根據中國半導體產業(yè)界的數(shù)個消息來源，中國兩大IC設計公司──展訊(Spreadtrum Communications)與銳迪科(RDA Microelectronics)──合并案，仍然是懸而未決；這兩家公司在去年先后被具中國官方色彩的投資機構紫光集團(Tsinghua Unigroup)收購。 展 訊與銳迪科可說是中國最成功的兩家無晶圓廠IC設計公司，在數(shù)年前就都已經在美國納斯達克股市首度公開上市(IPO)。而由于收購了這兩家公司的紫光集 團，有51%股份是北京清華大學旗下的國營企業(yè)清華控股(Tsinghua Holdings)所有，展訊與銳迪科若是真的合并，將誕生一家足以與臺灣手機芯片大廠聯(lián)發(fā)科(MediaTek)匹敵的全新中國本土IC供貨商。 只 是業(yè)界消息指出，紫光集團收購案在過去幾個月來引發(fā)了銳迪科員工的強烈反彈；據了解，銳迪科董事長暨首席執(zhí)行官戴保家(Vincent Tai)就因為反對該收購計劃，在去年被公司董事會解雇。一位匿名銳迪科資深主管日前對EETimes美國版編輯透露：“我們希望Vincent能回來?！倍@然并非是唯一有這種想法的人。 有數(shù)個產業(yè)消息來源、包括銳迪科內部與外部人士都指出，銳迪科與展訊兩家公司的企業(yè)文化有很大差異，合并將會很困難；此外那些消息來源也指出，紫光集團是希望藉由收購兩家公司、再將兩家公司合并之后的新企業(yè)公開上市來快速獲利，應該更了解這一點。 與更具靈活性與自由精神的銳迪科相較，展訊是一家規(guī)模較大的企業(yè)，后者的工程師被形容為是在一個受到高度控管、機械化的環(huán)境下工作；銳迪科是中國的RF芯片領導廠商，展訊則是在中國本土3G標準TD-SCDMA基頻芯片市場稱王。 此外據中國當?shù)叵碓赐嘎?，上海與北京兩座城市之間的角力也在這兩家公司的合并案幕后扮演黑手；上海是一座比北京更富裕的城市，每年繳交給中國中央政府的稅金龐大，而本來上海的浦東科技投資有限公司(Pudong Science and Technology Investment)在去年9月求購銳迪科，不過半路殺出紫光集團以更高的價格將銳迪科買到手。 這對浦東科技投資有限公司來說是重大打擊，眼睜睜地看著從北京來的對手跑到自家后院來搜括走了兩家IC設計大廠。 其實紫光集團收購銳迪科是未定案？ 有 幾個上海當?shù)叵碓粗赋?，其實紫光集團收購銳迪科并沒有得到中國政府的許可，也就是說，紫光集團想合并展訊與銳迪科，還得先讓銳迪科收購案通過中國國家發(fā)展和改革委員會(National Development and Reform Commission of China)的審查。 上述銳迪科資深主管表示：“沒有通過政府的審查，一切就不會定案；”而他也坦承，對未來的不確定將會影響公司客戶，也會讓員工士氣受到打擊。從銳迪科在去年12月發(fā)布的數(shù)則新聞稿，也可看出該公司想不顧一切拒絕被紫光集團收購，卻又無力抵抗的無奈── 在一篇去年12月4日發(fā)布的“銳迪科響應特定媒體對與紫光集團之未決合并案相關報導”新聞稿中，銳迪科表示：“我們一直針對完成收購所需的主管機關批準程序，與紫光集團維持密切討論，根據合并協(xié)議提供所需協(xié)助與信息?！? 新聞稿并指出，銳迪科與紫光集團將繼續(xù)相互合作，以取得完成收購所需的相關批文；而該公司也從紫光集團獲得信息，該案可望獲得中國國家發(fā)展和改革委員會審查 通過。接著另一篇在12月20日發(fā)布的新聞稿，由于中國中央政府主管機關的批準要求有所放寬，銳迪科與紫光集團已經針對合并協(xié)議做了修改。 不過直到現(xiàn)在，中國政府主管機關的批文都還沒下來。 在今年稍早，一篇Deal Reporter的報導指出，根據知曉內情的消息來源透露，中國國家發(fā)展與改革委員會(NDRC)對最早出價求購銳迪科的上海浦東科技投資有限公司提案都還沒過審查期限，不太可能會先批準紫光集團對銳迪科的收購案。 雖然銳迪科的股東大會已經在去年底投票通過該收購案，但NDRC這一關顯然還不一定過得去，結果如何讓我們拭目以待。 本文授權編譯自EE Times，版權所有，謝絕轉載 編譯：Judith Cheng 參考英文原文：Battle Over Spreadtrum/RDA Merger ，by Junko Yoshida

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{pagination} Battle Over Spreadtrum/RDA Merger Junko Yoshida, Chief International Correspondent The merger is not a given SHANGHAI, China — The pending merger of two Shanghai-based fabless companies -- Spreadtrum Communications and RDA Microelectronics -- through two separate acquisitions pulled off by Tsinghua Unigroup is "not a done deal," according to several industry sources here. China's two most successful fabless chip companies went IPO on Nasdaq several years ago. Since 51 percent of Tsinghua Unigroup is owned by Tsinghua Holdings, a 100 percent state-owned limited liability corporation funded by Tsinghua University, the Spreadtrum/RDA merger is expected to deliver a new, state-owned, consolidated entity that might become powerful enough to compete with Taiwan's MediaTek. However, over the last few months, the proposed deal has triggered raw emotions and turmoil among RDA employees who object to it. Chairman and CEO Vincent Tai, who reportedly resisted the Tsinghua Unigroup's acquisition plan, was fired by the RDA board late last year. One senior executive at RDA told EE Times Thursday, "We want Vincent back." Clearly, he isn't alone with that sentiment. Several sources in the industry -- both inside and outside RDA -- point out that the huge cultural differences between RDA and Spreadtrum will make it tough to run the merged company effectively. And they say that Tsinghua Unigroup, whose purpose in acquiring the two companies is to make money by quickly making the consolidated entity go public in China, should know better. Cultural difference Compared to the more agile and free-spirited RDA, Spreadtrum is a much bigger corporation where engineers are known to be highly regimented, working in a modern "feeding" machine-like environment. RDA is China's RF IC leader, while Spreadtrum has grown big by leading China's home-grown TD-SCDMA baseband market. Also brewing behind the scenes is an on-going feud between Shanghai and Beijing, according to several local sources. Shanghai, a much richer city than Beijing, pays a heavy tax levy to China's central government. It was originally the Shanghai Pudong Science and Technology Investment Co. that proposed, last September, to buy RDA. The deal, however, fizzled when Tsinghua Unigroup barged in and proposed to buy RDA at a higher price. It was a huge blow to the Shanghai-based investment firm. It had to watch the Beijing-based company come into its own backyard to sweep up the two most successful fabless companies in Shanghai. No pre-clearance Several industry sources in Shanghai pointed out that Tsinghua Unigroup acquired RDA without a permit from China's central government. More specifically, Tsinghua Unigroup, at this point, still lacks pre-clearance for the merger from the National Development and Reform Commission of China. The RDA senior executive told EE Times, "Without pre-clearance from the government, this deal is not done." He acknowledged that uncertainty about the future is doing damage to customers and to the morale of employees. Indeed, a number of press releases RDA had to put out in last December alone speak volumes about both the company's desperation to put the proposed acquisition news behind it and its inability to do so. In a press release titled "RDA Microelectronics Responds to Certain Media Reports on the Pending Merger With Tsinghua Unigroup," issued December 4, RDA said: We have been maintaining close discussions with Tsinghua Unigroup regarding the regulatory approvals required to complete the Merger, and have provided Tsinghua Unigroup with assistance and information in such regard in compliance with the Merger Agreement. We and Tsinghua Unigroup will continue to cooperate with each other in obtaining the relevant approvals that are required for the consummation of the Merger. We also understand from Tsinghua Unigroup that it is on track to obtain the pre-clearance of the Merger from the National Development and Reform Commission of China. In a subsequent press release issued on Dec. 20, RDA said that Tsinghua Unigroup and RDA Microelectronics had amended the merger agreement due to relaxation of certain PRC regulatory approval requirements. However, as of today, the PRC regulatory approval is still not here. Earlier this year, Deal Reporter reported: China's National Development and Reform Commission (NDRC) is unlikely to grant Tsinghua Unigroup pre-clearance for its proposed bid for RDA Microelectronics prior to the expiry of an outstanding approval that was first given to rival bidder Shanghai Pudong Science and Technology Investment, a source close to NDRC told this news service. While RDA's shareholders late last year voted to approve the deal, the NDRC's votes, obviously, are not all in. Stay tuned to this channel.