每經(jing)(jing)編輯｜每經(jing)(jing)記者 賈麗娟(juan)    

每經記者 賈麗娟

百(bai)聯股份(fen)（600827,SH）籌劃了8個(ge)月的資產(chan)置(zhi)換(huan)方(fang)案終止了。11月15日，百(bai)聯股份(fen)與旗(qi)下子公司(si)聯華超市（00980,HK）均發布公告稱，鑒于聯華超市的主(zhu)要非關聯股東方(fang)對交易有(you)異議，決定終止雙方(fang)的資產(chan)置(zhi)換(huan)事項。

旨在消除同業競爭

今年(nian)3月(yue)30日，百聯(lian)(lian)(lian)(lian)股(gu)(gu)(gu)份召(zhao)開董事會，審計通過了(le)《關于控(kong)股(gu)(gu)(gu)子(zi)公(gong)(gong)司(si)(si)聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)超市(shi)(shi)與(yu)控(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)百聯(lian)(lian)(lian)(lian)集(ji)團(tuan)資產置換暨關聯(lian)(lian)(lian)(lian)交(jiao)(jiao)易(yi)的議案》，擬將聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)超市(shi)(shi)與(yu)百聯(lian)(lian)(lian)(lian)集(ji)團(tuan)的資產進行置換交(jiao)(jiao)易(yi)，具體為：百聯(lian)(lian)(lian)(lian)集(ji)團(tuan)將所持(chi)有(you)的華(hua)(hua)(hua)(hua)聯(lian)(lian)(lian)(lian)集(ji)團(tuan)吉買盛購物中心(xin)有(you)限公(gong)(gong)司(si)(si)（以下簡(jian)稱吉買盛）100%股(gu)(gu)(gu)權（作(zuo)價(jia)2.94億(yi)元(yuan)(yuan)）、義烏(wu)都(dou)市(shi)(shi)生活超市(shi)(shi)有(you)限公(gong)(gong)司(si)(si)75%股(gu)(gu)(gu)權（作(zuo)價(jia)7.04億(yi)元(yuan)(yuan)）轉讓予聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)超市(shi)(shi)；聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)超市(shi)(shi)將所持(chi)有(you)的聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)物流有(you)限公(gong)(gong)司(si)(si)100%股(gu)(gu)(gu)權（作(zuo)價(jia)2.31億(yi)元(yuan)(yuan)）及其(qi)因向(xiang)(xiang)聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)物流提供股(gu)(gu)(gu)東(dong)借(jie)款獲得(de)的對聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)物流的債權（金額為5.99億(yi)元(yuan)(yuan)）轉讓予百聯(lian)(lian)(lian)(lian)集(ji)團(tuan)，差(cha)額部分（1.68億(yi)元(yuan)(yuan)）由聯(lian)(lian)(lian)(lian)華(hua)(hua)(hua)(hua)超市(shi)(shi)在交(jiao)(jiao)易(yi)完成后(hou)以現(xian)金方式向(xiang)(xiang)百聯(lian)(lian)(lian)(lian)集(ji)團(tuan)補足。

由(you)于(yu)百(bai)聯(lian)(lian)(lian)集團持有百(bai)聯(lian)(lian)(lian)股份(fen)(fen)43.67%的(de)股份(fen)(fen)，是(shi)后者的(de)大股東，而(er)百(bai)聯(lian)(lian)(lian)集團和百(bai)聯(lian)(lian)(lian)股份(fen)(fen)又分別持有聯(lian)(lian)(lian)華(hua)超市22.70%及20.03%的(de)股份(fen)(fen)，因此(ci)此(ci)次交(jiao)易(yi)構成(cheng)關聯(lian)(lian)(lian)交(jiao)易(yi)。如果資(zi)(zi)產置換交(jiao)易(yi)實施完畢，聯(lian)(lian)(lian)華(hua)物流由(you)聯(lian)(lian)(lian)華(hua)超市的(de)全資(zi)(zi)子(zi)公(gong)司(si)成(cheng)為百(bai)聯(lian)(lian)(lian)集團的(de)全資(zi)(zi)子(zi)公(gong)司(si)，吉買盛由(you)百(bai)聯(lian)(lian)(lian)集團的(de)全資(zi)(zi)子(zi)公(gong)司(si)成(cheng)為聯(lian)(lian)(lian)華(hua)超市的(de)全資(zi)(zi)子(zi)公(gong)司(si)。

由于零售行(xing)業的同業競爭問題較為普遍(bian)，此次交易(yi)的目的之一，也(ye)與(yu)此有關。百聯股份公(gong)告(gao)稱，此舉履行(xing)了2011年公(gong)司(si)進行(xing)重(zhong)大資產重(zhong)組時作出的承諾，有利于消除吉買盛與(yu)公(gong)司(si)同業競爭的問題。

非關聯股東不認可

而在(zai)(zai)籌劃(hua)了8個月之(zhi)后(hou)，上述交易(yi)還是終止了。每經(jing)投資寶(bao)（微信號：mjtzb2）注意到，聯華超市在(zai)(zai)10月底曾公告稱，鑒于市場不明朗及交易(yi)條件不成熟，決定不會進行收購事項，但其(qi)并未說明，究竟是哪一(yi)方表達(da)了異議。

而百(bai)聯股份的公告則(ze)坦言(yan)，是(shi)由于“有聯華超市的主(zhu)要非(fei)關(guan)聯股東(dong)方提出：聯華超市所持(chi)有的聯華物(wu)流對其(qi)超市業(ye)務未來發(fa)展(zhan)的影響以及交易價格尚(shang)需斟酌，經(jing)協(xie)商(shang)未能達成一(yi)致。”因(yin)此，聯華超市決(jue)定(ding)終止上述資產(chan)置換(huan)事項。

到底是(shi)哪位(wei)股(gu)(gu)(gu)東(dong)(dong)提出了異(yi)議呢？來看看聯華超(chao)市的(de)股(gu)(gu)(gu)東(dong)(dong)結(jie)構：百(bai)聯集團(tuan)持(chi)(chi)股(gu)(gu)(gu)22.70%，百(bai)聯股(gu)(gu)(gu)份持(chi)(chi)股(gu)(gu)(gu)20.03%，永(yong)輝超(chao)市（601933，SH）持(chi)(chi)股(gu)(gu)(gu)21.17%，王新(xin)興(xing)投資(zi)有限公司(si)持(chi)(chi)股(gu)(gu)(gu)2.82%，其他(ta)H股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)持(chi)(chi)股(gu)(gu)(gu)33.28%。如此看來，提出異(yi)議的(de)，很可(ke)能就是(shi)永(yong)輝超(chao)市或王新(xin)興(xing)投資(zi)。

那么，在(zai)資(zi)產置換未能成行(xing)的情況下，同業競(jing)爭(zheng)的問題(ti)將如何解(jie)決？這又成了(le)百聯股份懸之未決的問題(ti)。

其實，在(zai)零(ling)售業(ye)低迷的背景(jing)下，已經(jing)有公(gong)(gong)(gong)司在(zai)默默地完(wan)成(cheng)整合及消(xiao)除同(tong)業(ye)競(jing)爭的動作。比較典型(xing)的就(jiu)是王(wang)府井(jing)（600859,SH）。其以支付現金并承接債務的方(fang)式，向股東王(wang)府井(jing)國(guo)際(ji)購買其持有的貝爾蒙特香港有限(xian)公(gong)(gong)(gong)司100%股權，交(jiao)易(yi)對(dui)價高達53.73億元。交(jiao)易(yi)完(wan)成(cheng)后，王(wang)府井(jing)國(guo)際(ji)已將其名下的所有與上(shang)(shang)市(shi)公(gong)(gong)(gong)司存在(zai)同(tong)業(ye)競(jing)爭的資產置入上(shang)(shang)市(shi)公(gong)(gong)(gong)司，徹底解決上(shang)(shang)市(shi)公(gong)(gong)(gong)司與控股股東之(zhi)間(jian)的同(tong)業(ye)競(jing)爭問題。

（編輯：張海妮）