Beautiful buy KUKA is nearing completion, how to face the future, a Chinese home appliance giant? -Beautiful, KUKA, Hale-IT information
Under the tide of industry transfer policy, China's home appliance companies does not seem willing to do a lifetime appliance.
Midea group today issued a notice early this morning, announced up to Beijing time on August 4, 2016, the KUKA Group offer an additional offer period is over. This acquisition process after the American Group will hold 94.55% shares the KUKA group . Until then, KUKA's largest shareholder is Germany privately held engineering company Voith group, holding only 25%.
So far, the United States is expected to complete the Germany industrial robotics giant acquired from last year for the first time to buy shares only 1 card. However this may affect the industrial structure of industrial robots completed acquisition of policy variables.
? Photo: beautiful group headquarters building
According to the Beijing Youth daily reported that in addition to getting Germany Federal Ministry of Economic Affairs approved this deal needs the European Union and Germany and the United States, China, Russia, and Brazil, and Mexico State antitrust authorities, as well as the United States review of the foreign investment Committee and the Council of defense trade controls. KUKA is still, after all, a public company, Government Department and will not allow the United States to hold such a high stake.
Up to press time, KUKA is 107.4 euros, 80 euros than when the news was released there has been a significant rise in proof capital markets for the acquisition of attitude is clear.
Continuing to press, how beautiful a years to win giant robots? In the process of acquisition of the KUKA group, the United States has maintained its own rhythm. Not so radical as to one win, and progressive at the same time to let the world feel the us desire to achieve absolute.
In August 2015, Group subsidiary American international group holding company holding a library card 1.9376 million shares, shares reached 5.43%. KUKA's fourth largest shareholder.
According to Germany the merger conversation reported in February this year, beautiful library holdings shares to 10.22%.
Subsequently, the United States starting from May this year launched a round of takeover. Until Beijing time on July 16, the takeover offer for this round at the end of the offer period, the United States obtained from this wheel offers a library card 72.18% stake in the group. After that, the United States went on a two-week additional offer period, this acquisition of shares increased to 81.04%.
Surging at the same time, the United States had also met a lot of obstacles. Where the greatest difficulty, of course, from the KUKA Group Europe.
KUKA is one of the four families of industrial robots in the world (the other three respectively, ABB, and Japan's Yaskawa Electric and Fanuc), Germany local service companies including Mercedes-Benz, BMW, Volkswagen, Bosch, called Germany the basis of industrial automation.
Beauty is the acquisition of a "national treasure" enterprise, encountered it is not hard to understand why the European Union, Germany local block. EU Commissioner Guenther Oettinger of the digital economy once KUKA equity should be left in the hands of European investors, prevent the loss of core technologies.
Germany Chancellor Angela Merkel has said the acquisition card has no intention to intervene the United States, Germany economy Minister Sigmar Gabriel in June and began to look for European enterprises to participate in the KUKA Group's bid, want control of the library card and remain in Europe.
▲ Photo caption: Germany economy Minister Sigmar Gabriel from Awdnews
Throughout the takeover context, is not difficult to discover the beauty of the acquisition strategy may be in conflict as far as possible avoid one-time large acquisitions, after all, and some bargain-hunting buying different irrelevant, Mei's wants to buy is a Germany 4.0 industrial robotics company has an important role in the strategy.
Buy KUKA is the big news, but that's just the normal beauty of the rapid expansion of the United States is one of China's largest home appliances maker, which have air conditioning, electric stove, microwave, fan, water purifiers and other products available to end consumers, there is air conditioning compressor, refrigerator compressors, motors, transformers located in the supply chain of the product. Not only that, but beauty also has a refrigerator, washing machine, microwave industrial chain.
But a beautiful large scale credit comes from the number of acquisitions.
The acquisition card prior to beauty is the most typical acquisition June spent 3.32 billion yuan by the end of this year to buy Toshiba white goods business. After the acquisition is completed, the United States will receive a 40 Toshiba brand's global mandate and more than 5,000 patents associated with white goods.
? Photo: from the Japan Times
According to securities daily reports, completed more than 10 in the past more than 10 years of beauty more than mergers and acquisitions, promoting its internationalization and diversification, the industry believes that:
From the development of American history, has become the United States capital and effective means of expanding on the assets. In the process of enterprise in the development of a diversified international, acquisition is a more common means of acquisition but also direct access to the most effective in this area. Judging from the US operation and gene, which is a company that likes to buy.
Armed with this information, is not difficult to understand the beauty of the acquisition purpose of KUKA. This time, the United States wants to high-end manufacturing and use KUKA's strengths complement one's own weaknesses.
Midea group, released on May 19, in the resolutions of the second session of the 11th meeting of the Board of Directors said the purpose of the acquisition card:
Layout the robot industry, seeking new room for growth, to achieve industrial upgrading, develop the B2B market;
Development diversification specialized robots;
Using the KUKA Group subsidiaries Switzerland logistics equipment and system solutions to improve logistics efficiency, expanding logistics business of third parties;
American also said in the bulletin:
To promote the company "double smart" strategy (home of wisdom + intelligent manufacturing), deepening the robot industry, the company through wholly-owned subsidiaries outside Mecca on a voluntary takeover offer to the KUKA Group shareholders ... ...
Visible beauty of the acquisition card, mainly want to borrow library card in the fruitful results in the field of industrial robots, to enhance the capacity of existing appliance business, on the other hand is to enter the industrial robots that have a broad space for development of new markets.
Specialized services machinery industry of Germany advisory company Shi Di Rai has pointed out, along with the "made in China" 2025 "strategy of publishing, sales of industrial robots in China will rise so fast, from 2015 to 2019, with an average annual growth rate is expected to reach 19%.
? Photo: from the economic information daily
Department of equipment industry of miit, China is officially on the made in China in 2025, robotic strategies proposed a detailed explanation. Miit said the current domestic application of industrial robots despite very strong development, and Japan, and Germany, and Korea still exists a big gap:
2013 China industrial robot density of only 30 units/million industrial workers, less than half the global average, and higher levels of industrial automation Korea (437/tens of thousands of industrial workers), Japan (323/tens of thousands of industrial workers) and Germany (282/tens of thousands of industrial workers) the gap even more. Industrial robot market still has great potential in China.
In addition, service robots will be another major focus of the development of the robot industry .
China's development lags behind of service robots industrial robots, with Japan and the United States and other countries compared to China started late in service Robotics Research and development, the absolute gap with the developed countries is still relatively large. But compared with industrial robots, and smaller gaps at home and abroad. Service robots are developed according to specific market needs, local enterprises more easily associated with a particular environment and cultural development occupies a good market position, so as to maintain a certain competitive advantage on the other, foreign service robots are new here, most robot company is still relatively short period of time, thus our service robot industry faces more opportunities and room for development.
Not hard to find beauty in the notice referred to in "layout of robots", "explore B2B markets" and "development diversification specialized robots" and the country's future policy tends to agree acquisitions in industries library card at the top of the group obviously is a very good choice.
Upgrading without delay, Chinese household electrical appliance enterprises have a choice? If you regularly read the news network, you'll find "upgrade" the word has become a high-frequency vocabulary.
Industrial upgrading, such as increasing investment in research and development, improve the technical level course can also be like a beautiful, put together, the advanced productive forces through mergers and acquisitions. Mergers and acquisitions may be the subject of peer competitors, industrial chain upstream suppliers, are likely to follow in the footsteps of foreign giants, received the Giants need to peel but there are valuable business.
In the Chinese home appliance industry, apart from the beauty of the acquisition card, Haier United States acquisition of GE's appliance business is also an important case. On June 7 this year, Haier announced to buy GE's appliance business for $ 5.58 billion , this will help Haier expand overseas markets rapidly.
▲ Photo caption: from Tradingbanks
But peers in the home appliance industry is not as acquisition is a smart move, CCTV evaluation of brand consultant Li Guang Dou wrote in his personal blog called mega takeover because of low profit margins and consumption is split by GE appliance business will become Haier "decline by turning point".
By contrast, American acquisition of KUKA and gree acquired Zhuhai yinlong was more qualified "upgrade". On July 5, the gree said to be wholly-owned Zhuhai yinlong, the acquisition of new energy limited, which engaged in electric vehicles, lithium batteries, production and research and development of intelligent peak FM systems, already have a stable electric passenger car production capacity.
Acquisition accept Zhuhai gree yinlong was not intended and ambitious epic to automobiles, cars and family cars such as start-up companies compete. Dong mingzhu, gree is targeted at Zhuhai yinlong in lithium titanate battery and storage battery advantages, although yinlong has electric SUV models 100,000 cars per year, but this may not be directly related with the gree group.
▲ Photo caption: pure electric bus from Zhuhai in Zhuhai yinlong yinlong
Regardless of the acquisition card is beautiful, gree acquired yinlong, Haier is the earlier acquisition of GE appliances, are an important means of transformation of Chinese household electrical appliance enterprises, but on the road to this goal, some companies have chosen to purchase replacement market, some companies chose to use acquisitions for technology.
Opportunities in economies in transition, Chinese household electrical appliance enterprises like the Internet industry and catch the wind? 'Ll have to reinvent the past certainly not industrial style, beautiful gree's future may exist in these is they spend a lot of money buying back the company.
美的收购库卡即将完成，中国家电巨头如何面对未来？ - 美的,库卡,海尔 - IT资讯
在产业转移的政策大潮之下，中国的家电公司似乎并不甘愿做一辈子家电。
美的集团于今天凌晨发表公告，宣布截止至北京时间2016年8月4日，针对库卡集团要约收购的额外要约期已经结束。本次收购所有流程结束后，美的集团将持有库卡集团94.55%股份。在此之前，库卡的第一大股东为德国私人持股工程企业福伊特集团，持股比例也只有25%。
至此，美的有望完成对德国工业机器人巨头的收购，距离去年第一次收购库卡股份仅仅过了1年。然而这桩可能会影响工业机器人产业格局的收购能否完成还存在政策变数。
▲图片说明：美的集团总部大楼
根据北京青年报报道，除了得到德国联邦经济事务和能源部的认可，这桩收购案还需要通过欧盟及德国、美国、中国、俄罗斯、巴西、墨西哥多国反垄断部门，以及美国外资投资委员会和国防贸易管制理事会的审查。毕竟库卡目前仍然是一家上市公司，政府部门并不见得会允许美的持有如此高的股权。
截止至发稿时，库卡股价为107.4欧元，比收购消息公布时的80欧元有了很大幅度的上涨，证明资本市场对于这笔收购的态度比较明朗。
步步紧逼，美的如何一年拿下百年机器人巨头？在收购库卡集团的过程中，美的一直保持着自己的节奏。既不至于激进到一次性拿下，也在渐进的同时让外界感受到了美的实现绝对控股的渴望。
2015年8月，美的集团子公司美的国际控股公司持有库卡集团193.76万股，持股比例达到5.43%。成为库卡的第四大股东。
根据德国《并购对话》报道，今年2月份，美的增持库卡股份至10.22%。
随后，美的从今年5月份开始展开了一轮要约收购。截止至北京时间7月16日，既本轮要约收购的要约期结束之时，美的从本轮要约中获得了库卡集团72.18%的股份。在此之后，美的又继续了为期两周的额外要约期，将本轮收购获得的股份提高至81.04%。
在一路高歌猛进的同时，美的也曾经遇见了不少阻碍。最大的困难当然来自于库卡集团所在的欧洲。
库卡是世界工业机器人四大家族之一（另外三家分别为ABB、日本的安川电机和发那科），在德国本土服务的企业包括奔驰、宝马、大众、博世，堪称德国工业自动化的基础。
美的收购的正是这样一家“国宝级”企业，因此不难理解为何会遇到欧盟、德国本土的阻拦。欧盟数字经济专员Guenther Oettinger 曾经认为库卡应把股权留在欧洲投资者手里，防止核心技术流失。
虽然德国总理默克尔曾表示无意干预美的收购库卡，但德国经济部长Sigmar Gabriel则在6月份开始寻找欧洲企业参与库卡集团的竞购，希望将库卡的控制权留在欧洲。
▲图片说明：德国经济部长Sigmar Gabriel 来自Awdnews
纵观整个收购案的脉络，不难发现美的的收购策略或许是在尽可能规避一次性大规模收购可能引发的冲突，毕竟和一些无关痛痒的抄底型收购不同，美的此次希望收购的是一家在德国工业4.0战略中有重要地位的机器人公司。
收购库卡是则大新闻，但这只是美的快速扩张的常态美的是中国最大规模的家用电器制造商之一，名下既有空调、电磁炉、微波炉、风扇、净水器等面向终端消费者的产品，也有空调压缩机、冰箱压缩机、电机、变压器等位于供应链上游的产品。不仅如此，美的还掌握了冰箱、洗衣机、微波炉产业链。
不过美的庞大的规模一部分功劳来源于大量并购。
在收购库卡集团之前，美的最典型的一次并购当属今年6月底斥资33.2亿元人民币收购东芝白色家电业务。在收购完成后，美的将获得40年的东芝品牌的全球授权及超过5千项与白色家电相关的专利。
▲图片说明：来自Japan Times
根据证券日报报道，美的在过去十余年里完成了十余起并购，促进了自身国际化和多元化发展，业内人士认为：
从美的的发展历史来看，并购已经成为美的在资本和资产规模上扩张的有效手段。企业在国际化多元化发展过程中，收购是比较常见的手段，而收购也是企业直接进入这一领域最有效的方式。从美的的运作手段和基因来看，其就是一家喜欢收购的公司。
有了这些信息，不难理解美的收购库卡的目的。这一次，美的想往高端制造业发展，同时利用库卡的强项补足自己的弱项。
美的集团在5月19日发布的《第二届董事会第十一次会议决议公告》中透露了收购库卡的目的：
布局机器人产业，寻求新的增长空间，实现产业升级，开拓B2B市场；
开发多样化专业化机器人产品；
利用库卡集团子公司瑞士格的物流设备和系统解决方案，提升物流效率，拓展第三方物流业务；
美的在公告中还表示：
为推进公司“双智”战略（智慧家居+智能制造），深化机器人产业布局，公司拟通过全资境外子公司Mecca以自愿要约收购方式向库卡集团股东发起要约……
可见美的收购库卡，主要还是想借库卡在工业机器人领域的丰硕成果，一方面提高现有家电业务的产能，另一方面则是进入工业机器人这个拥有广阔发展空间的新市场。
专门服务机械行业的德国咨询公司施帝莱曾指出，伴随着“中国制造2025”战略的发布，中国工业机器人的年销售额将会实现快速上升，从2015年至2019年，年均增长率预计会达到19%。
▲图片说明：来自经济参考报
中国工信部装备工业司则从官方角度对《中国制造2025》中的机器人战略提出了详尽解读。工信部称目前国内工业机器人的应用虽然有了很强劲的发展，但和日本、德国、韩国相比仍然存在很大的差距：
2013年中国工业机器人密度仅为30台/万名产业工人，不足全球平均水平的一半，与工业自动化程度较高的韩国（437台/万名产业工人）、日本（323台/万名产业工人）和德国（282台/万名产业工人）相比差距更大。国内工业机器人市场仍有巨大潜力。
另外，服务机器人也将会是机器人行业的另一个发展重点。
我国服务机器人的发展滞后于工业机器人，与日本、美国等国家相比，我国在服务机器人领域的研发起步较晚，与发达国家绝对差距还比较大。但相对于工业机器人而言，国内外差距较小。服务机器人一般都要结合特定需求市场进行开发，本土企业更容易结合特定的环境和文化进行开发占据良好的市场定位，从而保持一定的竞争优势；另一方面，外国的服务机器人也属于新兴产业，大部分服务机器人公司成立的时间还比较短，因而我国的服务机器人产业面临着较大的机遇和发展空间。
不难发现，美的在公告中提到的“布局机器人产业”“开拓B2B市场”“开发多样化专业化机器人”都和国家未来的政策倾向高度吻合，收购身处行业顶端的库卡集团显然是个颇有好处的选择。
产业升级刻不容缓，中国家电企业都有什么选择？如果各位经常看新闻联播，就会发现“产业升级”这个词语已经成为了一个高频词汇。
产业升级的方式不少，比如加大研发投入，提高技术水平；当然也可以好像美的一样，通过并购将先进生产力集中起来。而并购标的可能是同行竞争对手、产业链上游供应商，也有可能跟随国外巨头的步伐，接收那些巨头需要剥离但尚有价值的业务。
在中国家电行业里，除了美的收购库卡，海尔对美国通用电气家电业务的收购也是一个重要的案例。今年6月7日，海尔宣布以55.8亿美元收购通用电气家电业务，此举有利于海尔迅速拓展海外市场。
▲图片说明：来自Tradingbanks
不过收购同行在家电行业里并不像是一个明智之举，央视品牌顾问李光斗在个人博客中撰文评价称耗巨资收购因利润率低下而被GE剥离的家电业务可能会成为海尔“由盛转衰的转折点”。
相比之下，美的收购库卡以及格力收购珠海银隆则更像是合格的“升级”。7月5日，格力公告称拟全资收购珠海银隆新能源有限公司，后者从事电动汽车、锂电池、智能电网调峰调频系统的生产和研发，目前已经具备稳定的纯电动客车生产能力。
收购格力收下珠海银隆的目的并非要与志向高远的蔚来汽车、车和家等汽车创业公司一拼高下。董明珠表示格力瞄准的是珠海银隆在钛酸锂动力电池和储能电池上的优势，虽然银隆拥有纯电动SUV车型10万辆的年产能，但这可能不会与格力集团发生直接关系。
▲图片说明：珠海银隆生产的纯电动公交车 来自珠海银隆
无论是美的收购库卡，还是早前的格力收购银隆、海尔收购GE家电，都是中国家电企业转型的重要手段，只不过在这条目标一致的道路上，有的企业选择了用收购换市场，有的企业则选择了用收购换技术。
在经济转型期的机遇下，中国家电企业能否好像互联网行业一样乘风前进？将过往的一切推倒重来肯定不会工业企业的风格，美的格力们的未来，也许就存在于这些被他们花大钱买回来的公司身上。