"Dashan Steel" two stranded Mr Du complaining about restructuring procrastination

The first working day of 2011 (January 4), Jinan Iron and Steel (600022) and Laiwu Steel shares (600102) also issued a notice that the two sides of the reorganization plan again aborted.　　This means that Shandong Iron and Steel Group Co., Ltd. (hereinafter referred to as "Mountain Steel Group") to form the planning of Dashan steel is facing an unprecedented test-not only to deal with the private enterprises Rizhao Iron and Steel Group (hereinafter referred to as "Rizhao Steel") of the bargain, it also has to deal with the huge resistance of its two listed shareholders. In addition to the objective factors, the root of the problem lies in the lack of wisdom of the decision makers of the Shan Steel Group.　　"has been watching the steel group restructuring of the industry Wang (a pseudonym) January 5 to the" Huaxia Times "reporter said.　　Internal integration once again stranded 2010 years of the last day, as the Shan Steel Group's two listed companies held at the same time, the provisional shareholder meeting on December 14, 2010 announced the new reorganization plan to vote. According to the plan, Jinan Iron and steel and LAIWU steel shares adopt the way to absorb the merger, Jinan Iron and steel for suction and survival side, Laiwu steel shares for the suction side.　　Jinan Iron and steel Stock exchange rate of 3.95 yuan per share, Laiwu Steel shares of the exchange rate of 8.90 yuan per share (exchange rate for the board of directors before the 20 daily average price), and to give the shares of Laiwu Iron and steel shareholders 7.85% of the risk premium, the determination of the Laiwu steel shares and Jinan iron and steel Stock exchange ratio of 1:2.43.　　Once again, the so-called cash options, which were widely watched by market investors, were logically not tenable, merely comforting investors ' mirrors. In Jinan iron and steel, although the first major shareholder Jigang group to avoid the vote, but several reorganization of the bill passed smoothly, the number of votes in favour of the shareholder representatives, accounted for more than 80% of the total voting shares attended the meeting.　　In the case of Laiwu Steel, the number of shareholder representatives who voted against several key motions accounted for more than 40% per cent of the total number of voting shares at the conference, and did not receive more than two-thirds per cent of the support. This reporter learned that the vote through the network of LAIWU Steel shareholders and shareholders of 3354 people, representing 86.27 million shares, the total number of shares of the company 8.7% (Jinan iron and steel This data is 2.98%).　　In the voting on several key motions, the shares of the shareholder representatives who voted against the stake in Laiwu Steel were around 40 million shares. According to the closing price of December 31, 2010, the shares of Laiwu Steel fell from about 9.5 yuan a month ago to 7.85 yuan, down more than 17%, and far below the $8.9 per share in exchange for cash.　　In this case, the shares of Laiwu Steel shareholders to participate in the meeting of course more inclined to exercise the cash option, so become dissident shareholders, we have voted against the plan.　　In fact, the reorganisation was the first time a repeat of the failure to absorb the merger. "The integration of the two major listed companies is considered to be the main link of Shandong Iron and steel industry integration." Wang told this newspaper that this is because although the Shandong provincial governmentAll steel assets were transferred to the group, but failed to change the competition between listed companies and listed assets and unlisted assets.　　More importantly, these are listed companies with mountain Steel, but some of the product categories overlap, their own complete procurement, research and development, production and sales system, not only caused the waste of resources, but also difficult to play a synergistic effect, to achieve industrial integration. Japan Steel can not "sit" and so on with the merger of the two major listed companies repeatedly frustrated compared to the Shan Steel Group Restructuring Rizhao Steel is obviously more resistance, but the Shan Steel Group Restructuring Rizhao steel is imperative, and Rizhao government as Rizhao Steel and Shan steel Group "coordinator",　　It is hoped that Mr Du will participate in the development and construction of Rizhao port after exiting Rizhao steel. September 6 last year, Shandong Provincial development and Reform Commission director Zhang said: "2010 comprehensive completion of Shandong Iron and steel Group of Rizhao Steel Company reorganization, timely completion of the reorganization of green steel."　　"Because of Jinan Steel, Laiwu Steel merger again miscarriage, also to the upcoming Shan steel group to buy Rizhao Steel cast a shadow, the road of mountain steel integration become increasingly blurred." "From this year, Rizhao Steel will change from big to strong, no longer pursue on the scale increase production, but to create high efficiency, do strong enterprises, take the road of sustainable development." The concrete path from big to strong is very clear, mainly by two points: circular economy is the main growth point, environmental protection is an important support point. This is the focus and direction of the work of the Daily Steel 2011.　　"Mr du the 2010 annual summary meeting of Rizhao Iron and Steel held last December 28," said.　　A day later, Rizhao Iron and steel official website released Mr Du in the above meeting more than 20,000 words of the original speech. "We can only have a choice, not only to advance the success of the reorganization, but also to follow the long way to live every day." Can not sit and so on reorganization, if all sit, the enterprise yellow also don't need to reorganize.　　"Mr Du said.　　Although Mr Du did not deny that the group continued to restructure the possibility of sunshine Steel, but the 2010 years of Rizhao steel production and tax growth stagnation is attributable to the "Restructuring of the steel group." "On the one hand, steel and mineral raw materials market complex and changeable during the year, grasp the pulse, resist the risk of increased difficulty; On the other hand, in the second half of last year in order to tie in with the asset restructuring, Rizhao iron and steel transferred more than half of the factory-level leader turnover, the staff　　Mr Du said that since September 2010, Rizhao Iron and steel from the general manager of the assistant more than 11 people, factory-level 20 people, full-time staff of 125 people with the reorganization work.　　Reorganization plan or push it over again at the same time, let Shan Steel group's policymakers some embarrassment is that its neighbour Hebei Iron and Steel group in the past just a short period of 50 days, did not spend a penny then "incorporation" of 12 private steel companies. "The likelihood of a second programme being implemented is significant," he said. "Guotai Senior Securities analyst Lu Evan told this reporter, because from the central to the local are vigorously promote the steel industry regional reorganization, the program at the government level to receiveThe problem is not big, but the continued decline of the steel plate has become a "stumbling block." "Now Jinan Steel, Laiwu Steel shares as Shandong Iron and steel Group Two units, certainly not willing to do their own boss, so both shareholders are weighing interests." "In Lu Evan's view, the price of cash options must also be selected, but the price choice is also more embarrassing, because it is the second time, but also to see the recent performance of the steel plate."　　Mountain Steel Group has been observed, but the short time to operate "more difficult than".　　Despite the miscarriage of the restructuring plan, there are indications that Shan Steel group will continue to promote the integration of Jinan steel and Laiwu steel, because it involves the integration of Shandong steel industry overall situation. "Because Shandong province as the national steel industry restructuring pilot province, to achieve the integration of two listed companies to buy private steel enterprises Rizhao steel, building Rizhao steel base is imminent."　　"In Wang's view, if not smooth implementation of the Shan Steel Group's Jinan steel and Laiwu steel shares of assets restructuring, will affect the restructuring of Rizhao steel." But Wang that, as "the most tortuous mergers and acquisitions of domestic enterprises", the restructuring of the Shan Steel Group No matter when the completion, regardless of the end of what end, is destined to become the state-owned enterprises and state-owned enterprises and the merger of the "classic case".