国有企业汉商集团反并购民企卓尔失败探源

A Case Study on the Failure of Anti-merger and Acquisition of State-owned Enterprise Hanshang Group

2019年初,随着民企卓尔跃居汉商集团第一大股东地位,宣告汉阳国资办反并购失败,成为国企反并购失败第一案。随着我国资本市场改革进一步深入,这个案例可能仅仅是个开始,国有控股上市公司如何避免反并购失败将是不得不面对的课题。利用与武商集团对比的方法深入分析了国有企业汉商集团反并购失败的原因,并进一步提出解决对策,可为国有控股上市公司如何应对反并购提供经验借鉴。

In early 2019, with ZhuoEr, a private enterprise, becoming the largest shareholder of Hanshang Group, the intention of Hanyang State-owned Assets Management Office for the anti-merger and acquisition failed, which becomes the first case of state-owned enterprises’ failure in anti-merger and acquisition. By analyzing the problems existing in the anti-merger and acquisition of Hanshang Group, We find the reasons for the failure of anti-merger and acquisition of Hanshang Group, and puts forward solutions based on the problems and reasons, which provides reference for the anti-merger and acquisition of state-owned listed companies.