A few days ago, according to foreign media Drive Vision News, German lighting giant Osram seems to have made new progress in selling its general lighting business LEDVANCE to the China Investment Consortium headed by IDG Capital, or will soon be approved by the German government. As early as in late October 2016, a few days after the German government revoked the decision to approve the acquisition of Ai Siqiang by Chinese companies for security reasons, the German Ministry of Economic Affairs suddenly stopped the acquisition of LEDVANCE by a Chinese consortium composed of IDG and Mulinsen. Initially, the German government wanted to intervene because of concerns about technology outflows to Mulinsen. However, as the acquisition deals primarily with LEDVANCE's global marketing assets, such as LED bulb distribution networks, and does not involve sensitive technology, the German government is expected to approve the transaction. According to sources from Mulinsen and Osram, the German government will approve the transaction in the second quarter of 2017. IDG's acquisition of Ledvance is expected to usher in an optimistic result in 2017, while Aixtron and other German technology companies are not so lucky. The industry is also more aware that the German government's control over foreign investment will become more stringent. Legal expert Lexology said that the legal basis for Germany's foreign investment review process will become more and more strict, which may have a negative impact on M&A transactions. In the past two years, there have been many cases of overseas acquisitions by Chinese lighting companies. More and more Chinese companies hope to quickly acquire the global market and accelerate their internationalization strategy by acquiring this shortcut overseas. As Chinese companies go out on a large scale, 2016 is also known as the first year of overseas investment. However, since last year, this road through the acquisition of foreign brands has begun to encounter the new local government. Since the acquisition of Philips Lumileds from the Jinsha River at the beginning of the year, it has been opposed by the US national security approval agency CFIUS. This year, there have been many incidents in which overseas acquisitions of Chinese companies have been blocked. In October, two more acquisitions in the lighting industry were stopped by the local government in Germany, including Mulinsen's acquisition of Osram's brand LEDVANCE and Fujian Hongxin Fund's acquisition of German semiconductor equipment manufacturer Ai Siqiang. China's overseas acquisitions are frequently blocked. In recent years, China's economy has entered a new normal of development. As the world's largest trading country, going global has become a new way for Chinese companies to seek development. However, more and more countries are wary of the tendency of Chinese companies to go global. The same is true in the lighting industry. A few days ago, the German Ministry of Economic Affairs announced that it had withdrawn the previous pass for Fujian Hongxin Fund to acquire the German semiconductor equipment manufacturer Ai Siqiang, and restarted the corresponding evaluation procedures. It is reported that this incident has also been pressured by the US government. The US Treasury Department issued a statement in early December, President Obama has issued a presidential decree to prevent China's Fujian Hongxin Fund from acquiring German semiconductor company Ai Siqiang, saying the deal may threaten US national security. The case of the recently-recognized Mulinsen acquisition of LEDVANCE is also uncertain. On the evening of October 27th, the German Federal Ministry of Economic Affairs confirmed that it will further investigate the acquisition of LEDVANCE, a lighting business brand of German lighting company OSRAM. Not long ago, after China Sanan Optoelectronics and Germany's old lighting and semiconductor manufacturer Osram reached an acquisition agreement, the German Ministry of Economic Affairs immediately immediately expressed opposition to the transaction. There is no such thing. The suspension of the acquisition of Philips Lumileds by Jinshajiang earlier has also attracted the attention of the global lighting industry. Although as early as March 31, 2015, the Chinese and foreign syndicates led by GOScale Capital of Jinshajiang and the Royal Philips of the Netherlands reached an agreement to acquire 80.1% of the shares of Royal Philips' Lumileds (LED and automotive lighting). In the past year, we have actively cooperated with the supervision of the US Foreign Investment Commission (CFIUS) and other regulatory authorities. However, at the beginning of 2016, the two sides announced that they had decided to stop the transaction because they could not resolve the concerns of the US Foreign Investment Committee regarding national security. According to an incomplete statistics, since July last year, Chinese companies have abandoned a total of 11 large-scale acquisitions, mainly because the United States, Australia, and the European Union have all gone through the formalities of Chinese companies’ mergers and acquisitions on the grounds of national security. A complicated and time-consuming review process. Faced with the madness of Chinese companies in overseas mergers and acquisitions, more and more countries and governments have begun to draw red lines for Chinese companies' investment and mergers and acquisitions. Recently, with the acquisition of Kuka, the German industrial robot manufacturer, after the acquisition of the German industrial robot manufacturer Kuka, the German government is planning to amend the law so that EU member states can face mergers and acquisitions among member states in the face of non-EU companies. Can have a broader prohibition.
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