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 这里有搞企业兼并的大侠吗：谁能讲讲西门子为何倒贴2.5亿欧元，将手机部门送给明基？ |
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这里有搞企业兼并的大侠吗：谁能讲讲西门子为何倒贴2.5亿欧元，将手机部门送给明基？ -- 木辛 - (8297 Byte) 2005-6-09 周四, 05:54 (1854 reads) |
Annran
头衔: 海归少校
加入时间: 2005/06/04
文章: 151
来自: U.S.
海归分: 14660
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作者：Annran 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Siemens looks set to be the latest in a long list of loss-making mobile-handset makers to try and dig itself out of trouble through a joint venture. The German conglomerate is reportedly set to partner its handset unit with Taiwan's BenQ, a spin-off of personal-computer maker Acer. Instead of cracking open the champagne, investors should read the small print.
Although there are plenty of precedents for this type of match, most have ended in tears. Early alliances between Sony and Qualcomm and Philips Electronics and Lucent Technologies failed due to the lack of integration in the companies' operational and distribution processes. And France's Alcatel sold its stake in its joint venture with China's TCL Communications at a loss after just nine months after it failed to stem market-share losses and a margin squeeze.
The prerequisite for such joint ventures to work in the competitive mobile-handset market is either large volume or a real technological edge in the high-end market -- or both. The only successful match, between Sony and Telefon AB L.M. Ericsson, benefited from Sony's edge in digital image and sound technology and Ericsson's already well-established position as a supplier. A Siemens-BenQ tie-up has neither.
Worse still, the joint venture inherits high-cost operations in Germany, which may prove difficult to restructure. Siemens promised job security to its German workers as part of a pay deal last year.
None of this would greatly matter if the deal provided a real exit for Siemens. Alcatel's joint venture with TCL may have been a dog, but at least the French had an escape hatch. When the deal went sour, they simply sold out to the Chinese. And this is where Siemens's investors need to scan the fine print. If the BenQ deal offers a real exit, they won't care so much if the joint venture does well or not. But if not, they should keep the champagne on ice.
作者：Annran 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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