Chapter 947 (2/2)

After organizing the language, Chen Lang said slowly: ”such a large-scale retail merger and acquisition has happened once in China before.

When Wal Mart acquired trust Mart last year, it was similar to ours.

At that time, trust Mart was valued at around 8.5 billion yuan.

At that time, the annual sales volume of trust Mart was 13.2 billion yuan, and the general evaluation agencies adopted three schemes.

Market value method, income method, discounted cash flow method.

The discounted cash flow method is the simplest method for valuation, which includes annual sales volume, annual sales growth rate, sales profit margin, income tax rate, growth rate of fixed assets, etc This series of data are estimated.

If we calculate by this method, Carrefour's annual sales volume last year was 29.6 billion, with an annual growth rate of 12.5% and a sales profit margin of 15%

Chen Lang lists a lot of data. Although Li Dong has a headache, he doesn't interrupt.

There are some things that must be understood.

Moreover, Chen Lang is only a brief introduction. It's good to know something about it after listening to it.

After a brief talk, Chen Lang finally said, ”if we evaluate according to this plan, the total value of Carrefour now reaches 16 billion.”

Li Dong frowned and said, ”isn't it so high?”

Chen Lang said with a smile, ”Mr. Li, don't worry. As I said, this was Carrefour before, but now it's different.

Moreover, we don't need Carrefour's brand this time. Moreover, Carrefour has been in China for 13 years, and many store leases are about to expire.

At this time, the value will decline greatly.

Without these factors, the estimated value should be around 12 billion. ”

”12 billion!”

Li Dong has some toothache. When he said 8 billion yuan before, everyone thought it was useless. Don't say 12 billion yuan.

Although Chen Lang's valuation is not the value given by professional institutions, Chen Lang has done many merger and acquisition plans. Even if there is a gap, the upper and lower levels should not be big enough.

12 billion is too much. Li Dong can't accept it.

Don't mention him. At this time, I'm afraid few domestic enterprises can accept it.

Among the five shortlisted enterprises, it is almost impossible for Yintai and Bailian to provide 10 billion funds except Tesco and Huarun.

Of course, it's the same from afar. If it's more than 10 billion, it won't come out.

Unless Li Dong is willing to invest all the money in the stock market, it is not enough.

Seeing Li Dong frown, Chen Lang said with a smile: ”but don't worry, even if the real value is so much, the money is not taken out at one time.

We can refer to Wal Mart's merger and acquisition of trust mart to carry out, and first purchase about 30% of Carrefour's shares.

For the remaining 70%, we can operate for three years and then decide whether to buy them all or withdraw from the market.

In this regard, I think Carrefour should agree to a large-scale M & a plan, which is the safest and the least risky.

Of course, in fact, joint venture can be adopted, but we will not discuss it now.

If we only purchase 30% of the shares, we will pay about 3.6 billion in cash in the first phase, or even less. ”Li Dong also knows this, but he seldom uses such a scheme.

In the past, distant mergers and acquisitions were all open and wide-ranging, and they were directly acquired by wholly-owned enterprises.

It's not that Li Dong has too much money to spend. It's mainly a wholly-owned merger and acquisition, which is easy to integrate resources and quickly form a combat effectiveness.

But according to Wal Mart's situation of good and many, if only part of the shares were taken by the company in the early stage, it would be equivalent to a joint venture, and it would also give Carrefour a chance to make a comeback.

In addition, it is not easy to integrate resources from afar because it is not a holding company. In a word, it is very troublesome.

Of course, the risk from afar will be much smaller.

But in fact, for Li Dong, the risk is not the risk. He knows better than others.

After three years of operation, it will be too late to integrate again.

It took 11 years to integrate Carrefour stores. Good guy, it was just the impact of e-commerce that Li Dong had to die of depression.

Slightly breathed a breath, Li Dong said: ”how to talk about the plan? It's not yet time. Let's submit the plan to Carrefour first.

And by the way, we'll also find a third party to evaluate the value of Carrefour. ”

Chen Lang replied: ”well, I'll arrange it right away. If it is a third party, you can find UBS Investment Bank. The assessment in Switzerland should be fair and accurate.

By the way, Mr. Li, when will you return to Jiangbei? ”

”In just a few days, this place will be handed over to you for the time being.”

M & A is not a day or two, and it will take at least one month to review and evaluate the preliminary plan.

When it comes to money, it will probably be the second half of the year.

Now Li Dong has a lot of things on hand, and it will be 5.12 soon.

Li Dong is not at ease when he is not in Jiangbei.

Before the 12th, he must return to Jiangbei.

Then Li Dong thought of Yuan Xue again. The woman didn't call her when she went back. She didn't know what she was thinking.

If she doesn't come, she must have a look before she leaves.

Time is pressing. At this time, Li Dong doesn't care to let her calm down.

Thinking about something, the car stopped at the door of the hotel.

As soon as Li Dong got off the bus, Bai Su hurriedly met him and said, ”Mr. Li, just now Mr. Yuan called.”

Hearing that it was yuan Chengdao, Li Dong immediately asked, ”what's the matter?”

”Diao Bao just released a message.”

Li Dong had a headache and said, ”what's wrong with Ma Yun?”

Now he does have a lot of things, and he can't spare much energy to fight with Ma Yun.

According to Li Dong's idea, it's OK to go on like this at present.

The real outbreak of remote shopping malls has to wait for the era of mobile client.

However, he does not want to fight now, which does not mean that Ma Yun will live in peace.

Seeing his headache, Bai Su couldn't help but turn up the corners of his mouth. He didn't dare to show it. Bai Su quickly reported: ”Diao Bao has just released an announcement. In the second half of this year, it will build a” treasure city ”and be positioned as a large-scale online shopping center with an investment of 1.5 billion yuan.

At present, it seems that an agreement has been signed with Lin'an government.

In addition, at the same time as ”tuobao city”, Ali's mother and Diao Bao are officially merged to build it into the world's largest e-commerce ecosystem. ”

Li Dong didn't pay attention to the matter of taking out treasure city, but when he heard that Ali's mother wanted to merge with tuobao, Li Dong couldn't help being distracted.

This is to take the route of big data. Ma Yun really has such a poisonous eye.

I'm afraid Alibaba cloud will come out soon.

The future of the Internet can not be separated from big data. Li Dong is not ready for this, but he is a step ahead of others.

Li Dong breathed his breath, which was also impossible.

Some things don't mean that the prophet is useful. At least, compared with digging treasure, the foundation of remote technology is still too weak.

Now even their own data center has not been built, let alone cloud computing.

Fortunately, baidu is willing to provide some technical and talent support for the financing of microblog last time, so as to see if we can get some good things from Baidu.

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