GE向Wabtec剝離交通板塊又邁出重要一步

GE向Wabtec剝離交通板塊又邁出重要一步

GE向Wabtec剝離交通板塊又邁出重要一步

昨天估計很多讀者也注意到了GE與西屋制動合併最新進展的新聞，其實我這裡不愛講西屋制動，因為就是個歷史問題，曾經本公眾號介紹過西屋制動和Wabtec，這樣說容易搞混。具體想了解下Wabtec這個公司的歷史和西屋關係的可以關注下面這個文章，這個也非常有意思推薦閱讀一下：

《西屋與Wabtec》

我們還是接著聊新聞。

北京時間21日，據路透社消息稱，據知情人士稱，通用電氣（GE）正接近達成交易，將其主要生產列車發動機的運輸業務與鐵路設備生產商Wabtec合併，合併後業務的估值將超過200億美元。

此項交易最早將於本周宣布，但知情人士稱，不排除併購談判在最後階段破裂的可能性。

如果交易達成，將是去年8月通用電氣首席執行官John Flannery上任以來進行的最大一筆併購交易。

John Flannery(無意侵犯肖像權哈)

Flannery上月在通用電氣年度股東大會上表示，該公司「敏銳地意識到去年業績不佳和股息削減所帶來的痛苦」。他對股東們表示，管理層正試圖扭轉電力和油氣業務低迷的局面，並補充稱，有跡象顯示，這些業務出現了好轉的跡象。

近年來，通用電氣採取了多項措施來削減其投資組合，剝離了塑料、NBC環球以及GE Capital的大部分業務。該公司還將其油田服務業務與貝克休斯（Baker Hughes）合併。

通用電氣的運輸業務年度營收達47億美元，生產貨運和客運列車、船用柴油發動機和採礦設備等產品。

Wabtec市值為92億美元，生產機車、貨車和客運車輛的設備。

當年ALSTOM陷入破產危機，而時任阿爾斯通CEO柏珂龍沒有求救於政府，而是私下密會美國GE公司洽談收購方案。而當時恰逢GE公司正試圖調整全球戰略，加強能源等核心業務，因此雙方一拍即合，很快議定了收購價格和相關事宜。於是，GE和阿爾斯通達成協議，以123.5億歐元的價格收購阿爾斯通發電與電網業務。與此同時，GE還宣布以約8億美元的價格完成將鐵路信號業務出售給阿爾斯通。

但這個時候至今，ALSTOM還有除鐵路信號業務的其他，主要包含機車這個板塊。

從GE公司2017年財報可以看出，截止到目前，GE公司目前鐵路業務主要包含機車、柴油發動機和相關服務。而其主要的業務主要集中在航空、電力和醫療三個板塊。

而GE所剩的機車業務主要面向北美市場，而目前北美市場出現供大於求的情況，導致GE業務下滑。

不難看出，GE的交通板塊還包含了礦業的設備和維護，在這樣的情況下整個板塊進展營銷收入的3％，所以僅僅機車這個實體板塊(機車在2017年占其交通板塊銷售額三分之一)是有點棄之可惜的味道。況且GE的其他板塊在行業佔比和影響力很大，也不存在市場份額縮水或行業前景不明朗的問題，再者美國本土的鐵路市場潛力不大，海外競爭大，所以在這個情況下，放手機車板塊專註於優勢板塊算是一種主動出擊戰略。但是，直接出售可能會令該公司面臨一筆重稅，因為其擁有該業務已有100年歷史，所以才有了新聞所說的曲線戰略。

關於GE2017的年報可以直接下載：

鏈接：https://pan.baidu.com/s/1NWi3SejtZuaD6Vfn9ykoDg 密碼：yqy8

GE股價月線圖

昨天這個新聞其實不算什麼新聞，也沒有實質性的進展，最重要的是將時間節點再次明確了下，也使得GE的股價盤中上漲了百分之2。但是也沒有抵消下跌的趨勢，反而在本月9日的新聞(GE、電建、transnet簽署奈及利亞鐵路修復協議)使得當日股價上漲。

當然這個消息對Wabtec影響無疑是積極的，導致Wabtec股價盤中上漲5個點，收盤3個多點。

Wabtec日K線圖

我們拭目以待本周的最終結果。

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外媒信息可以參考：

Wabtec Corp has entered into a definitive agreement to merge with GE

Transportation, the companies announced on May 21. The transaction is

expected to close in early 2019, subject to approval by Wabtec

shareholders, and regulatory authorities, making Wabtec 『a global leader

in the rail equipment, software and services business, with operations

in more than 50 countries』.

General Electric CEO John Flannery had announced last November that

the group was looking to dispose of its Transportation business unit

during next two years, as part of a wider streamlining of the

conglomerate. Wabtec has bought up many specialist companies across the

rail sector, and last year completed the acquisition of Faiveley

Transport.

Under the agreement, which has been approved by the directors of both

companies, GE would receive $2·9bn in cash and a stake in the combined

business. GE will sell some assets of GE Transportation to Wabtec and

spin-off others to its shareholders, before merging GE Transportation

with a wholly owned subsidiary of Wabtec. Upon closing, Wabtec

shareholders would own 49·9% of the combined business, the GE

shareholders 40·2%, and GE the remaining 9·9%. Based on the Wabtec share

price of $83·79 on April 19, 『the last unaffected trading day』 prior to

merger speculation, the transaction is valued at approximately $11·1bn,

or $10bn net of tax benefits.

The combined company would have revenues of approximately $8bn in the

first year. According to Wabtec, the complementary businesses and large

global installed base would 『create additional opportunities for

cross-selling, aftermarket services growth and new solutions in a

rapidly-evolving industry』. The company intends to focus on

digitisation, bringing together GE Transportation』s digital tools with

Wabtec』s electronic systems to develop autonomous systems and other

advanced technologies.

Both businesses are expected to benefit from 『cyclical tailwinds』 as

industry conditions improve. GE Transportation has been suffering from

difficult market conditions in recent years, with a slump in domestic

locomotive orders. However, the companies believe that it is 『positioned

for a substantial rebound, with adjusted EBITDA growing from about

$750m in 2018 to between $900m and $1bn in 2019.

GE Transportation has a backlog valued at approximately $18bn,

including orders for about 1 800 new and 1 000 modernised locomotives,

having received orders worth approximately $3·6bn in the past six

months. Wabtec is forecasting 『robust growth』 this year with a record

backlog.

Wabtec Chairman Albert J Neupaver has been re-appointed Executive

Chairman with immediate effect, while Raymond T Betler remains President

& CEO. Following the completion of the merger, Stéphane

Rambaud-Measson will become President & CEO of Wabtec』s Transit

Segment, which includes Wabtec-Faiveley, while GE Transportation

President & CEO Rafael Santana will head up the Freight Segment. GE

will also nominate three independent members to the Wabtec board.

Wabtec』s corporate headquarters will remain in Wilmerding,

Pennsylvania, and the Transit Segment in Paris, while the Freight

Segment will be led from Chicago.

(來源：騰訊新聞，GE官網，雪球等網路素材彙編)

微信掃碼關註：

http://weixin.qq.com/r/FyqxqQDEhF37rUTK938F (二維碼自動識別)

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