Merger and acquisition has become an important means for enterprises to expand rapidly and entrepreneurs to increase their wealth rapidly, so many confusing capital legends have been staged in domestic and foreign markets. Some people are proud of it and intoxicated with it, while others are depressed and annoyed.

China entrepreneurs and their enterprises have also begun to taste the sweetness and bitterness. CNOOC and Haier made high-profile acquisitions of Unocal and Maytag, respectively. Huawei's attempt to acquire Manko in England ended in failure, but it greatly broadened the international horizons of China entrepreneurs and their enterprises and gained a good experience of international market rules. This also led to the successful start of companies such as PetroChina.

M&A is also rapidly changing the global industrial structure, which has aroused the high vigilance of governments all over the world. Carlyle's acquisition of Xugong and French SEB's acquisition of Supor (2 1.76,-1.65,438+04, -4.98%) have aroused great concern of China government, and relevant policies have been issued. CNOOC's acquisition of Unocal also led to the intervention of the US government, which led to the end of the transaction.

Recently, M&A has shown more charm, which has influenced the management practice and business philosophy of China enterprises in an unprecedented way, and is accelerating the process of this cognition and practice. Mergers and acquisitions have forced the comprehensive competitiveness of enterprises to improve rapidly, the concentration of industry brands to improve rapidly, and the business skills of enterprises to rise rapidly. China and the world are entering the era of merger and acquisition together. This is the original intention of summarizing the most representative case of 10 M&A in China in the past three years.

TCL acquired Thomson.

Time: June 5438, 2004+10.

M&A model: a well-known enterprise with M&A problems. In June, 2004, 5438+ 10 reached an agreement with Thomson of France, and a joint venture company TTE was established at the end of July. Li Dongsheng thinks that Thomson has a brand, technology and European and American channels, and TCL can use it as the European and American market to avoid the troubles of anti-dumping and patent fees and shout out the slogan of "1August to turn losses around". However, after the merger, TCL lost money for two consecutive years. At the end of 2006 10, TCL had to cut off the European color TV business except OEM.

M&A's difficulties: 1. Thomson's color TV business suffered huge losses for many years, reaching173.2 billion yuan in 2003, while TCL's annual net profit was only 700 million yuan; 2. It is very difficult to integrate Thomson resources.

The latest challenge: TCL has to overcome high expectations. "We can't afford to lose this battle."

Typical experience: 1. Change the global industrial structure through mergers and acquisitions, and gain opportunities to break through the global market, technology and supply chain; 2. Enhance global visibility; 3. The acquisition of Alcatel's mobile phone business has finally been abandoned, and the acquisition of weak brands deserves reflection.

Prospect forecast: it is difficult to turn over in the future if it fails at present.