MStar并购案被推迟，联发科葫芦里卖什么药？

根据台湾金融监督管理委员会的一份报告，联发科(MediaTek Inc.)已经撤回回合并开曼晨星“发行新股”乙案，业内猜测此举是由于在合并晨星半导体（MStar Semiconductor Inc.）时遇到阻碍，原因是中韩两国政府迟迟不批准。 联发科在一份声明中表示，撤回申请是因为与MStar的合并案生效日已经由原定的2013年1月1日推迟到5月1日。造成推迟的原因是，联发科希望早点将发行新股案送交主管机关审核，但在之前必须拿到中韩两国政府的许可，因此主管机关也希望联发科可以将此案主动撤回，等中韩政府同意合并后，再重新送件。 据台湾媒体报道，2012年8月联发科已经收购了晨星半导体48%的股份，而这次动作目的在于以更小的代价收购其剩余股份。 但是联发科强调，合并晨星最终进度并没有改变。

晨星由于手机芯片开发进度已经落后联发科两代，且面临中国大陆展讯和RDA的激烈竞争，受此消息冲击立即跌停。
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联发科去年6月22日宣布以换股和现金形式分2阶段全部收购晨星，总金额预计超过1150亿元新台币，是IC业界近来最大的合并案之一。两家合并需要通过台湾、中国内地、美国、韩国和日本审查，其中美国和日本将较为容易，但由于两家公司合并后在中国内地电视芯片市场拥有很高的市场份额，且晨星是三星的重要供应商，通过中韩政府审核难度会较大，中国大陆和韩国的审查将是两家能否顺利合并的关键。 联发科在2012年6月底向中国大陆和韩国公平交易审核委员会递交了合并申请文件，按照一般流程，10月底就可以获准，但目前联发科仍未获得中韩政府批准。 本文授权编译自EE Times，版权所有，谢绝转载 编译：Luffy Liu 参考英文原文：MediaTek-MStar merger delayed, by Peter Clarke

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{pagination} MediaTek-MStar merger delayed Peter Clarke LONDON – Fabless consumer chip company MediaTek Inc. has withdrawn an application to raise cash by issuing shares, casting doubt on a plan to merge with local Taiwan rival MStar Semiconductor Inc., according to reports referencing Taiwan's Financial Supervisory Commission as their source. MediaTek (Hsinchu, Taiwan) said in a statement that it had withdrawn the new share application because it was postponing the merger to May 1 from the previous target date of Jan. 1, according to a Focus Taiwan report. MediaTek successfully concluded a tender offer to acquire a 48 percent stake in MStar (Hsinchu, Taiwan) in August 2012. The latest moves were intended to complete the acquisition of the smaller rival, a Focus Taiwan report said. MediaTek and MStar are both public companies and leading fabless chip companies. Both make SoCs that go in smartphones and other consumer and multimedia electronics. Mediatek had planned to issue about 221 million shares for the purpose of acquiring MStar. The delay has been caused by an inability to secure approval for the deal from foreign countries, including China and South Korea, which have cited anti-trust concerns, the Focus Taiwan report said. MediaTek is expected to re-apply to issue new shares once it has received the approvals it deems necessary although there are concerns that the plan could fall apart, the reports said.