According to "German Economic Weekly" reported on October 6, Chinese chip maker Sanan Optoelectronics (600703.SH) intends to acquire German lighting company Osram.
The report quoted sources as saying that Sanan Optoelectronics plans to offer a qualified offer for Osram by mid-October, at a price of about 70 euros per share. If fully acquired, the valuation of OSRAM is about 7.33 billion euros.
Previously, the Siemens Group announced that it is considering selling its remaining 17% stake in OSRAM with a valuation of 777 million euros (approximately 872 million US dollars). Potential buyers include Chinese investor Jinshajiang Venture Capital.
Since September 29, Osram's share price has risen by 20% in 7 trading days, influenced by the information on the rights of relevant Chinese investors to acquire shares.
Founded in 1919, Osram is currently one of the world's largest light source manufacturers, and is ranked among the world's three largest lighting giants with Philips Lighting and GE Lighting. The company is a global leader in semiconductor technologies such as LEDs and OLEDs. From component to light management solutions, OSRAM is involved in a complete LED value-added chain and has 8,000 LED patents.
In July, OSRAM sold the lighting department to more than 400 million euros to joint bidders such as Mulinsen and IDG.
In 2013, OSRAM was spun off from Siemens. In the current shareholder structure of OSRAM, Siemens has a 17% stake, but Siemens also has a Siemens Pension Trust EV with a 2.5% stake, so Siemens accounts for about 20% of Osram.
Sanan Optoelectronics is the earliest and largest industrialized production base of full-color ultra-high brightness LEDs and chips in China. According to the data of the semi-annual report, Sanan Optoelectronics' sales in the first half of this year reached 2.78 billion yuan, a year-on-year increase of 21.4%. The company's valuation is 49 billion yuan.
Analyst Karsten Iltgen said that for Sanan Optoelectronics, OSRAM is definitely an attractive asset, and the deal will help improve the quality of its products and expand its market share in Europe. Although Sanan Opto's market capitalization and profitability are not as good as OSRAM, state funding may help the company complete the transaction.
According to the purchase price of Sanan Optoelectronics, it will be 72.3% higher than the valuation of Siemens' equity sales. This price is believed to be attractive enough.
At present, some foreign LED companies have reached a certain bottleneck of development, and this part of the sale is no longer their core business. With the rapid rise of China's LED chip and packaging companies, the market competitiveness of OSRAM lighting LED devices is getting weaker.
However, mergers and acquisitions can still allow Chinese companies to leverage on their strong capital advantages to acquire patents from OSRAM Opto Semiconductors. This is the last threshold for Chinese companies to truly compete in the global market.
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