吉利并购沃尔沃分析.ppt

M&A,Microsoft Windows,CMicrosoft Windows,CMicrosoft Windows,结束语,关于作者,一键关机,工作业绩,改进计划,职业发展,收获感悟,Geely&Volvo,Introduction,Background,Geely Holding Group,Swedish Volvo Automobile Company,Motivations,change the pattern of the world automobile industry hit Volvo hard “One Ford” strategy,From frods view,The financial crisis,M&A,“We plan to sell.Its not about Volvo, but because we want to focus on Ford. The situation for Ford around the world is still tough. Ford is still losing money.” “The company needs to focus its financial resources and thats why we started looking at selling Volvo and we want to continue with the process for the same reason.”,BoothFords CFO,From frods view,The BRIC (Brazil, Russia, India, China) markets China is the largest, most mature, most stable one,From frods view,future market,The financial crisis Access to advanced core technology Absorption of high-end talent Learn the Marketing System Model Lower operating costs,From GEELYs view,a shopping spree of overseas acquisitions,From GEELYs view,Hummer,The financial crisis,“golden“ opportunity The outbreak of the global financial crisis has brought “golden” opportunity to the Chinese enterprises. Geely just seizes on such an opportunity precisely! the acquisition cost is relatively low,and the way of acquisition funds is diverse,From GEELYs view,Access to advanced core technology,From GEELYs view,New energy source,the future trade trends,Dispel quality concerns,Absorption of high-end talent,For a long time,Geely do not make a good character on the price and apparent of its car to the public, to change that image, there must be a good industrial design talent and brand planning personnel.,From GEELYs view,Learn the Marketing System Model,It is beneficial that have a close-up study of the marketing strategy of foreign brand. It is a prerequisite to the world to Geely and Chinas own brand,From GEELYs view,Lower operating costs,Li Shufu can make Geely into the worlds cheapest car,then we can believe that he also has a way to reduce the operating costs of Volvo.,From GEELYs view,Advantages,Advantages,Geely and other Chinese firms want Volvo for its strong brand name and technology. Its dealer network also represents a chance to penetrate(打入) the U.S. and European markets with non-Volvo product.,brand & technology,Volvos brand as a safe, reliable car could help dispel quality concerns about Geely cars. A Russian car magazine recently crash tested the Geely CK at 40 mph and found that the driver and passenger had a 10% survival rate！,China is the only major auto market still growing despite the global economic slowdown, and in the past few months the number of sales in the country has outstripped sales in the U.S.,market advantage,Geelys experience in Chinas auto market, which is poised to surpass the U.S. as the worlds biggest auto market this year with sales possibly reaching 12 million vehicles.,Ford is a motivated seller because it needs to raise cash and lower its debt, especially as competitors General Motors and Chrysler emerge from bankruptcy protection with restructured balance sheets. It also is a sweet price, totaling about one third of the $6.5 billion that Ford paid ten years ago.,Favourable price,technology, Brands talent network other resources of foreign companies,a higher level increase the position.,Volvo has been regarded as “the most secure,“ car and possession of a considerable market share. If Geely can win Volvos strong brand, not only get rid of the “low-end car“ label, but also can make use of the production base and sales network by the Volvo around the world to overseas expansion.,Snake eat elephant！,Volvo is worth half the $6.4 billion when Ford paid 10 years ago.The listed Geely Automobile Holdings unit only has a market capitalization of about $500 million. Lack of experience:Geely is a “young man” to Ford.While Ford is failed,whats the fate of Geely?, Challenges, Challenges, Challenges, Challenges, Challenges, Challenges, Challenges, Challenges,Geely is far from mature enough,Although Geely has announced its “multiplex brands” strategy.The strategy is still not mature in China. At least 7 provinces dont really start the program.The foundation in its own country is not as firm as we imaged.,Patents,Fords Volvo vehicle will retain its technology patents, Chinas Geely Automobile buyers will only have the right to use these technologies.,Corporate structure,Western firms have a deep-rooted culture of trade unions, when it comes to mergers and acquisitions, corporate trade unions will try to intervene in the negotiations in order to seek the best interests of employees and layoffs . employee remuneration differences has allowed a number of Western firms trying to mergers and acquisitions of Chinese companies playing with toys.,Accounting system & Law,The accounting systems between China and western countries are obviously different. So it is difficult to integrate financial statement.The monitoring cost maybe very high. The different law systems will also influence M&A and increase the handicap of M&A.,Nationalism,Domestic consumers usually have naturally resistance to foreign goods.Especially when it comes to political reasons.,Geely eat Volvo Snake swallow elephant ?, Conclusion,Even Ford confirmed that Chinas Geely is the preferred buyer for Volvo marque, there are still concerns that the long-rumored deal wont get off the ground.,The two companies must still resolve protection for intellectual-property rights(IPR). Lets look at a real example:,Concern 1: intellectual-property rights （知识产权）,Geely GE,Rolls Royce,Creation imatition,or,Big problemIPR,On the November 17th the spokesman of geely said that volvo would remain real valuable technologies and talents outside China , geely would only have the right to use the related technology .,Proponent : A . such deals can help the Chinese automakers get footholds in European and U.S. markets B . access to advanced technologies C . a chance to piggyback on their reputations for sturdiness and safety, especially like the famous brands like Volvo,Concern 2: Striking a bargain guarantees success?!,Opponent : Meanwhile analysts say that even if the Volvo deal is finally sealed, success isnt guaranteed. China watchers warn that making big deals work may be even tougher for its automakers, A . facing the challenge of bridging the large cultural and legal differences between China and elsewhere. B . whether Geely has ability to manage Volvo is questioned . C . hard to say the deal is a bargin,Concern 2: Striking a bargain guarantees success?!,The evidence: Li Shufu,chairman of Geely,has said the acquisition is a strategic move for Geely to strengthen its position in China and also to help the continued development of Volvo.,Component supply Engineering R&D Design,Ford,Volvo,Geely,Ford will have to ensure that its technologies and IPR would not be compromised in the deal with a potential rival in China.,For all that, shares in Geel