San an optoelectronic snake swallowing OSRAM or facing policy obstruction

Domestic LED manufacturers are "flocking" to expand their mergers and acquisitions in the international market. The purchase of the OSRAM's landlord vans has not yet come to the ground, with other domestic manufacturers "playing" OSRAM's idea. Recently, the news about the San an optoelectronic or the purchase of OSRAM has spread in the market. San an optoelectronic follow-up clarification said that it had a preliminary contact with OSRAM related parties, but whether the acquisition would occur was a major uncertainty. A number of visitors told reporters that if San an optoelectronic can buy OSRAM success, it can increase a large number of patents, boost the international market, and further the global brand awareness. However, the success of the acquisition depends mainly on the final release of the German government. The preliminary talk of a preliminary approach to the purchase of OSRAM by San an optoelectronic was originally derived from the October 6th report of the German media "economic weekly". OSRAM, the old German lighting giant, was founded in 1919 and is one of the world's largest manufacturers of light sources. It is the world's three largest lighting giant with PHILPS lighting and GE lighting. Public information, OSRAM's LED and OLED, and other semiconductor technologies are in the leading position in the world. In terms of LED, it has long been involved in the whole industry chain. Tri - an optoelectronic is the world's second largest LED chip supplier to the world's only next to Taiwan crystal. In October 11th, San an optoelectronic announced a Clarification Announcement: "by self-examination, a preliminary contact with OSRAM related parties has been carried out on a potential purchase transaction or cooperation item, and the two sides meet only once." As of now, there are no negotiations on the terms of the transaction (including the scope and price), no binding documents, the purchase of transactions or cooperation matters and whether the related negotiations have significant uncertainty. " The intention, the San an optoelectronic or the merger and acquisition of OSRAM plans. In October 19th, the reporter consulted the latest progress of merger and acquisition to San an optoelectronic Corporation. The staff responded that the specific situation was not yet understood. "This is the top plan of the company. We don't know about it." Industry analysts said to reporters that the purchase of OSRAM by San an optoelectronic will be a big probability event. Wang Fei, a senior analyst in the industry, said that with the rise of the strength of LED manufacturers in China, the layout of the patent aspects is the core factor for the purchase of OSRAM. "A lot of patents are involved in the LED industry, and these patents are mainly in the hands of OSRAM and other big factories. If Chinese manufacturers are to sell LED chips to overseas markets, they will be involved in the issue of patent disputes. When business is small and market share is small, these risks are small, because people don't think you can cause a big threat; but if your business is large and market share is large, people will initiate a lawsuit. Although it has done a lot of patent layout, but compared with other international big factories, there is still a gap. Han Yun, an analyst with sadi advisor lighting, said that OSRAM's lighting, chips and brands have a great advantage, which is a great supplement to the business of the San an optoelectronic business. "As for the brand, OSRAM's brand has a history of 100 years, which is very attractive to the San an optoelectronic. The scale of LED industry in San an is not small, but there is still a gap between the brand in international recognition and OSRAM. On the other hand, the technology is in the forefront of the domestic, and the cost of investment is very high, if the acquisition, the efficiency of technology will be faster. Although San an optoelectronic is the global LED chip giant, its product sales proportion is high mainly in the mainland market. According to the company's data reported this year, the business income of the mainland market and the mainland is 2 billion 339 million yuan and 439 million yuan respectively, and the proportion is about 5.33 to 1. In recent years, in order to improve the coverage of the overseas sales market, San an optoelectronic is also expanding overseas. For example, in June 2013, Luminus Devices (Inc.) was bought by San an optoelectronic to open up the North American market. In August 2014, the company set up a wholly owned subsidiary, Hongkong San an optoelectronic, the target was to open up the Japanese market; in December 2014, the company co operated with Seoul semiconductor and Seoul Viosys. Three optoelectronics are set up to open up the Korean market. People in the industry also believe that, if the three an optoelectronic can "take off" OSRAM, can undoubtedly expand the overseas market for its "help a hand." The bumpy German economic weekly also reported that OSRAM was valued at 7 billion 200 million euros ($8 billion 100 million) if it was bought in an all-round way. As of June 30th this year, the total assets of San an optoelectronic were 23 billion 135 million yuan. In contrast, the San an optoelectronic acquisition of OSRAM is more like a "snake swallowing elephant". At present, there is a market view that the financial strength of the San an optoelectronic is not enough to support this huge acquisition. For example, the total revenue of San an photoelectricity was only 4 billion 858 million yuan last year, and the net profit attributable to the shareholders of listed companies was 1 billion 695 million yuan. But some people disagree, "the financial situation of San an is good, the annual performance is also steadily increasing; in addition, the company receives more financial subsidies from the government every year. Even if it has a financial problem, the company's financing channels are still relatively smooth. Han Yun thinks. As of June 30th this year, the debt rate of San an optoelectronic is only 27.15%, which is lower than most of the listed companies in the A - share LED plate. The relevant personage of the three an optoelectronic director of the office told reporters: "the company is still more abundant in capital." In the course of the interview, many market people are more inclined to think that the biggest uncertainty of the acquisition lies in the German government. Such a worry is not a nonsense. After the news of the merger and acquisition of OSRAM, the news of the German government or the hindrance was followed. German media reported that the German economy minister has said that if the news is true, the German government will oppose the acquisition. Before this, domestic manufacturers have also been obstructed by local government. The case of Jinsha River venture's acquisition of PHILPS Lumileds encountered a case in which PHILPS announced that in January this year, PHILPS announced that it had stopped selling Lumileds (LED and car lighting) to Chinese investors because of the US regulatory opposition. "San an optoelectronic purchase of OSRAM will involve industrial competition between two countries. In this way, the government's defense psychology of the buyer is a little heavier." Wang Fei said. "Chinese enterprises go out, merger and acquisition is a common means, international industry giants, because of the comprehensive industrial competitiveness and the Maori are in transition, for the buyers and parties, should be a win-win opportunity. But all cross-border mergers and acquisitions are bound to face a series of risks, including policy risks, corporate financial data hidden in debt risks, which test the patience and determination of the parties and the professionalism of the intermediary investment bank. For the two parties, there is not a so-called fair price in the industry, and more depends on mutual recognition. " Geng Bo, Deputy Secretary General of the national semiconductor lighting engineering research and development and industrial alliance, said.