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 5. 釜底抽薪

上节笔者对公司并购的战略目的做了基本的定义、分析和阐述， 现在让笔者与读者一起来研究和剖析Cisco的一个收购案例来看看华为是如何在公司并购战略中被思科暗算和相应的公司抛弃和出卖的。笔者会在后续的章节里论证为什么因为缺少核心技术，华为将面临四面楚歌的困境。

 2006年11月13日，Cisco宣布收购半导体芯片公司Greenfield Networks Inc. 关于收购的声明可参见如下：思科收购Greefield网络芯片公司， 或可参阅如下：

November 13, 2006 – Greenfield Networks provides integrated circuits, hardware and software optimized for Ethernet packet processing that enables next-generation Metro Ethernet services. This technology is highly complementary to Cisco’s existing line of Metro Ethernet products and will enable Cisco to improve time to market of carrier-class features for our service provider customers.

 这项并购案在2006年12月7日成功完成并结束。新闻发布可参见：

 http://newsroom.cisco.com/dlls/2006/corp_120706.html

SAN JOSE, Calif., December 7, 2006 – Cisco (NASDAQ: CSCO) – Cisco Systems today announced it has completed the acquisition of privately-held Greenfield Networks Inc. of Sunnyvale, California. Greenfield Networks provides integrated circuits, hardware and software optimized for Ethernet packet processing that enables next-generation Metro Ethernet services Greenfield has a proven track record in developing and deploying semiconductors for the Metro Ethernet market. This technology is highly complementary to Cisco’s existing line of Metro Ethernet products. With the close of the transaction, the Greenfield team and product portfolio are now integrated into Cisco’s Ethernet and Wireless Technology Group (EWTG) led by senior vice president, Kathy Hill.

这项并购案是一个什么性质的并购？按照笔者的定义，是进攻性并购，防御性并购，还是复杂的综合性并购？

显然，不是一个防御性的并购。Cisco并不是销售芯片的半导体公司，Cisco是一个销售通信系统设备的公司。

所以，这个并购是一个进攻性并购，或是一个综合性并购。

通过阅读Cisco的新闻发布，似乎给读者是一个单纯的进攻性并购的印象。

事情其实没有这么简单。。。

请看如下报导：

Cisco’s Scorched Earth Strategy

Published by

Andrew Schmitt

November 14， 2006

Cisco swallowed another chip company this morning, Greenfield Networks. The notable thing about this acquisition is that Cisco rival Huawei/3Com built their high end system around the Greenfield device. I’m willing to bet that Greenfield was a lot more important to Huawei/3Com than it was to Cisco. And I’m willing to bet that’s why Cisco bought them.

By purchasing Greenfield, Cisco continues their scorched earth strategy of buying key suppliers in order to deny these products to competitors.

【笔者译注：】关于这次思科并购Greefield网络芯片公司，非常值得注意的是思科公司的竞争对手华为/3COM一直使用其芯片来设计高端网络通信系统，如交换机。从某种意义上而言，Greefield对华为的重要性其实更大于思科。这其实更是思科购买Greenfield的重要原因之一。通过购买Greefield，思科可以继续其焦土战略，购买其竞争对手的重要供货商从而阻断竞争者的产品线。

 ……

What you won’t hear Chambers say is that Cisco is successful because they are 80% of the market and the market for networking equipment is growing at 15-20% a year. This incumbency position provides them with several advantages, including monopsony power over suppliers and the ability to turn commodity items into value added products.

It also gives them the mass to shoulder aside competitors and pull the rug out from under them by acquiring key suppliers. People harbor crazy ideas about oil companies buying and burying 200 MPG engine technology. Cisco does this routinely with silicon suppliers.

【笔者译注：】 思科在通信设备产品的垄断地位使得其遥遥领先其竞争对手，通过不断的收购竞争对手所需的核心技术产品供货商，将竞争对手限于非常被动的地位，比如大量的半导体芯片公司。

Cisco pulled the exact move in 1997, when they acquired Skystone, an Ottawa based chip maker that was the sole source of OC-48 POS/ATM framer silicon. When Cisco assimilated Skystone, several other tier 1 equipment vendor were left without framer silicon and effectively gave the GSR12k a 6-9 month lead in the exploding (at the time) Telco market. They followed it up in 1999 by acquiring StratumOne. These events also catalyzed a gold rush for SONET/SDH silicon suppliers, resulting in an oversupply of products that still exists today.

【笔者译注：】思科在这方面的战略行动由来已久。1997年收购渥太华芯片公司Skystone。当时Skystone是市场上唯一的Oc-48 POS/ATM光网络芯片。思科成功“暗杀”了Skystone公司之后，其他的业界光通信设备商顿时失去了芯片来源，整个产品线顿时陷入了混乱，从而思科的产品GSP12k得以充足的6到9个月的时间领先于其他对手。1999年，思科又故伎重演，购买StratumOne……

The game plan for a comm semi supplier looking for liquidity is pretty straightforward.

* Design compelling silicon that enables a valuable networking equipment feature

* Get product thoroughly designed into Cisco Competitor to the point where they are 9 months pregnant with your silicon.

* Get product designed into Cisco (optional)

* Get acquired by Cisco

* Write note of apology to Cisco Competitors #1, #2, #3 . . . .

【笔者译注：】由于思科在网络芯片领域的购买战略，导致许多网络半导体芯片公司的投资和产品策划都是如下步骤：

×设计一个非常好的网络处理芯片。

×为思科的某产品线的竞争者设计相应的产品，拼命的挤入其产品线市场，并达到9个月左右的被产品使用的时间。

×开始与思科博弈，商谈把芯片加入到思科产品线中

×谋求被思科购买！

×一旦被购买，开始抛弃第二步中的那些思科的竞争对手公司：对不起，下个季度将不再供货……非常无情与残酷。

Unfortunately for Netlogic (NETL), they completed step 3 before step 2, and derive 60-70% of their historical revenue from Cisco. Cisco competitors are wary of building systems around their devices. And Netlogic is stuck fighting Cisco purchasing for a few extra points of margin day in, day out. Meanwhile, Greenfield played the game right. And Huawei/3Com got pawned.

【笔者译注：】Greenfield就是按照上述博弈从而成功被卖给思科的。结果就是华为/3Com被抛弃和出卖了。

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