6 years ago, TCL Group (000100.SZ) Li Dongsheng, chairman of the French Thomson M & A decision, you may not think of the cross “marriage” will end a difficult to swallow the “bitter.”
After the acquisition of Thomson, TCL Group, in 2005, two years of consecutive losses in 2006, wearing a hat * ST 2007, was finally realized losses. But now face a joint venture with Thomson, TTE Europe, the company’s liquidation of “consequences” – last night, TCL Group, the day after the suspension announcement, said the Commercial Court in Nantes, France, March 10 TTE Europe, the restructuring of the litigation The first decision that the trial proceedings to require TCL Group, TCL Multimedia and its four wholly-owned subsidiary of the Official Liquidators TTE Europe 23.1 million euros of compensation (about 211 million yuan), while TCL Multimedia was the annual financial statements 2010 Provision of TTE litigation liabilities 10 million euros is expected.
July 2004, TCL acquired Thomson’s TV business, the Group formed a joint venture TTE, the European business continued losses, TTE Europe in April 2007 filed for bankruptcy liquidation. November 16, 2010, TCL Group announced that the official liquidation of the Commercial Court by Nantes, France, to the Company, TCL Multimedia and its relevant subsidiaries writs were issued for the first and second writ, and made two different claims of individual . In accordance with the TCL Group announced the first writ: the official liquidation of TCL Multimedia to illegal occupation or transfer TTE Europe and TTE Europe unreasonable customers save program costs the employee claims: while the second writ shows that the TCL Multimedia, a wholly owned TTE Corporation issued in respect of subsidiaries to TTE Technology (former TTE Europe, a wholly owned subsidiary) owned by TTE Europe claim transferred to TTE Corporation.
Last night’s announcement, a claim confirmed by TCL encountered difficulties. In this regard, TCL Group, said in a statement yesterday, against the preliminary results, will take all necessary action to dismiss an appeal for decision, while not ruled out negotiations with the settlement officer to reach a mutually satisfactory settlement. TCL Group, stressed that between 2006 and 2007 reorganization of TTE Europe entirely reasonable and legitimate. TCL out of protecting the interests of shareholders and employees, and ultimately adopted a sustainable development rather than direct closure and bankruptcy of the solution, fully embodies the Chinese companies going global social responsibility.
“This decision to the TCL Group’s future earnings pressure.” Appliance industry expert Luo Qingqi yesterday on the “First Financial Daily” said that because last year at the TCL Multimedia loss of state business, profitability is weak, coupled with the 8.5 generation is under construction Panel lines and so requires a lot of cash.
TCL Group announced in February 26 in 2010 showed a profit last year, group revenue 51.87 billion yuan, net profit of 433 million, down by 7.98%. Excluding the 685 million yuan, including government subsidies and other non-recurring gains and losses, net losses of 233 million yuan. The only TTE Europe, the first order re-action lawsuit in the verdict. TCL Multimedia and TCL Group’s annual announcement show, May 4 this year, Nantes, France, the second commercial court will sentence the writ, which claims the amount of up to 34 million euros (about 308 million yuan).
For this case, the Ministry of Commerce International Trade and Economic Cooperation Institute researcher Mei Xinyu that the liquidator’s unreasonable practices of other companies are likely to adversely affect investor confidence method, fully exposed the defects in the investment environment in France. The internationalization of Chinese enterprises, the process of globalization of trade that must be mastered at different target markets respond to the legal ability to protect themselves, and this capability is to continuously improve in practice. Advisory Committee of national industrial policy, Wang said, internationalization of Chinese enterprises is the only way to enhance market competitiveness. Internationally renowned multinational companies will frequently encounter different types of international litigation. TCL will deal with the case of other Chinese enterprises have accumulated experience.
Luo Qingqi, said, when Thomson acquired the business when the recession is in fact in the world who can not find the disk access is difficult because the staff do the aftermath. TCL was then set that dared the ability of Chinese enterprises, “to help people today has become a blot on the issue, and this is unreasonable.”
