Germany.

Leverkusen.

Bayer President Werner Baumann received Zhang Yida and his delegation from China at the headquarters.

Zhang Yida was accompanied by Shen Beipeng, Zhang Sanshi, and Robert of Goldman Sachs and other financial advisers and legal advisers.

In a very luxurious conference room, the two sides shook hands warmly and sat down on either side of the conference table.

Werner Baumann said with a smile: "On behalf of the Bayer Group, I would like to extend a warm welcome to Mr. Zhang and his entourage.

However, some words are still not unhappy, and your representative has been in contact with us for half a year to negotiate, and it has not yet reached our psychological price.

It just so happened that Eli Lilly Animal Health also expressed a certain interest in Bayer Animal Health at this time.

In view of the first-come, first-served basis, I have decided to speak with you again. If we can't reach the price we are satisfied with, we may have to choose Eli Lilly Animal Protection. ”

Zhang Yida couldn't understand German, so he was translated by a business translator.

Zhang Yida, Shen Beipeng, and Zhang Sanshi glanced at each other, and Zhang Sanshi said: "Mr. Bauman, Eli Lilly also has a pharmaceutical business, and it is still a competitor to Bayer.

However, our Chinese consortium has no conflict with Bayer in this regard. ”

The Bayer interpreter translated Zhang Sanshi's words to Baumann, and Baumann replied with a smile: "Bayer is not afraid of any competition, and it is okay to sell the animal protection business to any company."

We only look at the price, and the price wins. ”

Zhang Sanshi frowned, and made a Lilley halfway, which was a bit troublesome.

Zhang Yida asked, "I don't know what kind of acquisition conditions Eli Lilly offered Bayer?"

"$5 billion in cash, plus $2 billion in stock. ”

Bao Man was very frank, and directly quoted the price, and then looked at the Chinese group, only to see that they were all expressionless and couldn't see anything.

"The $6.6 billion offer we made was all cash, and for Bayer, which just acquired Monsanto, cash is the most urgent, right?" Zhang Yida asked.

Baumann smiled, "The price we paid for the acquisition of Monsanto was $62.5 billion, and the cash from the sale of the animal health business was just a drop in the bucket.

We don't have a shortage of cash, it's more important to quote a quote, if you're willing to pay a percentage of the stock as the transaction consideration. ”

Zhang Yida knows that what the other party said is true, and it is understood that in order to complete the acquisition of Monsanto, Bayer has carried out a phase of bridge financing of 57 billion US dollars, including equity and debt.

This is a true giant, one of the world's three giants of agricultural fertilizers, and the world's largest producer of seeds and pesticides.

Its competitors are all at the level of "Dow DuPont" and "ChemChina-Syngenta".

And that's just its agriculture and fertilizer businesses, Bayer's polymer materials and pharmaceuticals businesses also have a large volume.

Zhang Yida tasted the meaning of Pin Baoman's words, he should have wanted his side to bid with Eli Lilly.

This kind of bidding is very bad for your side and is not transparent.

So Zhang Yida said: "It's better to let Eli Lilly and us bid openly." ”

Bauman's eyes lit up and he nodded, "Yes, that's exactly what I want." ”

……

Back at the hotel, Zhang Sanshi, Shen Beipeng, and Zhang Yida discussed.

"Yida, I'm not saying that the bidding is wrong, after all, this company is in the hands of others, and it is their freedom to sell as they want. ”

Zhang Sanshi held a glass of red wine and talked about his opinions.

Gaoling Capital wants to invest $1 billion in this deal, which is all the money of the investor, and he must be cautious.

"I think Bayer still has the determination to sell the business, but it just wants to sell at a price. ”

There have been many large and small mergers and acquisitions, and Shen Beipeng has some clear feelings.

"That's right, it's just waiting for the price to sell. ”

Zhang Sanshi said, "At this price, we must add an upper limit."

We are here to make money by buying Bayer's animal protection business, and the price is beyond the psychological price, so we would rather not. ”

"Let's talk about your psychological price. ”

Although Zhang Yida really wants to buy Bayer Animal Insurance, Zhang Sanshi is right, he bought it to make money, and if he can't make money, it's better not to buy it.

"Bayer Animal Insurance's net profit was $400 million last year, and considering the slowdown in business growth, I think it is appropriate to have a valuation of no more than 20 times PE. ”

Shen Beipeng nodded in agreement with Zhang Sanshi's point of view, "After the acquisition of Bayer Animal Insurance, relying on Pate Holding and Gaoling's layout in China's pet industry, it is inevitable that Bayer's animal insurance revenue will usher in a certain growth."

However, this growth is a dividend after our acquisition and cannot be included in the transaction.

$8 billion is not a lot, don't look at Baumann, in fact, Bayer's debt is very high.

The all-cash terms we offer are actually very attractive and a big advantage for us. ”

Zhang Yida nodded, "That's okay, just take $8 billion as the upper limit, and give up if you exceed this line." ”

……

After two more days in Germany, I finally waited for the bidding negotiation meeting held by Bayer.

In addition to a group of blonde foreigners, there is also a group of black-haired and black-eyed Asians.

When he got closer, Zhang Yida saw that this was a group of Chinese......

The revived boss Guo Kuangchang also greeted Zhang Yida, Shen Beipeng, and Zhang Sanshi.

"Guys, don't blame the revival for joining in the fun.

In fact, I have always been interested in the pet industry, and I have never seen a suitable target.

When Bayer heard that we were interested, it invited us to attend. ”

Zhang Yida smiled and waved his hand, "How can you blame it? This is a business matter, everyone is just free competition." ”

Zhang Sanshi secretly said that it was not good, there are many revival business sectors, the first was real estate and medicine, and later developed into comprehensive investment.

The acquisition of Bayer Animal Insurance has enough motivation and strength, and it is not easy to deal with!

Shen Beipeng smiled, "Let's rely on our own means! But don't let us fight by ourselves and let foreigners pick up the cheap." ”

Guo Kuangchang grinned, "Mr. Shen is right, I will pay attention." ”

Baumann walked up to the stage and said with a smile: "It's all here, let's officially start!"

A Bayer staff member began to explain the bidding rules, "The reserve price is $7 billion, and each price increase is not less than $50 million......

"$7.05 billion!"

Eli Lilly's people seemed to be determined to get it, and they were the first to start offering.

"$7.1 billion!"

Not to be outdone, Guo Kuangchang began to increase prices.

"$7.5 billion!"

Hearing that Zhang Yida added $400 million in one go, Guo Kuangchang and Eli Lilly were all sideways.

Especially Guo Kuangchang, he is very depressed, this is simply not money as money.

Shen Beipeng was embarrassed to remind himself not to be cheap foreigners, what is Zhang Yida's approach called?

"$7.55 billion!"

Eli Lilly hesitated for a moment, and then launched a new round of offers.

"$7.6 billion!"

Guo Kuangchang has a firm vision, and he has also thought carefully about the acquisition of Bayer Animal Insurance, and this price can be afforded.

Eli Lilly stopped talking, not knowing whether to wait for the right moment or give up completely.

"$7.65 billion. ”

Zhang Yida lightly spit out a number.

Guo Kuangchang glanced at Zhang Yida, expressionless, and continued to increase the price.

……

"$8 billion. ”

After reporting this number, Zhang Yida was still very relaxed on the surface, but his heart was not calm.

He glanced at Guo Kuangchang, and if the other party wanted to increase the price, he would have to give up.

Guo Kuangchang took a deep look at Zhang Yida and sighed: "Let's give up!"