According to the German Economic Weekly, the German government rejected a request from a Chinese company to acquire part of the business of the old German lighting giant Osram.
Earlier this year, OSRAM agreed to sell its general lighting business subsidiary LEDVANCE to the Chinese consortium for more than 400 million euros.
Recently, Chinese capital has been hindered in the road of large-scale acquisition of German enterprises.
German chip equipment manufacturer Aixtron previously said that the German Ministry of Economic Affairs withdrew its approval for the China Fujian Hongxin Fund (FGC) on September 8. A spokesman for the German Ministry of Economic Affairs confirmed that the evaluation procedure for the acquisition had been restarted and refused to disclose specific details.
However, the German World News quoted German Deputy Minister of Economics Machnig as saying that the German Ministry of Economic Affairs withdrew its approval for the Aixtron acquisition because of the new "security-related news."
Since this year, Chinese companies have invested heavily in German companies. According to Ernst & Young's data, the number of European M&A transactions related to China in the first half of this year reached 164, which is very close to 183 last year. Of the 164 M&A transactions, 37 involved German companies, the highest in Europe. The Mercator Institute for China Studies in Berlin has also pointed out that Germany has become the largest recipient of Chinese investment in Europe this year due to the acquisition of Ai Siqiang, Osram and KUKA.
In fact, in recent years, overseas acquisitions by Chinese companies have become the trend of the times.
From Lenovo's acquisition of IBM's PC division, to Anbang Insurance's 12 billion to buy the Waldorf Astoria luxury hotel in New York, then to China's Geely to acquire Swedish Volvo, Sany Heavy Industry to acquire German machinery giant Putzmeister, etc. In the thousands of miles, the tide of funds is surging.
State-owned enterprises continue to focus their investments in the industrial, resource and energy sectors, while private companies are more active in finding technology and brands and bringing them back to the Chinese market. On the whole, the overseas mergers and acquisitions of Chinese companies are showing a diversified trend.
Since the beginning of this year, China's foreign direct investment has continued to maintain rapid growth. In the first seven months, non-financial foreign direct investment reached US$102.8 billion, an increase of 61.8%. Among them, the high-end manufacturing industry in developed countries in Europe and America has become a hot spot for China's foreign direct investment. The analysis believes that China's foreign direct investment on the one hand enables Chinese companies to obtain shortcuts to the high-end extension of the value chain. On the other hand, investment targets have also gained new impetus for further development.
The Western society, led by some countries, is hostile and repulsive to the peaceful rise of China, clinging to the "China threat theory", concealing ideological prejudice, and disrupting and hindering China's overseas mergers and acquisitions.
“After the European debt crisis, the European economic environment continued to deteriorate, providing opportunities for the entry of funds from emerging market countries such as China.†Klais, a professor of economics at the Free University of Brussels in Belgium, told reporters that Europe, which continues to slump in the economy, should welcome foreign funds. In order to cope with the dilemma of low demand and insufficient investment after the European debt crisis. “In addition, due to insufficient investment, Europe's development in innovation and R&D has been limited. Funds from China will help companies solve this problem.â€
Germany's "Business Daily" columnist Mark Phil said that in the face of Chinese companies' mergers and acquisitions in Germany, some people will have one or the other prejudice, that China and Germany's technology and talents, but the reality is not so thing. According to a study by the Bertelsmann Foundation in Germany, Chinese investors tend to ensure the employment of German companies, rather than the transfer of technology and layoffs.
At the same time, the Chinese government's active support for the “going out†strategy has stimulated the extroversion of Chinese companies. “The government encourages domestic companies to invest overseas, open up new markets, and acquire mature international companies that are beneficial to China's industrial upgrading.â€
According to industry insiders, the sale of GE's household appliances business to Haier has already indicated that the government supports the cross-border mergers and acquisitions of ordinary businesses such as home appliances and LED lighting. The previously mentioned Osram Lighting's general lighting business assets (Lund Vans) also did not involve relevant sensitive technologies, but also in line with the trend of globalization and objective laws.
Earlier this year, OSRAM successfully completed the spin-off of its general lighting business. Starting from July 1, 2016, it operates independently under the OSRAM Group and is named LEDVANCE. Landwells mainly sells general lighting sources, lamps and other products.
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