China's three major state-owned grain may be reconstituted

The big three state-owned grain between buy battle to be triggered at any moment.
Close to the SASAC, informed sources told us, the second released in April 10th formally take over China China food logistics company ( China Food Group), the SASAC requirements of China grain group as soon as possible to straighten out the internal management, and then arrange in China or in diet of merger or consolidation.
The source further argument is, judging from the present situation, in M & A of China Grain possibility is larger, mainly because of China Grain Group since its establishment in 2006, deficit of in successive years, indebted and heavy, the Ministry of Finance and state values in financial strength, COFCO to appear personally by the implementation of mergers and acquisitions, which belongs to the commercial operation of the project, not need to spend too much money; while the grain as a policy of central enterprises involved in the merger or consolidation, China grain, will largely depend on national finance.
In 2009 or even earlier, in the high-rise on M & A of China Grain meaning, but at that time in the competition, COFCO intentions did not obtain national hair to change appoint, Ministry of finance support, nearly two years of grain in the grain especially in the funds management exposed many problems, make grain for mergers and acquisitions in China Grain in less confident.
China grain interior management also hope to merger and acquisition of China Grain by grain, according to the China Association of food a responsible person revealed, in the implementation of the salary management is the typical" Pyramid" structure, if join in top management team, get high salary, bonus is high, and the grain" policy of central enterprises" limited, into top management pay far less in the grain, but also more subject to national finance, audit supervision.
The people said, the SASAC plans as soon as the reorganization of China Grain plan submitted to the State Council, and in the years to promote restructuring of China grain.
Restructuring of China Grain company.
The grain, grain that buys Hua grain long-standing competition. In 2009, COFCO President Yu Xubo have said in response, grain and grain are interested in merger and acquisition of China grain group, but China Grain foreign reaction is very confident, seems to "buy China grain" just stay at COFCO wishful thinking level, then M & A of China grain is no below.
According to the insiders said, because China Grain in the establishment of the first two years after he showed operation not free, back in the end of 2008, the State Council is intended to let China grain under the SASAC's, and by the country endowment appoint arrangement or in the merger and acquisition of China Grain grain. National endowment appoint when facing the problems, one is China grain losses, indebted amount is larger, the other is China grain is by the national development and Reform Commission, Ministry of Finance jointly with the State Council, national commissariat bureau" four ministries" common management, has not yet been scheduled to finish share-holding system is transformed, therefore the SASAC to separate takeover of China grain is not active.
From the beginning of the end of 2010, China Grain and grain once to win and in the common participation holds the city food qualification, but China grain did not stop continuing losses, liabilities momentum. China food group financial information display, as of the end of 2010, China food group total assets of22089000000yuan, total liabilities18756000000 yuan; group business income is16646000000 yuan, total profit, net profit is China is negative, two together is209000000yuan.
China grain was established when the registered capital is4755000000 yuan, was first established to enjoy the world bank loan project of grain circulation of about 8000000000 yuan to support, the Ministry of finance as collateral for loans, coupled with the central free supporting investment, belonging to the State Council established state-owned holding enterprises.
According to the people familiar with the matter, according to the original plan, the central finance is responsible for the70% World Bank loan, but because of China grain after the establishment of continued losses, liabilities is huge, the central government 's grain operation burden is more and more big. It is in this context, the State Council to the SASAC will China food into its. The sac also had to arrange the strength of the grain enterprises mergers and acquisitions in China grain or integration program.
Informed sources said above, the food in the central enterprise have the strength to participate in bidding Hua grain only grain and grain from the capital, the strength, the grain and be a stroke above. In the competition is not conducive to the main factors of grain and, since 2010, grain in the grain purchasing and storage management exposes many contradictions and problems, especially for Sinograin Henan branch several corruption cases in Zhoukou City, Henan in 2011the original grain depot director across the huge grain filling capital fled abroad, is lets the Ministry of finance, State Administration of grain increased grain on capital management control.
For who to reorganization of China grain, present in several related ministries and commissions, only national hair to change appoint want grain to grain, but due to expose a series of management, make grain for mergers and acquisitions in China grain more appear some lack of confidence.
China Food Association, a person in charge of the said, at present China grain management also hope to the merger and acquisition of China Grain by grain, and China grain low layer employee wants to join in the tight, stable policy meal is different, although after joining in performance appraisal of risk, but in recent years in top management team salary and bonus in climbing, compared to in the management on pay is poor.
This means that, once the merger and acquisition in China grain, Hua grain high-rise even to do in lower-level management leadership, also will get high salary.
Bequeath problem.
China food group is the largest domestic inter-regional grain logistics enterprises, the country has5 branches, in the main grain production area in China northeast, the group under Beiliang Company Management Dalian Beiliang port is Asia's largest bulk grain wharf, has nearly1500000 tons of grain silos,2400bulk grain wagon and container equipment, special railway lines up to 144000 meters in length.
China food group set up in the early by industry experts question. In early 1998, the State Council issued the "on the further deepening of the reform of the grain circulation system decision", pointed out the government is state-owned commissariat system largest drawback, clear to separate government functions from enterprise management as a new round of the reform of the grain circulation system the important content, put forward state-owned grain enterprises as " autonomous, self-financing, ego tie, ego development of the business entity". Looking back now, established China Grain obviously contrary to put forward 1998 " grain changes" original intention.
According to the people familiar with the matter, in Hua grain incorporated in 2006at the beginning of, the Ministry of finance to allocate200000000 yuan" expenses", China food group leading group is by the national development and Reform Commission, Ministry of finance, country endowment appoint, Grain Bureau respectively designate.
China Food Group Web site on the core leadership of resume shows: China food group general manager before Wang Changjun is director of bureau of Heilongjiang province commissariat, the Secretary of the Party group, the other four deputy general manager before respectively -- Li Min is the Dalian Municipal Organization Department, Ministry of finance minister Zheng Shaosuo is deputy inspector, Ren Zhi is the country endowment appoint enterprise reform department deputy inspector, Fu Xinmin is the code of policy of national commissariat bureau deputy director of the Department of.
The insider said, China Food Group has been operating not free, deficit of in successive years, and continues to this day has not been able to finish by the plan of joint-stock reform, so that by the State Council urged the SASAC took over China grain after transformation, restructuring, and other relevant departments in China too much grain management related.
The China Grain in the next step in the reorganization of the problem, the sources said, China Grain in the northeast and other places to build a large number of grain, and the local government in investment have more complicated interest relations, SASAC requirements of China grain group as soon as possible to rationalize the management, which is expected to deal with local benefit segmentation after arrangement, COFCO China Grain acquisitions or integration.
But for grain, in addition to Hua grain now have a huge logistics system, China enjoys the food purchase and sale of grain, grain import and export a variety of tax preferential policies, enjoy the policy sex business property, land use, exemption from property tax, urban land use tax, as well as the railway ministry directly accepted China Food Group transport plan food in China, is completed after merger and acquisition can get the benefits of grain.
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