米国企業と英国企業

February 21, 2017

米食品大手クラフト・ハインツは19日、英オランダ系食品・日用品大手ユニリーバを約1430億ドル(約16兆円)で買収するとの提案を取り下げると発表しました。

 

ユニリーバ側が反発していたことから、友好的な買収交渉の進展が期待できないと判断したとみられます。

 

クラフト・ハインツは「ユニリーバが反対しており、早い段階で計画を撤回し、それぞれの経営戦略を追求することが望ましい」としています。

 

クラフト・ハインツは17日に買収の提案を発表したばかりでした。これに対し、ユニリーバは「(買収額は)全くの過小評価だ」と訴え、提案を拒絶していました。

 

ビジネス文化が根本的に異なる2つの企業の合併案件でした。ブランドの成長が遅いためクラフト・ハインツは米国に集中しており、ここ数年、債務を積んだ取引によって拡大してきました。負債を返済して株主利益を上げるためのマージン拡大のための積極的なコスト削減戦略を実行しています。

 

一方、ユニリーバは、強いブランドといくつかの最も大きな新興市場での存在によりよく知られています。 Polman氏のもとでは、収益のバランスと環境の持続可能性のバランスを図ることにも注力しています。

 

資本力に物を言わせて拡大を図ろうという企業とブランド力の企業、言い換えると米国と英・蘭企業の戦いですが、ブランド力というのはこれまで質の高い商品を提供して来たということ軍配をあげたいですね。

 

*参考*

【Unilever】1890年代、イギリスのウィリアム・ヘスケス・リーバ卿が始めた、石けん会社「リーバ・ブラザーズ (Lever Brothers)」と、オランダのマーガリン会社「マーガリン・ユニ (Margarine Unie)」が、1900年代初頭のパーム油不足を背景に、1930年経営統合(商号を「ユニリーバ」に統一し、蘭英両本社の取締役会を同一人物で構成)して発足した。

近年では、選択と集中(ブランド数を絞り込んで資金の集中投下を図る戦略)を推し進めるなどブランドマネジメントに積極的に取り組んでおり、収益を堅調に伸ばしている。

 

【Kraft Heinz】アメリカの食品持株会社。2015年に投資会社バークシャー・ハサウェイと3Gキャピタルがクラフトフーズ・グループとハインツの合併を発表。この合併で世界第5位の食品メーカーとなった。バークシャー・ハサウェイと3Gキャピタルは77%の株式を保有する。

 

【以下、Financial Times からの引用】

 

Kraft Heinz drops $143bn pursuit of Unilever Buffett and Lemann feared public battle could have been damaging Read next Fast FT Fast Asia Open: Thailand GDP, Japan imports and exports 3 HOURS AGO © FT montage / Bloomberg Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Email76 Save 5 HOURS AGO by: Arash Massoudi in London and James Fontanella-Khan in New York Kraft Heinz, the Warren Buffett-backed US food group, dropped its $143bn pursuit of consumer products rival Unilever on Sunday, only two days after publicly confirming its interest in acquiring the Anglo-Dutch rival. Kraft Heinz said in a joint statement with Unilever that it had “amicably agreed to withdraw its proposal for a combination of the two companies”.A takeover would have created the world’s second-largest consumer goods group by sales behind Nestlé, combining brands such as Kraft Mac & Cheese and Heinz Tomato Ketchup with Unilever’s Dove soap and Magnum ice cream.

 

The companies said: “Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.” The announcement came after a report in FT Alphaville on Friday forced Kraft Heinz to confirm it had approached Unilever about a combination to create a juggernaut in packaged foods and household items. Analysis Unilever chief off the hook as Kraft Heinz abandons takeover Paul Polman faced down ambitious adversaries in buyout group 3G Capital Kraft Heinz said in a separate statement that its “interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction.”

 

It added: “It is best to step away early so both companies can focus on their own independent plans to generate value. We remain focused on driving long-term value while always putting our consumers first.” Two people close to the talks said Warren Buffett and 3G Capital’s Jorge Paulo Lemann, Heinz Kraft’s main shareholders, decided on Sunday morning to withdraw the bid after they concluded that a protracted public battle to take over Unilever would have caused more damage than good. Mr Buffett’s Berkshire Hathaway and Mr Lemann’s 3G control just under 50 per cent of Kraft Heinz shares.

The duo, who would have contributed significant new capital to fund the deal, were also spooked by the hostile response from UK politicians, according to one of these people.

 

The British government had raised concerns about another large company being acquired by a foreign group in the aftermath of the vote to leave the EU Another person said the early leaking of Kraft’s interest in Unilever made it hard for the US company to negotiate a deal that would have been attractive to both sides.

“Kraft Heinz was ready to make a lot of concessions, including taking on the Unilever name, to make this deal happen but unfortunately it leaked too early and that made it hard to negotiate,” this person said. Kraft Heinz was prepared to “substantially increase” its offer.

 

Both companies began meetings with the UK government over the weekend after British prime minister Theresa May ordered senior officials to examine the proposed takeover to see if it warranted government intervention.

The Kraft Heinz bid would have been a big test for the UK government’s industrial policy. Mrs May had already called for greater powers to prevent predatory takeovers, citing Kraft Foods’ 2010 takeover of UK chocolate maker Cadbury, where the acquirer later reneged on promises to retain factories in Britain. Sir Vince Cable, business secretary during the coalition, tweeted: “Good news #kraft back off #unilever takeover. But many less famous names are sitting ducks thanks to post #Referendum devaluation.” Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction Kraft Heinz statement The decision by Kraft Heinz to walk away, marks a significant victory for Unilever chief executive Paul Polman, who becomes the first consumer industry leader to defeat 3G in a public takeover battle. A deal would have brought together two companies with radically business cultures. With a stable of slower-growing brands, Kraft Heinz is heavily concentrated in the US and was formed in the last few years through debt-laden deals. Using 3G’s approach to management, it implements aggressive cost-cutting strategies to generate margin expansion that allow it to repay the debt and bolster shareholder returns.

 

Meanwhile, Unilever is better known for its strong brands and presence in some of the biggest emerging markets. Under Mr Polman, it has also attempted to focus on trying to better balance profitability with environmental sustainability. The Anglo-Dutch company said on Friday that the $50-a-share cash and stock offer, an 18 per cent premium to its closing price on Thursday, “fundamentally undervalues Unilever”. It added: “Unilever rejected the proposal as it sees no merit, either financial or strategic, for Unilever’s shareholders. Unilever does not see the basis for any further discussions.” The unusually strong rejection meant the US group faced an uphill battle to strike a deal. One person close to Kraft Heinz said the US company had a cordial dialogue in the weeks leading up to the proposal, which was made about 10 days ago, and was surprised by the terse language in the public rejection on Friday. The end of Kraft Heinz’s bid for Unilever will also restart speculation over its next big acquisition target, as analysts had previously thought the US company was more like to go after targets such as Mondelez International, the snacks company, or cereals group General Mills. Shares in both Unilever and Kraft Heinz are expected to fall on Monday.

 

Unilever’s UK-listed shares had risen 13.4 per cent to £37.97 by the end of last week, making its equity worth £114bn. Kraft Heinz stock climbed 10.7 per cent to $96.65, giving it a market value of $130.2bn, as its investors anticipated the benefits of the company’s next megadeal. Unilever was defended by law firm Linklaters and bankers at Centerview Partners, Morgan Stanley, UBS and Deutsche Bank. Kraft Heinz was working with law firm Paul Weiss and bankers at Lazard.

 

Additional reporting by George Parker

 

Please reload

特集記事

I'm busy working on my blog posts. Watch this space!

Please reload

最新記事
Please reload

アーカイブ
Please reload

タグから検索

I'm busy working on my blog posts. Watch this space!

Please reload

ソーシャルメディア
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
Sitemap

Copyright VLIP Co.,Ltd ALL Rights Reserved.Thank you.