A big mac on the restructuring of the mining industry    

In recent years, the reorganization of the sound of each enterprise is jittery, raise a Babel of criticism of, intelligence has become an emerging industry, but also in the reorganization environment and related policies of the catalyst have to restructure, become a "trend".

Recently, with the approval of the State Council, China Metallurgy Group will carry out strategic restructuring with the five mine group. According to the reorganization plan, China Metallurgy Group will be integrated into the five Minmetals Group as its wholly owned subsidiary, and China metallurgy group is no longer a direct regulatory enterprise.

Although the State Department and the SASAC of the State Council level previously mentioned many times to encourage the central enterprises through strategic mergers and acquisitions, bigger and stronger, but since last year, the central enterprises restructuring and mergers and acquisitions did not appear substantial, all levels of the strength of the central enterprises, quite similar to the business of non merger and reorganization.

The restructuring means that the restructuring of the central enterprises has been extended from the pre parallel peer to peer reorganization to the merged restructuring, which means that the central level enterprises with relatively high administrative level or relatively large asset scale directly annexe the other party's new restructuring mode.

A series of actions before the reorganization of central enterprises in Chinese and Chinese CSR north car high degree of coincidence, the disparity between the strength of small business prior to the merger, and belong to the same administrative level, and taking the technical Chinese CSR merger group Chinese CNR, CNR merged with csr. Finally, China and China CSR CNR cancellation of legal personality, set up China Zhongche is equivalent to the completion of the reorganization, the formation of a new central enterprises in the two central enterprises based surgeon.

Subsequently, the CPI and the state nuclear power has also launched a merger and reorganization. The two central enterprises are also at the same level. They have not annexed the other side by operation, but have been jointly established by the two sides to undertake the assets of two central enterprises.

In fact, it is the merger of China South Bus and China north car, the merger of the South car group and the north car group, each other is the main body, and there is no phenomenon of the merger of the other side by one party. Objectively speaking, the merger and reorganization of the north and South vehicles must face more problems in practice, including the coordination of the two central enterprises and the adjustment of personnel. In view of the reorganization of Minmetals Group and China Metallurgical Group, Minmetals Group is undoubtedly the main body of the reorganization. It can be directly transfered to 100% stake in China Metallurgical Group through the transfer of state-owned shares, thus indirectly controlling China Metallurgical Industry. In theory, as long as the five Minmetals Group completed the ownership of the China metallurgy group, the merger was completed and the difficulty of the operation was much lower than the merger of the north and South vehicles.

Although the administrative level of China Metallurgical Group is slightly lower than that of the Minmetals Group, its assets scale is more than 300 billion yuan, which is comparable with the Minmetals Group. The merger of China Metallurgical Group and Minmetals Group provides an example for the merger of the central enterprises that have similar assets. Being the top 500 companies in the world, they can not exclude each other, do not taboo each other, carry on merger and reorganization. They not only express the decision level's decision to carry out strategic reorganization for central enterprises, but also express the confidence of two enterprises to enhance market awareness and enhance their development concept.

At present, the reorganization of China Ocean Shipping Group and China Ocean Group is also the reorganization between the central enterprises of similar level and similar business. In the same way with the North-South car reorganization, China Shipping Group and China COSCO Group are not annexed and reorganized, but by the two sides as the main body of reorganization, a professional shipping asset operation platform is set up. Unlike the North-South car reorganization, China Shipping Group and China COSCO Group may not invest all assets in the new shipping assets operation platform, that is, the reorganization of the two party may not be a whole restructuring.

Restructuring is only the first step. What we need to do next is to do well in running in and business integration. We must make strategic decisions and set goals for development.

Many signs show that the restructuring of the central enterprises will never stop at the five mining group and the China metallurgy group, and the form of restructuring will inevitably tend to diversify. In fact, CSR and CNR, CPI and the state nuclear power, China shipping group and China COSCO Group, Minmetals Group and China Metallurgical Group restructuring were not the same, the merger or acquisition is not only the form.

China Metallurgical and Minmetals belong to commercial enterprises. According to the guidance of state-owned enterprises reform, business state enterprises must carry out commercialized operation according to market requirements, so as to enhance the vitality of state-owned economy, enlarge the function of state capital and realize the preservation and increment of state-owned assets.

That is to say, commercial state-owned enterprises only need to carry out commercialized operation according to the requirements of the market, not state holding, nor need of state-owned sole proprietorship. After the strategic reorganization of China Metallurgical and Minmetals, how to reform the Minmetals Group according to the guiding opinions has become a very important content.

For China metallurgy group, more than 90% of its assets are in China's Chinese metallurgy, and Chinese metallurgy is a listed company, which itself is a mixed ownership enterprise. And there are 5 listed companies under the group of five mines, and most of the assets are in the public.

Therefore, there should be no problem of the reform of the mixed ownership system. As a matter of ignorance, listed companies are only one kind of mixed ownership, and the connotation of the mixed ownership required by the reform is far higher than the connotation of the listed companies. Because for the new five mines, how to adapt to the market demand and meet the needs of competition is a long way to go.

At present, there is not much overlap between the two main businesses, which is expected to reduce the difficulty of the two integration. The period from two to three years has also provided enough time for strategic cooperation between the two enterprises. According to the previous rule of reorganization of central enterprises, there may be a series of personnel adjustment and plate integration during the period, or even exclude the adjustment of resources of listed companies. The final integration effect also depends on the joint efforts of both sides.