The early development of Korn Ferry Group was mainly based on the Internet, and in the field of the Internet, after 30, they can be regarded as old employees, and even a little unable to keep up with the rhythm.

However, as the Guanghui Group slowly entered the real industry, especially the manufacturing industry, the shortcomings of the Guanghui Group's lack of heritage were slowly magnified.

Whether it is a Guanghui mobile phone or a Guanghui car, in fact, experienced grassroots engineers are needed, but in the Celestial Empire, experienced people often go to management positions, and from then on say goodbye to technology.

It is really rare for a company like an island country to have a large number of middle-aged and elderly grassroots engineers, even in large old state-owned enterprises, it is not easy to find a group of old engineers who are really working.

So in fact, Pilsen's words inadvertently spoke to Jiang Hui's heart.

Although Jiang Hui bought Sanyo, the most important thing was to take a fancy to other people's battery and motor technology, but the thousands of engineers of Sanyo are indeed a very valuable wealth.

And this wealth is often undervalued in the acquisition process.

"Pilson, you should know that the Celestial Empire is not like India, nor is it those countries in Africa, we are not short of ordinary engineers, although those employees of Sanyo may be more experienced, but there is and no, the significance of the Korn Ferry Group is not very great. ”

Jiang Hui naturally would not admit that what Pilsen said was reasonable, otherwise he would have fallen behind during the negotiations.

"Jiang, you should know that it is very difficult for ordinary people of the Celestial Empire to have the opportunity to acquire enterprises in island countries, especially for old and well-known enterprises like Sanyo, if it weren't for the good cooperation between the Shining Glory Group and Goldman Sachs, we would not have found you this time. You know, although Sanyo's performance in the past two years has been a bit unsatisfactory, it is not only your Korn Ferry Group that is interested in it. ”

The people of the Celestial Empire hate the people of the island nation, and this is known to people all over the world.

However, in the same way, the people of the island country are also very uninterested in the people of the Celestial Empire. The Celestial Empire and South Korea have always been one of the least favorite countries of the island nation, and the people of the island country do not buy the acquisition of the Celestial Empire enterprises.

"In times of crisis, cash is king, and I don't think there is a company in a difficult situation right now that is indifferent to large sums of cash. For Korn Ferry, the funds available for acquisitions are limited, but the companies that are willing to be acquired are unlimited. Not to mention how many companies in the United States are waiting to be fed now, and how many opportunities are waiting for us in Europe, in the island countries alone, Sanyo is not the only company in crisis. ”

……

Jiang Hui and Pilson had a battle of words for a morning, but there would be no conclusion after all.

A cross-border merger and acquisition involving billions of dollars, such as the acquisition of Sanyo by Korn Ferry Group, is destined to be impossible to complete in just half a day.

Even if the two sides have had many rounds of communication in the early stage, it is impossible to reach a conclusion so quickly.

One is afraid of buying expensive, the other is afraid of selling cheaply, after all, it takes many games to achieve a result that is acceptable to everyone.

Of course, this negotiation is not for nothing, at least both sides know that the other side is sincere, and there is no way to reach an agreement for the time being, just because it has not been run-in to a certain extent.

In the following days, Korn Ferry and Goldman Sachs held several more negotiations, and Jiang Hui and Pilsen did not attend every negotiation.

Both sides saw the meaning of the big guy from home, and naturally moved closer to the direction of the negotiation.

Today you take a small step back, tomorrow I take a small step back, seek common ground while reserving differences, and slowly, everyone feels that it is completely unacceptable that there is no disagreement.

During this time, a lot of things happened internationally.

On April 14, 2008, Deutsche Bank planned to sell up to $20 billion of leverage-related debt to private equity firms.

On April 15, 2008, the UK house price index fell to a 30-year low of -78.5 in March, below the forecast of -67.5; Analysts pointed out that the global credit crisis is likely to continue to affect the market in the next 10 years; the Singapore Investment Authority intends to participate in UBS's 15 billion Swiss franc financing plan; Citigroup's vice president claims that the U.S. economy is approaching the center of the storm and may be in recession; the OECD predicts a global subprime mortgage loss of $350 billion to $420 billion; RealtyTrac Inc. reports that the U.S. home foreclosure rate rose by 57% in March; The UK banking sector is urging the government to intervene in the market to prevent the failure of smaller financial institutions and secure new sources of loans.

On April 16, 2008, Prime Minister Gordon Brown visited the United States to seek an international solution to the credit crisis and other issues; housing starts in the United States fell sharply by 11.9% in March to a 17-year low; the Federal Reserve's Beige Book pointed out the lending standards in various regions, and the demand for loans declined; the quarterly report was better than expected, announcing that subprime loans would end and that it planned to raise $6 billion in capital.

On April 17, 2008, Merrill Lynch's first-quarter net loss reached $1.96 billion, a larger-than-expected loss and the third consecutive quarter of loss. The company wrote down assets totalling more than $6.5 billion in the first quarter and is set to lay off another 3,000 jobs, expecting the situation to be "tougher" in the coming months.

On April 18, 2008, Citigroup announced a net loss of $5.11 billion, or $1.02 per share, for the first quarter, after writing off losses of more than $13 billion, and Tokyo-Mitsubishi UFJ Financial Group expects the group's subprime related losses to be 95 billion yen ($921 million) in the fiscal year ended March 31.

"Jiang, let's do it, I won't be entangled with you anymore, I'll let another 100 million US dollars, if the Guanghui Group is willing to ask for it, then we can prepare to sign a contract, if you can't accept it, there is no need to waste time in our negotiations." ”

Perhaps it was the successive losses of Merrill Lynch and Flowering that stimulated Goldman Sachs, and Pilsen had no patience to continue talking with Jiang Hui.

"Pilsen, it's not impossible to ask Korn Ferry to accept this price, but I have a few conditions. Jiang Hui still agrees with Goldman Sachs' current offer, but he is absolutely not soft when it is time to fight for benefits, which is also necessary.

"Oh, what other conditions do you have, I'll listen, if it's within my authority, I can give an answer today. Pilsen's eyes lit up when he heard Jiang Hui's words, as if he had seen the end of the negotiations.

As a senior executive at Goldman Sachs, Pilson has recently fully felt the atmosphere of the intensifying subprime mortgage crisis. Now not only Wall Street has been greatly impacted, but also the United Kingdom, Germany, France and other countries have basically not been spared.

Even in the Celestial Empire, foreign trade orders are declining rapidly, and many factories that rely on exports for a living have fallen into a survival dilemma, and it is difficult to receive new orders.

(End of chapter)