Observation: General M & Haier idea to play off three threshold – Haier M & GM, Zhang – HC network appliance industry
A year ago, Haier was forced to abandon acquisition of Universal
Home Appliances Business. A year later, when China became the vanguard of the global economic recovery, common household appliances Haier acquisition rumors again circulated. Although Haier has not yet responded positively, but can not stop the trade on the Haier road of international M & A speculation. Rumor is true or false has been important, important, Haier sea travel dreams never stop … …
2003, Haier Group CEO Zhang told China Central Television, "Dialogue" column interview had to go abroad for a classical interpretation, he likened the development of eating meat at home to foreign competition than to eat, " Once overseas competitors divide the meat into China, China's meat will be less. Conversely, if out of the door, we might have to eat meat from the soup into. "" Certainly, "Mr. Zhang said frankly," This is a very painful process. "
Perhaps, Zhang did not think, 5 years later, there will be opportunities to acquire generic Haier household appliances. Haier, for this is a dream, the dream shattered in 2008. However, in July 2009, the industry may once again to restart merger rumors Haier General's motion, and even news that Haier is working with GM to discuss matters relating to mergers and acquisitions, and in August announced the final results. With great fanfare in 2008 is different from Haier chose silence response.
Rumors reproduction Green Expo this year, during a "Haier Group will restart the acquisition of general goods business" message in the appliance industry to spread. Rumors rhythmic, as to prevent the competitors involved, raising the price negotiations, Haier CEO Zhang internal only and a few other senior financial executives and groups know the inside story. Haier Group Culture Centre, Kun-Peng, director of Foreign Propaganda Department's response to the rumor that "so far not received the relevant information." Deny such rumors could not stop the spread.
Haier Group an insider told reporters, "in 2008
Financial The crisis came, the Haier Group to stop the agency entrusted with the general negotiations, but the two sides began in June this year, resumed contacts. However, common household appliances business, now worth a year ago already had a considerable decline. "In 2008, GM will sell appliance business part of the assets of the price set at 50-80 billion dollars, the financial crisis broke out, Universal is clearly no longer possible to sell at high prices before the appliance business.
On Haier, the acquisition of common household appliances are now the best time? After shrinking is also worth Haier general send the real stuff? The industry have mixed views.
2008, at the Haier reveal the intention of the acquisition of common household appliances, some people in the industry are not optimistic about acquisition of Haier, a large part because of funding problems. In accordance with the 2007 Haier filing shows the net profit of 6.43 billion, this amount is only half of the year net profit Gree. From the market point of view, in 2007 the market value of Hong Kong-listed Haier Electronics, only 23 billion or so, the mainland-listed Qingdao Haier's market value was only 11 billion yuan or so, you want to complete large acquisitions by issuing new shares, obviously, "Xinyou Yu and power shortage. " In addition, in an interview, Qingdao Haier clear that the acquisition under the group level, this way, no listed company to help its very difficult to buy Haier desire.
Haier has said may help bridge loan or apply for co-operation with the private equity funds to solve cash flow problems. In 2005, Haier's bid for Maytag, they invested with Bain Capital and Blackstone, the two contacted the United States, mainstream funds, but ultimately can not change the acquisition of "abortion" was. For the first time to give up M & Haier common causes of home appliances, Haier, one said, "Haier's acquisition of each are very, very seriously. 2005 acquisition of Maytag is giving up a very clear case, then the final acquisition of Whirlpool price exceeds the price of our psychology, and common household appliances in our opinion offer in May 2008 has also been a serious departure from the market value. "at home and abroad, Haier has hired several experts to conduct a bid evaluation common household appliances, The results are not satisfactory.
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