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"Brother Cheng, you didn't tell me all of the consortium's M&A moves. I didn't know until today that Shanghai Grand Hotel is in contact with the Hilton Hotel Group. This is a large-scale M&A involving US$26 billion. Our funds are not enough to support it. With the continuous mergers and acquisitions of this scale, as well as the negotiations between HSBC and Standard Bank of South Africa, and the next large-scale investment in European industries, where do we get so much money?"
Shi Xueyi sighed worriedly, and continued;
"Carrefour Supermarket and Gree Group have been listed consecutively, which has indeed reduced our large capital expenditure, but the money has been transferred and spent for large-scale mergers and expansions. The cash pool of the Royal Family Fund is now less than 45 billion US dollars. , but also to invest more than 10 billion U.S. dollars in the British O2 Telecom Company, so many projects cost money, the stall is too big, why is there not enough money left? I can¡¯t sleep at night because of worry.¡±
"You are worrying unfoundedly." Wang Yaocheng hit him unceremoniously; "Learn more, who said that you need to spend your own money for mergers and acquisitions?"
"So far, the market value of Hongkong Shanghai Hotel Co., Ltd. is only 96.6 billion Hong Kong dollars, about 13 billion U.S. dollars. Our shareholding ratio is about 62%. At that time, who will be the boss of this share?" Shi Xueyi still insisted on his point of view.
"Of course it's capital operation, using other people's money to make money."
"This is a shortfall of tens of billions of dollars! I don't think it is reliable for anyone to use the money for you."
Wang Yaocheng was really defeated by him. In the final analysis, Shi Xueyi is a mediocre talent, not a talented manager full of spirituality. His biggest feature is his loyalty and reliability, and he likes to watch the consortium's capital pool rise steadily.
Once you spend too much money, you will be anxious. It belongs to the type that can enter but not exit.
Speaking of which
The image of a watchdog and a miser will come to mind, yes, this is his biggest characteristic, besides being reliable, he is also reliable.
After all, he is his own brother, Wang Yaocheng still has to explain to him slowly;
"Take Hong Kong Shanghai Hotel Co., Ltd. as an example. Let me tell you how to take it down with a small amount of money. First of all, tell me, why did Barron Hilton sell Hilton Hotel Group?"
"Does this have anything to do with the funding issues we're discussing?"
"It is very important. Only by understanding why Barron Hilton wants to sell the Hilton Hotel Group, which is still operating well, can we accurately design the M&A leverage according to the situation. If he wants cash, he will give cash, and if he wants equity, he will give equity. If you want a premium, give it a premium, umthis is the correct operating posture.¡±
Shi Xueyi nodded thoughtfully, not sure if this guy understood, but it seemed like that anyway.
He thought about it carefully and said;
"Although the Hilton Hotel Group seems to be operating well at present, Barron Hilton is already 75 years old, and his energy is far from weak, and his control over the entire group has plummeted.
In the past few years, many financial scandals and corruption cases of management have emerged, putting the management of the entire hotel group at risk.
Barron Hilton saw this and was deeply anxious.
It's a pity that his eight children and fifteen grandchildren (including the famous sisters Paris Hilton and Nicky Hilton) are all masters of debauchery, and none of them can take over the Hilton Hotel business. This is simply a joke in the upper class.
This year, the death of Barron Hilton's wife, Marilyn, hit him hard. At this time, he decided to contact our consortium for consideration of disposing of the estate.
If it is left to these unworthy descendants, I am afraid that it will be completely defeated in a few years. I heard that he plans to donate all his assets to the Conrad Hilton Charitable Foundation named after his father.
In this way, his descendants can still receive millions of dollars from the charitable foundation every year, enough to maintain a luxurious life. "
Wang Yaocheng clapped his hands and said; "Now that we know what Barron Hilton is thinking, the next action is simple, it is nothing more than estimating a reasonable price for the Hilton Hotel Group.
We know that the Hilton Hotel Group has nearly ten hotel brands, 2,800 hotels all over the world, and 480,000 beds.
The reasonable price should be between 24 billion and 27 billion US dollars. Mr. Mo Yuxuan is leading the team to contact the other party. The other party quoted 27.4 billion US dollars. Our bottom line is that the price should not exceed 24 billion US dollars. It will take arduous negotiations to get it. .
After the final transaction price is confirmed, we can talk about the payment method.
My plan is that Hongkong Shanghai Hotel Co., Ltd. will raise 3 yuan by issuing new shares.??According to the 2002 annual revenue, the annual profit was 10.3 billion Hong Kong dollars, about 1.5 billion US dollars.
? In 2003, the profit of Shanghai Grand Hotel Co., Ltd. in the first three financial quarters increased by 18.5% compared with the previous year. Based on this calculation, the annual net profit can reach 1.8 billion US dollars.
The addition of the two means that after the merger, the annual repayment of the principal and interest of the Shanghai Hotel shares can guarantee at least 3 billion U.S. dollars, which is still the level before the comprehensive rectification.
I don't believe that there are 2,800 high-end hotels and 480,000 beds all over the world, with an annual profit of only 1.2 billion U.S. dollars, each less than 400,000 U.S. dollars. This is simply ridiculous.
Let's not mention this
As long as our measures are in place to restore the confidence of shareholders, drastically reduce expenses, enhance administrative efficiency, and eliminate some loss-making or even small-profit hotels, the profitability of Hilton Hotel Group will increase, and the stock price will rise with a high probability.
At this time, we can sell some of the stocks and use them to repay the principal and interest of the previous bonds.
If the situation is good, the huge M&A cost can even be paid off in advance, which is to use the money of shareholders to pay for our M&A plan.
think about it
If the profitability of the Hilton Hotel Group increases sharply, through the rapid expansion of the scale of the franchise, the value of itself will rise rapidly.
If the stock price rises by more than 60% or more, we can sell more than 40% of the Hilton Hotel Group stock, which means that we can get the world's top hotel group for free without spending any money, and still firmly control the controlling stake.
? This is the true meaning of borrowing chickens to lay eggs. Don¡¯t be intimidated by the huge M&A cost. The four words Royal Family Fund are enough to give shareholders full confidence to pay the bill, and the consortium itself does not need to pay any more.
Don't forget, this method can also be applied to the British o2 communication company to achieve the same wonderful transformation.
The current British o2 communication company has more than 13 million users. After the completion of the two-year expansion plan, it will have more than 80 million users and become one of the top five communication companies in Europe. What kind of concept is that?
How much will the stock price go up?
How much will it double?
At that time, as long as you just throw out 20% of the stocks at will, you can get all your investment back and make a profit. This is capital operation.
Learn more, brother dung beetle."
A simple and profound explanation completely convinced Shi Xueyi, he raised his head and poured the remaining whiskey in the glass into his mouth, and said with a smear of wine stains on his mouth;
"Tsk tsk tsk, no wonder Auntie said that the Wang family's eyes are on you alone. You are really smart like a monkey, and you can think of everything you can think of. Then I have nothing to worry about. I can go back and sleep well. "
"You fuck me up."
"Hey heydon't do anything, I'm not in shape today, so I'll save your life."
Wang Yaocheng kicked out with his long legs. Shi Xueyi had been on guard against this move for a long time. He slipped along the sofa and ran out, closing the door behind him.
Seeing his good brother leave, Wang Yaocheng felt warm in his heart;
The road ahead is getting more and more difficult, and there are very few partners who can accompany him. Shi Xueyi must be regarded as a good brother who will never leave.
The question raised by Shi Xueyi has long been under Wang Yaochen's consideration.
? All listed companies under the consortium will be responsible for all large-scale mergers and acquisitions. The insufficient part can be solved through the market or leverage, and the Royal Family Fund itself will no longer inject capital.
This has two advantages;
One is that it does not occupy the precious funds of the consortium, which can be used for the development and expansion of unlisted companies, and the money is used wisely.
Second, appropriately reduce the excessive shareholding ratio and expand the effective utilization rate of capital. The reasonable debt of the enterprise is not only the pressure but also the motivation, which can promote the subjective initiative of corporate executives, more actively reduce unnecessary expenditures, and enhance corporate efficiency.
The year 2003 is about to pass, and there are fewer and fewer golden fingers in the past and present. 2004 is the year of the US presidential election. If nothing happens, George will be re-elected. It will only be four years, and the window of historical opportunity for the development of the consortium will gradually close. .
Royal Family Fund's large-scale entry into the European market is also a cunning move.
? According to the secret report of the Hong Kong Guanfengyun Economic Research Center;
Once hit by the US government level, the closed-loop production capacity of the core electronic semiconductor industry's entire industrial chain is crucial, and it can independently produce products without relying on the US market and technology.
The acquisition of KUKA and the next acquisition of Lycra in Germany are preparations for this closed-loop industrial chain.
In addition, the Royal Family Fund has successively changed the registration places of companies such as Red Hat Systems, Athlon Microprocessor, AMD, Silicon Valley Wireless Communications Center Laboratory, and Atlantic Business Machines from the United States to the Cayman Islands, Bahamas, and Bermuda. The Virgin Islands and so on, the work has been done quietly.
Others seem to be doing it for tax avoidance, but only Wang Yaocheng knows in his heart that it is far more than that. (Remember the site URL: www.hlnovel.com)Silicon Valley Wireless Communication Center Laboratory, Atlantic Business Machines Corporation and other companies have changed their registration from the United States to Cayman Islands, Bahamas, Bermuda, Virgin Islands, etc. This work has been done quietly.
Others seem to be doing it for tax avoidance, but only Wang Yaocheng knows in his heart that it is far more than that. (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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