The Tianbao Group's purchase of some Delphi assets will have phased results in the near future. "The two sides are mainly negotiating suspension and braking systems," informed sources told reporters on March 31.
Prior to this, it was reported that BAIC may jointly participate in acquisitions involving private companies including Tianbao Group. In this regard, Beiqi Holdings insiders told reporters that the company is indeed interested in the acquisition, but it is still not known whether it will join other companies and specifically which parts of the assets.
The person familiar with the situation told reporters that the Tianbao Group's exposure to Delphi had nothing to do with Beijing Auto, and it was possible that both sides were in contact with Delphi for different assets. “Because Delphi’s assets are huge, acquiring any part of the assets is not a small issue. Therefore, Delphi’s interested buyers are very cautious.†said the person with knowledge, “but the possibility of joint acquisition is not very great. There will be a series of complicated issues."
Tianbao Group is a privately-owned enterprise specializing in auto parts. Its founder, Zhou Tianbao, ranked 821 in the 2008 Hurun list with personal assets of approximately RMB 900 million. The name of Zhou Tianbao also includes listed companies ST Songliao and Beitai Ventures. The main business areas are automobiles and spare parts.
As early as 2005, Delphi, who filed for bankruptcy and reorganization under the laws of the United States, has now become an overseas acquisition target for Chinese companies. "Now many companies are in contact with Delphi, including the Tianbao Group." A person close to the Tianbao Group told reporters, "Whether it is the Tianbao Group or other Chinese auto companies, it is good to buy Delphi's assets, Delphi's technology. More than 15 years ahead of peers."
Delphi's annual report (thematic interpretation) shows that as of December 31, 2008, Delphi’s total assets were US$ 10.31 billion and its total liabilities were US$ 24.591 billion. The company's six major businesses include automotive electronics, chassis systems, steering systems, and more. Previously, the head of media of Delphi China has confirmed to the media that Delphi is divesting the sale of non-core business, and other non-core businesses including brakes, suspensions, chassis, and steering systems, with the exception of catalysts and door modules that have been successfully sold. All are negotiating with buyers from all parties.
Although the number of buyers is large, due to precedents of asset purchases by Tianbao Group and Delphi, this time it may be the first time to break through.
As early as 2006, Tianbao Group companies formed a strategic cooperation relationship with Delphi and purchased Delphi's technology in the United States. "Through this strategic cooperation, Delphi also helped the Tianbao Group develop a market that has improved the quality of its products, especially some products of the brake system." The above informed sources told reporters, "Delphi is also considered to be the cooperation of Tianbao Group for more than 10 years. client."
According to this person, in fact, in addition to the contact between Tianbao Group and Delphi, other parts and components companies under the Group are also choosing strategic cooperation partners. Currently, they are also negotiating with various objects. “Collaborators who can complement each other in business and support better development of the company's main business are all in our plan. They are not limited to strategic cooperation, but also include financial investors, technology joint venturers and international partners.â€
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