International lighting giant Osram has split the sale of lighting assets, attracting domestic LED listed companies to compete for bids.
In the fiercely competitive environment, LED companies with listed companies and state-owned enterprises in China have come out to seek a way out. They are different from Dehao Runda, and Mulinsen and Feile Audio are more high-profile, claiming bids. Osram's lighting business assets make this battle full of war.
International lighting giant Osram has split the sale of lighting assets, attracting domestic LED listed companies to compete for bids.
According to Zhang Xiaofei, chairman of Gaogong LED, five domestic companies such as Mulinsen (002745.SZ), Dehao Runda (002005.SZ), Feile Audio (600651.SH) and Tongfang are busy in Europe. To discuss the acquisition of Osram, "Dehao Runda is sure to win!"
On December 18th, Deng Fei, the director of Dehao Runda Company, said, "We have signed a confidentiality agreement, and everything is subject to the announcement."
Unlike Dehao Runda, Mulinsen is very straightforward. Insiders pointed out that Mulinsen is involved in the bid for Osram's asset business and expects to have results around the second quarter of 2016. Lin Liliang, executive general manager of Mulinsen, had previously responded to the Times Weekly reporter in an exclusive response. "We hope that (this is the case), we can land as soon as possible, so that everyone has plenty of time to do the next step."
“Close to 4,000 LED companies disappeared, especially lighting companies. By 2018, the number of companies may disappear by half.†Zhang Xiaofei said. In a highly competitive environment, domestic LED companies with listed companies and state-owned enterprises have rushed overseas to seek a way out.
Dehao Runda is sure to win?
The global LED industry is undergoing a difficult transformation, and multinational giants including Osram have accelerated their slimming and divested traditional lighting business to adapt to future industry development. Osram's spin-off consists of CLB (traditional lighting and ballast) and LLS (LED lights and systems).
“Dehao Runda is sure to win!†When the giants competed for the OSRAM lighting assets business, Zhang Xiaofei thinks so. This LED chip and application company has extensive overseas market experience.
As early as August of this year, Dehao Runda planned a major asset and equity acquisition, saying that it is cooperating with state-level industrial funds to jointly acquire assets of a lighting enterprise outside China, and has entered the stage of substantive negotiation.
However, after two months, no progress has been announced and the Shenzhen Stock Exchange issued an inquiry letter. On November 11, Dehao Runda disclosed the progress of the acquisition of this overseas asset. During the suspension period, the company and investment banks and asset sellers continued to negotiate on relevant matters by mail or telephone conference, and basically drafted the business. Follow-up agenda for negotiations."
Dehao Runda said that during the suspension period, the company signed an entrustment agreement with an internationally renowned investment bank and signed a confidentiality agreement with the asset seller, while the buyers and sellers held a live meeting in Hong Kong and the country where the seller was located.
Dehao Runda announced that the company expects to complete the non-binding offer letter and submit it to the asset seller before the end of December. “Because the asset seller is also an overseas listed company, as of now, except for the confidentiality agreement The two parties have not signed any written agreement on the sale of assets, and there is still uncertainty about whether the two parties can finally reach an agreement."
According to media sources, the assets of overseas lighting companies that Dehao Runda is bidding for may be assets such as general lighting that Osram has split.
According to public information, OSRAM is a German listed company. According to the estimation of China Investment Bank, the total value of CLB and LLS divested is about 720 million euros (about RMB 4.92 billion). However, analysts have also said that including the debt, Osram lighting business value of up to 1 billion euros (equivalent to about 6.893 billion yuan).
According to Dehao Runda, the acquisition is expected to involve between RMB 4 billion and RMB 6 billion, which is similar to the value of the OSRAM divestiture business estimated by the above banks and analysts.
In this regard, on December 18th, Dehao Runda’s secretary-general Deng Fei’s performance was very tight, and he was very cautious. “This is in our announcement... This is... we have not said that it is Osram. There is no special progress. If there is substantial progress, it will be announced in time."
In connection with the confidentiality agreement, Deng Fei’s response is also reasonable. He stressed that “we have not said anything on this occasion (this acquisition) is related to Osram. Everyone is speculating about this overseas asset. There are different influences, and we don't want to bother the parties."
Dehao Runda itself started from the overseas sales of small household appliances, so it has done a good job in overseas business development and sales. “In the past two years, the company has made brands in Germany and the United States, and now it is overseas.†Deng Fei said.
Dehao Runda has extensive experience in overseas markets. In recent years, its overseas revenues have continued to expand. Its annual report shows that in 2013, 2014 and the first half of 2015, sales revenue from abroad was 1.250 billion yuan and 2.392 billion yuan respectively. 1.285 billion yuan, accounting for 39.93%, 57.57% and 62.58% of the main income of the current period.
Mulinsen: It is expected to be announced in the second quarter of next year.
Different from Dehao Runda's cover, Mulinsen, Feile Audio and other companies appear to be relatively high-profile, claiming to bid for Osram's lighting business assets, making this "contention" gunpowder full of flavor.
According to industry insiders, Mulinsen is involved in the bid for Osram's asset business and expects to have results around the second quarter of 2016. On November 17, Ms. Lin, the executive general manager of Mulinsen, responded exclusively to Time Weekly reporters. "We hope (and so) that we can land as soon as possible so that everyone has plenty of time to do the next step."
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