Chapter 608: Got promoted after finalizing the acquisition plan
“Hello, Mr. Tang.”
“Mr. Xiang, seeing is better than hearing a hundred times, thank you for choosing CIB.”
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Since 2005, CIB has been supporting Anta’s growth.
Previously, CIB served as the lead bank, whether it was blood transfusion for Anta or the collection of funds for this acquisition.
Just arrived in Shanghai.
Unlike last time, Ding Zhong took the person in charge of this acquisition, Vice President Tang, to greet him at the airport.
The two sides exchanged warm greetings upon meeting.
An acquisition of a foreign brand requires a lot of preliminary preparations.
There are many things involved in gradually understanding the situation, reaching a merger intention, signing a letter of intent, etc.
Especially, as an acquirer.
Anta is still a listed company.
The obligation of confidentiality and information disclosure is simply unavoidable.
The due diligence investigation on target companies and brands is also very cumbersome.
To put it simply, if you want to achieve a brand acquisition of 4 billion to 5 billion yuan, it is not as easy as acquiring the budding stations A and B. You just need to pay.
Arriving at Anta’s headquarters in Shanghai, Hermès’ legal team had also arrived early.
After completing the handover work in detail, confirm again and again.
Xiang Yang nodded.
Start listening to the briefing session on the acquisition plan given by CIB.
“Mr. Xiang, according to our plan, we will first use HYS’s funds to acquire FILA Korea and acquire 5% of the shares, and then start using Anta’s funds”
"At the same time, we will negotiate with Samsung Securities to acquire its bonds in the market at a certain premium."
"This routine is a bit familiar." Xiangyang turned his head and glanced at Bea Shaffer.
He Xiangyang’s expectations were a bit unexpected.
The acquisition process or channel is not single.
But it can basically be summarized as indirect acquisitions and direct acquisitions.
Because FILA Korea is a listed company in South Korea.
The method given by the financial general consultant in France is to conduct necessary malicious short selling on the Korean stock market.
Then at the right point, take advantage of the decline in its stock price to buy a large number of common shares of the company.
By increasing the shareholding ratio, FILA Korea is forced to sell the FILA brand at a reasonable price.
Or, directly conduct a forced merger and acquisition of the company.
However, with such an acquisition method, one must consider whether there will be any obstacles in acquiring the FILA brand, a brand controlled by Koreans.
That is, whether we will encounter Samsung, a company that Koreans cannot escape.
Because, during the creation, establishment and development stages of FILA Korea, it successively borrowed 18 billion won from Samsung.
Including exchange rate and interest.
Although this amount of money seems small, it is only about 20 million US dollars.
But always have to be on guard.
What if Samsung comes out to cause trouble?
But no matter what, sufficient funds of US$500-600 million are enough to guarantee the merger and acquisition of a company with a market value of only US$1.075 billion.
That is to say.
According to France’s plan, no matter how bad the result is, Anta and HYS can win at least 51% of the shares.
And the remaining 49%.
In front of Anta and HYS, who have huge bodies, they are just lambs to be slaughtered.
However, when Xiangyang reacted to the acquisition plan presented by CIB Bank, he only had one sentence.
“I have lived the way I hate the most.”
Isn’t this a replica of the LVMH Group’s acquisition of the GUCCI Group?
Take 5% first and seemingly stand still.
But they kept increasing their holdings.
After reaching a certain ratio, start waiting for the other party to come to negotiate first.
Uh, how about directly acquiring 4.9% of the shares, so you don’t have to raise a placard, and then follow the same pattern as the LVMH Group and accept the investigation
"Mr. Xiang, according to our Due diligence shows that FILAKorea’s future business strategy will gradually increase its market share in South Korea
"Considering your company's influence in the market, the longer the delay, the other party's advantages will be revealed."
Listening patiently to the report, Xiang Yang nodded.
FILA Korea and FILA China have completely different business strategies.
With the rise of tourism, many people will find purchasing agents to buy Korean version of FILA in Korea and then wear it back home.
The reason is also very simple.
In terms of price, the domestic FILA is about three times the Korean version.
FILA operated by ANTA uses genuine leather.
The Korean version uses synthetic leather.
But because it was sold cheaply and it was endorsed by Korean stars, it became very popular, and its stock price increased by about 4 times in the future.
The peak value reached over US$4.3 billion.
Well, Anta's peak value exceeded HK$200 billion during the same period.
Hermès is $235 billion.
But who wouldn’t be happy spending less money.
After Xiang Yang thought for a while, he asked: "So, your goal is to quickly acquire 10% of the other party's shares + bonds, and then exchange cash for the operating rights of the FILA global brand and North America?"< br>
“Mr. Xiang.” Vice President Tang nodded and added:
"Actually, strictly speaking, 20% is more certain. According to our due diligence, this individual named Yin Runzhu and his family only hold 20% of the shares."
"And his family has a large number of shares. The assets are being used to prepare for the acquisition of this golf equipment company called Acushnet. "In other words." "It means he has no money," Xiang Yang said directly for Vice President Tang.
Korean people, for the sport of golf.
Has an almost perverted obsession.
After being interrupted, Vice President Tang pursed his lips and continued:
"So, our next plan is to acquire Acushnet, a company whose family already holds shares. The target It’s also 10% of the shares and some of the corresponding bonds.”
Xiang Yang nodded.
It turns out that this is how the 20% comes from.
"Mr. Xiang, in fact, according to our due diligence, Mr. Yoon Yoon-soo completed the MBO of FILA Korea, later acquired the global trademark ownership of FILA, and even the current goal of Acushnet, all through financing."
“The initial funds for its acquisition of Acushnet were obtained through the previous sales of subsidiaries in Europe, the Middle East, Africa and India.
In addition, although FILA Korea’s current development is good, the country’s market After all, the size is too small, and the financing amount makes it difficult for him to directly acquire Acushnet. He can only adopt the continuous acquisition model. "
"So, your judgment just now is correct," Vice President Tang said. Suspected of praising Xiangyang.
"Oh, that's right." Xiang Yang smiled, "Mr. Ding, what do you think? The specific acquisition case still needs to be taken care of by Anta."
After Ding Zhong glanced at Vice President Tang in agreement, he looked at Xiang Yang cautiously and said, "I think it's feasible."
In one sentence, it's worth 5 billion yuan.
After saying that, Ding Zhong felt that his whole body relaxed a lot.
"Okay, give me 10 minutes."
Xiang Yang put down the documents, stood up from his chair, and shook hands with Vice President Tang and the CIB acquisition team members one by one. Left the conference room.
Bea Shaffer soon followed.
"Prepare me a cup of coffee." Arriving at the lounge specially prepared for Anta, Xiangyang said to the assistant and then asked:
"What do you think?"
"Boss, I think this strategy is feasible." Bea Shaffer turned to Xiangyang and said while preparing coffee:
"Compared to our French plan, this operation is more tortuous. Some, but we have completely taken the initiative. If it were me, I would choose the latter when choosing between bankruptcy and setting up a new business.
Moreover, Boss You also left enough affection for the other party. ”
“Don’t take FILA Korea so seriously. Xiang Yang commented.
Before FILA suffered major setbacks, it was still worth US$1.5 billion on the North American stock market.
Now that it has been dismantled, Only 1 billion is left.
It can only be said that this move is correct.
Wrong way too.
However, this also verifies CIB's judgment on the Yin Yunzhu family.
Will Hermès sell HYS if it can maintain normal operations?
Will you sell Hermès Film Investment Company?
Definitely not.
Instead, we will try our best to let them grow into important branches of the group, like limbs that contribute to the main body, so that their own brand matrix effect can develop more powerfully.
When you have no money, you will think about cashing out.
“Don’t say anything, I’ll call Axel to report on the work.”
Axel, who had been waiting in front of the phone early in the morning, heard the phone ringing. Picked it up immediately.
"Xiang, you finally called. If you don't come again, I will fly to Shanghai to pick you up." After picking up the phone, Axel finally felt relieved.
"How was the conversation? Is there something wrong with the authorization letter?"
"No, we had a great conversation." Xiang Yang's voice sounded very happy.
Spend money.
You can’t buy something without feeling happy.
“I really appreciate the plan given by CIB. The specific situation is”
He lowered his voice and was about to report.
Xiang Yang was interrupted by Axel.
“Xiang, you have 100% authorization from H51 Group. Globally, you don’t need to report to me even if you want to close any store or cancel any partner.”< br>
Said, Axel paused, and then said: "You are Hermes now."
Xiang Yang was stunned.
Are you so flattering to me?
Then can I close the Paris headquarters?
Being amused by his wild ideas, he almost laughed out loud. Xiang Yang nodded, "Don't worry, Axel. When the acquisition is completed, remember to open a bottle of champagne for me."
"You should open the champagne, haha," Axel said with a smile.
September 21, 2010.
When Xiangyang signed the formal letter of intent to acquire Hermès on behalf of Hermès.
The contract was sent back to Paris immediately by email + fax, and a transfer record of US$100 million was born.
The money was directly transferred to the bank account designated by CIB.
And at the same time.
An announcement was released on the Hermès official website.
In his temporary capacity as Hermès ECD (Executive Creative Director), Xiangyang will conduct an in-depth inspection of all stores in Hermès Asia Pacific and HYS Asia Pacific.
Compared to this Title, which has great reputation among foreign companies.
What is even more surprising is that the first destination Xiangyang wants to go to is not Neon, which always ranks first in marketing performance.
It is not the China where he is now.
But South Korea.
After receiving the news, Lao Cao was stunned for a moment. Why did this young man suddenly reach a level higher than his own?
Rub.
No, I, the CEO, just work part-time.
People get dividends.
Uh.
Although there are two words temporary in front of temporary ECD.
But on the way up, with the development route of Xiangyang, it is CCO.
The position of chief creative officer.
Only people from the Hermès family can sit!
(End of this chapter)