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Concern Hardware & Electrical Industry 2008 Top Ten contest, click to enter>>>> Hardware Network HC: Contrast the case of Coca-Cola to buy Huiyuan, the industry's easiest to think of the case is the failure of Carlyle Xugong and France SEB conditional holding Supor. Among them, Xugong acquisition by the State's economic security and low questioned abortion, Supor case is because the market share does not constitute a monopoly "take risk" clearance. 2005 10 25, Xugongkeji announcement said Carlyle to be paid 2,069,000,000 yuan of matching dollars to buy Xugong Group held 82.11% of the equity Xugong. Meanwhile, Xugong registered capital of 1.253 billion yuan in the current capital increase on the basis of 2.416 billion yuan, the increase of part of the total subscription by the Carlyle Group. The equity transfer and capital increase is complete, transform into enterprises and joint ventures Xugong total investment of 4.2 billion, Carlyle will own 85% of Xugong stake, the remainder held by the Xuzhou Construction Machinery Group. Following year, acquisitions caused a big stir in the market. Carlyle on the acquisition of Xugong the gateway to wait for management approval, on March 1 waves Group Executive President of the article on his blog a few articles with Teng, directed restructuring of Xugong alleged price Carlyle seriously underestimated, and threats to national strategies industry. To Wenbo said, first of all, Xugongkeji has a strong brand, leading market share in the first, the annual income of 17 billion yuan to 2 billion yuan Xu transfer work is a serious underestimate. Second, Xugongkeji is a sign of Chinese construction machinery industry enterprises, and construction machinery industry, it is a national strategic industry. He believes that the sovereignty of the national strategic industry awareness of the need to strengthen. Under great pressure, Carlyle stake after one year from the original 85% to 50%; March 19, 2007, Xuzhou Construction Machinery Group and the Carlyle once again modify the stock purchase agreement and joint venture contracts. However, as of July 2008, the above-mentioned agreements and contracts still have not received regulatory approval, the two sides to a three-year joint venture program failed. Compared with Supor case Xugong case in the period, but received a conditional adoption. 2006 8 months, Supor and France SEB sign a "strategic investment framework agreement" to share transfer agreements, private placement, and part of the tender offer three ways, SEB Group, will ultimately hold 61% stake in Supor as the actual controlling shareholder. Since then, Ai Shida, Double Happiness, Shun Fat and six companies have jointly signed an "emergency statement" absolutely against France SEB Group Holdings Supor. They believe that Supor Cookware segment market share in China is high, France SEB Holdings will form the pattern of foreign monopolies in China, I hope the relevant departments to stop this "survival of endangered industries and enterprises," the monopolistic mergers and acquisitions. Foreign mergers and acquisitions, according to new rules at the time, "foreign investors on the acquisition of domestic enterprises," the state of key industries, "China Famous Brand", anti-monopoly review of the scope of such approval must be included. Thus, the Ministry of Commerce has the China National Hardware Association, China Light Industry Federation to seek the views of the formal merger of the Supor investigation, and this is our history after the antitrust review of the hearing system, the first merger case. 2007 4 months, the Commerce Department agreed in principle to the introduction of foreign strategic investors Supor. Year in November, the Commission also adopted SEB tender offer for shares in Supor. Experts told reporters, SEB Holdings Supor reason to cross the border for two reasons: First, before the price is much higher than the purchase price, not sold to fraudsters suspects; second, SEB in China's small household electrical appliances product lines and market share Coca-Cola can not and compared, using the original channel to transfer competitive advantage is unlikely. Two important investment cases, the Chinese "anti-monopoly law" in the increasingly urgent calls in the market on August 1 last year and formally promulgated into effect. We are high quality suppliers, our products such as China Active Antenna Systems , China External 3G Antenna for oversee buyer. To know more, please visits Shark Fin Antenna.
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