宝洁并购吉列

1、百度文库3三、并购的动因及将带来的效益the motivati on of merger and the profit that ben efit from it（一）完善保洁产品线，扩大市场份额Perfect the product li ne and exte nd market share of Procter & Gamble宝洁和吉列在经营、创新、规模以及进入市场的能力等核心方面互为补充。Procter & Gamble Co.and The Gillette Company are complementary in many Core aspectsas man ageme nt

2、. inno vati onmarket .scale and the ability to occupy the1、两者都建立在领先品牌基础上。宝洁拥有16个十亿美元以上品牌，吉列拥有5个十亿Procter & Gamble Co has 16 brandsBoth of them are based on the lead ing brands.worthing more than one billion and the Gillette Company has the same 5 brands .美元以上品牌，合并后将拥有21个十亿美元以上品牌，在其业务三分之二的范围内将处于全球市场占

3、有率第一的地位。2、两者都有积极创新的优良传统，不断给消费者带来惊喜。Both own the finetraditi on of active inno vati on and con sta ntlybring surprises to con sumers3、两者都具有全球规模，虽然一大一小，却不约而同地重视发展中国家业务的增长。Both have global scale ,.although one is big ,one is small, they in variably pay atte nti on to the bus in ess expa nsion of develo

4、p ing coun tries .4、 两者在健康及个人护理业务上互补有无。宝洁这个新娘，在女性个人护理产品方面魅力Both are surely compleme nt each other in health and pers onal care bus in ess . Procter & GambleCo. knows wome ns dema ndand tries to satisfy it , so themarketi ng objectives focus on females ,who are the majority ofcustomers buying Procter

5、 & Gamble products in America. However,TheGillette Compa ny shares most of the market in the field of male nursing products and possess complete product li ne and rich kno wledge .so the comb in ati on of the two corporati ons added astre ngth un doubtedly toProcter & Gamble n co.四射。宝洁了解女性的需求，并设法去满足

6、，在美国，购买宝洁产品的消费者大部分都是 女性，公司的营销目标也以女性为主；而吉列则在男性护理产品领域一展英雄气概，有着完整的产品线及丰富的知识，两者的结合无疑给宝洁的妩媚中增添了一份力量。(二) 强强联手，共创家业join hands in stre ngth andCreate plu nderi ng1 、通过并购来获得更大的增长Through acquisiti ons to gain greater growth.与吉列联手之前，宝洁的产品主要将目光瞄准女性用品市场，相比而言宝洁的产品比较Before the cooperati on withthe Gillette Compa n

7、y , Procter & Gamble Co is aiming tofemale supplies market . Compared with p&g products are more mature and the space to improve is limited .,while the Gillette products are grow ing fast .P&g wasseeking acquisitions Gillette to gain greater growth . now mendema nd onSkin care product is grow ing ra

8、pidly and the skin care market of males has n yet bee nfully developed . From the curre nt developme nt trend , the market scale is expected to reach billions of dollars,which futher the beauty industry of P&g .成熟，改善空间有限，而吉列的产品增长速度很快，宝洁希望通过收购吉列来获得更大的增长。现在男性对护肤品的需求正在迅猛增长，增速大大超过女性的需求。男用护肤品 市场直到现在基本上还未

9、被充分开发，从目前的发展趋势来看，这个市场规模有望达到数 十亿美元，使宝洁的美丽产业进一步扩容。此外，从现金流角度来看，宝洁/吉列合并后年销售额将超过600亿美元，一举超Besides , from the perspective of cash flow , the annual sales will exceed $60 billi on after the merging and leapfrog about 53 billion dollars in annual sales of Unilever that will make P&g the worlds largest daily

10、 con sumer goods compa ny. As a result of this, the competitive pressure was tran sferred to competitors.越年销售额约530亿美元的联合利华，成为全球最大的日用消费品公司，将沉重的竞争压力置于竞争对手之上。宝洁以一个将品牌的技术用于另一个品牌的技术转化(tech no logy tran sfer)的能力P&g is known to gain the tech no logy tran sfer ability to apply one brand tech no logy into an

11、o ther one . Absorb ing Gillette will con tribute to the promoti on of the product after the merger. I n this way , P&g , with a large brand group, can beat competitors like Un ilever andClark with no difficulty .而闻名业界，吸纳吉列将有助于并购后公司产品的推广。这样，拥有庞大品牌组合的宝洁，略施小计就可轻而易举地将联合利华、金佰利等竞争对手击败，稳坐全球日用品的第 一把交椅，这种竞争

12、力是业内人士所不能小看的。2、通过并购，加大双方与上下游合作者的谈判地位Through acquisiti ons, in creas ing n egotiati ng positi on with cooperators过去，以沃尔玛为首的零售巨头一直在对宝洁、吉列这样的供应商施加巨大的定价压力，In the past , the retail gia nts headed by wal-mart exertedprici ng pressure to supplierssuch as P&g and Gillette. Now P&g joi ns hand with Gillette

13、to become a a strong family ,so wal-mart is hard to crush one by one on pric ing . obviously, in the futue P&g will hold more in itiative in the n egotiati ons with large retailers such as wal-mart .以获得更便宜的进货吸引购物者。现在宝洁、吉列强强联手成为了一家人，活尔玛就很难 在价格上各个击破了，这将从根本上改变全球消费品行业的格局。显而易见，宝洁今后与 诸如沃尔玛这样的大型零售商谈判时将掌握更多

14、的主动权。（三）双方股东及管理层的利益The in terests of shareholders and man ageme nt投资于这些经营稳健、讲究诚信、分红回报高的企业，以最大限度地确保投资的保值和增In vesti ng in these en terprises of 、 Susta in able growth 、 pay ing atte nti on to hon esty、 returning high divide nds to en sure the value ofin vestme nt farthest . ” Seen fromBuffetts investment principle , p&g owns undoultly