财务管理教学案例013要约收购案例—南钢股份要约收购案

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1、要约收购案例南钢股份要约收购案,年月日，我国证券市场诞生了首例要约收购案例。南京钢铁股份有限公司发布了要约收购报告书。,被收购人基本情况 被收购公司名称：南京钢铁股份有限公司股票简称：南钢股份股票代码600282 股本结构：股权类型 股数 所占比例 国家股35760万股 70.95% 法人股240万股 0.48% 流通股14400万股 28.57% 合计50400万股 100%,收购人基本情况 收购人名称：南京钢铁联合有限公司 收购人设立于2003年3月12日，南钢集团公司、复星集团公司、复星产业投资、广信科技签署了共同设立南钢联合公司的合资经营合同。约定：南钢联合公司注册资本为27.5亿元，

2、南钢集团公司以其持有的南钢股份国有股35760万股（占南钢股份总股本的70.95%）及其他部分资产、负债合计11亿元净值出资，占注册资本的40%；复星集团公司以现金8.25亿元出资，占30%；复星产业投资以现金5.5亿元出资，占20%；广信科技以现金2.75亿元出资，占10%。,南钢联合于2003年4月7日召开股东会通过决议：同意南京钢铁集团有限公司以其所持有的南钢股份35760万股国有股（占南钢股份总股本的70.95%）以及其他资产负债对南钢联合公司进行增资；鉴于接受南京钢铁集团有限公司以其所持有的南钢股份作为出资投入，其实质为上市公司收购行为，且依法已触发要约收购义务，南京钢铁联合有限公司

3、将按照证券法和中国证监会发布的上市公司收购管理办法规定，履行要约收购义务，向南钢股份除南京钢铁集团有限公司外的所有股东发出全面收购要约。,本次要约收购的目的 是履行因接受南京钢铁集团公司将持有的南京钢铁股份有限公司70.95股权作为对南京钢铁联合有限公司的增资而触发的要约收购义务。,本次要约收购涉及的股份情况如下表： 名称 要约价格 要约收购数量 比例 法人股3.81元/股 240万股 0.48流通股5.86元/股 14400万股 28.57 本次要约收购所需资金总额为85,298.4万元，南京钢铁联合有限公司已经将17,059.68万元（相当于收购资金总额的20）存入银行作为履约保证金。,根

4、据上市公司收购管理办法确定的原则，流通股收购价格是公告日前三十个交易日南钢股份的每日加权平均价格的算术平均值的百分之九十；法人股定价应为公告日前六个月内收购人取得被收购公司未挂牌交易股票所支付的最高价格或被收购公司最近一期经审计的每股净资产值这两个数字中的较高者。南钢股份2002年度经审计的每股净资产值为3.46元；而南钢股份35760万股国家股的价值经评估为136008万元（折合每股为3.80336元），南钢集团拟按此评估价格参股南钢联合公司，故本次法人股要约收购价格确定为3.81元。,本次要约收购的有效期限为发布要约收购公告日（含公告当日）之后的30个自然日 。 因为南钢股份此次要约收购不

5、符合上市公司收购管理办法中的豁免申请条件，从而成为第一个“吃要约收购螃蟹”的国内上市公司，南钢集团称其行为是为了通过国有企业和民营企业的联合，引进先进的管理机制和业务发展所需要的资金，做大做强钢铁主业 。,本次要约收购风险 南钢联合不得不面对要约收购的风险。以公告收购价格计算，本次要约收购所需资金总额高达8.5亿，更大的风险却是收购有可能造成南钢股份终止上市交易。证券法第八十六条规定，“收购要约期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的75%以上的，该上市公司的股票应当在证券交易所终止上市交易。”,持有南钢股份70.95的南钢联合之所以敢冒下市风险，发出收购要约，显然

6、是有备而来。国为本次要约收购价格是上市公司收购管理办法规定的最低要约价格。 据统计，今年以来，南钢股份总成交量达747万手，换手率为51.9，成交均价是6.44元。从元月至今，在股价低于6元的交易日，仅有1月8日、1月9日两天出现放量，但总成交也只有180万股，换手率还不到2。而在要约收购公告前一天，南钢股份收于7.00元。市场人士分析，从持股成本与股价走势看，流通股股东向收购人转让股份的可能性几乎没有 。,结果：要约收购有价无市 问题： 同股不同价； 价格计算有问题：南钢公司2002年度每股收益为0.48元，每股净资产为3.46元，调整后的每股净资产为3.41元，如果按15倍的市盈率计算的话

7、，相关出价为7.2元，大大高于每股5.82元的出价；按照钢铁业未来的发展前景，完全可以采用20倍来计算，这样的结果将是10元左右，几乎是现在出价的两倍。,思考题 公司一般在什么情况下实施要约收购？要约收购成功的关键因素是什么？,Friendship, the difference in China and the West,Chinese except friendships to be more lasting. Different foundations for friendships. Westerns expect friends to be independent. Chinese

8、usually expect more from their friends.,Chinese except friendships to be more lasting.,For Chinese a true friendship endures throughout life changes. Chinese are friends even if they havent spoken for 20 years. If you shared something at one time, then all your life you are friends. This is the best

9、 of guanxi(关系), the Wide Web that connects Chinese through time and space. So, we can say Chinese invented the Internet long before Bill Gates was born.,In North America, even the relationship in which people feel close and tell each other personal problems may not survive life changes such as movin

10、g to another city, graduation from a university or marriage. If the people do not see each other regularly, the relationship is likely to die.,Different foundations for friendships.,Chinese friends share “ things in common”: a task, a class, the hometown. Friendships are formed by people who work or

11、 go to school together. You may or may not like the person, but if he or she can do something for you because of his position or job, you can be friends. But in North America, business and friendship are kept separate. The friendships are usually tied to specific activities. A person may have work f

12、riends and leisure (休闲时) activity friends. Also friends tend to have similar financial circumstances, because friendship in the West is based on equality.,Westerns expect friends to be independent.,Why? Its because their friendship is mostly a matter of providing emotional support and spending time

13、together, so they do not feel comfortable in a relationship in which one person is giving more and the other is dependent on what is giving. A westerner will respond to a friends trouble by asking “What do you want to do?” The idea is to help the friend to think out the problem and discover the solu

14、tion he or she really wants and then to support the solution. Chinese friends give each other more concrete help. A Chinese will use personal connections to help a friend get something hard to obtain. They give each other money and might help each other out financially over a long time.,Chinese usua

15、lly expect more from their friends.,In the West, you can certainly ask a friend to do something with you, but you recognize that your friend may say no, if he or she gives you as reason. You would not expect a friend to drop everything to respond to a non-urgent need such as shopping. Nor would you

16、expect a friend to recognize and respond to your wishes without stating them. A friend in China is someone who offers help without waiting to be asked. There are few limits to what you can expect from a friend. You can feel free to tell your friend what he or she can or should do or help or please you.,Good friends are like stars. You dont always see them, but you know they are always there.,