On November 17th, according to foreign media reports, the world's largest flat-panel display manufacturer Innolux announced on Sunday that the company agreed to acquire Chi Mei Electronics, the second-largest flat panel display manufacturer in Taiwan. The acquisition will be all The conversion method was completed, worth NT$172 billion, or about US$5.3 billion.
   Hon Hai Group holds a 24% stake in Innolux, and Innolux made two acquisitions in less than two months, reflecting the fierce competition among Asian flat panel display manufacturers. The competition between Taiwanese companies and Korean companies is particularly fierce, and all parties hope to increase their share in the Chinese mainland market.
   Hon Hai, chairman of Hon Hai, said in an interview with reporters: "We hope to become Taiwan's largest panel maker and rank among the top three in the world."
   On Friday, Chi Mei's share price closed up 3.3% to NT$18 per share, while Innolux was flat at NT$47. According to the 7.5 billion shares issued by Chi Mei and the 3.24 billion shares of Innolux, Innolux’s valuation of Chi Mei is about NT$172 billion. Chi Mei’s financial director Denis Chen confirmed this number.
   The new company will be named Chi Mei Group. Hon Hai and Innolux said in a statement that the new company is larger than AU Optronics, becoming the largest LCD panel manufacturer in Taiwan and the third largest LCD manufacturer in the world.
   Chi Mei's business is mainly concentrated on large-size panels, while Innolux focuses on small and medium-sized panels. In terms of revenue, Samsung Electronics and LG Display are the world's top two LCD panel manufacturers, and AU Optronics ranks third.
   “The combined new company will have the strength to compete directly with Korean rivals,†said Matt Cleary, an analyst at Deutsche Bank Securities. He added that the high utilization rate of Innolux will allow the company to be in a favorable position when the industry's down cycle comes. .
   The entire transaction is expected to be completed on May 1 next year. Innolux announced the acquisition of Tongbao Optoelectronics on October 5 this year. The transaction was also completed by a share swap, valued at NT$20 billion, or approximately US$620 million.
   “It’s not easy to integrate the two companies at the same time, but the new company’s business will cover everything from TV to mobile phones, which is very competitive,†said analyst Cleary.
   He also said that the global panel industry is gradually warming up, and the reduction in competition among enterprises can raise the price of LCD panels.
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