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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  San'an Optoelectronics Co., Ltd.    600703   CNE000000KB3


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Chinese bidders walk away from Osram takeover - sources

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12/13/2016 | 01:15pm EDT
Light bulbs of lamp manufacturer Osram are seen in a shop in Germering

FRANKFURT (Reuters) - Chinese interest in a takeover of lighting group Osram Licht AG (>> Osram Licht AG) has cooled amid signs of mounting political opposition to Chinese acquisitions in Germany, two people familiar with the matter said on Tuesday.

FRANKFURT (Reuters) - Chinese interest in a takeover of lighting group Osram Licht AG (>> Osram Licht AG) has cooled amid signs of mounting political opposition to Chinese acquisitions in Germany, two people familiar with the matter said on Tuesday.

Sanan Optoelectronics (>> SANAN OPTOELECTRONICS CO.,LTD) and venture capital firm GSR Go Scale Capital Advisors have stopped pursuing a bid for the whole company, said the people, who declined to be named.

"Resistance from labour representatives and from politicians has left an impression on the Chinese," one of them said.

A spokesman for the German economics ministry declined to comment on what it described as business decisions by investors, saying the strategic direction of the company was up to Osram.

Osram declined to comment. Sanan and GSR Go Scale Capital Advisors could not immediately be reached for comment.

A Chinese takeover of Osram, which has a market capitalisation of about 5 billion euros (4.2 billion pounds), had already run into opposition from the IG Metall trade union.

The sources said a takeover was also likely to face political obstacles following the blocking of the acquisition of German silicon chip manufacturing equipment maker Aixtron (>> AIXTRON SE) by Chinese buyers.

China's Fujian Grand Chip Investment Fund withdrew its bid for Aixtron after the United States blocked the acquisition of its U.S. division on national security grounds and German authorities withdrew their approval.

The collapse of the Aixtron deal comes amid growing objections in Germany and the United States to China buying up firms with strategic technologies abroad without allowing reciprocal transactions at home.

Osram is shifting its focus from light bulbs to lighting technology, investing in chips for LED lights and making it a potential target for chipmakers such as Sanan.

Another source familiar with the matter said the Chinese buyers may settle for a stake of less than 25 percent in Osram.

"Chinese investors are warming to the idea of taking a minority stake in Osram as that would not draw scrutiny under German law," the person said, adding that the Chinese bidders may settle for a 17.5 percent stake owned by Siemens (>> Siemens AG).

But Osram also makes components such as LED chips and alloys that are considered dual-use goods, meaning they can be used for civilian and military purposes.

An investment in Osram by Chinese investors could potentially be examined by the Committee on Foreign Investment in the United States (CFIUS), so a deal might need to be structured to exclude any sensitive technology.

Earlier this year Go Scale Capital was blocked from buying Lumileds, an LED components and car lighting business in the United States owned by Philips (>> PHILIPS), following CFIUS opposition.

On Monday Philips agreed instead to sell Lumileds to U.S. private equity investor Apollo Global Management (>> Apollo Global Management LLC).

(Reporting by Arno Schuetze, Alexander Huebner and Jens Hack; Additional reporting by Julie Zhu in Hong Kong; Editing by David Clarke, Greg Mahlich)

Stocks mentioned in the article
ChangeLast1st jan.
AIXTRON SE -0.13% 11.47 Delayed Quote.34.67%
AMP LIMITED -0.35% 1.44 End-of-day quote.-24.80%
AMS AG -1.98% 21.76 Delayed Quote.-43.47%
CLARKE INC. 0.71% 5.7 Delayed Quote.-54.50%
DUAL CO., LTD. 0.00% 3455 End-of-day quote.10.03%
E.ON SE -1.23% 9.464 Delayed Quote.0.61%
KONINKLIJKE PHILIPS N.V. -2.57% 42.1 Delayed Quote.1.30%
OSRAM LICHT AG -0.47% 51 Delayed Quote.16.06%
SAN'AN OPTOELECTRONICS CO., LTD. -2.98% 23.13 End-of-day quote.25.98%
SIEMENS AG -1.86% 108.68 Delayed Quote.-4.98%
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08/14SAN'AN OPTOELECTRONICS CO., LTD. : half-yearly earnings release
07/13China's state chip fund to cut stakes in two more tech companies
04/21SAN'AN OPTOELECTRONICS CO., LTD. : quaterly earnings release
2016Chinese bidders walk away from Osram takeover - sources
2016Germany stalls Osram unit sale to Chinese buyers - WirtschaftsWoche
2016Germany considers protecting firms from foreign takeovers-newspaper
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Sales 2020 8 213 M 1 235 M 1 235 M
Net income 2020 1 652 M 248 M 248 M
Net cash 2020 271 M 40,8 M 40,8 M
P/E ratio 2020 58,3x
Yield 2020 0,53%
Capitalization 103 B 15 495 M 15 494 M
EV / Sales 2020 12,5x
EV / Sales 2021 10,5x
Nbr of Employees 12 111
Free-Float 66,3%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 21,62 CNY
Last Close Price 23,13 CNY
Spread / Highest target 72,9%
Spread / Average Target -6,53%
Spread / Lowest Target -56,8%
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Ke Chuang Lin Vice Chairman & General Manager
Zhi Qiang Lin Chairman
Chong Pin Fang Chairman-Supervisory Board
Zhi Jun Huang Chief Financial & Accounting Officer
Xiao Juan Shao Member-Supervisory Board
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