Why three to deal OSRAM, or in what stumbling block?

Domestic LED vendors are flocking to the international market mergers and acquisitions expansion. Mu Linsen joint acquisition of OSRAM's Landes Vance has not yet landed on the occasion of the dust, and other domestic manufacturers playing "the acquisition of OSRAM's idea. Recently, or about Sanan optoelectronics to acquire OSRAM's news in the market to raise a Babel of criticism of.

Further clarify that the three optical, and OSRAM conducted a preliminary contact, but the acquisition will have great uncertainty.

Many respondents said that if successful acquisition of OSRAM to Sanan optoelectronics, can increase the number of patents, to boost the expansion of the international market, and further establish the global brand awareness. However, the success of the acquisition, mainly depends on whether the final release of the German government.

Preliminary contact

Rumors to the acquisition of OSRAM Sanan optoelectronics originally derived from the German media "economic weekly" reported in October 6th.

OSRAM is a veteran German lighting giant, which was founded in 1919, is currently one of the world's largest manufacturer of light sources, and PHILPS lighting, GE lighting as the world's three largest lighting giant.

Public information, OSRAM's LED and OLED semiconductor technology in the world in a leading position. Its LED, has been involved in the whole industry chain. Sanan optoelectronics is the second Taiwan EPISTAR the world's second largest supplier of LED chip.

In October 11th, three optical foreign issued to clarify the announcement said: "through self-examination, at present a potential acquisitions or cooperation matters, and OSRAM conducted a preliminary contact, the parties had a meeting. Up to now, there is no negotiation on the terms of the transaction (including the scope and price), there is no sign of binding documents, the acquisition of transactions or cooperation matters and whether the negotiations have significant uncertainty. "Actually, Sanan optoelectronics or acquisitions OSRAM intends to.

In October 19th, the latest progress of the reporter to Sanan optoelectronics secretaries to do mergers and acquisitions advisory. The other staff responded that currently do not understand the specific situation. This is the company's high-level planning, we do not know. "

Some industry analysts told reporters, three optical acquisition of OSRAM or will be a high probability event.

LEDinside study of brand LED industry under the State Science and technology department director Wang Fei analysis said TrendForce set, with the domestic LED manufacturers strength rise, three optical acquisition of OSRAM patents, the layout is the core factor to consider.

LED industry involves a lot of patents, and these patents are mainly mastered in the hands of these large OSRAM. Chinese manufacturers to sell LED chips to overseas markets, or will be involved in patent disputes. When the enterprise scale is small, the smaller market share, or face the risk is very small, because people don't think you would be a great threat; but if your company is a large scale, big market share, they will initiate a lawsuit. Although a lot of Sanan optoelectronics itself patent layout, but with other international companies compared, there are still gaps. Wang Fei said.

CCID Consulting analyst Han Yun said, lighting, lighting chips, OSRAM brands have a great advantage, which greatly added to Sanan optoelectronics business. "Such as brand, OSRAM's brand has 100 years of history, the Sanan optoelectronics, has a strong attraction. Three LED industrial scale is not small, but the brand in the international recognition is OSRAM, there is still a certain gap. As technology, research and development in the forefront of the domestic Optoelectronics Technology, and the investment cost is very high, such as the acquisition, the efficiency of technology will improve faster. "

Although the global chip giant is an optoelectronic LED, but the proportion of product sales accounted for a relatively high is the main Chinese mainland market.

According to the company's semi annual report this year, the mainland market and the mainland's operating income was 2 billion 339 million yuan and $439 million, a ratio of about 5.33: 1.

In recent years, in order to enhance the coverage of overseas sales market, but also to expand overseas three optical frequency. As of June 2013, three optical acquisition of the United States (LuminusDevices, Inc.), lumen to open up the North American market; in August 2014, the company set up a wholly-owned subsidiary of Hongkong Sanan optoelectronics, the goal is to open up the Japanese market; in December 2014, the company to carry out business cooperation with Seoul semiconductor company, Seoul Viosys, a joint venture set up three first photoelectric, develop the Korean market target.

The industry also believes that as an optoelectronic "game" OSRAM, will undoubtedly expand overseas markets for its "help a helping hand".

Bumpy road

German economic weekly also reported that, if the full acquisition, then OSRAM's valuation at 7 billion 200 million euros ($8 billion 100 million). As of June 30th this year, three optical total assets of 23 billion 135 million yuan. Two contrast, three optical acquisition of OSRAM, more like a tunxiang".

At present there is a market point of view, Sanan optoelectronics their own financial strength or not enough to support the huge acquisition. As from Sanan optoelectronics revenue, last year, three optical total revenue is only 4 billion 858 million yuan, net profit attributable to shareholders of listed companies 1 billion 695 million yuan.

But there are also people dissent, "three good financial situation, the annual performance has been steadily growing; in addition, the company each year from the hands of the government to get more financial subsidies. Even if it has financial problems, the company's financing channels as a whole is relatively smooth. "