What do you don't know about the marriage of wood and OSRAM?

The biggest news in the LED lighting industry recently, no more than the three party joint investment team such as Mullen (hereinafter referred to as "the Mullen union") to deal with 400 million euro Lund Vance (LEDVANCE, OSRAM light business), which means a key hammer in a multinational acquisition in the industry. The takeover by twists and turns is at the end of the day. The news, the industry veteran Peng Yinshui said: "first of all congratulations on the success of M & A, but the road is still far away?" OSRAM in the dump "baggage" for this transnational purchase case, Peng Yinshui thinks that it needs to be more rational to look at. "From a variety of information including disclosure of the announcement, in fact, the most core and most valuable business is still in the hands of OSRAM, OSRAM this sale is its' burden 'business, it is actually in the dump' baggage ', for the acquisition enterprise is not cost-effective. He said as if. Peng Yinshui told reporters that the above views were further confirmed in their communication with the internal personnel of the OSRAM China. "They also think that the sale to the joint part of the union is basically a traditional business, although there is a LED lighting source, but this part is basically in China's submission. It can be said that the sale part belongs to the competition white hot, basically without too high value-added services." No long-term use of international brands, according to the landvance and OSRAM agreement, the former will continue to use OSRAM (OSRAM) and North American SYLVANIA brand at the product level, but there is a key question but no mention: the use limit of the OSRAM brand, including the long - year brand, is not long. Period of use. "What I learned before is that the OSRAM brand can only be used for 10 years, but according to OSRAM insiders, the OSRAM brand seems to be only two and a half years, not more than three years. If that is the case, the value of the merger is worse. " Peng Yinshui did not disguise his bullish. Instead of Lenovo's acquisition of IBM, he said, it took five years for the IBM brand to change its brand to its own brand, and many consumers in the international market still couldn't recognize the new brand. "It may be of little value if the North American brand can be used for a long time. Because Chinese enterprises or other foreign enterprises enter the United States market, American local enterprises will take some local protectionism, they first prosecute you, that you can not sell in this country, but the brand is different in this country, there is a certain basis in this country, and they can easily reach sales. " Peng Yinshui also learned from OSRAM employees that when RANS vans uses the OSRAM brand, it is the LOGO that can't use OSRAM alone, and that the two brands of OSRAM and RANS need to exist at the same time. In other words, when he bought the OSRAM brand, he had to put the two brands of OSRAM and landvance at the same time. An imperfect acquisition? For the M & A, Peng was rather conservative and pessimistic, and did not think it was a good purchase. In Peng Yinshui's view, the parties are trying to describe some of the information that will help their share price rise. "At most, the stock price can rise to a certain extent in the short term, even if there is a possibility of rising. Most of the investors are irrational to think that it is to buy a big cake, but the really rational people should get to know it. " "As OSRAM throws the traditional general lighting business, the performance of this business is definitely falling, and in the process of declining, some of the returns you see will certainly be getting lower and lower. In the case of the joint takeover, I think it is more likely to be a concept of speculation in order to lift the stock price. " As Peng Yinshui said. He further points out that there is a considerable sales data that can push wood to the top third place in the world, but this number must be seen dynamically, it is a falling process, and it is hard to stabilize it. "This merger I understand the subject matter more than the reality!" In the course of the interview, Peng Yin water repeatedly stressed that "the life of the brand is the most critical and critical. The transaction cost 400 million euros, if the content is not expensive, but there is no brand life term, I understand the longest time not more than 10 years, and in Teruo Shiro's staff is more than." Two and a half years are not very likely. " Peng Yinshui said such acquisition cases are everywhere, and the use of years and some relative core technology, some companies are still within the scope of the acquisition. "However, he actually did not buy the core business of OSRAM this time. It is purely a part of the business that people want to abandon or think that there is no added value. Only a little value may be the North American market." To sum up, is the acquisition a perfect acquisition of an international brand with no long-term use and no core value of international brands?