Chapter 2847: One After Another

If Peter Bauer is leaving, then Feng Yiping and Cummins can't stop him from leaving. After all, the CEO of Infineon is really very considerate. As soon as the people here arrived, he hurried to the door to express his welcome.

It seems that he almost went to the airport to greet them in person.

This, although it is okay for him to go to the airport to greet them in person, the problem is that the relationship between the two companies is not really suitable for such a welcoming and sending off.

This time, it involves a well-known company with tens of thousands of employees and business all over the world. The seller is so enthusiastic to welcome the buyer, which makes the buyer feel that it must be rushing to buy.

Since you are so eager, the acquisition price and related conditions must be very low and very harsh.

So? It's confusing!

However, after eliminating this somewhat inappropriate enthusiasm, it seems that there is nothing difficult to understand.

Peter Bauer just talked about some of Infineon's difficulties and said very confidently that Qimonda is their best choice.

Although he was very frank when introducing the situation of Infineon, it can only be said that he is a very pragmatic person who will not whitewash his mistakes.

When you think about it carefully, Feng Yiping and others all know that as a company listed in Frankfurt and the New York Stock Exchange, the situations he said are all public.

Including the consideration of continuing layoffs, the market also has predictions.

As for what he said about Infineon's situation, it made people feel that he seemed to want to sell Infineon, but Feng Yiping immediately denied this idea.

That is Infineon, Infineon, which was born out of Siemens in Germany, is a well-known large technology company in Germany.

Although Qimonda can be regarded as a spun-off of Siemens and a well-known large technology company in Germany - last year, Qimonda was still the second largest in the global memory chip industry, but it is definitely not comparable to its parent company Infineon.

After Peter Bauer took office in the third quarter of last year, while laying off employees, he also adjusted Infineon and finally determined the structure with five business departments as the main focus: automotive, industrial, security, wired and wireless.

The first is the automotive business. In this regard, Infineon is already very good and is one of the top three in the world's automotive electronics industry.

The importance of automobiles to Germany is self-evident.

So, companies outside of Germany want to acquire Infineon?

Feng Yiping never wants to hit such a wall...

So in the end, after all, this CEO of Infineon came here for only one purpose, except for some untimely enthusiasm, "Qimonda is your best choice!"

As for why he was so untimely enthusiastic, after comprehensive analysis, Feng Yiping and Cummins felt that there was nothing incomprehensible.

Infineon has really been dragged down by Qimonda, and Qimonda's situation, or the situation of the entire memory market, will never be optimistic this year. In other words, if this burden cannot be thrown off, then Infineon may end up like Qimonda today.

After Cohen joined the discussion, some situations became clearer.

"According to the new information we have obtained, at the end of the term of Wolfgang Gilbart, the former CEO of Infineon, last year, due to continuous losses for more than 6 quarters, his relationship with the board of directors was already very bad. Chairman Max Tietrich-Korey criticized him publicly more than once."

"And Gilbart has long been seeking to reduce his holdings of Qimonda shares in order to reverse the situation. I heard that there were buyers who expressed interest at the beginning of last year, but with the continued downturn in the memory market and the impact of the financial crisis, no one is willing to transfer those shares."

Feng Yiping nodded, "Oh, that's it."

He really admires Gary Cohen's professionalism. Looking at his current appearance, when he mentioned the financial crisis, it seemed that it had nothing to do with them.

But the situation he had mastered also further explained why Peter Bauer was so enthusiastic.

He didn't want to follow the footsteps of his predecessor Gilbart, so he had to get rid of Qimonda, and Feng Yiping might be the only one who was interested in Qimonda and had the strength.

In order to ensure that this deal would not fall through, he simply became frank.

Anyway, it is not honest. Qimonda cannot be sold at a high price now.

As for those who were originally interested but later gave up Qimonda, Feng Yiping thinks that even if there is no financial crisis, few people would dare to be interested after seeing Qimonda's performance.

In the first three quarters of 2008, Qimonda's cumulative losses reached 1.481 billion euros, and the fourth quarter financial report has been dragged on and refused to be released. The final figures announced are still the same as the average level of the first three quarters, which is also more than 400 million euros.

In other words, it lost nearly 1.9 billion euros, nearly 2.5 billion US dollars, in one year. The key is that it is difficult to see the day of improvement. How many people can withstand such losses?

"From the preliminary information we have, Qimonda's assets are of course in billions of dollars," Cohen said.

This is natural.

Qimonda, a high-tech company, is different from the Internet-based high-tech companies in Silicon Valley because it has 5 factories and 7 R&D centers around the world, so it has valuable fixed assets.

Everyone knows that the investment of a chip manufacturing plant is at least more than 2 billion US dollars.

“But at the same time, they have at least more than $1 billion in debt,” Cohen added.

No wonder Infineon wants to get rid of it.

“Infineon’s first CEO Schumacher,”

Feng Yiping has seen the information about Infineon’s first CEO, who seems to be from the same hometown as the racing god Schumacher. He has a strong personality and he also likes racing.

This is not just because his last name is Schumacher, but automotive electronics is the most important business of Infineon, accounting for nearly 30%. Therefore, when Infineon was just independent from Siemens and had a good life, it was a major sponsor of Audi racing.

“He said more than once that the company’s headquarters should be moved to Switzerland, or even Singapore, because the tax burden in Germany is too high,”

Feng Yiping closed the information in his hand, “Thank you for your reminder, Cohen,”

Cohen’s two sentences don’t sound very related, but Feng Yiping understood.

For those who take over Qimonda, if you expect the German government to bear part of Qimonda’s debt, then all of Qimonda’s institutions in Germany, including factories, must not be cancelled.

And operating such a business in Germany is definitely not cost-effective in the long run.

So from a long-term perspective, it is best not to expect the German government to assume part of the debt.

"So, about our offer..." Feng Yiping was just about to discuss this issue when Cummins' assistant came in, "Qimonda's CEO hopes to visit you,"

Feng Yiping was also a little speechless about this.

Peter Bauer just left, and you come again, is this a competition?

"It doesn't matter if you meet first," Cohen suggested.

Feng Yiping also had this opinion. He came to Germany to meet them.

Anyway, there was no need for him to express his views on some key issues in such a meeting.

"Well, we'll discuss it later," he said with a smile, "I think no one will take the initiative to come to see me after this,"

"Feng, I want to tell you some news we just got," Cohen said again.

Feng Yiping clearly felt that since he became a shareholder of Goldman Sachs, the treatment he enjoyed was significantly improved.

At least this time Cohen's work was really very diligent.

"You said,"

"According to relevant sources, the reason why the German government refused to provide financial assistance was mainly because Qimonda asked for a huge sum of money. In addition to asking Germany, Portugal, and Infineon to provide a total of 325 million euros in bailout funds, they also asked for an additional 300 million euros in operating funds,"

Feng Yiping didn't know what to say, "Haha, a total of more than 600 million euros, I envy this,"

He almost bankrupted his company, but asked the government and major shareholders for such a huge sum of money. Is this a listed company in a capitalist society? This is clearly our state-owned enterprise.

"The German government was worried that if it invested 300 million euros this time, not only would there be no chance of recovery, but it might also become Qimonda's cash machine in the future. Therefore, it refused to subsidize Qimonda,"

Feng Yiping patted his shoulder, "I understand, let's meet the CEO of Qimonda,"