A spokesperson for OSRAM said on the 11th that the US Foreign Investment Committee (CFIUS) has approved OSRAM to sell its lighting business to a Chinese consortium. The German Ministry of Economic Affairs has already given a green light to this in January. The acquisition is currently only completed by the final approval of the Chinese regulatory authorities, which means that “Lundwansâ€, which started in July last year and involved more than 400 million euros ( Ledvance) Chinese M&A “long-distance running†entered Dazhi Road and is expected to be completed in the 2017 financial year.
Photo: Osram representative (left) and Mulinsen chairman Sun Qinghuan (middle) signed an acquisition agreement last year
According to China News Service, Osram, based in Munich, Germany, has a history of more than 110 years, and is ranked among the world's three major lighting giants with Philips Lighting and GE Lighting. Osram products range from residential lighting equipment to high-tech lighting equipment such as infrared and laser, which are widely used in virtual reality, autonomous driving, smart phones and buildings, and smart cities, in LEDs (light-emitting diodes) and OLEDs (organic light-emitting diodes). ) The semiconductor technology division is a global leader.
M&A process
Last year, OSRAM split its lighting business and established “Lund Vansâ€. The latter's main business includes traditional light source business, LED lighting source and lighting business, smart home lighting business, etc., with global sales channels. Since the completion of the splitting of “Lundwans†from OSRAM in the middle of last year, many Chinese companies have expressed their willingness to acquire. On July 26 of the same year, the OSRAM Supervisory Board decided to sell Roundmans to a Chinese consortium consisting of Mulinsen, IDG Capital and Yiwu State-owned Assets Operation Center. At that time, it was reported that the bid to win the bid for the Chinese consortium exceeded 400 million euros (about 3.3 billion). Hong Kong dollar).
Headquartered in Zhongshan City, Guangdong Province, China, Mulinsen is one of the world's largest LED manufacturers; Yiwu State-owned Capital Operation Center is approved by the People's Government of Yiwu City, Zhejiang Province, and is authorized to manage and operate state-owned assets owned by the whole people; IDG Capital in 1992 In the beginning of the year, venture capital investment in China was the earliest foreign investment fund to enter China.
The Chinese acquisition of "Lund Vans" is in the dark. Last year, the US acquisition of German robot manufacturer KUKA was once considered to be “grounded†after being opposed by the German economic minister. However, the merger was finally reviewed by German in August last year. In October of the same year, the German Ministry of Economic Affairs suddenly withdrew the license for Chinese companies to acquire Ai Siqiang and restarted the review. In December of the same year, the then US President Barack Obama ordered that Ai Siqiang be sold to Chinese companies, and Fujian Hongxin Investment Fund gave up the acquisition of Ai Siqiang.
"Land Vans" annual sales of 16.5 billion
When the German Ministry of Economic Affairs announced the re-examination of the Ai Siqiang merger and acquisition case, it said that it would further investigate the Chinese company's acquisition plan for OSRAM. On January 30 this year, an OSRAM spokesperson confirmed that the German Ministry of Economic Affairs has approved Osram to sell "Lund Vans" to Chinese companies. On the 11th of this month, the OSRAM spokesperson told the German Business Daily that the US Foreign Investment Committee (CFIUS) has also released the acquisition. According to the analysis, in theory, only the Chinese regulatory authorities will approve, and the Chinese consortium can complete the acquisition of the OSRAM lighting business as scheduled in FY2017.
OSRAM has a global market and technology leadership position in the automotive lighting sector. Germany's "Spiegel" online said that the sale of "Lund Vans" will allow OSRAM to divest its lighting business with a sales of 2 billion euros (about 16.5 billion Hong Kong dollars). In the future, OSRAM will focus on LED technology and automotive lighting.
"Lund Vans" merger and acquisition case
Merger and acquisition diagram
China's LED industry prospects
Osram Foshan set up factory to produce LED
Figure: OSRAM seeks transformation to focus on automotive LED equipment
German lighting giant Osram established a new joint venture “Osram Foshan Lighting Co., Ltd.†in 1995. The company is Osram's largest manufacturing and promotion base in China. It is located at the junction of Foshan and Nanhai in Guangdong Province, covering an area of ​​78,000 square meters. De senior light source experts and modern production equipment, its products are distributed in 30 provinces, municipalities and autonomous regions in the mainland. According to public information, China's LED packaging market in 2015 was 8.8 billion US dollars (about 68.6 billion Hong Kong dollars), of which the LED market for lighting was 3.9 billion US dollars (about 30.4 billion Hong Kong dollars). OSRAM benefited from the automotive and infrared LED market. Ranked fifth.
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