联想并购案例英文版分析

TableofContents1.Introduction..................................................................................................31.1TheChineseM&Asituation.................................................................31.2Purpose...............................................................................................32.Briefsummaryaboutthecase.....................................................................32.1IntroductionsaboutLenovo.................................................................32.2CaseSummary....................................................................................43.ImportantFactorsAnalysis..........................................................................53.1SynergisticEffect..................................................................................53.2Integratedthehumanresourcesandresolvedthelaborcostproblemsuccessfully...............................................................................................63.3Resolvedthedifficultyofblendingtwobrands.....................................63.4Well-designedcorporatemanagementplan........................................64.AssumedRiskAnalysis................................................................................74.1Dealrisks.............................................................................................74.2Cave-outrisks.....................................................................................74.3Integrationrisks:culturalandoperational............................................84.4Politicalrisk.........................................................................................94.5Brandrisk............................................................................................95.Solutiontotherisks....................................................................................105.1Originaldeal:pre-privateequityinvolvement.....................................105.2Finaldeal:privateequityfirmsgetinvolved.......................................116.Recommendations.....................................................................................126.1FurtherResearchandDevelopment.................................................126.2CultureConflictProblem....................................................................136.3AttractNewCustomers......................................................................136.4InternationalizeAchievements...........................................................136.5PositioningCorrectly.........................................................................136.6RationalizeTheirPricingStrategy.....................................................146.7GraspOpportunities..........................................................................147.ChineserestrictionsonforeignM&AactivitiesinChinaandtherationalebehind............................................................................................................147.1Qualificationsofacquiringfirm..........................................................147.2Decentralizationofauthority..............................................................157.3Classifiedapproval............................................................................167.4Assetsellingrestrictions....................................................................177.5Conclusion.........................................................................................188.Reference..................................................................................................191.Introduction1.1TheChineseM&AsituationCurrently,ForeigncapitalM&Aisthemainformofforeigndirectinvestment.China’smakinguseofforeigninvestmenthaslongbeenfocusedonthemanufacturingindustrieswhichtakeupapproximately60%-70%inallandassumedthegrowingtendencyinrecentyears.Multinationalshavestartedtomarchonlarge-scaleequipmentandmanufacturingindustryinChina.Atpresent,withintheworldtop10biggestprojectsmechanicalcompanieshad9enteredintoChinacomprehensivelywiththeirmergeremphasesonourleadingprojectmechanicalandelectricapparatusenterprises.(Qin,2007)AlongwithChina’sopeninguptotheoutsideworldandtheinfluenceoftransnationalM&Atide,therepresentssomenewchangesinmultinationalinvestmentmethodstoChina.Themainchangeisfromthejointcapital,cooperationtosoleownershipplant,thencarryingoutonalargescaleM&Apracticetoourpotentialbogoutstandingenterprise.1.2PurposeThisessayistoanalyzethemethodsusedandmajorrisksinChineseM&AthroughtheLenovo’sAcquisitionofIBM’sPCDivisioncase.2.Briefsummaryaboutthecase2.1IntroductionsaboutLenovoLenovoGroupLimited(SEHK:0992)isaChinesemultinationalcomputerhardwareandelectronicscompanywithitsoperationalheadquartersinMorrisville,NorthCarolina,UnitedStatesanditsregisteredofficeinHongKong.Itsproductsincludepersonalcomputers,tabletcomputers,mobilephones,workstations,servers,electronicstoragedevices,ITmanagementsoftwareandsmarttelevisions.Lenovohasoperationsinmorethan60countriesandsellsitsproductsinaround160countries.Lenovowasfound