一场教科书级并购样本：中国五矿巧取盐湖股份控制权（念念有余）

Core Viewpoint - China Minmetals Corporation is strategically acquiring control of Salt Lake Co., leveraging a well-structured transaction design, precise industry cycle timing, and a balanced relationship between central and local governments [1] Group 1: Acquisition Structure - The acquisition stems from Salt Lake Co.'s debt restructuring, resulting in a highly dispersed shareholding structure, with the original major shareholder's stake diluted to 12.54% [1] - China Minmetals and local state-owned assets jointly established a platform called China Salt Lake, with China Minmetals investing 5.3 billion yuan for a 53% stake, aligning central-local government relations for future acquisitions [2] - China Salt Lake is set to acquire 12.54% of Salt Lake Co. for 13.558 billion yuan, making it the controlling shareholder, while China Minmetals achieves indirect control through this platform [2] Group 2: Financial Aspects - Salt Lake Co. recently acquired 51% of Minmetals Salt Lake for 4.605 billion yuan, with a book value of 1.996 billion yuan and an assessed value of 9.03 billion yuan, reflecting a 352.42% appreciation due to the revaluation of mining rights [3] - The acquisition price for the local state-owned assets was set at 19.9007 yuan per share, a 35% premium over the recent closing price, demonstrating the importance placed on Salt Lake Co. and securing local government support [3] Group 3: Market Timing and Valuation - The valuation of Salt Lake Co. at the time of acquisition was 108.1 billion yuan, which has since increased to 166.5 billion yuan due to rising lithium carbonate prices, indicating significant value appreciation post-acquisition [4]