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案例编号: MKT-0461
被浏览次数: 485 次
案例名称: 美的收购库卡:戴着镣铐起舞?
译名: Midea acquired KUKA, dancing in chains
案例作者: 范学俊,樊迪,邓冬方,应丽丽,韩冬梅
作者单位: 华东师范大学
指导者:
译者:
背景单位名称: 美的集团
行业: 家电行业
规模: 大型
案例涉及的职能领域: 综合管理部门/总经理办公室
案例语种: 中文
案例长度(页): 33 页
案例类型: 决策型
中文关键词: 美的集团;要约收购;库卡公司;高持股比例;2017百优案例
英文关键词: Midea Group, tender offer, KUKA, high proportion of shareholding
中文摘要: 本案例主要描述美的集团收购德国库卡公司的缘起、过程及成功收购后进退两难的处境。创立于上个世纪60年代末的美的集团,是中国民营企业的最早样本,美的在改革开放初期涉足家电行业,伴随着中国经济的腾飞,美的成长为中国规模最大的家电巨头。50岁的美的集团董事长方洪波作为中国第一代职业经理人,在2012年接棒后带领美的顶着巨大压力逐步从中国家电企业向全球化科技集团锐变。2016年成功收购库卡极大地提升了美的“双智战略”的高度,但获得94.55%的高持股却未能获得核心技术和控制权,高价收购又面临减持难题。面对长达七年半的不谋求控制的投资协议,是作为财务投资,继续维持高比例持股,还是急流勇退减持库卡股份,是摆在方洪波面前的一个决策难题。
英文摘要: This case is mainly to discuss the beginning, the process and the dilemma afterwards of Midea Group trying to acquire KUKA. Founded in the late 60s of last century, Midea Group was the earliest sample of private enterprises in China. It involved in the home appliance industry in the early stage of reform and opening-up. Along with China's economic take-off, Midea grew to China's largest home appliance giant. The chairman of the Midea Fang Hongbo,the first generation of Chinese professional managers, has guided the Midea transition step by step under the great pressure since 2012. With the success of acquiring KUKA, Gao Chuang and other excellent enterprises, Midea has transformed to be the global technology group gradually from the Chinese household electrical appliance enterprises. Last year, the acquisition of KUKA promoted the“double wisdom strategy”of Midea, but beyond our expectation, Midea failed to obtain the core technology and control power even with 94.55% shareholdings, in the meantime, it’s hard for Midea to reduce the shareholdings because of the high acquisition price and low share price. Faced with this seven and a half years investment agreement, whether should Midea choose to be a financial investor and wait to control KUKA after the agreement expired, or reduce the proportion of KUKA’s shareholdings, it’s a tough choice for Fang Hongbo to make.
适用对象: 本科生,硕士生,工商管理硕士(MBA),
编写方式: 采编
案例年代: 2017
案例入库时间: 2017-11
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