On October 6, 2016, German media reported that China's local company Sanan Optoelectronics intends to acquire Osram for a total of 70 euros per share, a total amount of about 7.2 billion euros (about 8.1 billion US dollars).
After the news broke, Osram's share price rose 14% to 61.75 euros in Frankfurt, and the stock soared to a record high, the biggest one-day gain since the company split from Siemens three years ago.
This news has also greatly boosted the entire domestic industry. Some people are clamoring for someone to wait and see if someone is opposed. Subsequently, the German economy minister said that if the news is true, the German government will oppose the acquisition.
Aladdin Lighting Network reporter contacted Ding Jianhua, senior vice president of Jinshajiang Venture Capital Fund, and conducted an interview on the matter.
OSRAM VS Sanan Optoelectronics
Osram is a German company for nearly a hundred years. Founded in 1919, it is the world's three largest lighting giants with Philips and GE. Involved in the complete LED product value chain, with many world-leading LED patents, its superb light source technology covers all over the world, mastering the most important core technologies and brands of lighting and broadcasting technology, market sales channels and system business knowledge, is Currently one of the largest light source manufacturers in the world.
At the same time, OSRAM is a global leader in semiconductor technologies such as LEDs and OLEDs, and is also a major supplier to the automotive LED market in the automotive LED market. At present, the main controlling parties of OSRAM include Siemens (about 20%), the Norwegian central bank, German national investment and so on.
Established in 2000, Sanan Optoelectronics is the domestic full-color ultra-high brightness LED epitaxial and chip industrial production base. It is the “National High-tech Industrialization Demonstration Project†approved by the National Development and Reform Commission, the Ministry of Science and Technology and the Ministry of Information Industry. The “Semiconductor Lighting Engineering Leading Enterprise†and the “Strategic Partner†confirmed by the Aerospace Department. At present, it has achieved an annual output of 650,000 epitaxial wafers and a production scale of 20 billion chips. It is a leading LED manufacturer in China. According to Sanan Optoelectronics' 2016 Semi-annual Report, Sanan Optoelectronics' revenue in the first half of this year reached 2.78 billion yuan, a year-on-year increase of 21.25%.
Why should Sanan buy?
Sanan Optoelectronics currently has a total market value of 48.982 billion yuan, and OSRAM's total valuation is 53.7 billion yuan. It is not easy to stage a snake swallow, but this move is a key move for the future development of Sanan Optoelectronics. For a long time, Sanan Optoelectronics has relied on the domestic industrial environment and national policies, and has achieved rapid development. It has occupied an important position in the domestic industry, but it still lacks sufficient brand influence and industrial discourse power in the international arena. The application platform has driven further expansion of its scale.
Osram's international brands, basic patented technologies, and mature commercial systems and application markets and channels can bring Sanan brand promotion in the global market, help them break patents and market barriers, expand overseas market share, and facilitate access to Osram's technical resources behind him, improving the quality of its products, won the global industry's right to speak in one fell swoop, and the prospects are considerable. At the same time, it will also enhance the overall position of Chinese local lighting companies in the international lighting industry.
Although Sanan Optoelectronics' market value and profitability are not as good as those of OSRAM, there are industrial support policies of various levels of government in China and a good domestic financing environment. At the same time, according to the quoted price of Sanan Optoelectronics, it will be worth a premium of 72.3. %, this price is believed to be attractive to the other party, and the acquisition is predictable.
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