XCMG chairman of Carlyle the first time, reduce the proportion of insider buy

XCMG chairman of Carlyle the first time, reduce the proportion of insider buy

Positive response to the text of the first customer event that Bobo is the commercial war of deception

Carlyle Xugong storm broke out, had been hidden in behind the scenes of the Xuzhou Construction Machinery Group Chairman Wang China chose to buy the first anniversary of the signing high-profile appearance. Yesterday afternoon, Wang Min in the second floor conference room XCMG accepted an interview by reporters, revealed Xugong insider restructuring program changes, while the first positive response to the text of Bobo-off event, that this is the business battle cunning Sany Road.

Xugong Group Chairman Wang China

Acquisition program initiated in April this year, changes

According to Wang describes China, Carlyle Xugong Machinery original proposal in October 2005 reported to the relevant state ministries and commissions, access to national approval procedures, Xugong Group and Carlyle Group in accordance with the recommendations of the relevant state ministries and commissions, requirements, continue to refine and deepen and adjustment, improve the bilateral cooperation agreement.

April 2006, the two sides signed a supplementary clause "poison pill", that is, when Carlyle exits, if the potential investors to obtain any form of shares Xugong meet or may exceed the default warning level, the Xugong will potential controller to all shareholders other than the issuance price equal to a penny stock (the supplementary provisions in the revised agreement has been retained, but the warning line have been adjusted accordingly).

A month later, under the guidance of national authorities, Xuzhou Construction Machinery Group and the Carlyle Group began negotiations to adjust the ratio of equity transfer related issues. And by June, chief executive of Sany Heavy Industry started to text wave through the blog criticism Xugong restructuring program. Wang Min told reporters that the Xuzhou Construction Machinery Group increased its stake to 50% after arduous negotiations with Carlyle, and just started the other simply do not accept, after a series of explanations, Carlyle finally agreed.

October 16, in the proposed amendments to the relevant departments to report the main content, Xuzhou Construction Machinery Group and the Carlyle Group signed the amended agreement, and by the Jiangsu provincial government functions of the department and agreed to report the relevant state ministries and commissions. Meanwhile, the government functions conscientiously and strictly carry out its investigation, audit functions, the restructuring of the procedures of Xu and content of work once again issued a document to be confirmed.

Blog event is the commercial war of deception

Since June, the culture wave through the blog to Xugong has been restructured to express different opinions, Xuzhou Construction Machinery Group Vice President Yansong only be refuted by the media, and as head of Xuzhou Construction Machinery Group, the king has been hidden in the people behind the scenes . This situation changed yesterday.

Wang Min told reporters restructuring Xugong advanced to this stage, Xuzhou Construction Machinery Group already have to break the silence, for the public, with the fact that the text wave to the accused deny the objective conditions. Companies are willing to "speak to the fact that" for the public to restore a true work of Xu, while the company will not breach commercial confidentiality clause in the premise, to produce direct evidence of archive documents reveal the commercial war of deception Sany.

Wang public view, the text of the blog wave behavior is not a personal act, but Sany performance of commercial warfare, although the text wave to deny the existence of Sany Heavy Industry and XCMG fierce market competition, and repeatedly emphasized that its behavior is in " good motivation and desire "is" the person in charge showstopper, "but in fact, the purpose of narrow business interests out of consideration in an attempt to Xugong critical restructuring period, by the media to stop Xugong restructuring, joint ventures and further strengthen .

Although the experience of the blog controversy, but the king granted the people the prospects for the new program seems very confident.

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