"7 votes in favor, 0 votes against, 0 abstentions." On November 6, Mu Linsen Co., Ltd. held the 21st meeting of the second board of directors. The meeting was chaired by Sun Qinghuan, chairman of the company. It should be attended by 7 directors and actually attended 7 directors.
As a result of the meeting, the board of directors agreed to participate in the bidding for OSRAMLichtAG (Osram) part of the lighting business assets. The seven veterans attended the meeting in unison, and voted unanimously. Such a concerted effort, so some people pointed out that Mulinsen’s overseas M&A activities aimed at “enhancing corporate competitiveness and optimizing the integration of industry resources†are “preparedâ€, “confident†and “willing to winâ€. "Who is fighting for the front."
The time went back to April 28, 2015. The supervisory board of OSRAM passed a resolution authorizing the review of the general lighting source business split plan at the meeting, and announced that the company is promoting enterprise restructuring in an orderly manner.
According to the relevant plan, the general lighting source business will be split to operate as an independent company. In early July, it announced that it has entrusted UBS to actively select the best buyer. This event has since become a direct The Foshan Osram shutdown incident started on the 5th of the month. Then again, just like "Wangpu transfer", it sounds like there is no funny reason to sell. I would like to ask if it is still a cash cow, and if there is a piece of money, who will hand it over? In fact, experts in the industry have long been It has been explained that Osram’s move is to carry out a strategic contraction and seek to gradually split the traditional lighting assets without competitive advantage.
Of course, the asset that the transferee believes has lost its competitive advantage does not mean that it has no value in the eyes of the bidder. Perhaps the opposite is true, but I love "people abandon me." The news that Osram wants to peel off the lighting business broke out, and Fei Le Audio couldn’t wait to send "Qiu Bo", which is the best proof.
As early as the evening of July 21, Feile Audio issued a notice to issue a non-binding letter to OSRAMLicht AG, expressing a strong desire for acquisition. The official idea of ​​Feile Audio is that OSRAM's channel business and company's business are highly synergistic in many aspects such as global market expansion, large projects and channel complementation, and supply chain integration. The acquisition is in line with the company's and shareholders' strategies and is beneficial to the company's business. Develop and expand to realize the company's three strategies of “brand strategy, international strategy and capital strategyâ€. By the beginning of September, Feile Audio had officially hired HSBC as the exclusive international financial advisor for the acquisition of OSRAM Lighting's business project in order to implement itself as an empty talk.
As the saying goes, the rotten ship also has three pounds of iron, not to mention that Germany Osram is one of the most innovative lighting companies in the world. Technically, it controls a number of world-leading patents; in the channel, it has established 46 production bases in 17 countries, and has formed long-term cooperative relationships with customers in nearly 150 countries and regions around the world; the brand is not only a century-old German brand. With two major brands, OSRAM (Osram) and Sylvania (Xi Wannian), it is one of the world's two major light source manufacturers. Based on this, analysts have said that Osram's lighting business, including its debt, is worth 1 billion euros (equivalent to about 6.893 billion yuan).
Nothing is generally favored by the industry, and Osram's "cheeks and peaches" and "spring breeze" are driven by such a virtuous circle, which naturally attracts more industry giants to rush and drool. On the evening of August 25th, Dehao Runda issued a notice saying that it plans to cooperate with state-level industrial funds to jointly acquire assets of a lighting enterprise outside China. It is estimated that the amount involved is between RMB 4 billion and RMB 6 billion, and has entered the stage of substantive negotiation. Although this kind of vocabulary is unknown, but there is no shortage of clues in the words, especially in the imagination, the market has speculated that this "significant asset and equity acquisition" actually implies Osram. Dehao Runda, which started with LED chips, acquired Hong Kong-listed company NVC Lighting in 2012, and wanted to use NVC lighting to fully deploy LED downstream application channels. I have realized that Dehao Runda, who is at the key intersection of integration, is interested in the acquisition of Osram's channel business.
On September 9, Foshan Lighting issued an announcement, OSRAMGmbH, the company's largest shareholder, signed a share sale and purchase agreement with Guangdong Electronic Information Industry Group, and transferred 100% of the shares to the latter at a price of 2.621 billion yuan. After the transaction is completed, Guangdong Province Electronic Information Industry Group became the largest shareholder of Foshan Lighting. Guangdong Electronic Information Industry Group is a wholly-owned subsidiary of Guangdong Guangsheng Asset Management Co., Ltd., which in turn belongs to the state-owned sole proprietorship regulated by Guangdong State-owned Assets Supervision and Administration Commission. Therefore, this also means that after 11 years of absence, Foshan Lighting, which is controlled by foreign Osram, announced its return to the background of state-owned assets. It is understood that Hirose Assets is also the actual controller of Foshan Guoxing Optoelectronics, another LED industry chain enterprise. Directly or indirectly accessing the vast array of two large LED manufacturers in China and the United States, whether it is like a circle of people guessing, looking for "seaports" for their companies, and building "National Star R & D + Buddha Photo Channel + an international lighting brand The new path, which will make the future of the LED industry a new force, is also worthy of the industry's attention.
In addition, there have been strong companies including Zhejiang Sunshine Lighting, as well as some private equity groups that have participated in the Philips business bidding. Sunlight Lighting is considered a good reason to acquire the channel business of OSRAM. In 2014, Sunshine Lighting's operating income in Europe reached 8.979 billion yuan, an increase of 3.8% over the previous year. It ranked first in the company's global regional market, reaching 27.87%. Secondly, operating income in North America reached 729.5 million yuan, a surge of 139.59% over the previous year, ranking second in the company's global European market, accounting for 22.64%. Along with the explosive development of the LED industry, a group of Chinese companies with strong strengths in manufacturing, market development and capital accumulation have set their sights on overseas markets. Undoubtedly, through the investment and acquisition of large foreign lighting companies, the massive expansion of overseas markets has become a major trend in the globalization of Chinese lighting companies - probably the sun lighting has not been out of the game.
Osram's "choice" condition?
China's LED lighting companies intend to stand on the "giant's shoulders", in order to help rush out of the country, expedition overseas, and pacing the clouds, the most time-saving and economical solution is to greet "Bai Fumei" and embark on the peak of life. On the other hand, Osram’s mentality of the moment is, of course, “the emperor’s daughter does not marry,†but I have to find a good “familyâ€. Osram, who is well versed in the "professional business to the professional", has found the Swiss Union Bank to start the gold medal matchmaker of this transnational marriage. It can be seen that what is Osram's “choice of choice†standard? This is undoubtedly the key point that can make many bidding companies resounding this “marriageâ€.
Ken Kaide, managing director of ControlRisks Greater China, once said that Westerners always put economic returns first. This thinking is very understandable, whoever sells the price to whom, this kind of profit-seeking nature is the truth that the Chinese aunt who sells vegetables in the market also understands. In fact, if OSRAM is to whom to sell more money, perhaps it is not necessary to bother Swiss Union Bank to find the best buyer for it. The so-called "best" will not be the one who sees the price. In addition to the first element of money, the success or failure of Chinese companies in overseas mergers and acquisitions should also include various macro and micro factors.
For example, each other must consider the issue of "political influence." As we all know, the smooth progress of mergers and acquisitions does not depend entirely on the market. In most countries, acquisitions are subject to approval by the authorities. Not long ago, the US government ordered CFIUS to come forward to temporarily sell Philips' Lumileds to the Jinshajiang GoScaleCapital. It is a good example of the past, and I believe that it will improve the police and avoid repeating the mistakes of Philips.
Then there are obstacles from the "cultural differences." Based on past experience, the conflict between the acquirer and the acquisition target often stems from the difference in business philosophy. We explore it further, which is actually derived from cultural differences. Whether the Chinese companies participating in the bidding can meet the psychological expectations of OSRAM as a “fast ride†in terms of corporate management, corporate culture, corporate vision, etc. I believe this will also become a major factor in considering the target.
Although the Chinese all say that "the daughter who marries is the water that is poured out", just as the prostitute in the family is out of the cabinet, even if he follows the husband's surname, it will always be the same, and naturally he hopes that it has a good "home". Therefore, after the bidding company has taken down the business income from the sale of OSRAM, whether it has sufficient capacity to operate properly and continue to grow bigger and stronger, whether this combination will have a good development future, these will be an important indicator. .
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