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Think back to the beginning
Hong Kong shipping magnate YK Pao bought Wharf, a British-funded consortium, and the price per share soared from 23 Hong Kong dollars to 78 Hong Kong dollars.
Large-scale mergers and acquisitions in the world have premiums of varying degrees. Classic large-scale mergers and acquisitions such as HSBC are special cases under special circumstances at special times. A perfect victory is achieved at the lowest cost, which is completely unrepeatable.
One;
The biggest competitors for the acquisition of HSBC are BlackRock Group, the second largest shareholder, and the Cleveland Consortium, the third largest shareholder, and they are also the biggest obstacles.
It's a pity that these two companies have been crippled in the previous merger battle, and almost lost half of their lives.
? At the beginning, the royal family fund could only be left with a huge profit, but this time it has made a comeback again. The BlackRock Group has been completely shattered by the financial turmoil. It has no resistance at all, and obediently raised its hands and surrendered.
However, the assets of the Cleveland consortium have been impaired by more than one billion U.S. dollars. They are no longer as brave as they used to be, and they are afraid.
Without these magical white knights driving up prices, the second round of anti-merger and acquisition wars would naturally not be fought, and those who were ready to fish in troubled waters would also die down and not make a fuss.
So it can be seen how powerful it is to peek at the hole cards, and this single cross-border M&A case has saved tens of billions of dollars.
Second;
?Under the raging financial turmoil in Southeast Asia, the Hong Kong Stock Exchange and the London Stock Exchange are in a bleak state. The HSBC stock chips that were originally hard-settled have loosened up, and they have the desire to settle their pockets.
With the help of the cooperation of the world economic situation, it is time for the fruit to fall.
Second;
The M&A strategy is particularly exciting and can be described as a classic.
? In particular the Royal Family Fund announced;
After reaching the 51% absolute holding line, the official privatization process will be launched.
This move interrupted the confidence of small and medium shareholders, including major shareholders, to flee funds one after another to cash in cash flow.
Generally speaking, a 35% premium won't impress long-term holders at all, and that's not what they value at all.
The problem is that;
Royal Family Fund did not promise that after privatization, it will still distribute dividends on a regular basis. It does not rule out the exchange of interests of affiliated companies, or profit interception, and violates the credit policy by lending to companies under the consortium, resulting in huge bad debt accruals by the bank
There are too many unmeasurable risks, and there is no big money to gamble on!
Even if Wang Yaocheng came out and said;
"It doesn't mattermy character is guaranteed! Everyone, feel free to vote!"
With a large capital investment of tens of billions, no one dares to bet on this point. It is wisest to cash out and get out.
If the killer move of privatization has not been launched, HSBC optimistically estimates that the collection of chips will not exceed 55%, and a little more will be limited.
because
Most of the long-term holders place their hopes on Royal Family Fund, a powerful controlling shareholder, with excellent operating capabilities, which will bring a completely different new look to HSBC.
All the large, medium and small shareholders are supervisors, closely watching the business operation, and it is not easy to do anything.
?Relying on the powerful royal family consortium, the future business prospects of HSBC Bank are bright.
Hong Kong's top rich men, the BlackRock Group, the Cleveland consortium, as well as large and small wealth management funds, pension funds will not clear their HSBC shares.
Now, don't say anything, it's all tears!
? When the news of the merger reached the New York Stock Exchange, BlackRock Group's stock plummeted again by 31.6%.
Why?
The huge US dollar loss on BlackRock's books has been hammered, and it has become an actual deficit. The total amount is as high as more than two billion US dollars, which will cause an ugly loss black hole in the BlackRock Group's 1998 annual report. Dissipate completely.
The market's reaction to this was to vote with its feet, stepping on the BlackRock Group's stock severely.
two days later
Mr. Toller, the former chairman of BlackRock Group, took the blame and resigned. Lawrence, a senior partner, was elected as the new chairman, and Mr. Nowell served as the president.
1998, February 28.
? At the HSBC board meeting held in advance, Wang Yaocheng, the richest man in the world, was elected as the chairman of the board without any surprise.?? Benefits, cutting-edge talents need a stage to display their talents, and if they can provide all these, they can attract enough outstanding talents.
President Mo Yuxuan has a doctorate in business administration from Stanford University. He has 12 years of working experience in top international accounting firms, an international high-level actuary, and six years of administrative management experience in Goldman Sachs.
Since joining the Wang Consortium, he has served as a senior executive of a multinational company for 7 years and has accumulated rich experience in corporate operation and management. He is the best candidate for the president of HSBC.
The post of president of the Pacific Company is held by Yu Chengde, the "Shen Shen" of the Hong Kong Stock Exchange who has performed well.
As the best of thousands of "sea trespassers", the first director of the secretariat, and a close subordinate trained by Wang Yaocheng himself, Yu Chengde is fully qualified for this position, and he has proved this with his excellent work ability.
The vice president of Pacific Corporation in Hong Kong was taken over by Wilkinson, the former deputy director of the family trust fund management department of the Royal Family Fund.
He is the deputy of Director Du Bo. He has proved to have excellent ability, trustworthy character, and high-level professional ethics during the first battle of landing on Hong Kong Island and the three-year merger and acquisition battle of HSBC Bank.
After so many years of ups and downs, the Wang's consortium has formed a stable talent training echelon.
In the new round of expansion, there is no shortage of talents, and we have enough confidence to face everything.
at this point
Chambers, the world's best manager, has done the best job. The presidents of more than a dozen companies acquired can always find suitable positions and play their best roles.
Integrating acquired companies into Cisco's system, using acquired patented products to enrich the product line, and accelerating the seizure of the network equipment market, the outstanding performance has amazed a lot of eyeballs and has become one of the few bright spots in the 98 financial circles.
Just like a cone in a bag, its benefits will emerge from itself. (Remember the site URL: www.hlnovel.com - Didn't finish reading? Add this book to your favoritesI'm a member and bookmarked this chapterCopy the address of this book and recommend it to your friends for pointsChapter error? Click here to report
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