After the U.S. acquisition of the KUKA event ended, could China's home appliance companies successfully transition?

After three months of acquisition, the famous Chinese electrical appliance group Shangmei finally took the German robot company KUKA and became the new owner of the German giant robot company. Yesterday, Midea Group announced that as of August 4, 2016, the additional offer period for the tender offer was completed on August 4, 2016, and the total number of shares of the KUKA group that accepted the tender offer was 32.233 million shares, which accounted for KUKA Group The proportion of issuance of equity is approximately 81.04%. Together with the company's 13.17% stake in KUKA Group before the tender offer, Midea's final holding of the KUKA Group's issued share capital is 94.55%.

In recent years, China’s industrial robots have grown explosively and have become the world’s largest consumer of industrial robots. The demand for industrial robots has also increased year by year. As one of the top four companies in the global industrial robotics industry, KUKA entered the Chinese market as early as 1986, and has provided industrial robots for well-known Chinese leading automobile companies such as Dongfeng Motor and Changan Automobile. However, in general, the development of KUKA in China is not smooth, and has always been seeking unsuccessful investment. The reasons for this are nothing more than internal obstacles and price issues, and thus no suitable investors have been found.

Until August 2015, the China Household Appliances giant Midea Group purchased 5.4% of KUKA shares for the first time. In February of this year, Midea Group increased its shareholding to 10.2%, becoming the second largest shareholder of KUKA. .

In May of this year, Midea Group announced that it intends to acquire KUKA, a German industrial robot company, at a price of EUR 115 per share. However, this transaction encountered some unexpected political resistance in Germany. German Economic Minister Sigmar Gabriel clearly expressed his opposition to China’s acquisition of German companies, and began to look for European companies to participate in the KUKA Group’s bid in June. Hope Leave Kuka's control in Europe.

Some local politicians in Germany also hope that KUKA will continue to operate as an independent German brand. In addition, some EU officials have expressed their suspicion that KUKA is very important for the digital development of European manufacturing. It hopes to keep its company’s key technologies in Europe and calls for shareholders of KUKA to refuse to sell shares to the US group.

In addition, the KUKA company’s management and shareholders have also staged the purchase proposal. Some shareholders believe that this is a hostile takeover, and Voith Group, which decided to sell the shares, initially felt that This acquisition proposal is not mature enough and needs careful consideration. Till, the company's CEO, said that the United States can help it expand the market in the Asia-Pacific region.

Although the oral opposition of the German government and the opposition of Voith Group, the original KUKA shareholder, did not affect the final agreement, Midea finally reached an agreement with KUKA on June 28 this year. The KUKA Group Board of Supervisors and Executive Management Committee recommended that KUKA Group shareholders accept the tender offer.

In the terms of the acquisition, KUKA requires Midea Group to undertake to protect KUKA's data and maintain its location and job location. KUKA's industrial intellectual property, as well as its customer and supplier data, needs to be obtained through an agreement. Protected, beautiful can not access or move the database. According to KUKA, this agreement will last for ten years.

Subsequently, the first acquisition took place on July 16 of this year. Midea obtained a 72.18% stake in KUKA Group from this round of offers. After this, Midea continued its two-week additional offer period, raising its stake in the current round of acquisitions to 81.04%. According to the announcement, after the end of the additional offer period, KUKA shareholders will not be able to continue to accept the offer for the sale of shares in respect of the tender offer.

Before Midea's acquisition of KUKA, the company has already begun to deploy robotics. Since 2012, the United States has invested nearly 1,000 robots in total, and it is expected to invest about 5 billion yuan in automation reforms, significantly increasing the automation rate of production. Launched sweeping robots for home use around 2013, and vigorously developed R&D around 2015, including the establishment of a service robot company and an industrial robot company with Yaskawa, including a wholly-owned subsidiary with a registered capital of 1 billion yuan. Midea Robotics Development Co., Ltd. ". It is not difficult to see that robots have changed the home appliance giant to a large extent, and the United States is very clear about the importance of robots for their own future. And last year, the United States established a new robotics business unit to fully deploy the robot industry.

Therefore, from the perspective of the United States, KUKA’s core strength lies in its strong robotic manufacturing capabilities and rich experience in downstream applications. Through this acquisition, the United States hopes to lay out the midstream assembly process in the robotics field and accumulate downstream application experience for its use in China. Promote footwork. At the same time, white goods companies are labor-intensive companies, and replacing robots with robots has gradually become one of the trends in the manufacturing sector. Therefore, the United States hopes to quickly increase its R&D and application level of robots through the acquisition of KUKA. Compared with Japanese companies Yaskawa, KUKA may have a more open attitude toward China. In addition, the acquisition of KUKA can also facilitate the layout of the United States overseas.

But from the perspective of Kuka, they can not give a little bit of real technology to the United States, this is not yet able to say. Europe’s protection of advanced core technologies is still very tough. However, since KUKA has reached an agreement with Midea to purchase, it may also want to use the combination with the United States to help the United States to carry out manufacturing upgrades. This is also a good opportunity for the development of KUKA. In addition, according to the US's established strategic plan, KUKA is likely to exceed its target of 4 billion to 4.5 billion euros in revenue by 2020, of which 1 billion euros is expected to come from the Chinese market. Observers in the industry believe that after the U.S. group purchases KUKA, KUKA’s revenue in China is expected to show a "geometric growth."

On the surface, it is only a Chinese local tyrant that has acquired a German local tyrant. However, fundamentally, it is an important transformation of Chinese traditional household electrical appliance enterprises under the emerging technological atmospheres of the Internet, artificial intelligence, etc., and is acquired through a lot of funds. To quickly make up for their own technical and market deficiencies.

The lag in the development of service robots and industrial robots in China, and the rapid rise in human cost caused by the rapid growth of GDP, all prompted the home appliance companies represented by Midea Group to start a new “industrial revolution”. However, today, as both technology and economy are running fast, whether the “beauty people” can successfully transform themselves through external resources will still need time to verify.

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