1. Correction:

1.1. Your understanding that "SUN is not a well-known company in the industry" is very wrong. Back then, it was as great a company as Apple is today. , has been a top company in the IT industry from the 1980s to 2002. Its hardware directly competes with IBM in the field of enterprise servers and workstations; its operating system is far ahead of Microsoft's Windows NT in the network field. It is said that a certain person behind Windows 2000 later Some functions are still performed by Unix. It is a pity that it was surpassed and eliminated by Microsoft because it did not pay attention to the application and development of personal operating systems for non-computer majors.

1.2. The reason why SUN refused to be acquired by IBM is probably because SUN despised IBM, because Sun was finally defeated by Microsoft, and IBM was originally a little behind SUN in the server field, just because IBM and Microsoft were ** * Enjoys the patent of the 6.22 version of the DOS operating system, which gives it a certain patent advantage in using the Windows operating system and related software developed by Microsoft based on DOS. This is just like the Japanese in World War II only admitted that they were defeated by the United States instead of China. .

2. Recommend a few more "failed marriage"-style international M&A cases:

2.1. TCL's acquisition of Thomson: Thomson's color TV business has suffered huge losses for many consecutive years. Li Dongsheng believes that Tom Xunxun has the brand, technology and European and American channels, and TCL can use it as the European and American market to avoid the troubles of anti-dumping and patent fees, and shout the slogan of "turning losses in 18 months". However, it reported losses for two consecutive years after the merger. At the end of October 2006, TCL had to cut off its European color TV business in addition to OEM. At present, the merger is basically classified as a failure.

2.2. TCL’s merger with Alcatel: TCL suffered a net loss of 4 billion yuan in three years after the merger. At the same time, it suffered two claims of more than 500 million yuan six years later. It has failed and has become a classic case in business schools.

2.3. SAIC’s merger with South Korea’s SsangYong Motor resulted in a huge loss of 4.2 billion! ! ! ! ! ! !

2.4. Ping An of China acquired the Dutch-Belgian Fortis Group, with a net loss of 15.7 billion yuan in 8 months; TCL acquired Thomson, with a net loss of 4 billion yuan in 3 years; China Investment Group invested in the American Blackstone Group, with a net loss of 20 In less than a year, the value of US$100 million has shrunk by more than 70%.

3. Failure cases of purely international mergers and acquisitions:

3.1. Ford acquired Volvo in 1999 (approximately 2000). The merger was considered a failure because the purpose of the merger was not achieved, and in 2009 Selling Volvo to Geely. This case has continued beyond 2000.

3.2. In 1998, Chrysler and Daimler-Benz officially merged. In 2000, they suffered a huge loss of US$1.8 billion and are now waiting to be sold. This case has continued beyond 2000.

3.3. In September 1998, WorldCom and MCI Communications merged for US$37 billion, and the new company MCI WorldCom officially opened for business. Soon, the U.S. communications industry entered a downturn. The failed acquisition of SPRINT in 2000 severely frustrated the company's development strategy and its stock price plummeted. In July 2000, the two companies terminated the acquisition plan, and MCI WorldCom subsequently changed its name to WorldCom again. In 2002, regulatory authorities discovered that it had been falsifying property for many years. From 1999 to 2001 alone, it had inflated revenue by more than 9 billion U.S. dollars. In July 2002, it applied for bankruptcy and reorganization.

There are not many purely unsuccessful cases of purely foreign mergers and acquisitions after 2000. The above three can be regarded as spanning the century and are for reference only.

Of course, the cases of failed international mergers and acquisitions involving China are so old. Even Lenovo's acquisition of IBM's PC business, and the use of IBM's trademark for several years can only be defined as Successful cases are all cheating.

The biggest international M&A joke is Chinalco’s acquisition of Rio Tinto shares. Australia publicly admitted that it had breached the contract and it was a technical breach of contract, and voluntarily accepted the penalty. The board of directors thanked Chinalco on behalf of all shareholders for its assistance in times of crisis. The Australian media and people also despised China. ! @#￥*￥…amp;*