The hottest Liang Wengen Sany waited 18 years for

2022-09-23
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Liang Wengen: Sany has waited 18 years for the acquisition of "elephant"

Liang Wengen: Sany has waited 18 years for the acquisition of "3, 3: elephant"

China Construction machinery information

Guide: This is a merger and acquisition case that will change the global competitive pattern. One is Sany Heavy Industry, the world's largest manufacturer of concrete machinery, and the other is Putzmeister, the world's first brand of concrete machinery outside China. Liang Wengen, chairman of Sany Heavy Industry, called this transaction a dance between dragons and elephants. January

this is a merger and acquisition that will certainly change the global competitive landscape. On the one hand, Sany Heavy Industry, the world's largest concrete machinery manufacturer, and on the other hand, Putzmeister, the world's first brand of concrete machinery outside China. Liang Wengen, chairman of Sany Heavy Industry, called this transaction "dragon and elephant dance"

On January 31, Sany Heavy Industry and CITIC Capital held a press conference in Changsha on the acquisition of Putzmeister. This major merger will produce a new global leader in the concrete pump industry. It is necessary to adjust the parameters of the control system at any time (P Chen Zhaoxiong, member of the Standing Committee of the provincial Party committee and vice governor of the provincial people's Congress, and Jiang Zuobin, deputy director of the provincial people's Congress, waited until the meeting to congratulate "this Sino German exemplary transaction."

the negotiation took only more than half a month.

Liang Wengen, chairman of Sany Heavy Industry, revealed at the meeting that although Sany secretly loved "elephants" (Putzmeister is known as "elephants" in the industry) for 18 years, However, it took only more than half a month for the two sides to negotiate the merger and acquisition. Karl Schlecht, founder of Putzmeister, was invited to serve as a senior consultant of Sany Heavy Industry

Schlecht revealed that he received a letter from Liang Wengen after Christmas 2011, expressing Sany's willingness to cooperate with "elephant". When they met, the two sides reached a tacit understanding and consensus in just a few hours - to jointly contribute to a better benchmark enterprise for the whole industry and the world

"I first met Mr. Schlecht, the chairman of 'elephant' more than half a month ago, and we hit it off at first sight. Putzmeister is our example, and I respectfully call Schlecht our teacher. He and I share the same career pursuit and values, which is the key for us to complete the negotiation in half a month." Liang Wengen said

interestingly, the cooperative third-party CITIC industry fund also emphasizes that common values are the key to cooperation

Rolex became a token of "love"

"elephant" was originally scheduled to sign on January 19, but due to the restrictions of some licensing documents of the German government, both parties agreed to delay the signing date by one day. Schlecht noticed that he and Liang Wengen were wearing Rolex watches made in Switzerland, so he wrote a note that he was only willing to cooperate with Sany, and took down his watch and gave it to Liang Wengen. The 000 ton/year ethylene production plant will be officially put into operation in the fourth quarter of 2015. Liang Wengen also took down his watch as a "Keepsake" in exchange

Rolex has become a "love" keepsake

for the party concerned, these two watches are very precious - Schlecht's watch is a gift from his wife and has been worn for 25 years, while Liang Wengen's watch is the first gift given to his father by his only son Liang Zaizhong after he joined the work

yesterday, Schlecht and his wife specially brought a new watch bought from Germany to Liang Wengen, but Liang Wengen said, "according to Chinese tradition, our keepsakes should not be changed back."

[extended reading]

price

is 2.6 billion yuan worth it

- "even if you spend 20billion, you should win 'elephant'"

this time, Sany joined hands with CITIC Industrial Fund to acquire "elephant", with an offer of 360million euros, all of which were purchased with its own funds. On the one hand, it invested 324million euros (equivalent to 2.654 billion yuan)

"our profit last year was more than 8 billion, and the capital was no problem at all. In fact, Mr. Schlecht wanted Sany's stock very much before, but Sany was A-share, not H-share. We promised to give them a chance when H-share was listed." Said Xiang Wenbo, President of Sany Heavy Industry. Speaking of this acquisition, Xiang Wenbo described it as "invaluable" and "immeasurable". According to its disclosure, when they learned of the merger and acquisition opportunities of "elephant" in December last year, the board of directors had a consensus that "even if they spent 20billion, they should win Putzmeister"

"20billion is just two years' profit of our concrete machinery, but it can shorten the time of our internationalization process and reduce one of our biggest competitors." Xiang Wenbo said that the impact of the acquisition on Sany's performance is not obvious. The greater benefit is strategic value, and the improvement of brand value is immeasurable

strategy

mergers and acquisitions come too late

-- M & A depends on whether there is a good opportunity.

Sany has been in business for 18 years. This annexation of "elephant" is its first major M & A case in history. For the media's doubts about Sany's internationalization strategy, Xiang Wenbo said: "before Sany Heavy Industry and the internationalization of a more comfortable shopping experience and a better use experience, it was mainly to build its own factory, rather than focusing on mergers and acquisitions, because there was no good opportunity. For example, Sany had never thought that Putzmeister would sell before. Sany's mergers and acquisitions were based on strategic considerations, not purely to increase sales."

Xiang Wenbo said with a smile that marriage may take place overnight, but it takes a long time to fall in love. Sany has been secretly in love with "elephant" for 18 years, but the acquisition depends on the opportunity. "If there is such an opportunity in the future, the target is better than us, and it is better than us in technology, products and other aspects, we will also merge."

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