Chinese particleboard tycoon purchased Italy chipboard manufacturer

Two months ago, Guodong Construction announced to be invested 800 million yuan purchase particleboard famous Italian company, which is seemingly good news came out, the company’s share price has fallen by 23% instead.

Investor pessimism cast a shadow on the dea. July 18, Guodong Construction announced agreement with GRUPPO TROMBINI AG can not reached. Two conditions lead to the breakdown of negotiations.

Fiberboard manufacturing industries have been established in the domestic leading Guodong Construction is gradually transferred to the investment focus will be more development advantages particleboard segments. Following the proposed increase in January this year voted to build 500,000 cubic meters wood particleboard project, the company has announced that it is under negotiation in May famous Italian plate manufacturers GRUPPO TROMBINI majority stake, the latter for Italy three particleboard production companies.

However, after more than a month of negotiations, this acquisition appears variable. Guodong Construction announced that the company shares to GRUPPO TROMBINI the actual control of the company made two acquisitions preconditions must hold one of its minority stake in order to continue co-operation, a total risk; Second, conversion of debt into shares. However GRUPPO TROMBINI the actual control of the company shares declined Guodong Construction presented the above two conditions.

Taking into account the conditions difficult for one’s own consent, and the other given the high transaction price, so Guodong Construction terminated first round of negotiations between the two sides. Guodong Construction said that as of the end of the first round of trade negotiations, the company shares have not yet been GRUPPO TROMBINI the actual control of the company to reach any purchase agreement.

The reason Guodong Construction keen on acquiring overseas sheet suppliers, mainly in the hope to expand particleboard areas of business. Particleboard, fiberboard, plywood plywood is the main product. Guodong Construction previous operating focus is primarily on fiberboard, High Density Fiberboard company’s production capacity has reached 870,000 cubic meters / year, has become China’s Southwest region’s largest fiberboard manufacturer. As compared with the fiberboard, particleboard with a low energy consumption per unit of product, timber consumption, low cost, light weight, Guodong Construction launched in January this year, then refinancing plan, intends to invest 500 million yuan fund-raising “year producing 500,000 cubic meters wood particleboard and wood and wood items. ”

The termination of negotiations, Guodong Construction in the announcement revealed a very unexpected information – GRUPPO TROMBINI stock company has entered bankruptcy proceedings.

Guodong Construction introduction, GRUPPO TROMBINI stock company currently has submitted to the court having jurisdiction of the Italian bankruptcy reorganization plan, and formally announced the shutdown of its production base in the next section. Company will be based GRUPPO TROMBINI AG bankruptcy reorganization process and the right price and then consider whether to participate GRUPPO TROMBINI shares acquired company’s shares or assets acquired.

Information, GRUPPO TROMBINI three particleboard production company in Italy and one of deep processing enterprises, with 50 years of furniture, plywood production and sales history, GRUPPO TROMBINI its name belongs products, brands in Italy and much of Europe have a certain reputation in the industry. Currently, the company a total of four production bases, a subsidiary and a holding of 50% shares of the company.

In the May announcement, Guodong Construction has said the acquisition is conducive to achieve the company’s complementary product mix improvement, pioneering company in Europe, plate sales market, but can also be made in Italy quality particleboard products and furniture directly into the domestic market , and thus enhance the company’s operating performance and market competitiveness.