Rebirth in 1998 is also a kind of life

Seeing that the other party was haha ​​and perfunctory, Yang Zhu did not continue to ask, but just nodded indifferently: "Zhu Shi, our acquisition of Smithfield has indeed not yet entered the substantive stage;"

"Everyone is a Huaxia enterprise, and Zhutou International Trade and Quancheng Meat Union Factory are close cooperation companies in the same city... Logically speaking, it would be great if Quancheng Meat Union Factory is willing to inject capital to participate in this acquisition; but ..."

Yang Zhu sighed: "It's just that Zhu Shi is going to be disappointed. I guess the acquisition of Smithfield this time will end in failure!"

The leader surnamed Zhu was shocked when he heard the words: "How could this happen!?"

Yang Zhu had a helpless expression on his face: "There is no way, the main reason is that we can't accept the prerequisites thrown by Smithfield. If they continue to insist on the original conditions unchanged, then we will really There is no way to continue talking."

Speaking of this, Yang Zhu sighed, and then asked casually: "Zhu Shi, you should know all the prerequisites thrown by Smithfield, right?"

The leader surnamed Zhu replied subconsciously: "I know, all-cash acquisition plus MBO model... Is there any problem?"

As soon as this remark came out, Yang Zhu immediately exchanged glances with Lu Sisi, and immediately understood who was behind that little trick that was tried and tested.

A sneer flashed across the corner of his mouth, and Yang Zhu's face returned to that helpless expression: "To be honest, with the strength of our Zhutou International Trade Corporation, although an all-cash acquisition will cause a lot of pressure, even if there is no Quancheng meat As long as the other party doesn't treat us as a fool and make random quotations, it's not impossible for the capital injection of the joint factory; "

"But...they insist on sticking to the mbo model, which is very difficult for us to accept!"

Hearing that the financial problem was not the one he was most worried about, the leader surnamed Zhu was slightly relieved, but it was a little hard to understand: "Isn't the mbo model very good? Isn't technology and management what our country's enterprises lack... can It is a great thing for us to obtain the resources, brands, products, technologies and management experience of foreign companies!"

No wonder he looked like he couldn't accept it.

MBO refers to management buyout, which refers to the behavior of the company's managers to buy the company. It is usually the behavior of the company's managers to repurchase equity from venture investors. The xx company that the public often sees is acquired. Transformation is a mode of MBO.

Different from general corporate sales and asset reorganization that emphasizes the right of income, that is, the price difference between buying and selling and the value-added of capital operation, in addition to the right of income, it also emphasizes the right of control, the right of sharing and the right to claim for residual value.The acquisition object can be the whole enterprise, or a subsidiary company, branch company or even a department of the enterprise.

In fact, since 1999, the MBO acquisition mode has become the favorite acquisition mode of domestic listed companies, such as Midea, Shencheng Fangda, tcl, eeds, Little Swan, etc., all adopt this method and gradually Expanding one's own territory - Of course, due to different purposes, whether it is a direct MBO of a listed company, an MBO of the parent company, or an MBO of a subsidiary company, it is not the same.

The reason why mbo will become the most popular acquisition mode in China in the past few years is not only the objective need to introduce the brand, technology and management experience of overseas companies, but also has something to do with the country's encouragement.

For a long time, the lack of efficiency of some state-owned enterprises in Huaxia, and the long-term incentives and choices of managers have not been fundamentally resolved.With the deepening of the reform of state-owned enterprises, people have become more and more aware that the state-owned economy must be strategically restructured to realize the concentration of state-owned capital from general competitive sectors to strategic sectors.

On the other hand, some so-called "private collective enterprises" established in the early stage of reform and opening up have no main investors. The development and growth of enterprises mainly rely on bank loans and self-accumulation of enterprises. This made mbo the most acceptable mode of merger in the country.

This encouraging attitude continued until 2003, when the state discovered that many state-owned listed companies were privatized by using MBO, a merger model that seems to have clear property rights and clear distribution of benefits, but in the actual operation process can produce too many false premium links. After state-owned assets, it gradually took precautions, and finally stopped state-owned enterprises from participating in MBO.

Of course, in the initial period, in addition to encouraging domestic companies to MBO with each other, the state actually encouraged Chinese companies, especially private companies to MBO with foreign companies. There are not too many restrictions on private enterprises;

After all, the international conditions for MBO target companies are: the company has relatively strong and stable cash flow production capacity; Larger cost reduction, potential space and ability to increase operating profit.

If you go to MBO overseas companies according to this standard, it can be said that what you get is basically an old hen that can lay eggs immediately or use it for stewing soup. It is a world, but it is absolutely no problem to play "export to domestic sales", by grafting the brand, technology and management experience of some overseas companies, in turn, high-dimensional and low-dimensional, and further dominate the country. It is absolutely no problem-in fact If you don't consider the success or failure of the strategy and just look at the financial statements, the results given by most companies in the first few years after MBO are indeed quite satisfactory.

Therefore, in the view of the leader surnamed Zhu, regardless of whether the acquisition of Smithfield can really make Quancheng Meat Factory or Zhutou International Trade Group a big hit in the international market, after the MBO, the management level and domestic market competition of the latter two will be greatly affected. The improvement in strength is appropriate, so it is difficult for him to understand why Yang Zhu rejects the MBO model so much.

………………

Seeing the incomprehensible expression on the face of the leader surnamed Zhu, Lu Sisi glanced at Yang Zhu with a complicated expression, thinking that there was a high probability that he would never be able to surpass his boss in his life—in fact, if Yang Zhu hadn’t analyzed it for him the day before yesterday After a while, like the leader in front of her, she would feel that there was something wrong with her boss.

Ok……

In this world, the Tao is always one foot tall, and the devil is one foot tall.

Leaving aside the ulterior motives of other domestic companies, from a commercial point of view, mbo, a merger model that flourished in Europe and the United States in the 80s and [-]s, and was later borrowed and quoted by China, is not very important in terms of its underlying logic. The problem - at least on the starting point is to significantly reduce the acquirer's merger risk.

However, you have to know that this world is still a world that believes in strength. Without enough strength, any model is useless-there will be no problem with snakes swallowing mice or snakes swallowing snakes, but once you play with snakes in your mind Tunxiang, it deserves it to be strangled to death.

To put it simply, at this time, whether it is technology, brand influence, or even corporate management capabilities, Huaxia lags behind the Western world in all aspects under the mainstream value judgment;

Ever since, after seeing Huaxia companies foolishly buying themselves with money, not only did they not lay off employees, but instead kept all the managers and employees, and then treated themselves like a lord, those Western companies that were annexed immediately Confused.

At the beginning, they only thought that these miraculous orientals were going to squeeze out their abilities and then kick them away, so they were trembling and kept a lot of things on the basis of what they had already kept;

But soon, they realized that they were thinking too much. This group of orientals who had been serving them as masters didn't seem to have any intention of kicking them away. In fact, many times, it is not that they did not see the problem, but in the public opinion environment where everyone agrees that there is a huge gap between domestic technology and management level and foreign countries. Next, even if someone thinks something is wrong, they dare not raise objections.

Valley Quail

As I said before, in this world, either the east wind overwhelms the west wind, or the west wind overwhelms the east wind.

Since this group of Eastern bullies are so easy to fool, those Western companies will naturally not be polite. While offering MBO quotations at super high premiums, they also put forward their own rigid requirements - while respecting the personal wishes of the original team members. Under the premise, the management team and backbone team will be retained as a whole or as much as possible, and their management rights, brand and operation will remain unchanged.

Obviously, at that time, Huaxia was in a state of "thirsty for talents". Although some people raised objections or directly rejected this absolutely excessive plan, most companies finally accepted it and became a kind of The mbo mode with Chinese characteristics.

In Yang Zhu's view, this tmd is not being acquired, it is clearly someone who treats you as a victim to borrow chickens to lay eggs, okay? In foreign countries, there are cases where subsidiaries acquire enough nutrition and grow and then acquire the parent company. Not uncommon, even in China, such incidents as Jiangnan Jiajie's acquisition of Jiangnan Group and Neusoft's acquisition of Neusoft Group are definitely not isolated cases.

If it's just that, that's all. After all, under the rules of the market economy, it's no wonder that the adopted son of Lao Tzu fights for his family's property;

However, there are many high-end players in the world who are "hunters turned into prey". Some foreign companies have spotted some bugs in the middle and want to capture the Chinese market by bypassing policy barriers and mental barriers by being mboed by Chinese companies. , and finally achieved the goal of seizing the house, which made Yang Zhu unbearable.

Take the pork industry as an example. As the pork market in the beautiful country has become saturated, the pork consumption market has not grown for four consecutive years, but is showing signs of shrinking. At this time, exports to China, the world's largest pork consumer Become the key to the growth of pork enterprises.

For Smithfield, which sells 20% of its pork to China, if it wants to further increase its sales and successfully develop a more profitable pork product business in that eastern country, how to bypass China's policy barriers is The most important thing--under comprehensive consideration, there is no more appropriate way to borrow chickens and eggs through Huaxia-style MBO.

In fact, when Yang Zhu heard Lu Sisi tell him that Smithfield Foods insisted on sticking to the MBO model and insisted on retaining its own brand, management team and operation rights, he understood what those guys were thinking;

However, the other party still has no reason to be too tempted in the face of the 25% premium acquisition of Zhutou International Trade. Although Zhutou International Trade is a foreign trade enterprise, it is not a brand manufacturer focusing on the pork product market. For Smithfield As far as he is concerned, he does not meet the conditions for "resurrecting the soul with a dead body".

Thinking of the analysis that his boss gave him, Lu Sisi's hair on his back stood up, and he looked at the leader surnamed Zhu more and more strangely - judging from the leader's reaction, the person behind this incident It doesn't seem to be Smithfield, but more like GS Group.

Hehe... gs group! ?

Lu Sisi's face was a little gloomy, and when she was about to interrupt, the sarcasm at the corner of her mouth couldn't be hidden, but Yang Zhu spoke a step ahead: "Zhu

.

.

………………

Two hours later, the Bentley boarded.

Lu Sisi, whose face was still a little blue, looked at Yang Zhu who was staring out of the window beside him, and caught the trace of exhaustion between his brows. After sighing with some pity, he stretched out his hands and took Yang Zhu's hand. He turned his body slightly to one side, and then lightly pressed on his boss's temple.

Although Yang Zhu inevitably came into contact with Lu Sisi's amazingly elastic body again due to his posture, but this level of contact has long been accustomed to the two of them, and Yang Zhu is now meditating on certain issues , so there was no movement of rejection. Instead, he closed his eyes and silently enjoyed the fingering of this mixed-race beauty.

After the quiet silence lasted for a few minutes, Lu Sisi suddenly asked: "Boss, regarding the acquisition of Smithfield...are you really planning to give up?"

Yang Zhu closed his eyes and shook his head slightly: "How is it possible? How could I give up the acquisition of such an important chess piece related to the overseas strategic layout? ——It's just that as I said before, whether it is the acquisition of Smithfield or not, the acquisition Regardless of whether it is the capital of Mengshan, it is a long-term operation that requires intensive layout in the early stage, so it doesn't matter if you just talk about it now!"

Hearing this, Lu Sisi ignored the itching in her chest and asked in surprise, "Overseas layout? What does this have to do with overseas? Didn't you acquire Smithfield for the domestic market?"

No wonder Lu Sisi was so surprised.

You must know that due to the fact that various agricultural powers have realized large-scale industrial farming, pork, especially pork from industrial pig farming, has long since become the price of cabbage. The market has been saturated for a long time; therefore, not only Lu Sisi, but most of the professionals in the world who are informed, the acquisition of Smithfield, the world's largest pork manufacturer, is not only for Yang Zhu to stabilize domestic pork prices, but also to control domestic pork prices. The price of finished product raw materials must be the right to speak, and there is no other value to be found—due to domestic policy restrictions, Yang Zhu can't even dominate the pig breeding market.

Yang Zhu heard the words, but just patted Lu Sisi's little hand, signaling her not to stop her fingers, and waited until there was a moderate squeeze on the temple again, and then said: "I said it before, don't limit yourself to the problem. The business itself; for any ambitious enterprise, every sum of money invested must be to improve its own industrial chain or value chain-even if it is not directly related to you at first glance, those investments must be for a certain industry Or value link services!"

Hearing this, Lu Sisi had some feelings in her heart, but she couldn't say one, two, three at once.

Feeling that the finger of this guy slowed down again, Yang Zhu closed his eyes and patted his backhand with some dissatisfaction. In the end, Lu Sisi's little hand was not photographed, but a large ball of jelly that was extremely bouncy;

Hearing the yelling in his ears, Yang Zhu coughed in embarrassment, and then changed the subject as if he hadn't noticed anything: "Comrade Lu Sisi, think carefully about the fact that our Zhutou International Trade has been leading overseas during this period. Invest in a series of projects, and then sort them out to see if you can figure out why—of course, the ones you invested in are not counted!"

Which overseas projects did Zhutou International Trade invest in?

leading?

Does that mean it includes the money from the Xiaoquan Gang?

Lu Sisi, whose body was a little weak from the slap just now, glared at her boss hatefully, and didn't bother to expose this clumsy topic-changing technique, and began to think seriously...