agreed in principle to China Eastern Airlines Co. introduced strategic investors, private placement of the options; H-shares, the company implemented the spirit, the State Council in accordance with the instructions of the relevant laws and regulations of the request, organize, and actively promote their work to ensure that China Eastern Airlines Co. introduced strategic investors directional add-issuance h share success. "The lifenghua stressed that" we each step in the action, are approved by the supervisor. ”
But Eric said: "Although the Government has agreed to (new), but did not agree with the specific terms and conditions. Even if China Eastern Airlines after the general meeting of shareholders, the Government also requires approval. ”
> In China Aviation Group 25, published Declaration, to point out again that the "hen", the Government cannot intervene in the voting so that incident. Also noted: "as the relevant government departments, there is no reason to, nor should it require that all shareholders are entirely consistent with their views. ”
Then in the "dongxinlian", what is the attitude of the State?
December 27, 2007, China Eastern Airlines Dongmi Luo wish flat told a reporter: "SASAC attitude is clear, in support of the hen. Otherwise, our plan is not down, also check out words. ”
In "dongxinlian", the struggle with China Eastern Airlines has been a long time, many investors are waiting for the State. But as of now, the State-related government departments have never publicly on "positive attitude" dongxinlian. 29 December 2007, an official of the State in an interview with this newspaper, still said: "this is not to say. ”
Then in January 8, 2008, before the vote of the State have played with Air China to greet? reporter to China Eastern Airlines Dongmi conducted verification. In January, Mr Zhu ping carefully answer the reporter: "State private Council told them, they will do the work, because this matter has been not only business, but a relationship to the national face of the matter. ”
Some analysts believe that China Eastern Airlines is pushing the "repeatedly to the Government, the front desk" to "let other people misunderstanding the administrative approval and shareholders through the relationship". Because "the State is the administrative approval procedures, instead of purchasing guarantee, nor is the will of the shareholders. ”
China Eastern Airlines also anti-sniper?
China Eastern Airlines why pestering SIA? Eastern Airlines Chairman Lifenghua explanation: making friends is the best, Singapore Airlines is the preferred airlines cooperation. As the world's largest and most profitable airlines, China Eastern Airlines to promote new routes of administration, course structure, resource configuration standards will play a huge role.
China Eastern Airlines Dongmi Luo wish flat is of the view that a loss of international long route, is the Eastern Airlines "soft ribs", in cooperation with SIA.
On this interpretation, some of the experts were not satisfied. Department of Commerce researcher Mei Xinyu believes that in the last few years of the merger, "Ning lets friends, do not let the retainer" phenomenon has occurred, which does not comply with the national interest, should examine the root causes of this phenomenon.
It is reported that in the past, the new terminal has been a foreign airline merger of three cases: first, the new terminal at the beginning of the 21st century to 6 million shares of 49% stake in yingguoweizhenhangkonggongsi, now fails, exit is being discussed; second, 2001 new routes to 3.2 billion shareholder Air New Zealand 25% of the equity investments now owes; third, 2002 new routes to 2 billion stake in New Zealand anset, failed again, 2 billion to deal with bad debts.
Why new airlines merger three airlines failed? China air transport expert Mao feng, "mainly SIA's enterprise management strategy, corporate culture and the three airlines are incompatible. ”
When journalists asked about the "marriage" in the end the total results, China Eastern Airlines Dongmi Luo wish flat still answered: "hen this is sure to get into. Why?: because we are ready, you do not agree, I meet again, is nothing more than a few times will be more open. ”
When journalists asked about the new routes and Temasek to CNAC blocking, Luo Zhu ping replied: "they will have operations. However, this inconvenience. ”
Eric was transferred, China Eastern and CNAC now for which communication? Eastern Airlines Dongmi-wish on reporter said: "our last ditch, a few also contacted with Air China leadership. Now, Air China's new leadership has not been decided, exhaustively described with them is not good. ”
Who is "the greatest dongxinlian" winner?
Recently, the Group's public statement: "hen" will vote in favour of purely rumors. This purpose is not to let the "never ended" Eastern Airlines Chairman Lifenghua, felt "very big pressure".
29 December last year, the group is also one of the persons connected to the reporter said: "Air Group since its inception, always adhere to the eight, the most important philosophy is: to unite to promote development to integrate of capacity. With this philosophy, we are willing to talk with domestic airlines in any brother, of course, including Eastern Airlines. ”
"The situation of Eastern Airlines now, much like the original that has not been Kodak acquisition of lucky. "Summer capital President Wang JI Zhou, referring to the hen is also believed that, at present, the domestic public opinion for hen has rendered the situation, because the leaning to the national interest, very few people will stand up to China Eastern Airlines stand.
However, for 8 January of this year's vote, the industry believes that the consequences are not encouraging. Because, from the perspective of the stock price, "the marriage" failed, the total could lead to China Eastern Airlines stock decline, this is the small shareholders who do not want to see.
However, most in the industry believe that regardless of how the final results of the vote, the mergers and acquisitions "scramble", has made Air China has become the biggest winner. For Air China, even if you don't vote, China Eastern Airlines cited new success in the stock price would make the shareholding CNAC benefit; if a vote, the introduction of new aircraft fails, Air China will rarely off a powerful competitor, China Eastern Airlines will be at a greater disadvantage was acquired by location — and this is precisely the Air China looked forward to the outcome of the "big."