Since December 2014, a number of media have reported that Shell wants to sell 75% of the unified lube oil equity, which has caused concern and hot debate in the industry. The media was informed that Shell's unification black horse jumped. SK Group, one of the three largest companies in South Korea, has submitted a bid, or will acquire a unified controlling stake in Shell. This is another heavyweight buy after the market rumors after Buffett, Blackstone, Victory, CNOOC, and Hobson Group. Family.
South Korea SK Group intends to acquire Shell Uniform Control
South Korea SK wants to acquire Shell's unified controlling share?
Under the background that international oil prices have fallen and the Chinese economy has entered a new normal, “slimming down†and “increasing fertilizers†have become two different ways in which lubricant giants are now taking care of themselves.
According to Dow Jones's earlier report, Shell's management is trying to raise the return on investment by raising cash and divesting assets because of falling pressure on Shell's performance. Shell has launched a sale of a 75% equity interest in a joint-venture company, Lubricant Co., Ltd., which is expected to bid between US$350 million and US$500 million, providing a rare opportunity for potential buyers to acquire a majority stake in a Chinese-owned company. .
As the largest lucrative oil industry media in China, China Lubricants Information Network has been paying attention to the development of the situation. Recently, China Lubricants Information Network learned from the market that the SK Group intends to acquire the Shell Uniform Shares. The bidding book was submitted recently. The bidding results are expected to be announced in the third quarter of 2015.
It is understood that SK Group is one of the three major business groups in Korea. It is mainly engaged in energy and chemicals, information and communication semiconductors, and marketing services as the three main industries. In the field of energy, SK Group is Korea's largest supplier of lubricants and lubricant base oils. Its three types of base oil premium brands YUBASE account for 50% of the world's three types of base oil market shares, and international brands such as Shell, Mobil, and BP. All are long-term supply targets.
In recent years, SK has actively explored new businesses in China, and the accumulated investment has reached more than RMB 50 billion. SK sees China as the center of the global market for SK. In the course of the development of China's business, SK proposed the "China Insider" based on the concept of "taking China from China, and using Chinese people to participate in business management" (By China, For China, Of China). The meaning of “China Insider†does not mean that SK is seeking development as a Korean company in China, but that SK is to be a Chinese company and develop together with China to become “China’s SK†with the same genetics as China, and to develop together with China’s economy. . This strategy has promoted the good development of SK in China and has received the support of the government and the community.
SK acquisition opportunities intensified in major industry reshuffles
Lubricant was created in 1993. In 2002, its sales exceeded 600 million yuan, which was the first time in private lubricant manufacturers. However, the monopolization of domestic petroleum smelting has quickly limited the rapid growth of unified lubricants. After a long period of suffering and exploration, the unified lubricants in 2006 were used to "marry" with Shell to solve the problem of supply of raw materials. Start a new journey.
Lubricating oil industry experts believe that in recent years, China's lubricants market is relatively stable, and as the world’s largest automobile production and sales volume, China will also become the market for lubricant consumption, the huge market cake attracted international giants Hey. SK Group is Korea's largest supplier of lubricant base oil. Shell Unity is a professional lubricants manufacturer that has long served China's domestic market. It has a complete product line, a solid sales and dealer channel network, and both are in product structure. There is complementary, which is SK's foothold in the acquisition.
The industry experts analyzed that SK has great confidence and opportunity to successfully acquire 75% equity of Shell Uniform. Prior to this, SK Group had acquired the successful experience of acquiring and operating equity in Chinese companies. After acquiring a 21% share of Hynix Semiconductor with 3.4 trillion won (about US$3 billion) in 2012, SK Hynix sales growth. Rapidly, in 2014, sales of 16.113 billion US dollars jumped to fourth place among global semiconductor manufacturers.
At the same time, SK Group still has strong upstream resources in the petrochemical industry. The successful acquisition of unified equity will facilitate the development of the SK base oil production capacity, extending the base oil to the downstream industrial chain. SK will thus have an influential brand communication in China and a vehicle for interaction with Chinese consumers. "For SK Group, which has the advantage of brand channel and Shell has the same raw material production capacity, SK Group, the successful acquisition or will be a win-win thing, but it will also further impact the domestic lubricant market, some small and medium enterprises may be accelerated reshuffle out. â€
In recent years, China's lubricants market has been relatively stable. With the increase in the number of car ownership, its future growth rate is also relatively optimistic. This is an important reason for the international oil giant Nuggets lubricants market. From 2002 to 2011, China's lubricating oil consumption increased from 4.09 million tons to 7.1 million tons, with an average annual growth rate of 6.32%, which is one of the few markets in the world that have kept growing during the past 10 years. Although the demand for domestic lubricants has declined due to the impact of the global economic downturn in the next few years, China’s current market supply has reached 8 million tons, making it the world’s second largest consumer of lubricants. Not only is the market demand prospects promising, but high profits are also the reason for attracting companies to run into the oil industry.
Since 2014, the price of base oil, which is a raw material for lubricants, has continued to fall as international oil prices continue to decline. Statistics show that as of the end of 2014, the average price of Class II base oil 150N mainstream is 7,500 yuan / ton, compared with the year's high point fell 2,200 yuan / ton, a decrease of 22.68%. People in the industry believe that the drop in base oil prices did not affect the price of finished lubricants. Lubricants have a wide range of uses and have a strong resistance to the market, so the profits are very stable. This is one of the reasons for SK's efforts in lubricants business.
In 2015, the market changed drastically, with low oil prices and high labor costs. In the face of the new normality of the industry with excess capacity and slowing demand, some lubricant companies will seek to expand against the market in the future, and some shrinking battle lines will wait and see. Industry giants merger and reorganization and expansion of the action frequently, on the one hand, buyers are eager to see through the autumn water; on the other hand, the transferor is vague and unwilling. Will Shell's unification of its controlling stakes eventually come down to anyone? Does SK Group fulfill its wish? We will wait and see!
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