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Diageo (Diageo) , headquartered in the UK, is the world 's largest wine company , is a Fortune 500 , currently in New York and London Stock Exchange , owns the well-known brands include Johnnie Walker , Guinness , Smirnoff, Bailey, Johnnie Walker and so on. Diageo to enter the mainland market in 1995 , Greater China (Mainland , Taiwan, HoUgg boots cheap ng Kong and Macao) , headquartered in Shanghai.
£ 221 million in investment and equity acquisition of British wine merchants , according to British media reports
PRC as China's sovereign wealth fund China Investment Corpchristian louboutin shoes oration has bid 221 million pounds (about 2.5 billion yuan ) , Diageo acquired the British traders ( Diageo) 1.1% of the shares , the investment company Diageo will become the ninth largest investor . Diageo is the world 's largest wine company, founded in 1749 , is established through the acquisition of a huge empire , about 30% share of the global wine market , with 100 of the world's top 14 wine brands a , owns the well-known brands include Johnnie Walker , Johnnie Walker and so on.
According to reports, the global wine industry through the acquisition of well-known brands , Diageo, the British traders in just 10 years time the wocheap christian louboutin shoes rld's wine growing industry leader . Diageo , respectively, in 2006 and 2008, two acquisition of Sichuan Quanxing 49% stake, making it the second largest shareholder . Diageo last year created a separate operating companies , Diageo executives had expected to overtake the United States in 2021 China will become one of its most important markets .
China Investment Corporation ( CIC ) was established in September 2007 , is engaged in the business of foreign exchange state-owned investment management company . Chinese Ministry of Finance issued special treasury bonds by the way to raise 1.55 trillion yuan , the equivalent of buying a $ 200 billion foreign exchange reserves as the investmeimitation rolex nt company 's registered capital . This year, the cast will be positioned as its investment strategy , According to this thinking , the investment in the $ 1.5 billion earlier this month bought a Canadian mining company shares.
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< p> time, Jia Zhangke chose another way of adding files comedy.
recently by Jia Zhangke producer of the
Jia said in an interview that 12 short documentaries, will be the best in 2011's And Jia Zhangke with commercial brands, not product placement in the film do any approach, the film leaves a lot to inspire.
shooting Secret Red bottom heels breath promoted six directors
as China's sixth-generation director of the representative, Jia Zhangke in recent years, in addition to shooting mind
the beginning of 2010, Jia Zhangke began to launch hisUgg boots for sale
2010 in the second half, Jia Zhangke and with Scotch whiskey brand Johnnie Walker (Johnnie Walker) co-sponsored by the company involved in the The relief phase of the Wei Jia Zhangke iron, Tao, Song Fang, Chen Zhi Hang, Wangzi Zhao and Chen Cuimei other six young directors, who are graduated from the Beijing Film Academy, Central Academy of Drama and other professional art school students, ages the youngest was only 24 years old, most also in his early thirties, have been directed each department record short 1-2 chance, the length of each video is 3 minutes.
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So from the beginning in October 2010, in the choice of a good 12 to be the photographer, the young director Jia Zhangke, and six entered the shooting stage. . , a few months feeling blink of an eye came over. characteristics. First, they have had a difficult life; secondly, whether successful or not, they have been working hard, move on,
to inspire troubled young man
reason to choose such things as 12 personWedding dress al stories protagonist, Jia Zhangke, said: , art or public domain has made outstanding achievements and I hope to dig out their valuable, encouraging experience for those young people in distress bring encouragement. short, the effort, now we have to some extent, been successful and I want the story to convey a message that children from poor families can be brilliant and we hope these films to those who are still living in remote, poverty, resources are relatively young people in poor areas, has been working as long as there will be new hope. The most difficult time in life, there are some reminders, some advice, some experience, is always a good thing. / p>
present, the Chinese film market is still in the Lunar New Year stalls fighting period, However, Jia Zhangke view, this 12 is the 2011 short documentary film the best New Year.
the significance of the audience is not the same.
It is reported that 12 documentaries Christian louboutin shoes sale in the .
According to Jia Zhangke said, because the pre-production is very tight, after the Spring Festival, he and six directors will be launched by 12 documentary film version: (currently 3 minutes), to be more than the current version of the rich and we will get this film version of the community, schools and other young people in many places show as much as possible so that more viewers exposed to the same time, we also respect and cinema consultation, and strive to get the theater to show. ): Select the Johnnie Walker commercial capital such cooperation will not havChristian louboutin e a creative director who bound, for example, ask you where placement is in the story?
Jia Zhangke: no. Our 12 documentary has no one mentioned the brand, but does not appear their wine.
first talking about this cooperation, I tell theWedding dresses m that we do not accept the implant, the answer is In the creative process, 100% of our energy on the creation itself, the brand wanted to more spiritual things contribute to the community, which also coincides with my idea.
FW: In other words, investors did not interfere with your creation, that what they are out of this money?
Jia Zhangke: They pay for the simple reason, which is the thiWedding dress cheap nking and to share their passion and dreams, common light path of each person's struggle and So you can not seek economic returns, which is a strong brand performance.
course as a producer, I have always wanted to do one thing, that is to encourage young directors must have the courage to reach out to different capital. The film is not the same with other industries, it is certain to keep a relationship capital, and this time the director needs to have a strong heart, there is an experience to protect your creation, so when the choice of capital must be more to choose those with vision sagacity and openness of the capital. This time is very valuable experience.
Jia Zhangke (fourth from left) brought the team debut docbridesmaid dresses umentary filmmaker, he encouraged young directors must have the courage to select
Zhou Yun Peng
(folk musician)
▲ Zhao (Chinese folk environmentalists)
▲ Pan Shiyi (Chinese real estate business) Christian Louboutin pumps
Huang Doudou (the world dancing on the dance style of the Chinese dancers)
documentary protagonists ▲
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6 , and a game. After a half-day race , eventually Chenxi Dong Nai Rolex watches replicas with 74 and Jiang Yan -under-par 84 , respectively, won the men's and women Gross champion .
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on Dragon Lake golf course , as always, the tournament set up a hole in one prize , but prizes slight change in the value of twenty thousand yuan for the Johnnie Walker spree , but unfortunately this competition players have with missed .
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Women's Low Gross champion: Kang Nai Yan 84 < / p>
Women's Low Net champion: Jin Shuying 72.6
man Longest : Chen Jianming (10 #)
Nearest to the Pin Prize: Su Yongdong (8 #) < / p>
Zhang Shengliang (16 #)
Bainiaozhaofeng Award : in natural
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ahead Award: Weicheng You < / p>
NetEase News March 3, the liquor industry, the strict protection by the state's industrial areas, but also by foreign investors break the last of the
cheap Shuijingfang (market share it)?
3 1 March, the world's largest spirits company Diageo and then acquired the British controller Ying Sheng Shuijingfang actual investments held by Quanxing 4% stake, Diageo completed the acquisition of the controlling shareholder of all of Shuijingfang Hing Group's stake from 49% to 53%, and pieces by GSK Group holds 39.71% indirect stake in a new reality Shuijingfang controller. Not only that, Diageo also announced 30 days of Shuijingfang launched the tender offer, the offer price for the 30 trading days before the suspension Shuijingfang average 21.45 yuan / share. According to calculations, in addition to GSK Group acquired Shuijingfang all other equity shareholders, Diageo probably still need to dig 6.3 billion.
Diageo said the purchase price is not necessarily able to Shuijingfang privatization.
this nearly eight years for the implementation of MBO 142 Quanxing Group executives, means the beginning of harvest time. Quanxing Group Chairman Yang Zhaoji Ying Sheng investment team control through two transfer Quanxing 43% and 4% of the shares, a total of 47% return on equity up to 6.6 billion, plus the GSK Group currently holds 47 % of the shares. Much higher than 94% had received Quanxing the cost of equity. Yang Zhaoji seen Quanxing MBO team to earn pours.
is worth noting that, in this transaction, Ying Sheng investment transfer Quanxing 4% of the equity price is £ 1,400 (equivalent to RMB 142 million), and GSK Group holds a total of Shuijingfang 1.9399 million shares, corresponding to 4% of the shares of about 772 million shares, average price 30 trading days before the suspension in accordance with 21.45 yuan terms, the transfer Quanxing 4% of the transaction price should be more than 165.5 million, not even counting all Hing Group's other assets, such a discount to sell surplus Investments Quanxing Group, see Yang Zhaoji team eager to cash in the mood.
anonymity on the NetEase Finance analyst said the deal because it is the actual control of human behavior, but the transfer agreement, the price determined by the parties in private, but the secondary market price in accordance with Shuijingfang performance and the above calculations, the existence of suspect to be distressed.
hard trick to 4 years
In fact, as early as four years ago on the Shuijingfang Diageo At this point the team from the Yang Zhaoji MBO plan approved less than 1 years.
in nearly two years later, July 10, 2008, Diageo shot again, the cost of 1.4 billion yuan, from the union Shuijingfang Quanxing purchased at 6% stake. Since then, Diageo has a 49% stake in Quanxing only other executives control over Yangzhao Ji Sheng investment earnings less two percentage points. That is one step away from the indirect control Shuijingfang.
but the state's famous wine industry protection policy Diageo in the door.
2003, the former State Planning Commission, Economic Commission and the MOFTEC jointly issued the Although it is not prohibited, and the shares of foreign-controlled enterprises, or are not specified, but if foreign investors to enter the famous white wine, must pass the National Development and Reform Commission and Ministry of Commerce approval. In 2007 the Ministry of Commerce revised the
Shuijingfang have Quanxing Okuma in 1963 was named the eight wines, listed in the restricted list, but Shuijingfang for emerging brands without this restriction.
GSK Group has finally The evening of March 1, Shuijingfang announced sale of 55% stake in Quanxing wine. Quanxing wine, white wine is famous Quanxing Daqu manufacturer. Took a major shareholder is the main industry and garment enterprises unrelated wine - Chengdu Jin Rui Tong Industrial Co., Ltd..
Shuijingfang sell 55% stake in Quanxing wine remaining 40% stake, to bypass the policy barriers. Quanxing wine production and sales as an independent enterprise, and the table is no longer the future, since 2011 investment income reflects the places. Quanxing wine products low income scale nearly billion in profits in 2009 only 350 million contribution to the Shuijingfang small.
Quanxing Daqu easy to master once the foreign holding GSK Group's industrial policy is no longer a barrier. March 1, Diageo to cost 142 million acquisition of 4% Quanxing, thus 53% of the equity holding Quanxing. And indirect holding Shuijingfang, a new reality Shuijingfang controller.
said with a smile in both hands, the Chinese wine industry and the largest single foreign investment, but the marriage seems to indicate a kind of frustration: the development of China's famous white wine in a bad surging foreign investment under the embarrassment of being stripped. National industrial policies, purporting to protect the famous wine name in order to support China's liquor industry, but now have to be forced to reluctantly sell wine in order to attract foreign investment.
market for this transaction, there are questions that Shuijingfang and its related parties in the circumvention of national industrial policies, and investments in controller Sheng Ying Yang Zhaoji team to find ways to cash in cheap assets.
Beijing lawyer Zhang Yuanzhong asked the days are optimistic that the transaction approved by the Ministry of Commerce of the possibility of great, he NetEase said the liquor industry concentration is not high, the introduction of Diageo help learn from foreign advanced management experience and sales experience, thus opening up foreign liquor market, while also bringing a lot of development funds is a major positive for Shuijingfang.
which may create a monopoly, the Commerce Department has a range of factors to measure industry concentration, the acquisition of Shuijingfang Diageo, the liquor industry concentration will not significantly improve this, it is difficult to form a monopoly, it will not endanger national security. .
He also stressed that in dealing with foreign investment, we want to avoid nationalism, review of mergers and acquisitions with an open mind, after all, famous wine industry needs better management in order to become bigger and stronger.
generally optimistic about the transaction
Shuijingfang Diageo acquired the news came out, Shuijingfang March 2 after the resumption of trading limit, the date of transaction 138 million yuan, turnover was only 1.98 %. Investors have seen transactions affirmed.
number of brokerage research reports released have also said that the Shuijingfang controller changes, the company has a positive meaning.
Guotai Junan Securities analyst Chun-Xia Hu that, with the controlling shareholders and foreign investors the right to speak of the increase in foreign shareholder of GSK Group and Shuijingfang management system, marketing system and compensation system and other internal management mechanism reform process will further accelerate, Diageo is the world's largest spirits sales group, the advanced production and sales management philosophy will be possible to promote the company's operational efficiency and sales expansion, while relying on Diageo's international sales channels to facilitate the company's future may be some increase in export business.
Dongxing Securities analyst Liu Jiawei said the company's ownership structure adjustment, Diageo indirectly holds 39.71% stake, and GSK will transfer 55% stake in wine the other party, is conducive to foreign strategic partner companies in-depth cooperation, the introduction of international advanced technology and management experience, to further clarify the company's line of high-end boutique liquor sales, to expand the brand's domestic competitiveness Shuijingfang and gradually enter the international market, so as to gradually achieve the Shuijingfang brand into a world-class brand development strategy.
and Merchants Securities analyst Wei-Hua Zhu showed a concern, he said the company's management continues to be responsible for all aspects of business affairs case, the transfer of a controlling stake, giving the impression that the initiative is not strong, business-driven strong enough to do a good job focusing the future sustainability of the brand's sales increase Shuijingfang, we have reservations. Diageo foreign liquor industry in China has long coveted, but limited understanding of the Chinese liquor market reasons, can actually win in the wine industry is not easy. And given its long-term investment rating of
management three times the equity transfer. He even said last March 6, 61-year-old Yang Zhaoji served its purpose, the directors and the chairman of the board resigned Shuijingfang is to facilitate out of cash.
open Shuijingfang Quanxing Group and history, its chairman Yang Zhaoji the two from small to big, to fight the Shuijingfang liquor brands have made major contributions toward the high-end image.
1997 October Guo Ziju will be held by former Chengdu Sichuan Pharmaceutical (listed in December 1996, GSK changed its name to 1999 shares, Shuijingfang formerly) state-owned shares 8103 shares authorized to hold and operate Quanxing Group, GSK has taken the first step backdoor. Quanxing backdoor successful implementation of listed companies then replacement of assets and restructuring, the Quanxing wine transferred to 100% of the shares of listed companies, GSK Group holds 48.44% stake in a listed company, became the controlling shareholder.
the same year, Wells Street, Chengdu old distillery was uncovered in Yangzhao Ji's instigation, a new high-end liquor brands - Jiannanchun famous high-end liquor and other famous brands.
from an unknown winery, to and Wuliangye, Maotai (market share it) competing against the superior upstart, Yang Zhaoji contribution in Quanxing, really is not small. However, GSK is a state-owned enterprises, Yangzhao Ji and his team, apparently not satisfied with a lifetime working for the state-owned enterprises.
Looking back on the history of the development of GSK Group, MBO can be described as the hearts of many years of senior GSK Group itch, Yang Zhaoji logistics Quanxing MBO is planning a long time.
2002 年 9 24, Chengdu, Ying Sheng Investment Holdings Limited, Investment and Development Co., Ltd. Shenzhen vector, three trade unions while, Sichuan Quanxing Co., Ltd. Chengdu Bureau of Finance signed with state-owned shares Quanxing transfer agreement. Ying Sheng investment of about 412.6 million yuan invested transferee Quanxing 67.7% stake in Shenzhen vector, respectively, the transferee union GSK shares 20% and 12.3% of its equity. Since then, GSK Group owned by the state into private enterprises, Yang Zhaoji and other executive team, as the controller of GSK Group.
the restructuring, MBO management platform as Quanxing Chengdu, Ying Sheng investment company business information, which shareholders are the 18 GSK Group executives, the registered capital of 57.8 million yuan. Among them, GSK Group chairman Yang Zhaoji invested 11.56 million yuan, the largest shareholder, holding 20%; Huang Jianyong, Chen, Lu Zhongjie, more enhanced, Tang Xingdong five people, each invested 5.78 million yuan, 10% of the shares each ; Dunlop silver 6 1.734 million yuan of investment, each 3% of the shares; GSK shares secretaries Zhangzong Jun 6 people each contribute 1.156 million yuan each 2% of the shares.
fact, involved in the MBO of far more than the 18. It is GSK Group introduced himself, Ying Sheng Investment Group, parent company for the Quanxing more than 142 mid-level assistant team members trust loans for self-financing and the main form of ownership and management of the main civil trust. As in accordance with I therefore Yangzhao Ji Sheng Ying held the shares on behalf of investment is 20%, actually, only 6%. Holds the remaining executives ranging from 0.24% to 3%, of which more than 1% holding 20 people, most of the executives holding at between 0.26% to 0.38%.
2005 年 11 28, Yang Zhaoji waiting three years of the MBO plan, and finally a piece of paper, etc. to the SAC's approval. The question of suffering MBO, to Yang Zhaoji team victory.
2006, the surplus vector containing the transferee of the investments and investments held by GSK GSK shares trade union group, 20% and 6.3% of the equity stake of 94%. As a result, Yang Zhaoji other executives have complete control over the GSK Group, MBO lending its funding gap, but also re-amplified. Although Ying Sheng investment shares by listed companies, GSK settled a part of the Trust dividends and other loans, but only a drop in the bucket.
At this point, the world's largest multinational wine company Diageo said to Profit Investments Group to acquire shares in GSK, Yang Zhaoji team is happy to hire.
after 2006 and this cash, Yangzhao Ji Sheng investment team control the transfer of surplus Quanxing Group return on equity of 47% on up to 6.6 million, and currently holds 47% of the GSK Group the shares. According to today's closing price Shuijingfang 23.09 yuan terms, this part of the equity market capitalization of $ 2.1 billion. Not increase GSK Group's other assets.
Thus, the painstaking efforts of the GSK Group MBO team for the Yang Zhaoji the huge wealth accumulation.
two corporate giants of the Chinese foreign wine contest
reason to think hard and Diageo's acquisition of Quanxing, then control Shuijingfang, the industry that is its desire and
its inception in 1975 and headquartered in Paris, France's Pernod Ricard Group, through rapid development and acquisitions, has become the world's second largest, the largest outside the U.S. spirits and wine group, products worldwide. Pernod Ricard Group in Asia, especially in China's development is very strong.
in China, Pernod Ricard has become the imported wine and spirits company in the first undisputed, its core product Chivas Regal, Martell, Royal Salute and other imported spirits is the market-leading brands, including Chivas is the champion. Pernod currently owns a sole proprietorship in China Trading Company - Pernod (China) Trading Co., Ltd., headquartered in Shanghai. Distribution network the company more than 60 cities across the country. Six branches are located in Beijing, Guangzhou, Xiamen, Shenzhen, Wuhan and Chengdu.
and Diageo is the world's largest spirits maker, its convergence Smirnoff vodka and Johnnie Walker and other top brands, has been hoping to enter the Chinese wine market. Alcohol consumption in half because the Chinese are white.
2006 September, Diageo announced out in Sanya, Hainan, its whiskey brand, Diageo's Johnnie Walker, treasure, treasure Tim all three whiskey brands into China, will form a combined camp of Pernod's Chivas whiskey brand and Ballantine joint attack.
Shuijingfang and this acquisition is its second in 2006 after a major move.
Walsh, Diageo chief executive, said, generous spirits category.
Quanxing repeated changes in equity note:
2002 September: Quanxing restructuring, Ying Sheng investment holding 67.7%. Shenzhen vector, GSK shares trade unions were holding 20% and 12.3% stake.
2006 years: Ying Sheng investment and the transferee of the vector of investment and trade unions held Quanxing Quanxing shares 20% and 6.3% of the equity stake of 94%. GSK shares trade unions still hold 6%.
2006 years: Diageo shares trade unions from GSK to buy 6%. GSK Group's two shareholders, Diageo into surplus Investments Dili. Were holding 94% and 6%.
2006 December: Ying Sheng investment Teijin Diageo signed the . Diageo becomes 49%.
2010 March: Sheng investment earnings transferred back to 4% of Diageo shares of GSK Group. Ying Sheng Investment Group, the proportion of shares held by GSK to 47%. Diageo rose to 53%. Become the controlling shareholder of GSK Group and SJF.
(This article Source: NetEase Finance Author: Geng Jun)
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