InBev borrow PE to thin body

Wen | Our reporter Wang moved October 7, Blackstone announced that it will buy the wine giant InBev's theme Entertainment Park business unit at a price of 2.7 billion dollars.　　The deal also allowed the biggest PE merger to surface this year, and the British Bo successfully used PE to carry out its slimming plan. PE good friend under the agreement between the two sides, Invista will get 2.3 billion dollars in cash from the deal and have the opportunity to share the revenues of Blackstone's takeover of the theme park.　　Following the completion of the takeover of the theme park Division of the company, Blackstone will receive a Marine World theme park in Florida State San Diego, San Antonio and Orlando, as well as Busch Gardens in Florida State Tampa Bay and Virginia State Williamsburg. "Blackstone's takeover shows that the fund is bullish on the entertainment industry and that the Blackstone may make a profit after the economy recovers," he said. On the other hand, the British Bo Budweiser also got the cash needed.　　"The Wall Street Journal thinks it's a win-win deal."　　The news came as the shares of the Anglo-Budweiser rose 1.6% per cent on the day, with investors generally thinking that the British Bo Budweiser had sold a good price in the third quarter of the recession.　　Now the British Bo Budweiser is very hungry for cash, because it was not long ago, the British Bo Budweiser has just the South Korea's second-largest brewery Oriental Brewery Co, the price of 1.8 billion of dollars sold to another PE giant KKR group.　　Since 2009, the biggest three deals that PE has dabbled in, together with the US Equity investment agency Silver Lake, acquired a majority stake in ebay's communications company Skype at $2 billion, while the remaining two were directly related to the British Bo Budweiser.　　In order to sell its subsidiaries, the British Bo Budweiser in a few months, successively with the equity investment in the two major giants completed the transaction, for a time, it seems to be the equity investment sector in the eyes of the sweet cakes. A year ago, the company readily took out 52 billion of dollars in cash and bought Budweiser's parent company, Busch Busch, to complete a blockbuster deal in the wine industry.　　In China, the company is also a leader in the mergers and acquisitions industry, and the 5.8 billion yuan purchase of snow and beer has still impressed investors.　　Why did the company suddenly turn from the acquirer to the seller and suddenly become a good friend of PE? Mergers and acquisitions are the same as the information displayed on the official website of InBev: Invista is one of the world's top five consumer goods companies.　　And it can become one of the world's top five companies, alongside Procter and Gamble, almost entirely thanks to mergers and acquisitions, especially last year's acquisition of the company, which directly raised InBev's position in the industry.　　But it was the deal that made it famous in the past, when the British Bo Budweiser got into the awkward position. Rumours of the acquisition of Busch, which first appeared at the end of May 2008, followed a press release by InBev and Anheuser-Busch on June 11, saying that the company had presented the Busch with 460Billion-dollar non-binding takeover offer, equivalent to $65 per share.　　Even in the Bull of 2007, Busch's share price hovered around $50 a share, and the 5-year price was 54.97 dollars higher.　　Even so, on June 26, 2008, Busch's board formally rejected the 65 dollar cash takeover offer, saying it greatly underestimated the value of the US beer giant, but also hinted at a welcome increase in prices.　　At that time, Wall Street was already clouded over, and the hundred-Year-old shop bear was under helpless, forced to accept JPMorgan's low bid. When it was expected that the deal would take a long wait, it suddenly announced in July that it agreed to raise the bid to 70 dollars per share.　　The deal was then quickly reached, and the total amount of the deal amounted to an astonishing 52 billion dollars. According to performance estimates, after the merger, the new company's global operating income will be more than 35 billion U.S. dollars (the 2008 report shows that they did this). On the day of the acquisition, the company held a press conference calling it a "weary but exciting moment." "Mergers and acquisitions are a double-edged sword, while boosting the strength of the British Bo, the deal also allows the merger of the Anglo-Budweiser Company's debt reached an astonishing 45 billion dollars." Even in 2007, that figure is already disturbing.　　What's more, no one would have thought that, just two months later, Lehman Brothers, the US's fourth-largest investment bank, would move to bankruptcy protection and push credit markets into the abyss. "The financial crisis can be divided into two stages, before the collapse of Lehman Brothers and the collapse of Lehman Brothers." Financial institutions began to become reluctant to lend after the Lehman crisis of September 15, 2008. "said David Rosenberg, a former US chief economist at Merrill Lynch.　　and cherish the environment let the British Bo Budweiser have to pay higher interest, even pay high interest, it is difficult to borrow money.　　At this time, the British Bo Budweiser, can only consider the sale of assets.　　Helpless selling assets in fact, after mergers and acquisitions, InBev and Busch still showed a strong synergy and a significant increase in the first quarter, but none of this can change the reality: The British Bo Budweiser debt is too heavy.　　At the end of April 2009, Carlos Brito, chief executive of Brito, said at the annual shareholder meeting that while the company was doing a good job, it had to consider selling assets, and he planned to sell five to six companies, including China's Tsingtao beer. The emerging markets, represented by China, remain very eye-catching, despite the heavy blow to the financial crisis in Europe and the US.　　Few multinationals are willing to sell Chinese assets, but the brutal reality has not allowed any more hesitation from the British Bo. In January 2009 and May, the company sold its Tsingtao beer to Asahi Brewery and the private enterprise Xinhua group, respectively.Wine shares of 19.99% and 7.01%, and green beer between the 16-year complex competition and cooperation, InBev the whole body and retreat.　　The head of the British Bo is still in the completion of the Tsingtao Beer equity sale, frankly, the sale of Tsingtao beer shares of 19.99% to Asahi Beer, in order to ease its $45 billion trillion of debt. Of course, the mere sale of Chinese assets is far from enough to repay the huge debt. In the second half of the 2009-year calendar, it impressively reads: To integrate the 1 billion-dollar business of Anheuser-Busch, to save at least $500 million trillion in the United States while at the same time to boost the original, and continue to carry out $7 billion worth of divestiture　　, to reduce capital expenditure on the premise of ensuring product quality and employee safety, and to reduce the amount of USD 1 billion a year from 2008, to extend the period of unliquidated obligations and to improve cash flow. In China, the British Bo Budweiser sold its assets to peers. But it's hard to find the right buyers overseas, where businesses are struggling today.　　The final choice of PE, a big reason is that PE is one of the few to be able to take out cash buyers. PE need to be cautious with the help of PE, the British Bo Budweiser sold assets.　　It is believed that there will be more large enterprises wishing to become present and willing to sell assets to PE in the context of financing difficulties. Perhaps, this is a good opportunity for PE.　　However, some professionals believe that PE face this opportunity to deal with, must be cautious, because now, the European and American economy still not completely out of the economic crisis. "PE needs to be careful with big deals. Sculley Keenan Skelly, a private equity researcher at Dow Jones, said, "PE has spent the third quarter of 2009 years in silence, and on a global scale they have raised only 79.9 billion dollars, down 59% from the same period last year."　　"You know, it was the same time last year that Lehman Brothers went bankrupt." Sculley Think PE day is also very difficult to say also get the support of the industry. Leo De Bev, chief executive of Albert Asset Management, Alberta Investment Management Corp., also said that "the third quarter was difficult because global equities ended up in the third quarter, falling into deep adjustment, Investors will also worry about future operations, and we must respond cautiously to investors ' questions. "Albert, which manages 66 billion of billions of dollars, has been famous in the Equity fund investment industry for helping the Canadian extractive industry giant Precision Drilling Trust and Viterra, a big agricultural company, to get out of trouble, but in 2008, when equity investment funds tumbled,　　Albert's asset yield is only 10.1%. Bev thinks it's time to make a profit from the economic recovery, but it has to be cautious, "for equity investment funds, want to complete a bigDeals rely on cheap credit and super leverage. It was not difficult to have these conditions until 2007, but it was almost impossible to go back to the past. Therefore, we must complete the transaction under the new environment, must find the fundamental good enterprise. "It's not easy to find a good company," Bev said. It is difficult for outsiders to understand that we have access to 10 companies, perhaps only 1 are worth the effort to do due diligence, while the remaining 9 are completely out of the consideration. Even those 1 will not necessarily invest in the end. "In the remainder of 2009, Albert may only be able to complete two more deals," Bev said. "In the present environment, we are more concerned with the quality of the deal, not the quantity, and the era of spendthrift money is over." Bev that the best investment opportunities are now focused on infrastructure investment. Of course, the reason for his decision is still cautious, "the economy can recover early, mainly thanks to the government's fiscal stimulus policy, and the policy stimulus is mainly focused on infrastructure investment areas." At present, both in developed and emerging markets, water supply systems and sewage treatment can provide investors with a more generous and definite return. ”