Chinese acquisition of Aixtron is hampered, and there are still major disputes between different institutions in Germany.

Hua Can Optoelectronics related person in charge

The German government withdrew the Chinese acquisition of Ai Siqiang and will re-examine the acquisition. This will definitely affect Aisin. After all, the current performance of Ai Siqiang is not ideal. The company’s own willingness is to sell. of.

Sanan Optoelectronics' intention to acquire Osram was obstructed by the German government. The acquisition of Ai Siqiang by Hongxin Fund was once again obstructed by the German government. This will have a certain impact on the future overseas mergers and acquisitions of Chinese enterprises. In the future, the acquisition of Chinese enterprises still needs to be based on the corporate strategy of both parties. Come on.

Ye Guoguang, deputy general manager of Deli Optoelectronics

At present, Western countries are more sensitive. China has already formed a threat theory for the United States and Germany. The mergers and acquisitions in China have brought a sense of crisis to the people, because the acquisition represents the blockade of the company's technology, patents and brands.

Chinese manufacturers have been plagued by patent problems. In fact, Ai Siqiang's profit is not high. The purpose of this acquisition is mainly to purchase its patents, technology and brand. In addition, in the enterprise development model, German companies and Chinese companies are complementary, and the two countries can form a good partnership.

The German government's decision to withdraw the Chinese acquisition of Ai Siqiang will not affect the Hongxin fund companies themselves, but it will have a greater impact on China's rapid development of the semiconductor industry.

From this point of view, Chinese companies need to develop in two directions in the future. First of all, from a long-term perspective, Chinese companies need to quickly establish their own brands, upgrade their technology, and have patents. Second, from a short-term perspective, Chinese companies need to turn to second- and third-tier brand acquisitions to become a mid- to high-end market.

German media said that the German Ministry of Economic Affairs withdrew the approval of the Chinese investment company Fujian Hongxin Fund to acquire Aixtron, a German semiconductor industrial equipment manufacturer, and will re-examine the acquisition.

According to the report of the German Voice Radio website on October 25, insiders of the Ministry of Economic Affairs recently revealed that the German government is currently negotiating a guideline for the review of foreign investment, and business people disagree.

Aixtron announced on the 24th that the German Ministry of Economic Affairs withdrew its decision in early September to purchase Ai Siqiang from Fujian Grand Chip Investment and re-examine the acquisition. Ai Siqiang received this notice from the German Ministry of Economic Affairs on the 21st.

Just last week, China's Fujian Hongxin Fund paid about 65% of Ai Siqiang's shares before the expiration of the acceptance period, which is enough to pass the 670 million euros.

Acquisition process

Founded in 1983, Axon was founded by members of the RWTH Aachen Institute of Semiconductor Technology and currently employs approximately 750 people, primarily to manufacture key equipment in the production of LED chips.

Ai Siqiang's revenue in 2015 was nearly 200 million euros, 60% of which came from Asia. Customers are basically LED chip companies in mainland China.

In recent years, with the slowdown in the global LED lighting market, Ai Siqiang has faced problems of reduced orders, high price pressures and high production costs, and has suffered losses for four consecutive years.

The management of the company therefore recommends that the company be sold. However, at this year's shareholders meeting, many shareholders also expressed opposition to the acquisition plan, on the one hand worried about the loss of technology, on the other hand, the purchase price is too low.

In the month, China Fujian Hongxin Fund officially launched an offer for Ai Siqiang, and proposed to acquire Ai Siqiang at 6 euros per share. The total amount of the acquisition was about 670 million euros. Compared to Ai Siqiang's three-month volume-weighted average share price, the purchase price premium is about 51%.

In the month, Ai Siqiang began to deal with the offer. In early September, the German Ministry of Economic Affairs reviewed and approved the acquisition. The acquisition agreement stipulates that the company's headquarters (Herzogenrath, Herzogenrath, Germany) and R&D centers (located at the German headquarters, Cambridge, UK and Sunnyvale, California) remain unchanged.

The main executives will continue the existing personnel. Fujian Hongxin Fund will continue to support Ai Siqiang's new technology and product development. All technologies and related intellectual property rights will still be owned by Ai Siqiang. China will only receive 6 supervisory board seats. 4 of them.

German Ministry of Economic Affairs plans to strengthen corporate protection

A few days ago, Matthias Machnig, the State Secretary of the German Ministry of Economic Affairs, said in an interview with Germany's Der Spiegel that the Federal Ministry of Economic Affairs will strengthen the protection of German companies in some strategically important industries.

The German media also reported that the Ministry of Economic Affairs is drafting a policy document called investment review, which stipulates that if the acquirer obtains more than 25% of the voting rights, the government has the right to stop the acquisition.

This measure is mainly for the following four situations: investment is guided by foreign government industrial policy, investors receive state subsidies, purchasers are foreign state-owned enterprises, and investors source countries restrict German companies from entering the country's market.

German companies and the European Union Chamber of Commerce in China have been criticizing China for restricting German companies' investment in China, and the market access conditions of both sides are asymmetric.

On the day, after the obstacles in the acquisition of Ai Siqiang, the company's share price fell to 5.45 euros per share in the pre-market trading of brokerage Lang & Schwarz, down 6%.

German Chamber of Commerce and Industry opposes the addition of new investment barriers

Eric Schweitzer, chairman of the German Chamber of Commerce and Industry, criticized German Economy Minister Gabriel's plan to protect German companies.

He told the German "Business Daily" that "no country depends on the free market like Germany. We can't close our own market while waiting for other countries to open up to the market." He also warned that this is related to the core of Germany. economic structure.

Shi Weiser also mentioned that Germany has a large amount of investment in China. On the contrary, China has only a small amount of investment in Germany, and there is a huge imbalance between the two.

In addition, if the acquisition involves German internal security, the German government has already taken measures to prevent foreign investors from entering, and setting new barriers is not a good strategy.

Schweitzer will travel to China with Minister Gabriel next week.

Topics during the visit included Europe accusing China of using unfair practices in trade and Chinese acquisitions in Germany, such as the acquisition of industrial robot maker KUKA. Gabriel has repeatedly asked for protection measures at the European level to deal with acquisition plans from China in the strategic economy.

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