Failure cases of overseas mergers and acquisitions of LED industry in 2016

by:ALLTOP      2020-03-01
After years of resource accumulation, Chinese LED enterprises have achieved a certain market share and industry position in China. However, it is very difficult to stand out in the international market. To this end, the acquisition of overseas international brands through capital is undoubtedly one of the best ways for Chinese lighting companies to make greater breakthroughs. In recent years, the overseas mergers and acquisitions of Chinese LED lighting enterprises have continued to upgrade, and they have become more and more fierce. They intend to rapidly distribute the market through the advantages of international brands and upgrade and accelerate the internationalization strategy. For example, Jason's acquisition of Osram light source business is intended to promote the company's internationalization process and improve the company's strategic layout in the LED industry; The acquisition of xiwannian brand by Feile Audio caters to the development direction of its three major strategies of brand, international and capital; Through the acquisition of BridgeLux in the United States, developer Crystal has been able to enter the LED industry chain, building a broad growth space for future development. However, behind the success of overseas mergers and acquisitions of Chinese lighting enterprises, there are actually many overseas mergers and acquisitions that ended in regret. OFweek semiconductor lighting network has taken stock of the failure cases of overseas mergers and acquisitions of LED industry in 2016, provide experience for Chinese lighting enterprises to conduct overseas mergers and acquisitions. Failure cases of overseas mergers and acquisitions of LED industry in 2016 Sanan Optoelectronics acquired Osram on October 6, 2016, according to German media reports, mainland chip manufacturer Sanan Optoelectronics plans to acquire German lighting company Osram (Osram) , And intends to make an offer by mid-October. According to the report, Sanan Optoelectronics may propose to pay about 70 euros per share of Osram. If it is a full acquisition, the valuation of Osram is around 7. 2 billion euros. San'an Optoelectronics announced on October 10 that after self-examination, the company has made initial contact with Osram related parties on a potential acquisition transaction or cooperation, and the two sides only met once. Up to now, there has been no negotiation on the terms of the transaction, no binding documents have been signed, and there is significant uncertainty in the acquisition transaction or cooperation matters and related negotiations. Jorgen, president of the Bavarian branch of the German Metal Industry Union. Wexler (Jrgen Wechsler) He said that the acquisition has significant risks, which may lead to leakage of key technologies and cancellation of projects by customers. Wexler said that in view of the above risks, as well as the acquisition pair (Osram) We will resolutely oppose any acquisition attempt for the possible negative consequences of workers. German metal industry union spokesperson Timo. Gunther (Timo Gnther) He said that people are really worried that any potential acquirer only wants to suck up Osram's technology and transfer production to locations outside Germany. As the German metal industry union intervened, Chinese investment in German industry encountered increasingly strong resistance, and people worried that some of the country's advanced technologies would fall into the hands of the Chinese. Wexler said that Osram is in a favorable position in the market, has a solid capital structure, and has attractive growth potential due to its focus on technological innovation and customized solutions. A person familiar with Osram's strategy said that the German metal industry union was trying to create a protective wall and a sense of insecurity around the company to deter potential buyers. On December 14, according to a Bloomberg report, Reuters quoted two people familiar with the negotiations as saying that Sanan Optoelectronics and GSR Go Scale had abandoned their plan to acquire Osram's majority stake. China Hongxin investment acquires aisiqiang aisiqiang (Axitron) Founded in 1983, the company is a German semiconductor equipment supplier. At present, it is difficult to operate and is in a loss. On May 2016, China's Fujian Hongxin fund expressed its intention to acquire aisiqiang and officially issued an offer document at the end of July, with an acquisition amount of about 6. Euro 0. 7 billion (7. $1. 5 billion). On September 8, the German Ministry of Economic Affairs approved the acquisition. But on October 24, the German government suddenly announced the revocation of the approval and restarted the evaluation process. According to the announcement of Hongxin fund, its offer for the acquisition of aisiqiang was completed on October 21, and about 65 shares of aisiqiang were paid off, which was enough to make the transaction pass. Unexpectedly, it was suddenly notified by the Ministry of Economic Affairs to cancel the approval. German business daily (Handelsblatt) It was reported on the 25th local time that the German government's withdrawal of China's acquisition of aisiqiang was due to US intervention. The report quoted a source from the German intelligence agency as saying that the US intelligence agency submitted a report to the German prime minister's office, the Ministry of Economic Affairs, the Ministry of the Interior, and the Ministry of National Defense through the embassy in Berlin, remind Germany that China may use the technology obtained from Aisi for military purposes. Although the German side insisted on obtaining relevant evidence, the US did not provide it. On October 26, Argonaut Capital, the major shareholder of aisiqiang, issued a strongly worded announcement on its official website, condemning the German government's extremely irresponsible act of revoking the approval. In response to outside criticism, a spokesman for the German Ministry of Economic Affairs said on December 2 whether the United States agreed to have no impact on Germany's assessment of China's acquisition of aixqiang, and the assessment is underway. However, he declined to comment on media reports that Obama will block the acquisition. On the same day, Chinese Foreign Ministry spokesman Geng Shuang also said that this was a normal commercial merger and acquisition case and he did not want the outside world to give too much political interpretation to this normal commercial activity, it should not be politically disturbed. On December 8, China Hongxin investment fund officially announced that the acquisition offer for German chip company aisiqiang has expired and the trading conditions have not been realized, and all Axitron shares previously purchased will be refunded. Looking back on the development process of the whole thing, the acquisition of Hongxin investment fund has already been approved by the German government. When everyone thinks that the matter is certain, the U. S. government suddenly intervenes again and again on the grounds of national security, the acquisition ended in a loss.
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