Core Viewpoint - Geely has signed a merger agreement to acquire all remaining shares of Zeekr, aiming to enhance synergy and growth potential in the electric vehicle market [1][2][12]. Summary by Sections Merger Agreement - Geely announced the formal signing of a merger agreement with Zeekr, intending to acquire the remaining shares not already owned [1]. - The acquisition price has been increased to $2.687 per share for Zeekr, representing a premium of over 4% compared to the previous offer [2][5]. Financial Implications - The total cost for Geely to acquire the remaining 34.3% of Zeekr shares is approximately $2.399 billion (around ¥172 billion) [5]. - If all shareholders opt for cash, Geely will need to spend about $2 billion more than the initial offer [6]. - Geely's cash reserves as of March 31, 2025, were reported at ¥35.2 billion, significantly lower than BYD's reserves [6]. Shareholder Options - Zeekr shareholders can choose between cash or exchanging their shares for Geely shares, with a conversion rate of 1.23 Geely shares for each Zeekr share [6][11]. - This provides liquidity options for Zeekr shareholders while allowing them to benefit from Geely's growth post-merger [11]. Strategic Timing - The timing of the privatization is seen as advantageous due to the trend of Chinese companies returning to the domestic market, reducing delisting risks [2][11]. Operational Integration - The merger is expected to be completed by Q4 2025, with Zeekr set to delist from the New York Stock Exchange [3]. - Post-merger, Geely plans to streamline operations and enhance internal integration, including management and organizational changes [12][17]. Market Position - Geely's sales in the first half of 2025 reached 1.932 million units, a 30% increase year-on-year, with a significant rise in new energy vehicle sales [15]. - The merger is a strategic move to reclaim the title of "self-owned vehicle leader" from BYD, with a sales target increase from 2.71 million to 3 million units [15]. Synergy and Cost Savings - The merger is projected to yield significant cost savings in R&D, procurement, and management, enhancing Geely's competitive edge [17]. - The integration aims to clarify product lines and reduce resource wastage, positioning Geely favorably for future competition [17].
开价172亿元！李书福溢价收回极氪，吉利销量离 “一哥” 仅差21万辆