Wagner and Li Zhen sat quietly on the side, listening to Tang Bao and Peter talk about BP oil stock in the United Kingdom, and seemed very interested.

Face Tang Bao.

Peter also showed enough patience and did not bring up the topic of inviting Tang Bao to invest as soon as he came up. Of course, this also has to do with the doubt in his heart. is the issue of Tang Bao's nationality, he is Chinese...... Stocks are traded on the open market, and in principle, they can be bought, but some investors can cause uneasiness when they enter them. For example, the Kuwait Investment Authority has increased its stake in BP oil in the United Kingdom, and Peter and other senior executives are worried that it will threaten the company's control. And Tang Bao, a boy who came to the East, will he pose a threat to them like the Kuwait Investment Authority? Peter also had difficulty grasping this.

"Well, if there were more options, I wouldn't have to be so entangled......" Peter, who hesitated, sighed helplessly.

Pity......

He had met so many investors before, but except for Adelson, who was interested in holding shares, the other investors were not very interested. Those people may not be representative of Wall Street, but it is enough to prove that people are not very bullish on BP shares in the UK. And the Chinese in front of them, Tang Bao, may become their only savior.

"It's useless to think so much, maybe Don is not interested in taking a stake in BP oil company in the United Kingdom at all." Peter shook his head, banishing the complex tangled thoughts from his mind.

……

Calming down his complicated emotions a little, Peter tried to sigh: "Don, if there's a chance now, uh...... An opportunity to become a shareholder of BP in the UK, are you interested? ”

"Oh?"

Hearing this, Tang Bao was suddenly shocked, and stared at Peter, as if he wanted to see his true intentions. Peter is the chairman of the board of directors of the British oil company BP, and his identity is there, and he will not make meaningless assumptions about such issues. So...... Peter's question is worth pondering.

"Could it be that Peter really wants to invite me to invest in BP Oil?" Thinking back to the conversation just now, Tang Bao's mind didn't have this thought that made his heart beat faster.

After returning to the United States.

After he learned about the situation of BP Oil Company in the United Kingdom, Tang Bao had thoughts about BP Oil Company in his heart, just because Peter misunderstood that there was collusion between Phoenix Investment Group and the Kuwait Investment Authority...... He didn't take any real action and waited for his moment.

And Tang Bao and Peter can talk so speculatively because he is consciously or unintentionally pandering, trying to deepen their understanding of each other, and then waiting for an opportunity to buy shares of BP oil company in the United Kingdom.

"Calling ......" forced to suppress the excitement, Tang Bao worked hard to calm down and think more efficiently.

He was thinking......

What motivates Peter to ask him to take a stake in BP Oil? Following this line of thinking, he slowly reversed his stake in BP Oil, which may dilute the equity of other shareholders, and can boost market confidence and pull up the stock price...... Yes, the share price.

Recently, the Kuwait Investment Authority will certainly be under pressure from the UK to reduce its stock holdings, which is bound to cause sharp volatility in the shares of BP Oil. And his addition can offset some of the impact of the Kuwait Investment Authority's holdings. What's more, Phoenix Investment Group is no longer as good as it was at the beginning, and now it is a leading investment group on Wall Street, and some investors are trying to follow the footsteps of Phoenix Investment Group. If the outside world learns that Phoenix Investment Group has taken a stake in BP oil company in the United Kingdom, it may attract more investors to follow suit.

Carefully confirmed it again in his heart, Tang Bao felt that his guess might really be the truth!

"Mr. Peter. If there is such an opportunity, I will definitely seize it. Now that he has vaguely guessed Peter's intentions, Tang Bao has also clearly stated his true thoughts - he is very interested in taking a stake in BP Oil Company in the United Kingdom!

"Alas, alas...... It seems that Mr. Peter had some misunderstanding of Phoenix Investment Group before......" Tang Bao showed a look of regret on his face.

"yes, that's just a beautiful misunderstanding."

Peter also immediately understood what Tang Bao was referring to, when he learned that Garit, who had a close relationship with the Kuwait Investment Authority, had called Horst, the president of Phoenix Investment Group, and he was anxious, so he called Horst and warned him not to meddle in this matter. He never expected that Tang Bao would mention this matter at this time, and he would inevitably be a little embarrassed.

And then.

Peter didn't dwell on this embarrassing question, but said solemnly: "Don, since you are also interested in investing in BP oil company in the United Kingdom. Let's talk about it......

"Bang."

Tang Bao's heartbeat suddenly accelerated. Secretly excited, Peter was really looking for potential investors, but he didn't expect the other party to actually send this opportunity to him, which was really a pleasant thing.

"Yes. I'm looking forward to this investment, Mr. Peter, and I would like to ask, in what way do you expect to attract new shareholders? ”

Hear Tang Bao's question.

Peter looked at Tang Bao with a smile, and then said: "Tang, my preliminary plan is like this, the British BP oil company will issue an additional equity to you alone. ”

"Private placement?"

Tang Bao pondered carefully, this kind of private placement of shares, similar to private placement, is to raise funds. "I want to know whether the private placement of shares is ordinary shares or preferred shares, or convertible bonds......" Tang Bao is extremely concerned about this.

Tang Bao naturally hopes to take advantage of the low level of BP oil stock in the United Kingdom to hold ordinary shares.

But.

His "hope" was useless, and Peter proposed a private placement, most of which could not be directly issued with ordinary shares, but could be preferred shares or convertible bonds.

Tang Bao wanted to rob at a low price, while Peter wanted to try to keep the shares of BP Oil Company from being sold cheaply......

"Preferred shares!" Peter said, "Well, we're going to issue you a two-billion-dollar amount of preferred stock with a fixed annual dividend.6 After five years, BP has the right to reclaim these preferred shares, of course, at a premium with reference to the share price in the market. ”

Hear Peter's plan.

Tang Bao shook his head, this investment is essentially a loan of money to BP Oil Company in the United Kingdom for emergencies, and he will receive regular interest every year, and he will recover it when it expires. And at that time, he received nothing but a pitiful fixed dividend and an unknown "premium" income.

"Mr. Peter, if that's your investment plan. There's no need for us to talk about it......" Tang Bao said with some dissatisfaction.

"Uh. Don, if you're not happy with the dividend, we can discuss it again! Peter understood that the fixed dividend he was paying was a bit underpaid.

"Huh...... Peter, uh, allow me to call you that. Tang Bao softened his tone and quickly calculated an account for him: "According to your proposal, I can get a fixed dividend of $120 million a year by investing two billion US dollars, and a total of $600 million in fixed dividend income in five years." Even if BP is generous enough when it comes to share buybacks, let's buy them back at a premium of 20...... The total proceeds are only one billion dollars. This seems like a very good investment, but I don't think so, with two billion dollars to invest, in five years, I can get several times the return! ”

"Peter, what reason do you think I have to give up on higher earnings and buy preferred shares in BP Oil?" Tang Bao asked rhetorically.

"Don, you have to understand that with this investment, you take almost no risk. Other investments may be more profitable, but you are also taking a higher risk. Peter argued. However, he himself felt that this defense was a bit weak. How could someone like Tang Bao, who is on Wall Street, be keen on such a low-yield investment. In addition, his so-called "risk-free" is not absolute, in case the British BP oil company encounters a desperate situation and embarks on the road to bankruptcy, even preferred stock investment may face investment losses.

Therefore.

Peter also knew that Tang Bao's chances of accepting this kind of "investment" were pitiful, and he didn't expect Tang Bao to agree to this plan. He came up with such a "stupid" plan only to set the tone for the negotiations that followed, and to try to bargain around preferred shares.

“……”

Tang Bao shook his head slightly, obviously not wanting to continue arguing about anything. Risk? He invests in stocks based on decades of memory in his head, not data analysis and judgment, all of them are one by one, which may be a risk for others, but for Tang Bao, it is an opportunity.

Just like the British BP oil company is not performing well today, others can't see the prospect clearly, and they are unwilling to take risks, but he is hollowing out to enter.

Because he knows the future potential of BP oil in the UK!

"Peter, let me be clear, I don't have any interest in holding preferred shares that can be repurchased." Tang Bao made his attitude firm.

"Don, please don't make a decision so early." Peter smiled and persuaded, "Well, we can change the original plan a little bit. For example, the $2 billion investment is divided into two parts, and the $1 billion preferred stock is still being tried according to the original plan. Another $1 billion in preferred shares, which can be exchanged for convertible preferred shares, can be selected for any time for a period of five years, with no less than ...... Well, not less than eighty-five dollars per share, converted into common shares. ”

"Eighty-five dollars?"

This price is really a bit beyond his psychological bottom line, Tang Bao prefers to convert according to the market price, so that he can grasp the most favorable time point for the transfer of shares according to his memory, so he proposed: "The price of converting into ordinary shares is directly changed according to the market stock price!" For example, according to the average stock price of the market for 30 days before the share transfer, the equity conversion ......"

"Don, you should understand that the current outstanding shares of BP oil in the UK are somewhat more than the market demands, well, it is grossly undervalued." Peter could not accept this proposal, and according to Tang Bao's proposal, the other party could take advantage of the low stock price of BP Oil Company in the United Kingdom at this time and immediately convert it into ordinary shares. What is the difference between that and the direct issuance of ordinary shares to him?

Peter couldn't accept that Tang Bao robbed them of their wealth at a low price.

"Uh...... Don, you also recognize that there is great potential for investment in petroleum resources in the future, and BP is of unlimited value, and converting it into common shares at a price of $85 per share is definitely a good investment for you. At this price, in five years, you can probably own a 3.9% stake in BP Oil, become one of the major shareholders, and perhaps have the qualification to send directors...... "Peter still insists on the conversion of shares at a pre-agreed price, and according to his optimistic estimates, BP's share price will rise to $85 in the next five years, but it should be difficult. Therefore, by converting equity at this price, their interests can be reasonably protected.

on this.

Tang Bao was unmoved. Peter's attempt to divert focus with such an inducement as the dispatch of directors would have been miscalculated. He did invest in BP because of its future potential, but he also had to look at its current value.

Tang Bao knows that oil prices will not rise ideally in recent years, and the performance of oil companies in the stock market has been weak. He was skeptical that the British company BP would be able to push its share price above $85. Converting shares at a price of $85 will definitely result in investment losses.

This is something that Tang Bao can't tolerate!

Moreover, Peter's so-called "3.9" equity is calculated based on the current total number of shares, and it may continue to increase capital and expand shares in the future to further dilute it. In the end, it is difficult for Tang Bao to estimate how much equity will be left. In the end, trying to get into the board of directors with this pitiful stake is likely to become a joke! He didn't think Peter would be willing to see Tang Bao join the board of directors of BP in the UK.

"Mr. Peter, you also said that BP will perform better in the future, so it would be more beneficial for you to convert shares according to the stock price in the open market, wouldn't it?" Tang Bao asked with a light smile, but he also knew that Peter was worried that he would ask for an immediate transfer of shares, so he spoke again, "Peter, you think this is good...... We can postpone the exercise of the conversion for three years, and if I do not exercise the conversion for three years, after three years, I have the right to request the conversion of ordinary shares at the market price at any point in time. Well...... If I do not convert my shares within five years, BP has the right to offer to redeem all the shares. ”

Peter didn't expect Tang Bao to be so persistent, even if he postponed the transfer time, he was unwilling to accept the transfer price of $85 per share, did he think that the stock price of BP Oil Company in the United Kingdom would not be able to rise to $85 in five years. Thinking of this, Peter's brow furrowed slightly.

But.

Peter's thought only flashed in his mind, and he thought that Tang Bao might not have a clear understanding of BP Oil Company in the United Kingdom. In fact, he felt that the stock price of BP Oil Company in the United Kingdom would far exceed $85 in five years, and his original intention was to take advantage of this attractive price to smoothly obtain Tang Bao's capital injection. But the other party was not moved, but wanted to transfer shares according to the future market price...... Thinking about it a little, Peter thinks that when the stock market recovers, coupled with the good earnings of BP in the United Kingdom, the stock price may exceed $85 in three years. Therefore, Tang Bao's proposal is beneficial to the British BP oil company.

"Okay. Don, just do as you suggested. You invest $2 billion, and after three years, you get the right to convert 1 billion dollars of preferred stock into common stock, well, the conversion price, which is based on the average market share price for 30 days before the exercise time. Peter summed it up and said.

"Hmm."

Tang Bao is also satisfied with such a result. In the next few years, BP Oil Company in the United Kingdom was also considered to be in trouble, and the stock price fluctuated, especially in the 1992 pound crisis, the British stock market was hit hard, and the British BP Oil Company was not spared, and the stock price plummeted...... His intention was to seize the opportunity to convert preferred shares into common shares.

Peter thought he had earned ......

However, he could never have imagined that the British company BP would collapse due to the sterling crisis. This is also doomed to his calculations to fail!

"Also, the annual dividend must be paid on time and without delay for any reason." Tang Bao was silent for a moment, and then added another condition.

The $2 billion fixed dividend, with $120 million per year, may not be paid in time given the position of BP oil in the UK for the next few years. Tang Bao needs to put more pressure on the other party before he can get a new opportunity to erode the stake of BP again.

"Don't worry." Peter answered.

"That's for the best. But Peter...... You know, $2 billion is not a small investment, and there is a fixed dividend of $120 million a year. We need to draw up a contingency plan in advance in case BP is unable to pay interest in time. Tang Bao smiled and said.

"Oh, that couldn't have happened. Don, please rest assured that we will pay the fixed dividend every year by the end of the year. Peter assured that he is confident in the future of BP and that it is their bad luck that they are facing the current crisis.

"I believe...... However, there must be a clause in the agreement: when BP oil is in trouble, and profits fall, I must pay my dividends first, and you know, priority over all investors. If you are unable to pay the dividends, you will be deemed to have automatically agreed to convert all of your Preferred Shares into Common Shares! Tang Bao said his request.

Peter fell into deep thought.

Perhaps after careful analysis, what are the chances that BP will not be able to pay the dividend......

"Good. This can be written in the agreement! Although Peter knew Tang Bao's intentions, he felt that this clause had no chance of taking effect at all, and could not pose an effective threat. So after a little weighing, I readily agreed.

Initially.

Peter once thought about asking Tang Bao to absorb stocks directly from the stock market, but after thinking about it carefully, he felt that it was inappropriate, maybe he had dealt with the tiger of the Kuwait Investment Authority, and attracted the evil wolf of Tang Bao. Therefore, he temporarily changed his mind and proposed a plan to issue additional shares in a private placement.

So it goes.

BP can get a sum of money to recover some of its shares from the stock market, which can effectively maintain the stability of the stock price on the one hand, and strengthen its control over the company on the other hand.