現代牧業(01117.HK)擬34.8億元收購富源
格隆匯 3 月 23日丨現代牧業(01117.HK)發佈公吿，2021年3月22日，公司與賣方(即內蒙古蒙牛、高盛、尚心及個別股東的統稱)及內蒙古富源國際實業(集團)有限公司(“富源”)訂立買賣協議，據此，賣方同意出售及公司同意按總代價人民幣34.8億元購買目標資產，代價須根據所載結算場景以現金及代價股份相結合的方式支付。
目標資產構成富源的全部股權(包括直接及間接)。倘收購事項將根據結算場景I進行，則為將根據買賣協議的條款向蒙牛特殊目的公司配發及發行的將按發行價發行的合共807,096,101股新股份；或倘收購事項將根據結算場景II進行，則為根據買賣協議的條款將向蒙牛特殊目的公司發行的合共262,195,758股新股份。
根據披露，富源為於2012年2月在中國成立，富源及其附屬公司主要在中國從事牧草種植、奶牛養殖以及飼料加工及銷售。截至本公吿日期，富源由內蒙古蒙牛、高盛、尚心及個別股東分別擁有約43.35%、27.64%、4.88%及24.13%。內蒙古蒙牛對富源43.35%股權的初始投資成本為人民幣6億元。
富源目前在中國經營合共14個牧場，約有60,000頭奶牛。收購事項完成後，集團擁有的奶牛數量將增至約295,000頭，這可能進一步鞏固其在中國奶牛養殖行業的地位，並提高集團在原料奶質量及定價方面的競爭力。收購事項順應乳製品市場的趨勢及發展，讓集團能夠整合上游及下游業務，從而建立完整的原料奶產業鏈，這將有利於集團的長期發展。
收購事項對集團而言是一次難得機會，可透過擴展並進入飼料供應行業鞏固及加強其業務營運。根據於2019年12月重續的框架供應協議，富源於2017年開始向集團供應飼料。穩定的飼料供應及飼料規模的穩定增長對於集團生產優質原料奶至關重要。收購事項後，飼料價格可予降低，從而降低集團的運營成本。
同時，憑藉於上游奶牛養殖業務的強勢地位，集團可以改善牧場的管理並優化富源目前經營的資源。通過收購更多牧場並擴大中國境內供應的地域範圍，收購事項亦讓原料奶交付的物流效率更高，併為集團在分配牧場資源方面提供更大的靈活性，以滿足下游客户對原料奶的需求。
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