Chapter 1053 Exchange Conditions [Additional Chapter]
Song Yunshan leaned back subconsciously, a glimmer of understanding flashing in his eyes.
"Mr. Xu is really good at calculating."
"Mr. Song, the business exchange is a win-win situation for both of us. From now on, we will no longer have to compete in the two major industries of supermarkets and cement."
Song Yunshan: "Hua Run and Xu compete in more than just supermarkets and cement industries."
Huarun Snow Beer is second only to the beer business of Kanghua Group.
Huarun Yibao is also one of China's leading bottled water brands, competing with Kanghua's Tianshan mineral water.
Huarun Wufeng is a comprehensive food group integrating food research and development, production, processing, wholesale, retail, transportation and international trade.
The main business includes three major categories: meat business, aquatic product business, and comprehensive food business. The business area covers Hong Kong, the mainland and overseas markets.
It is a competitor of Feng Collection Group.
Hualun Land is a competitor of Taihua.
It can be said that except for electricity, medicine and gas, most of Huarun's businesses compete with Xu's businesses, including finance.
“I have always respected Hua Run, so I don’t want to see you and I get into trouble because of normal business competition.
So, if we can reduce competition in an industry , it’s a good thing for both of us.
What do you think Mr. Song said?”
"Mr. Xu is right, but we hope to exchange Snow Beer for Tianshan building materials."
Xu Liang smiled lightly.
“The debt ratio of Tianshan Building Materials is very low, and the net profit is as high as 20.4%. Based on a price-earnings ratio of 10 times, the market value of Tianshan Building Materials is as high as 20 billion Chinese dollars.
2005 Huarun Snow Beer Annual Report It shows that the annual sales of beer are 3.95 million tons, the annual sales are 6.8 billion yuan/HKD, and the profit is 138 million yuan/HKD. The profit is about 30% of Tsingtao Beer.
In the two quarters of 2006, the sales volume was 2.68 million tons of beer, but. Net profit didn't improve much.
Moreover, Snow Beer’s debt ratio is as high as 60%.
High debt and low profits are too high based on a price-to-earnings ratio of 10 times.
And 49% of Snow Beer’s shares are in the hands of SABMiller.
Considering goodwill, Hua Run’s equity in Snow Beer is worth at most 2 billion Huaxia coins.
Exchanging 2 billion Huaxia coins for my 20 billion Huaxia coins, does Mr. Song think it is possible? ”
Song Yunshan looked at the man in front of him with a smile on his face, and a realization gradually rose in his heart.
"Mr. Xu, what you want to exchange is not only Huarun Wanjia, but also Snow Beer, Yibao Mineral Water and Huarun Wufeng. You want to swallow up Huarun's retail business."< br>
The smile on Xu Liang’s face was a little deeper.
"Mr. Song is really smart."
A look of anger appeared on Song Yunshan's face.
"Mr. Xu's appetite is too big."
"Is it big? It's just that the scale of Huarun Supermarket's business is too small. If the revenue of Huarun Supermarket exceeds 100 billion and the profit exceeds 10 billion , you, Hua Yun Wanjia, can take away my Tianshan building materials."
Paused.
“Mr. Song, Hua Run’s businesses are too many and too complex.
Retail, electric power, semiconductor, industrial compressor, gas, medicine, beer, cement, finance, including more than a dozen Each of your industries is not number one
To put it simply, it is big but not strong.
If I were to take charge of Huarun, I would focus the company's main energy on the three major industries of electricity and gas, medicine, and cement.
First become the number one in China, and then enter the international market.
If there is insufficient funds in the international market, I will continue to reduce the main business of the group.
Whether it is electricity and gas, or medicine and cement.
The rewards of becoming No. 1 in the world are far greater than what you can gain by spanning multiple industries! "
Although it is to pave the way for his own acquisition, half of it is sincere.
Song Yunshan was silent for a moment.
"Mr. Xu said it lightly, but he wants to be in the global market How easy is it to achieve success? "
"Mr. Song is right, but if you want to make money and achieve amazing achievements in this world, when has it ever been easy? ”
Staring at the other party's confident eyes, Song Yunshan was about to refuse.
"Mr. Song, do you know why I came to Xiangjiang?"
As a super rich man in China, Xu Liang's whereabouts are of great concern to many people, and Song Yunshan is one of them.
“For the acquisition of Guangdong Development Bank.”
Xu Liang smiled and nodded.
“Currently we have reached an agreement with Guangdong Province.
The acquisition group composed of Standard Chartered Bank acquires 85% of Guangdong Development Bank’s shares.
Among them, Standard Chartered Bank holds 19.9% of the shares and the Italian Bank of Milan holds 5.1%. %, Hanhua Group holds 20%, and China Petroleum holds 20%."
Looking directly at Song Yunshan, Xu Liang said slowly.
“The remaining 20% of the equity can be given to Hua Run.”
"Where is Ping An?"
The Standard Chartered M&A group has been pursuing Guangdong Development Bank for a day or two. It has long been known who is inside and how many shares each holds.
"Ping An's target has been transferred from China Guangdong Development Bank to Shenzhen Development Bank. What they want is overall mergers and acquisitions, not investment."
Song Yunshan was silent for a moment.
“As Mr. Xu said before, Huarun’s business is too complex and it is not suitable for us to continue to expand more business boundaries, so let’s forget it.” At the right time, will all the shares of Guangdong Development Bank held by Standard Chartered and Hanhua be transferred to Huarun? ”
A flash of light flashed in Song Yunshan's eyes.
20% equity and holding are two completely different concepts.
Huarun is a state-owned enterprise, not a private enterprise, and it can hold a controlling stake.
“With Guangdong Development Bank, the top second-tier bank in the country, we can integrate all of Huarun’s financial business. Let the financial industry become the core of Huarun’s business and pave the way for the development of the entire group. ”
Song Yunshan admitted that he was moved.
No one can resist the temptation of a large bank.
As Xu Liang said, a large bank can provide abundant cash flow for the development of its major businesses.
Those financial groups and plutocrats in the West have proven this.
“Are you really sure of winning Guangdong Publishing House?”
“I promised the Guangdong Province to invest US$3.5 billion here to build a 12-inch chip factory with a monthly output of 100,000 wafers.”
Although the news of Hanhua’s acquisition of SMIC has not yet been reported, it is important to Some top people, this is no secret.
Song Yunshan nodded slowly.
No local government can refuse a high-tech investment of US$3.5 billion, nearly 30 billion Chinese dollars.
Everyone in Guangfa sells, of course to the one with the highest bid.
There is no doubt that Xu Liang, who invested 30 billion, far surpassed Citigroup.
"If I agree, when will you transfer the shares of Guangdong Development Bank to China Resources?"
"Four years later."
"2010?"
“That’s right.”
After 2010, the explosive period of China's development ended and entered a period of stable growth.
The rate of return on bank stocks will slowly decline.
At the same time, it also made Standard Chartered completely give up.
They could never acquire a Chinese national bank.
“Is four years too long?”
"Mr. Song, although Standard Chartered's acquisition of Guangdong Development Bank is an investment, it also shoulders the task of improving Guangdong Development Bank's management level and rate of return. If we sell the equity as soon as we get it.
The Guangdong Province will probably not give it. We have a good face. If the same thing happens in the future, it will be difficult for Standard Chartered and Hanhua to have another chance.
So, we need time to reshape the management of Guangdong Bank.
We will wait for Huarun in the future. With the acquisition, you will get an excellent bank with a sound system and good returns.
You will make a lot of money.”
After Song Yunshan thought for a while, "The matter is very important. I need to go back and discuss it with the company's management.
However, if we agree, a repurchase agreement will be signed for Guangdong Development Bank's equity."
< br>Without a contract, he was afraid that Xu Liang would renege on his word.
"Of course there is no problem.
However, time is tight, you only have two days."
"Two days are too short."
"The day after tomorrow I will submit the conditions for Standard Chartered's acquisition of Guangdong Development Bank.
If you don't agree, we will find a new partner.< br>
So, it’s not that I don’t give you time, but that I don’t have enough time,” Xu Liang said directly.
“The scale of the transaction is so large, two days is too short. Moreover, Huarun is not a company owned by Mr. Xu. Even if I am the CEO of Huarun, I cannot make a decision in one word.”
"I believe in Mr. Song's decisiveness and leadership."
After finishing speaking, Xu Liang stood up.
"Mr. Song, I have finished what I want to say. Time is tight, so I won't keep you any longer. When we finalize the cooperation plan, I will treat you to dinner.
We will You can open your heart and have a good chat."
Song Yunshan stood up, "I hope I have this opportunity."
Xu Liang stretched out his right hand and spoke firmly.
“There must be this opportunity.”
Song Yunshan was stunned for a moment, then smiled and held his right hand.
He shook it briefly and then let go.
"Mr. Xu, farewell."
Xu Liang personally sent him to the door.
Watch the black Mercedes-Benz drive away.
Li Jinling: "Mr. Xu, do you think he will agree?"
"Yes, but he may not agree to all our conditions." Xu Liang said slowly.
China Resources Vanguard must be won.
Retail channels are too critical for Xu's companies.
Snow Beer, Yibao Mineral Spring, and Wufeng can all be put on the shelf.
(End of this chapter)