After years of resource precipitation, Chinese LED companies have achieved certain market share and industry status 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 companies have continued to escalate, and they are increasingly intensifying. Their intention is to rapidly deploy the global market through the advantages of international brands, and upgrade and accelerate the internationalization strategy. For example, Mulinsen's acquisition of Osram's light source business is intended to promote the company's internationalization process and improve the company's strategic layout in the LED industry; Feile Audio's acquisition of Xiwannian brand caters to the development direction of its three brands, international and capital; Through the acquisition of BridgeLux in the United States, it has been able to enter the global high-end LED industry chain and build a broad space for future development. However, behind the fruits of the overseas mergers and acquisitions of Chinese lighting companies, there are actually many overseas mergers and acquisitions that have ended in regret. OFweek Semiconductor Lighting Network has compiled a list of overseas LED merger failure cases in 2016, providing overseas lighting companies with overseas mergers and acquisitions. Experience. 2016 LED industry overseas merger failure case Sanan Optoelectronics acquisition Osram October 6, 2016, according to German media reports, mainland chip maker Sanan Optoelectronics plans to acquire German lighting company Osram (Osram), and plans to propose acquisition before mid-October Quote. According to reports, Sanan Optoelectronics may propose to pay about 70 euros per share of OSRAM shares. If it is a full acquisition, the valuation of OSRAM is around 7.2 billion euros. Sanan 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 have been no negotiations on the terms of the transaction, no binding documents, and whether the acquisition transaction or cooperation matters and related negotiations have significant uncertainties. Jrgen Wechsler, president of the Bavarian branch of the German Metal Industry Union, said the acquisition has significant risks that could lead to key technology leaks and customer cancellations. Wexler said that in view of the above risks and the possible negative consequences of the acquisition on (Osram) workers, we will resolutely oppose any acquisition attempt. Timo Gnther, spokesperson for the German Metal Industry Union, said that what is really worrying is that any potential acquirer simply wants to absorb Osram's technology and transfer production to locations outside Germany. At the time of the German metal industry union's intervention, Chinese investment in German industry has encountered increasing resistance. People are worried that some of the country's most advanced technology will fall into the hands of the Chinese. According to Wexler, OSRAM is well positioned 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 tried to create a protective wall and an insecurities around the company to deter potential acquirers. On December 14, according to Bloomberg, Reuters quoted two people familiar with the situation of the negotiations as saying that Sanan Optoelectronics and GSR Go Scale abandoned the plan to acquire a majority stake in Osram. China Hongxin Investment acquired Ai Siqiang Axitron was founded in 1983 and is a German semiconductor equipment supplier. It is currently operating hard and is losing money. In May 2016, China Fujian Hongxin Fund expressed its intention to acquire Ai Siqiang, and officially issued the offer document at the end of July, with an acquisition amount of approximately 670 million euros (US$ 715 million). On September 8, the German Ministry of Economic Affairs approved the acquisition. But on October 24th, the German government suddenly announced the withdrawal of the approval and restarted the evaluation process. According to the Hongxin Fund announcement, its offer to Ai Siqiang ended on October 21, and has paid a 65% stake in Ai Siqiang, which is enough to make the transaction pass, but unexpectedly it was notified by the Ministry of Economic Affairs that it was cancelled. The German business newspaper (Handelsblatt) reported on the 25th local time that the German government's withdrawal of Chinese investment in the acquisition of Ai Siqiang was due to US intervention. The report quoted a source from the German intelligence service as saying that the US intelligence agency submitted a report to the German Chancellery, the Ministry of Economic Affairs, the Ministry of the Interior and the Ministry of National Defense through the Embassy in Berlin, reminding the German side that China might The technology obtained from the strong is used for military purposes. Although the German side insisted on obtaining relevant evidence, the US did not provide it. On October 26th, Ai Siaut Capital, the largest shareholder of Ai Siqiang, posted a tough announcement on the official website, condemning the German government for irresponsible. Regarding criticism from the outside world, a spokesman for the German Ministry of Economic Affairs said on December 2 that the United States agreed to have no influence on Germany's assessment of the Chinese acquisition of Ai Siqiang, 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 spokesperson Yan Shuang also said that this is a normal commercial merger and acquisition case. He does not want the outside world to give too much political interpretation of this normal business activity, and should not be politically disturbed. On December 8th, China Hongxin Investment Fund officially announced that the acquisition offer for the German chip company Ai Siqiang had expired, the trading conditions could not be realized, and all the previously purchased Axitron stocks will be returned. Looking back on the development 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 nailed to the nail, the US government suddenly intervened on the grounds of national security, resulting in the acquisition eventually falling short. .
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