日本收購美國酒廠引發(fā)波本威士忌泡沫之憂
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????波本威士忌之于美國就如同香檳酒之于法國，也就是說，這些烈性酒的口味與它們的原產(chǎn)地一樣鮮明。但日本卻使情況變得復(fù)雜化了。 ????東京上市公司——三得利控股（Suntory Holdings）日前宣布，它已經(jīng)協(xié)議收購了Jim Beam、Maker's Mark和Knob Creek等品牌波本威士忌的釀造商Beam Inc.。這項(xiàng)交易價(jià)值136億美元，其中，Beam股東每股將獲得83.50美元現(xiàn)金（較該股上周五收盤價(jià)有25%的溢價(jià)）。若將承擔(dān)債務(wù)計(jì)算在內(nèi)，交易價(jià)值將增至約160億美元。 ????由此，這宗收購成為日本收購美國企業(yè)的第二大交易，僅次于去年夏季軟銀（Softbank）以370億美元收購斯普林特（Sprint）的交易。下面是日本收購美國公司的最大5宗交易：????? |
????Bourbon is to America what champagne is to France -- an alcoholic beverage defined as much by its originating geography as by its taste. But Japan is going to complicate things a bit. ????Tokyo-listed Suntory Holdings today announced that it has agreed to acquire Beam Inc. (BEAM), maker of such bourbon brands as Jim Beam, Maker's Mark and Knob Creek. It's a $13.6 billion deal, with Beam shareholders each to receive $83.50 per share in cash (25% premium to last Friday's closing price). Including assumed debt, the transaction price swells to around $16 billion. ????That would make this the second-largest Japanese buyout ever of an American company, behind only Softbank's $37 billion purchase of Sprint last summer. Here are the top five:??? |
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????這也是第三次有一家日本公司支付10億以上美元收購一家美國消費(fèi)品公司，之前的兩次分別是日本煙草（Japan Tobacco）于1999年以78億美元收購International Cigarettes以及資生堂（Shiseido Company）于2012年以19億美元收購化妝品公司Bare Escentuals。但這起項(xiàng)收購均不涉及對上市公司的收購【International Cigarettes是雷諾茲?納貝斯克（RJR Nabisco）分拆出來的公司，而Bare Escentuals則由私募股權(quán)公司Berkshire Partners所有】。 ????日本與美國的跨國收購交易絕大部分都圍繞科技業(yè)展開，這一點(diǎn)并不意外。 ????因此，這筆交易或許只是《廣告狂人》（Mad Men）所引發(fā)波本威士忌熱潮的一次性反應(yīng)（主角唐?德雷柏在劇中常飲波本威士忌）。Beam發(fā)布的第三季度業(yè)績顯示波本威士忌增速“快于市場”，Beam北美老板比爾?紐蘭茲上周四在消費(fèi)者新聞與財(cái)經(jīng)電視頻道（CNBC）上表示，“波本威士忌是業(yè)內(nèi)日前最熱的一個(gè)領(lǐng)域?！?/p> ????三得利收購Beam是2014年開年以來金額最大的一筆并購交易，但受到廉價(jià)貸款和日本近期經(jīng)濟(jì)復(fù)蘇的推動(dòng)，這可能只是未來跨國并購的冰山之一角。換句話說，它值得關(guān)注。不過也許只是在我們小酌一杯的時(shí)候......（財(cái)富中文網(wǎng)）
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????It also is just the third time that a Japanese company has paid more than $1 billion for an American consumer products company, following Japan Tobacco's $7.8 billion purchase of International Cigarettes in 1999 and Shiseido Company's $1.9 billion deal for cosmetics company Bare Escentuals in 2012. Neither of those two transactions, however, included the acquisition of a listed company (International Cigarettes was a spinoff from RJR Nabisco, while Bare Escentuals was owned by private equity firm Berkshire Partners). ????The vast majority of large cross-border M&A between Japan and the U.S. is, not surprisingly, focused on technology. ????So perhaps this is just a one-off, reflective of a bourbon bubble that began inflating when Don Draper started to sip on Mad Men. Beam reported "above-market growth" in bourbon during its Q3 earnings, and Beam North America boss Bill Newlands said on CNBC just last Thursday that "bourbon is the hottest category in our industry today." ????” ????But given that Suntory's Beam purchase is the largest M&A transaction announced so far in 2014, there also is the possibility that this is the tip of a cross-border iceberg, sparked by access to cheap debt and Japan's recent economic recovery. In other words, it's worth keeping an eye on. Maybe while enjoying something to drink...?? |
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