With the approval of the Chinese government, Asia Pacific's largest polyurethane company, Wanhua Industrial Group Co., Ltd. signed the final equity transfer agreement in Budapest on January 31, 2011, and officially acquired the largest chemical company in Hungary with a total transaction volume of 1.263 billion euros. Side's 96% stake has become China's largest investment project in Central and Eastern Europe. Wanhua’s acquisition of the Hungarian BC company project was selected by the “International Financial Review†(IFR) as the “Best Reorganization in Europe, the Middle East and Africa in 2010 for the complexity and impact of its transactions and the final solutions accepted by all parties involvedâ€. transaction".
Wanhua Industry currently has a total asset of 15 billion yuan. It is a strategic investment holding group company with polyurethane business as its core industry. MDI is an important raw material for polyurethane. Its products are widely used in aerospace, military, automotive, light industry, home appliances and other fields. As a sunrise industry in new chemical materials, it plays an important role in promoting global energy conservation and emission reduction and developing a low-carbon economy. .
Wanhua Industrial's core holding company Yantai Wanhua (600309, stocks) Polyurethane Co., Ltd. (referred to as "Yantai Wanhua") was listed on the Shanghai Stock Exchange in 2001. As the country's first circular economy pilot enterprise, national security standardization first-class enterprise, national enterprise technology center, national key high-tech enterprise, and national first batch of innovative enterprises, Yantai Wanhua is the only one capable of producing and owning the world's leading MDI core technology. The Chinese enterprises have the MDI capacity ranking fourth in the world and Asia Pacific first.
Hungary BC Corporation is one of the largest chemical companies in Central and Eastern Europe. It specializes in the production and sale of isocyanate (MDI/TDI) and plastic raw materials (PVC). With MDI production capacity of 220,000 tons; TDI original production capacity of 90,000 tons, is currently in the new 160,000 tons will be put into operation this year; PVC production capacity of 400,000 tons.
In August 2009, Wanhua Industrial acquired more than two-thirds of the BC company's mezzanine debt through its strategic partners, obtained the qualification to participate in the reorganization as a creditor, and declared the identity of the strategic investor, making the original actual controller of BC Corporation. Had to negotiate with Wanhua to restructure BC.
On October 15, 2009, Wanhua Industry and related parties reached an initial "intention framework agreement" and obtained 36% of BC's equity.
On February 24, 2010, Wanhua Industry reached an "Investment Agreement" with related parties through further injection of funds, and obtained a comprehensive purchase of BC Company's call option.
Wanhua’s acquisition of BC will have a profound impact on the polyurethane industry in China and even in the world. First of all, the polyurethane industry is a highly globalized industry. The industry's top major manufacturers are world-renowned multinational companies and have completed the global distribution of three major polyurethane markets in Europe, the United States, and China, especially in the rapidly growing China, they have announced further plans for expansion. The previous Wanhua, although the domestic market share ranked first for ten consecutive years, but because of the regional limitations of production and sales, it is difficult to grow into a giant with global competitiveness.
Through this acquisition, Wanhua initially completed the strategic layout of global operations. Second, Europe is currently the world's largest polyurethane market, and Wanhua has a relatively low market share. Without a manufacturing base, it cannot become a mainstream supplier in Europe. Hungary belongs to the European Union and is located in the center of Europe. BC and Wanhua form an obvious complementary advantage.
As a strategic investor in the industry, Wanhua’s acquisition of BC will not only significantly increase BC’s competitive strength, but also help Wanhua gain a foothold in the world’s largest European market, helping to ensure that Wanhua has achieved comparative comparative advantage. China's continued profitability in the Chinese market.
Third, the acquisition of BC can greatly reduce Wanhua's globalization process and enable Wanhua to gain direct access to the mainstream European suppliers. At the same time, Wanhua's isocyanate production capacity ranks among the top three in the world, improving the world status of China's polyurethane industry.
The M&A event has attracted widespread attention in China, Hungary, and Europe. It has received strong support from the governments of China and Hungary and the syndicate led by the Bank of China, and invests in Chinese companies in Central and Eastern Europe and even in Europe as a whole. It has a positive and far-reaching impact.
The successful implementation of this acquisition signifies that the internationalization practice of Chinese companies has taken a step toward achieving global strategy by adopting the traditional model of “using labor, products, and capital output as a means and introducing technology and resources for the purposeâ€. The new level, characterized by innovative capital operation mode and characterized by technical output, has a "beacon effect" for Chinese enterprises to implement the "going out" strategy, and has become a milestone event in which Chinese companies' internationalization strategies are maturing.
Wanhua Industry currently has a total asset of 15 billion yuan. It is a strategic investment holding group company with polyurethane business as its core industry. MDI is an important raw material for polyurethane. Its products are widely used in aerospace, military, automotive, light industry, home appliances and other fields. As a sunrise industry in new chemical materials, it plays an important role in promoting global energy conservation and emission reduction and developing a low-carbon economy. .
Wanhua Industrial's core holding company Yantai Wanhua (600309, stocks) Polyurethane Co., Ltd. (referred to as "Yantai Wanhua") was listed on the Shanghai Stock Exchange in 2001. As the country's first circular economy pilot enterprise, national security standardization first-class enterprise, national enterprise technology center, national key high-tech enterprise, and national first batch of innovative enterprises, Yantai Wanhua is the only one capable of producing and owning the world's leading MDI core technology. The Chinese enterprises have the MDI capacity ranking fourth in the world and Asia Pacific first.
Hungary BC Corporation is one of the largest chemical companies in Central and Eastern Europe. It specializes in the production and sale of isocyanate (MDI/TDI) and plastic raw materials (PVC). With MDI production capacity of 220,000 tons; TDI original production capacity of 90,000 tons, is currently in the new 160,000 tons will be put into operation this year; PVC production capacity of 400,000 tons.
In August 2009, Wanhua Industrial acquired more than two-thirds of the BC company's mezzanine debt through its strategic partners, obtained the qualification to participate in the reorganization as a creditor, and declared the identity of the strategic investor, making the original actual controller of BC Corporation. Had to negotiate with Wanhua to restructure BC.
On October 15, 2009, Wanhua Industry and related parties reached an initial "intention framework agreement" and obtained 36% of BC's equity.
On February 24, 2010, Wanhua Industry reached an "Investment Agreement" with related parties through further injection of funds, and obtained a comprehensive purchase of BC Company's call option.
Wanhua’s acquisition of BC will have a profound impact on the polyurethane industry in China and even in the world. First of all, the polyurethane industry is a highly globalized industry. The industry's top major manufacturers are world-renowned multinational companies and have completed the global distribution of three major polyurethane markets in Europe, the United States, and China, especially in the rapidly growing China, they have announced further plans for expansion. The previous Wanhua, although the domestic market share ranked first for ten consecutive years, but because of the regional limitations of production and sales, it is difficult to grow into a giant with global competitiveness.
Through this acquisition, Wanhua initially completed the strategic layout of global operations. Second, Europe is currently the world's largest polyurethane market, and Wanhua has a relatively low market share. Without a manufacturing base, it cannot become a mainstream supplier in Europe. Hungary belongs to the European Union and is located in the center of Europe. BC and Wanhua form an obvious complementary advantage.
As a strategic investor in the industry, Wanhua’s acquisition of BC will not only significantly increase BC’s competitive strength, but also help Wanhua gain a foothold in the world’s largest European market, helping to ensure that Wanhua has achieved comparative comparative advantage. China's continued profitability in the Chinese market.
Third, the acquisition of BC can greatly reduce Wanhua's globalization process and enable Wanhua to gain direct access to the mainstream European suppliers. At the same time, Wanhua's isocyanate production capacity ranks among the top three in the world, improving the world status of China's polyurethane industry.
The M&A event has attracted widespread attention in China, Hungary, and Europe. It has received strong support from the governments of China and Hungary and the syndicate led by the Bank of China, and invests in Chinese companies in Central and Eastern Europe and even in Europe as a whole. It has a positive and far-reaching impact.
The successful implementation of this acquisition signifies that the internationalization practice of Chinese companies has taken a step toward achieving global strategy by adopting the traditional model of “using labor, products, and capital output as a means and introducing technology and resources for the purposeâ€. The new level, characterized by innovative capital operation mode and characterized by technical output, has a "beacon effect" for Chinese enterprises to implement the "going out" strategy, and has become a milestone event in which Chinese companies' internationalization strategies are maturing.
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