Rebirth in 1998 is also a kind of life

Two days later, Yaoqiang International Airport.

"Boss, do you miss me?" As soon as he got out of the pick-up gate, Lu Sisi flung herself into the forest like a swallow, and threw herself into Yang Zhu's arms.

Feeling the radiant body in his arms and the surprisingly elastic touch from his chest, Yang Zhu swallowed the saliva that flowed out due to the natural reaction of his body, and after struggling to untie the arms around his neck, Then she glared at her angrily: "They are all the general manager of Tangtang Cast Investment Private Equity, and they are so careless...what if they are misunderstood by other people in the company?"

Lu Sisi casually glanced at the two members of Zhutou International Trade who were accompanying Yang Zhu to pick up the plane: "If you misunderstand, you will misunderstand... I really want to know who likes to talk so much."

Two secretaries behind Yang Zhu, a man and a woman, shuddered when they heard the words, and then moved their eyes away in unison, looking around as if they hadn't seen anything——Zhutou International Trade is different from Zhutou Trading, the company's rules Very strict, once the mouth is broken about this kind of gossip about the company's top management, they don't know how they will die at that time.

Seeing this guy start to play awe-inspiring after getting off the plane, Yang Zhu rolled his eyes: "Comrade Sisi, I haven't seen you for a few months, your official authority is getting stronger and stronger!"

Lu Sisi looked at her boss, and found that he was not angry at all, and immediately took Yang Zhu's arm with a smile: "In front of you, boss, who dares to act like a leader? ... Where is the car? It has been flying for more than 20 hours , I'm starving to death!"

Being dragged by Lu Sisi to the outside of the airport, Yang Zhu sighed with a headache, but didn't say anything more...

In fact, the weight of the golden hen Zhutou International Trade in his mind is not as important as outsiders imagined. Otherwise, he would not even participate in the most basic daily management of the company. The more and more loud trading company has become a den of bandits.

………………

Different from Zhutou International Trade, which respects low-key, Zhutou International Trade's behavior style is much more publicized.

Aside from the vastly different staff attire and decoration styles of the headquarters, even the company's commercial vehicles are not at the same level at all.

In the black Bentley elegant, Yang Zhu watched speechlessly as the two secretaries in the front row put down the sealed baffle of the rear compartment, and then looked tiredly at the mixed-race beauty beside him: "Hey, hey, hey, hey, hey, hey!" ~! Comrade Sisi, it’s almost done, everyone’s baffles have been lowered...can you, old man, let go of your hands too?”

Lu Sisi, who had almost put her whole body on Yang Zhu's body, gave him a coquettish look when she heard this, "Why, this girl took the initiative to throw herself into your arms, and you are not happy to let you take advantage of it!?"

Even though the air conditioner was turned on in the car, Yang Zhu couldn't help swallowing again... I have to say, this guy is really ruthless!

It's summer now, and everyone doesn't wear much. After getting into the car, Lu Sisi, who was dressed in European and American style, even took off the beach short sleeves she was wearing outside because of the hot weather in Quancheng, leaving only a low-cut t-shirt. The shirt was worn on the body, and then stuck to Yang Zhu's body like a pendant.

You must know that Yang Zhu has never seen such a hot figure in his life, and it is enough to stick his whole body to him. At any rate, casting can be regarded as having a certain resistance.

But this guy is very aware of some of Yang Zhu's preferences. When he hung it up, he adjusted his posture intentionally or unintentionally, not to mention showing off his explosive snow-white thighs under his short jeans, and also intentionally or unintentionally. The neckline of the chest t-shirt hangs obliquely not far from Yang Zhu at a 45-degree angle, allowing the eyes of a certain official to directly bathe in the holy light.

Although Yang Zhu was not unfamiliar with some of Lu Feifei's capital during the days of fleeing, and even had a few intimate contacts during countless bumps and bumps, but to be honest... It was the first time for the movement in my sight.

After looking away with some difficulty, Yang Zhu shook his arm angrily, and shook Lu Sisi away: "Give me enough time! Just do the acting properly, everyone has put down the baffle, and you will go too far if you do this again." It's gone!"

The core team of Zhutou International Trade Co., Ltd. is composed of people from all corners of the country; therefore, even though there are relatively sound rules and regulations, there is still a strong atmosphere of quackery in the company when Yang Zhu never intervenes in the company's daily management. ——One of the most intuitive feelings is that with the continuous development and growth of the company, there are more and more mountain factions inside.

Although it doesn't matter whether it's Yang Zhu or Li Jun, as long as the two leaders speak, no one in the company will dare to disobey, and the things that have been explained will definitely be handled properly for you-in fact, Don't dare to be disobedient, otherwise, these two masters are really not merciful masters;

Li Jun, the most powerful vice president of the company, needless to say, although he was born as a white paper fan, he is not merciful at all in terms of family law;

As for Yang Zhu, the boss on the top of the mountain, although he doesn't show his head several times a year, and he always looks harmless and smiling every time he appears, but everyone knows that if this guy is unhappy, he will attack him. Definitely more ruthless than Li Jun—the matter of Li Hongjun and his subordinates was under Li Jun's deliberate control, and some people in the company have been declassified in an "unofficial" way; Even if Li Hongjun could deal with such a ruthless hand, who else in the company would dare to get tired of life and make this unfathomable big boss unhappy?

It's just that, although everyone is obedient to Yang Zhu and Li Jun, they may not really pay attention to other high-level executives. It's getting more and more exaggerated. The strength of many newcomers and the departments they are in charge of is already not to be underestimated, and there is even a tendency to catch up from behind.

And it is very interesting that, in the current Zhutou International Trade, when evaluating the ranking of the seats of the heads of the core business departments, a very important reference factor is the degree of relationship between the other party and the various outlets of the small circle and the ability to allocate resources— — There is no way out, Zhutou International Trade now needs the help of people from the small circle to help in the front line or side cooperation in many regional businesses.

To a certain extent, Yang Zhu must bear more than half of the responsibility for the emergence of this situation—if Yang Zhu hadn’t forced Zhutou International Trade to expand business in various regions with a sprint attitude in order to race against time, the company This kind of "only small circle gang theory" will not gradually appear in it.

So, it's okay for a veteran like Tan Xin who is in charge of both the export business of Maoxiongguo and the derivative projects of the European and American Co-help Network - although the former's trade volume is not highly valued by everyone, and the latter is now all in Throwing money into it, but after all, they meet with the top executives of the small circle gang every day, so everyone also acquiesced that this guy is the third in Zhutou International Trade.

But the "former executives" like Lu Sisi who stepped down from the position of general manager of the North American branch and now don't have much interaction with the top executives of the small circle gang are different.

From everyone's point of view, this guy has been properly "relegated"—don't take the position of general manager of Zhutou Private Equity as an issue. In terms of manpower and actual control of the site, this position is completely different from the original general manager of the North American branch. any comparability.

However, there are tens of billions of dollars of funds in the private equity account of Zhutou, which makes people jealous and jealous-for the vast majority of people, they don't understand that Zhutou private equity is now madly pouring out every day What are the huge investments in the company, I just thought that this half-race beauty lost her mind after being demoted, and now she is venting her anger.

As a result, many people in the company have begun to ignore the warning that "this money has a special purpose" that Li Jun once said at the meeting, and began to move around. Private equity will inevitably enter a period of business suspension. After tens of billions of dollars of funds have no fixed destination, it is hard to say that my department will be able to get a big share of the pie.

Although Lu Sisi knew that these people's plans were nothing more than daydreams, she was really annoyed by all kinds of gossip and countless little tricks within the company, so she simply wanted to pull Yang Zhu Come here as a shield—as a beautiful woman, she naturally knows where her strengths are. It is very common for a young and beautiful late-promoted executive to become the little lover of a big boss. 99 out of [-] people will not Doubt the veracity of this matter.

Here!This girl is already Yang Zhu's woman, if you have the ability, you can yell at this big boss to see if you have the courage-this is the signal that Lu Sisi wants to send out with this set of tricks today; She's not a slut, even if she wanted to seduce Yang Zhu, she wouldn't be willing to demean herself in front of others.

………………

Seeing that Yang Zhu directly broke the matter, Lu Sisi let go of her hands bitterly, and while straightening her neckline, she said unswervingly: "Hey~! Boss, I'm not boasting, no matter which angle the girl's capital comes from, Said, they will definitely stand the test, so... you really don't pay more attention?"

Looking at Lu Sisi's slightly provocative eyes, Yang Zhu only felt a severe pain in his temple... Since he failed to "gift" last Christmas, this guy has become more and more presumptuous in front of him.

How else can I say that the most difficult debt in the world to repay is the debt of favor—the two are comrades-in-arms who have suffered through life and death, and their own life was saved by others to a certain extent, so even if Lu Sisi's "use up" How dare you provoke me later?" Yang Zhu hated him so much, but he really couldn't say the words to tell the other party to get out of the car.

In desperation, Yang Zhu could only change the subject: "That...Comrade Sisi, I asked you to come here this time, you should know why?"

Hearing that the guy in front of him changed the topic so bluntly, Lu Sisi glanced at him contemptuously, and after puffing out his chest in a demonstrative manner, he replied: "I know, someone wants to find someone through the Quancheng Meat Factory. Boss, what are you talking about, and you want me to come forward to top the tank... If nothing unexpected, it should be about Smithfield Foods."

Yang Zhu nodded: "I guess it's the same... Speaking of which, how is the acquisition process at Smithfield?"

Lu Sisi rolled her eyes: "Boss, it's not that you don't know that he is already the largest raw meat merchant in the world. Even if there is GS Group in the middle, how can it be so easy to buy?"

"Hey, so far, we've only been in contact with three rounds, and no substantive agreement has been reached... According to my estimation, it would be good to get this matter settled within three to five years!"

Yang Zhu smiled: "Three to five years? You are too optimistic... In fact, my psychological expectation is that it will enter the substantive stage in 6 years, and I will be satisfied if I can achieve a wholly-owned acquisition or core asset acquisition within 8 years!"

in 8 years?

Valley

That is, 2010?

Lu Sisi looked at Yang Zhu in surprise: "It took so long!?"

Yang Zhu curled his lips: "Aren't you really naive enough to think that as long as you have enough money, you can really buy whatever you want? ——If that's true, Pretty Country was banned 20 years ago. All the island countries have been bought!"

Lu Sisi's face became serious, and she stopped playing around just now.

As a person who is biased by mainstream academic viewpoints, she agrees with the concept of free economy from the bottom of her heart—in fact, the experience of swaying money in private equity during this period has also deepened this understanding.

But at the same time, she witnessed the miraculous experience of someone who stirred up a situation in the world in just two and a half years, but her faith in Yang Zhu was also deeply rooted in her bones;

Therefore, now that she hears that Yang Zhu doesn't agree with certain concepts, and at the same time uses the experience of the island country as an example, she can't help but become serious-you know, the projects she invested in during this period are not purely for business. Consider that once the results cannot be successfully harvested or the technology patents transferred, then there will be a big mess!

Seeing that her face was serious, Yang Zhu immediately understood what she was worried about, and comforted him immediately: "Don't worry, in the current environment, as long as the research and development cycle of the projects you invest in is not so long, it should be nothing to reap the fruits." questionable!"

Hearing what Yang Zhu said, Lu Sisi breathed a sigh of relief, and patted her trembling chest: "I was shocked, I thought there would be some problems then!"

After finishing speaking, he looked at Yang Zhu with some incomprehension: "Boss, regardless of the scale, in terms of sensitivity alone, the acquisition of Smithfield Company is not even as sensitive as some of the projects I invested in. Why would you buy this company?" The process is so pessimistic?...You know, although Smithfield is known as the world's number one pork producer, its profitability has been declining year by year in recent years, and there is more than one pork producer in the beautiful country, and the scale is not smaller than him How many companies are not too few, okay?"

This is true. Since the beginning of the millennium, the pig farming industry in the beautiful country has entered the deep water area, and the scale process has relatively slowed down. The proportion of integrated pig farms has dropped rapidly from 1994% in 66 to 2001% in 24 (2004 In 18, it dropped to a historical low of [-]%), replaced by professional pig breeding farms, piglet feeding farms and finishing pig farms—that is to say, the industrial chain of this industry has been split up and subdivided.

Under this trend of industrial subdivision, the capital that is inherently profit-seeking will inevitably control the field of breeding pigs with the highest profit, cost-effectiveness ratio and the most ideal moat, and then let the rest of the "bad guys" take over the fattening, feeding and slaughtering links.

In fact, this is the underlying reason for the decline in Smithfield’s profitability in recent years—no matter what industry it is, it is always cheaper and more profitable to do precision than to do full-scale.

The words pig breeding sound low to death, but in fact this thing is a real high-tech (in fact, pig farming is also), the average person can't play it at all, and the barriers to entry are also scary... So, more The second-rate capital can only obediently enter the fattening and slaughtering links, which also makes the beautiful country actually have no shortage of large fattening farms and slaughterhouses.

Hearing what Lu Sisi said, Yang Zhu smiled noncommittally: "Although in a broad sense, animal husbandry is not a sensitive industry for the beautiful country... However, for the agricultural industry that holds the great say in the beautiful country For the food giants, a large-scale pork producer like Smithfield, which has reached the world’s largest scale, is a very rare reservoir;”

"Therefore, it is not as easy as you think to acquire Smithfield—in fact, the reason why I let GS Group throw out the acquisition signal last year was nothing more than trying to attract Smithfield and Meng at the same time. The eyes of the two Shandu companies and the GS Group will prevent these guys from going to trouble other Huaxia companies."

One bait for three purposes?

Why is this even related to Mengshan?

Lu Sisi felt a little confused, and frowned: "Boss, you must have shot Xu Huang. In fact, you didn't intend to acquire these two companies at all, did you?"

Yang Zhu shook his head: "How is it possible? If you do this, wouldn't you offend these two companies and the GS Group at the same time? I won't do such a stupid thing!"

"In fact, I sincerely want to acquire these two companies, but I have my own ideas on how to acquire them, and I never planned to follow the path given by the gs group from the beginning to the end—but this The acquisition process will be relatively long, and there will be a lot of foreshadowing required, at least within 5 years, there is a high probability that the final result will not be seen."

But thinking of the backhand he had arranged, Yang Zhu shrugged: "But it's not necessarily true. Europe and the United States have their own set of games. If our games in the beautiful country go well, it's hard to say that within three years Maybe we can directly grab these two companies into our hands!"

Thinking of the things that Yang Zhu arranged for him to fix during this time, Lu Sisi only felt his head swell... Why are those spin-off projects related to the acquisition of Smithfield and Mengshan?

Boss, my brain is not good, can you old man not play so complicated! ?

Seeing Lu Sisi looking at him with resentment, Yang Zhu looked at the carriage, but he had no intention of explaining on the spot. Instead, he asked with interest: "Speaking of which, after contacting Smithfield three times, what step did you talk about?" gone?"

Lu Sisi replied a little discouraged: "I said that there is no substantial progress. After receiving the acquisition invitation from us, they directly rejected it, and did not even give us the opportunity for financial verification—you know, the quotation we gave But it is a full US$17.4 per share, which is a full 13.85% higher than their current US$25 per share!"

Yang Zhuwei shook his head ignorantly. Although the 25% premium is very attractive, but facing a firm like Zhutou Private Equity who is determined to buy someone else, how could the other party who is not yet on the verge of life and death offer it now? Positive feedback, isn't that a waste of a god-sent opportunity to slaughter fat sheep?

But then again, although the 25% premium has not yet reached the threshold in other people's hearts, it is definitely full of sincerity. Logically speaking, the other party is not going to get to the point yet, right?

After thinking about it, Yang Zhu asked: "Does the other party have any prerequisites that need to be finalized before they are willing to enter the substantive stage?"

Lu Sisi looked at Yang Zhu in surprise, as if she didn't expect her boss to grasp the point so quickly - you know, after she was put in charge of this matter, Yang Zhu never asked a word from the beginning to the end.
The so-called all-cash acquisition means that the acquiring company pays a certain amount of cash to acquire the ownership of the target company.

Generally speaking, any acquisition that does not involve the issuance of new shares can be regarded as a cash acquisition, even if the acquisition is completed by the merging company through the direct issuance of some form of notes, it is also a cash acquisition.

In this case, the target company's shareholders can obtain some form of notes, but there is no shareholder's equity in it, just some form of deferred cash payment.Once the shareholders of the target company receive the cash payment for their shares, they will lose any rights and interests in the original company, which is the clearest and most rapid payment method in M&A activities.

This method of acquisition has many advantages. Not only is the valuation simple and clear, but also from the perspective of the acquirer, the biggest advantage of using cash as a payment tool is its speed, which can catch hostile target companies by surprise and fail to obtain sufficient time to implement countermeasures. Mergers and acquisitions also make it impossible for companies bidding for acquisitions or potential rival companies to compete with them due to temporary difficulties in raising large amounts of cash, which is conducive to the completion of acquisition transactions as soon as possible.

In addition, for the target company, the cash acquisition can convert its virtual capital into cash in a short period of time, the target company does not have to bear securities risks, and will not be affected by changes in the development prospects, interest rates and inflation rates of the merged company in the future The impact of settlement is simple and clear, so it is often the acquisition payment method that the target company is most willing to accept.

It’s just that for the merging party, the acquisition of the target company in cash will not “dilute” the existing shareholders’ equity, but it will be a heavy immediate cash burden—especially if it requires at least a 30% premium to acquire When Smithfield is a behemoth with a net asset value (shareholders' equity) of more than US$30 billion and a debt commitment of at least more than US$10 billion, this acquisition method will seriously affect other investment plans of Cast Investment Private Equity.

Seeing Lu Sisi pouting angrily, Yang Zhu looked at her with some amusement: "Did you make a mistake... The all-cash acquisition will only affect our book fund pool, and what really needs to be guarded against, Is it the mbo model they insist on?"
As we all know, Morgan Stanley and GS Group have always been rivals. Before the millennium, Morgan Stanley once suppressed GS Group to death. If Yang Zhu would rather give up the advance payment to GS Group, he would go find him Morgan Stanley, then it will be a serious blow to the reputation of GS Group in the industry-from this perspective, Yang Zhu is forcing GS Group.

&nbo (management buyout)?

What's wrong?

Looking at Yang Zhu with a sneer on his face, Lu Sisi felt that she was getting more and more confused about her boss...