Zhangguobao, former director of the hottest Energy

2022-07-30
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Zhangguobao, former director of the energy administration: thinking behind GE's acquisition of Alstom

years ago, Ge wanted to take a stake in XD, and eventually took a 15% stake in XD. However, GE was not satisfied with the status of a minority shareholder. In the end, it bought Alstom of France at a price of 12.35 billion euros, which shows that GE attaches importance to the power transmission business. This international M & A integration is bound to increase the competition in the power transmission and transformation equipment business, which is worthy of our attention

why do the world's manufacturing giants attach great importance to the power transmission and transformation business? Ge of the United States purchased Alstom of France at a price of 12.35 billion euros. The French side confirmed that it had received the offer from Ge on the morning of the 30th. Alstom will confirm whether it will accept the acquisition at the end of May. But at the same time, another powerful competitor Siemens proposed a business exchange scheme with Alstom, that is, Siemens' rail transit equipment business was handed over to ALSTOM, and ALSTOM's power generation, transmission and transformation business was acquired and merged into Siemens

the French government prefers the business exchange scheme between Siemens and Alstom. French President Francois Hollande hopes to establish an Airbus in the German French energy field and clearly states that the government will participate in the decision. French economy minister montebourg was also dissatisfied with GE's acquisition plan. Previously, he complained that he knew nothing about GE's acquisition of Alstom, and said that Alstom President baceron did not inform him of the truth of the negotiations

however, despite the pressure from the government and trade unions, Alstom President patrickkron still tends to reach a deal with general electric and believes that the acquisition by General Electric is the best solution for Alstom. He also stressed that he is not opposed to cooperating with Siemens, but the business scope of the two companies is similar, and the merger may lead to job reduction. It is obvious that Alstom is inclined to be acquired by American GE

Siemens is not satisfied with the current results. It is particularly disappointed with the lack of cooperation desire of bacuron and can only hope for the intervention of the French government. According to media analysis, since President Hollande promised to reduce the unemployment rate, the fate of jobs will play a decisive role in the acquisition

Ge in the United States, Alstom in France and Siemens in Germany are all giants in the world's equipment manufacturing industry. Alstom of France is the manufacturer of French high-speed rail GTV. It cooperates with China's Jiangsu Puzhen rolling stock factory to produce metro vehicles. The rail transit vehicles such as Shanghai Pearl line are produced by Alstom

later, when introducing high-speed rail EMU technology, Alstom transferred technology to Changchun passenger car factory under the intervention of the Ministry of railways, becoming one of the three sources of high-speed rail technology in China (Kawasaki in Japan, Siemens in Germany and ALSTOM in France). Siemens' rail transit equipment technology is recognized in the world. Shanghai and Guangzhou Line 1 are imported Siemens vehicles, and transfer technology with Tangshan and Changke to produce high-speed rail vehicles. The optical trigger technology of thyristor, the key equipment of DC transmission in China, is also introduced from Siemens

this time, Siemens has made great determination to replace Alstom's power generation and transmission equipment with rail transit. Ge in the United States is the big brother of the equipment manufacturing industry, but unfortunately there is no power transmission and transformation business. Therefore, many years ago, they came to China to negotiate with China to take a stake in XD, and finally took a 15% stake in XD. However, they have been dissatisfied with the status of this small shareholder. This time, the opportunity to acquire ALSTOM, the drastic austerity organization of aer, is a must. It can be seen that GE attaches great importance to the power transmission business. It can also be seen that these energy equipment giants in the world pay attention to the future power transmission and transformation equipment market

it is worth noting why the world's manufacturing giants attach great importance to the power transmission and transformation business. What impact will this remarkable M & A have on China? China used to have two major power transmission and transformation groups in the West and northeast, but in the difficult period before the revitalization of the old industrial base in the northeast, the Northeast power transmission and transformation group has disintegrated. Shenyang Transformer Factory was acquired by TBEA, Shenyang High Voltage Switchgear Factory was acquired by Hong Kong businessmen (originally from Shenyang), and other Fushun Electric Porcelain Factory, Dalian electric porcelain factory, Shenyang cable factory, Fuxin high voltage bus factory were scattered

other power transmission and transformation equipment factories scattered all over the country, such as Pingdingshan High Voltage Switchgear Factory, Xuchang relay factory, Great Wall Electric Appliance Factory, Changzheng Electric Appliance Factory and Shanghai High Voltage Switchgear Factory, also belong to different categories. Mergers and acquisitions result in bankruptcy. Generally speaking, the factories are scattered. In recent years, thanks to China's large-scale power construction and the market promotion of ultra-high voltage transmission, China's power transmission and transformation technology has made great progress and began to rank among the world's most advanced. This international M & A integration is bound to increase the competition in the power transmission and transformation equipment business, which is worthy of our attention

(by zhangguobao, former deputy director of the national development and Reform Commission, former director of the national energy administration and director of the expert advisory committee of the National Energy Commission)

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