On the afternoon of June 6, Midea Group (000333.SZ, hereinafter referred to as the US) EGM passed the US acquisition of KUKA, and this high-profile cross-border M&A case passed another level.
In the next step, the merger is subject to review by the German government. After the shareholders meeting, the first financial reporter met Fang Hongbo, chairman of Midea Group. Fang Hongbo said that although this merger has difficulties, "but we have been moving forward, at least so far."
Responding to the purchase price: this is a strategic acquisition
Although there are more than 10 issues at this US extraordinary general meeting, the review of the acquisition of KUKA is clearly a top priority. After the introduction of the main topics, shareholders have raised various concerns about the KUKA acquisition plan.
The purchase price is one of the focuses. One shareholder said that the robot industry is unlikely to have 100% growth like the Internet. KUKA's performance has grown steadily in recent years. Its core components such as servo motors are outsourced, and whether the purchase price will be considered.
Li Feide, the director and vice president of Midea Group, responded that, as the US acquisition of Little Swan in 2007, today seems to be a very correct choice. Acquisitions are not like buying ordinary consumer goods in department stores, and they can be unrestricted. Therefore, this price is a comprehensive consideration of many factors and is considered in the future strategy of the United States. "And in the mature market to do this kind of acquisition, there are many side games, not single-party pricing, we will adjust according to the situation. Regarding price setting, we also hired a world-class investment bank. From a strategic perspective, we think the price is appropriate. â€
Jiang Peng, secretary of the board of directors of Midea Group, added that the valuation multiple of the acquisition of KUKA is higher than the remaining three of the global “four big families†(ABB, KUKA, Yaskawa, Fanuc), but last year’s large German companies The acquisition premium averages 40%, and the price of the US offer to acquire KUKA is more than 30% higher than the closing price of the KUKA stock before the program is announced; and the valuation of domestic robot listed companies is 100 times, and the valuation of the acquisition of KUKA is much lower. Domestic valuation level.
Response intention: the potential of general industrial robots is large
A securities analyst then went forward and hoped that Midea would introduce the strategic intent of the offer to acquire KUKA in more detail.
Li Feide replied that from the perspective of Midea’s strategy, this acquisition has not been used as an investment activity in the secondary market. The future strategy of Midea is “double-smart strategyâ€. One is to make the products of Midea more intelligent, and the other is to make smart manufacturing. In the future, the industrial space of industrial automation is very large, but most of the global industrial automation giants are developing around the heavy chemical and automobile industries. The degree of general industrial automation is low, and China is the largest market in this respect. Who can become the first in China? It will be the first in the world, so the United States is very optimistic about the opportunities of global industrial automation.
Although more than 1,000 robot companies have emerged in China, Li Feide believes that domestic robot companies, regardless of product performance, service or profitability, are clearly different from the "four big families" of global robots. The competitiveness of the future must be based on technology, not simple prices. The automation cost of a workshop is that on the one hand, the cost of use and maintenance is greater, so the share of leading companies in the Chinese market will continue to increase in the future.
Another investor asked what is the general industrial robot field.
Li Feide replied that industrial automation is divided into automotive-related fields and general industrial fields. The general industrial sector covers light industry such as electronics and home appliances. According to the data disclosed by KUKA, the income of the general industrial sector is less than half of its income. KUKA has come to China and it has several companies in China. "We just support it to do better."
Next step: still need to go through the relevant review of Germany and the United States
Fang Hongbo, chairman of Midea Group, did not participate in the US temporary shareholders meeting on the afternoon of the 6th due to official business. However, after the shareholder meeting, the First Financial News reporter just met Fang Hongbo who sent the VIP at the door of the US Shunde headquarters building.
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