Slovenian home appliance manufacturer Gorenj said in a statement that the company has received three acquisition offers from Haier, Hefei Meiling and Hisense.
Overseas M&A is nothing new for home appliance manufacturers who frequently go out to sea, but the three Chinese companies have launched a large-scale merger and acquisition offer, which has made the development of the situation more and more concerned.
However, at present, Meiling and Hisense have responded one after another, Meiling said that it has given up bidding, and Hisense Electric said that it is its own major shareholder Hisense Group (herein referred to as Hisense).
It is reported that after fierce competition, Hisense won with the highest offer of about 293 million euros and will announce the acquisition of Gorenje within 15 days. The Hisense Group is not convinced of this news. However, some people close to Hisense revealed: "There is a certain victory."
Slovenia's Gorenje company's main business is the kitchen-related industry. It is not meaningful to acquire it by Hisense Electric, which is mainly based on color TV. The Hisense Group, which is trying to diversify, can expand its kitchen and white power if it is included in the bag.
Gorenje was founded in 1950 and employs 11,000 people. It is selling white goods products centering on Eastern Europe and Germany. The company manufactures more than 3.5 million large household appliances each year, 80% of which are sold under the company's brand. In addition to household appliances, Gorenje also produces ceramic, kitchen and bathroom furniture and provides services in the areas of energy, ecology and trade.
For Hisense Group, if the acquisition is completed, it may open up new space in the European market.
The European market is a piece of "fat" that home appliance manufacturers including Hisense has been trying to seize in recent years. Hisense Group wants to pass on the image of its high-end brand to the world through the European market through a series of actions.
It is understood that Japan's Matsushita Corporation currently holds a 10.7% stake in Gorenje listed companies, and some market analysts believe that Panasonic has resolutely implemented its global strategic transformation in recent years, largely divesting its early operating home appliance assets, this acquisition in Panasonic or Acted as a capital hacker between Chinese companies and Gorenje.
Gorenje did not disclose the specific bid price, but industry analysts believe that the current highest quoted Hisense Group proposed a price of 12 euros per share of the binding acquisition conditions, which is equivalent to the GRV 9 day closing price premium of 1.65 times, The estimated market price will increase to a total of 347 million US dollars.
In recent years, China's home appliance companies have frequently acquired overseas acquisitions, such as Skyworth's acquisition of German TV manufacturer Metz, Hisense's acquisition of Sharp TV, the father of LCD, in North America, and Haier's $5.4 billion acquisition of GE Appliances related assets. The US group spent 4 billion euros to acquire the German robot company KUKA.
It can be seen that Chinese home appliance companies have entered the global market through overseas mergers and acquisitions, which is a powerful way to expand the scale, but it should be noted that overseas mergers and acquisitions also have risks. Home appliance companies need to be optimistic about the quality of the target and the estimated integration effect.
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